Why the Code of Conduct for Resolving Sovereign Debt Crises Falls Short

Barry Herman
What process should be followed to help governments with foreign debts that they can no longer service move to a more sustainable situation? Multilateral institutions and governments adopted the Heavily Indebted Poor Countries (HIPC) Initiative, supplemented by the Multilateral Debt Relief Initiative (MDRI), as an approach for the poorest countries. However, they offered only the most general guidance for how the governments of countries that borrow primarily from private foreign sources should resolve a debt...
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