Abstract

MACIAS VAZQUEZ, Alfredo. La reestructuración de la deuda soberana: multilateralismo, acción colectiva y canje. Prob. Des [online]. 2008, vol.39, n.155, pp.55-76. ISSN 0301-7036.

This article reviews the multilateral agenda related to the search procedure for restructuring sovereign debt. To begin with it analyzes the Sovereign Debt Restructuring Mechanism proposed by the IMF in 2002 from different points of view: creditor rights, the solution of controversies and the protection of national resources. Secondly, it deals with two other ways of renegotiating external debt: collective action clauses and -taking as a reference the Argentine experience -debt exchanges. The latter options have been applied to a greater extent. However, we are in a scenario where the immediate factors of a political and economic order will have a significant weighting in the resolution of the crisis through non-fulfillment of payments.

Keywords : debt restructuring; collective action clauses; exchange of debt; arbitrage and legislation on insolvency.