Ann Pettifor

Resolving Sovereign Debt Crises within a Framework of Justice

Unlike the IMF’s proposal of 2001 for a Sovereign Debt Restructuring Mechanism (SDRM), our Framework for resolving sovereign debt crises is based on a proposal, originally developed by Professor Raffer, modelled on Chapter 9 of the U.S. legal code. Chapter 9 regulates the bankruptcy of municipal and governmental organizations, as against Chapter 11 which deals with corporate bankruptcies. The particular attraction of the Chapter 9 model is its protection of taxpayer and employee interests in the resolution of municipal and other governmental debt crises. For more on our sovereign insolvency framework see here:

http://www.carnegiecouncil.org/publications/journal/17_2/roundtable/1023.html

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