New rules of the Game in Global Finance: An International Bankruptcy Procedure for Sovereign Debtors?

New York, USA

May 28-29, 2002


In light of calls for the IMF to assume the role of an international bankruptcy court for financially distressed countries, this conference explored how we address sovereign liquidity problems and how we approach the treatment of sovereign defaults.  Much of the debate was structured around the idea of a Chapter 11 for sovereign debtors as a viable option for solving coordination problems such as 1) standstill, 2) financing during restructuring, and 3) comprehensive settlement. Also addressed were the beneficial role of a potential bankruptcy judge who could serve as a facilitator bringing all interested parties together and a bankruptcy code that could serve as voting mechanisms allowing for equal sharing provision, and the absence of strategic holdouts.



  • Amer BISAT
  • Arnab DAS: Head Global Emerging Market Research, Dresdner Bank
  • Barry EICHENGREEN: Professor of Economics, University of California at Berkeley
  • Beny PARNES: Deputy Governor, Central Bank of Brazil
  • Carlos ASILIS: Equity Strategist, JP Morgan
  • Caroline ATKINSON: Adjunct Senior Fellow Int. Economics, Council on Foreign Relations
  • Clifford DAMMERS: Secretary General, International Primary Market Association
  • Daniel TARULLO: Professor of International Law, Georgetown University
  • David HALE: Global Chief Economist, Zurich
  • Ed VAIMBERG: Portfolio Manager, Bear Stearns Asset Management
  • Edmond ALPHANDERY: Former Finance Minister, France
  • George ESTES: Investment Manager, Grantham Mayo
  • Gonzalo RAMOS: General Director, International Finance, Ministry of the Economy, Spain
  • Gorge SOROS: President Soros Fund Management
  • Jack BOORMAN: Senior Advisor, IMF
  • Jeffrey SACHS: Director, Center for International Development, Harvard University
  • Jonathan FRIED: G7 Deputy, Ministry of Finance, Canada
  • Lorenzo BINI SMAGHI: Director General International Affairs, Ministry of Finance, Italy
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Mark SOBEL: Deputy Assistant Secretary, Office of Financial and Monetary Policy, US Treasury
  • Matthew FISCHER: Assistant Director, Policy Review Department, IMF
  • Michael STRAUS: President, Red Mountain Finance
  • Owen PELL: Partner, Mayer, Brown, Rowe & Maw
  • Ricardo HAUSMANN: Professor of Economics Development, Kennedy School of Government
  • Richard PORTES: Professor of Economics, London Business school and President CEPR
  • Sarvjeev SIDHU: Portfolio Manager, Aegon, USA

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