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Part III Sovereign Debt Restructuring, 10 An Introduction to Sovereign Debt Restructuring

Rodrigo Olivares-Caminal, Randall D. Guynn, Alan W. Kornberg, Sarah Paterson, Dalvinder Singh

From: Debt Restructuring (3rd Edition)

Rodrigo Olivares-Caminal, Alan Kornberg, Sarah Paterson, Dalvinder Singh, Eric McLaughlin

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 25 February 2024

Banks and cross-border issues — Bank resolution and insolvency — Sovereign debt

Chapter 10 provides an overarching introduction to the topic of sovereign debt, presenting the main finance options, the players, the available restructuring options and tools, and the peculiar dynamics of these types of restructuring due to the lack of a cross-border international framework. Moreover, the sovereign nature of the debtor poses an even bigger challenge, altering the whole dynamics of the system since the debtor cannot be ‘forced’ to pay due to the absence of other mechanisms available in the corporate context (ie the appointment of and administrator or the liquidation of the debtor) and the creditor must settle or litigate, which poses even greater challenges.

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