Chapter III. Scope of This Work

Abstract

The discussion on a reform of the international system of sovereign debt restructuring started to attract growing attention in the 1980s but it was not until Anne Krueger, then first deputy managing director of the International Monetary Fund (IMF), proposed a Sovereign Debt Restructuring Mechanism (SDRM) in November 2001, that this idea attracted world-wide attention. In light of the fact that the U.S. vetoed this proposal in the spring of 2003, this book re-analyzes the proposal by the IMF, as well as potential alternatives, as the discussion initiated by Anne Krueger can enable the politicians to find viable alternatives before the next Argentine-type default leads to unnecessary economic losses caused by the absence of a legal framework necessary for a stable international financial architecture. This thesis addresses the issue of how the legal gap in the international financial architecture may be filled.Keywords: Anne Krueger; international financial architecture; International Monetary Fund (IMF); international system; sovereign debt restructuring; Sovereign Debt Restructuring Mechanism (SDRM)