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TOWARDS THE ESTABLISHMENT OF A MULTILATERAL LEGAL FRAMEWORK FOR SOVEREIGN DEBT RESTRUCTURING
Abstract
Since the 2008 global financial crisis, there has been a wave of sovereign debt defaults and restructurings in different countries around the Globe. More than 10 countries have defaulted and restructured their sovereign debt with private creditors, including Greece, which in 2012 had the largest sovereign debt restructuring in history; also Argentina defaulted in 2014 and reached a settlement with creditors in April 2016. General Assembly of the United Nations adopted resolution Towards the establishment of a multilateral legal framework for sovereign debt restructuring processes on September 17, 2014. The main aim of this resolution was to underline that sovereign debt crises are a recurring problem that involves very serious political, economic and social consequences and that the restructuring processes of sovereign debt are a frequent phenomenon in the international financial system. It is a very important to create clear set of principles for the management and resolution of financial crises that take into account the obligation of sovereign debtors and their creditors to act in good faith and with a cooperative spirit to reach a consensual rearrangement of the debt of sovereign States. The author recommends his approach how to settle sovereign debts problems and what content must be in multilateral legal framework for sovereign debt restructuring processes. Comparative and analytical research methods are used for this research.
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