The IMF and the Private Sector—A Factsheet

Investor Relations Programs: Report of the Capital Markets Consultative Group (CMCG) Working Group on Creditor-Debtor Relations
June 15, 2001



Involving the Private Sector in the Resolution of Financial Crises—
Restructuring International Sovereign Bonds

Prepared by the Policy Development and Review
and Legal Departments, International Monetary Fund

January 11, 2001
Available in PDF (320 K) Use the free Adobe Acrobat Reader to view PDF files.


Contents

Summing Up by the Acting Chairman, Executive Board Meeting, 01/8, January 24, 2001

Preface

  1. Introduction
  2. Recent Experience with Restructuring
      International Sovereign Bonds

     

  3. Could the Process Used to Restructure
      International Sovereign Bonds Have
      Adverse Spillover Effects on Private
      Capital Flows to Emerging Markets?

  4. A Private-Sector Proposal for Bond Restructuring
      Impact on Debtors
      Impact on Creditors
      Implications for Other Emerging Market Sovereigns
      Implications of the Principles for the Official Sector

  5. Concluding Observations

    Boxes
      2.1 Factors Affecting Bond Restructuring
      2.2 Bond Restructuring by Pakistan
      2.3 Bond Restructuring by Ukraine
      2.4 Bond Restructuring by Ecuador
      2.5 Exit Consents in Sovereign Bond Exchange
      2.6 Elliott Associates vs. The Republic of Peru
      2.7 Principles for Sovereign Bond Restructurings

    Appendix I
      Recent Sovereign Bond Restructuring