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There
is a strong and convincing case to demand
one specific type of insolvency appropriate
for sovereign debtors, a process based
on the principles of the US Chapter 9.
However, no creditor must be allowed to
exert decision power, whether openly or
in a hidden way. This paper prepared for
the G-24 Liaison Office also makes the
case for immediately implementing both
the Fair and Transparent Arbitration Process
(FTAP) mechanism and some of the IMF's
proposals.
* This paper
was prepared for the G-24 Liaison Office
to be distributed to the IMF’s Executive
Directors representing Developing Countries,
and was financed by a grant from the OPEC
Fund for International Development.
November 2, 2002.
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