Resumen

FERNANDEZ, Jorge. Proposals for a new approach to deal with sovereign debt crisis. Estud. sociol [online]. 2016, vol.34, n.101, pp.273-294. ISSN 2448-6442.

We study the proposal to set up a new international legal system to regulate the restructuring of sovereign debts when these debts reach unsustainable levels. We examine the reasons that explain why such a regulatory framework is needed to guide the debt restructuring processes, the role of collective action clauses (CACS) in sovereign debt contracts as possible substitutes to such a framework, as well as the 2001-2002 IMF proposal and the reasons for its abandonment. We also analyze the experience of the generalized use of CACS and their lessons for the consequences of a possible adoption of a legal system for the restructuring of sovereign debts.

Palabras llave : sovereign debt; debt crisis; collective action clauses; debt restructuring.