COC

sovereign bankruptcy

Investment agreements blocking sovereign debt restructuring measures, says study (May 2009)

Rethinking Bretton Woods | Tue, May 19, 2009

Investment agreements blocking sovereign debt restructuring measures, says study (May 2009)

Center of Concern staff Aldo Caliari authors a study recently published by UNCTAD, "Risks Associated with Trends in the Treatment of Sovereign Debt in Bilateral Trade and Investment Treaties." The study, originally submitted at an UNCTAD consultation held in 2005, argues that in its  most recent bilateral Free Trade Agreements,  the US government has insisted on clauses that would restrict the policy autonomy that countries need to implement sovereign debt restructuring measures.

Center Staff Member Attends Conference on Middle Income Countries Debt

Rethinking Bretton Woods | Thu, Mar 10, 2005

Center Staff Member Attends Conference on Middle Income Countries Debt

Invited as a civil society participant, Aldo Caliari, of the Center's Rethinking Bretton Woods project, recently attended a roundtable meeting at the United Nations-led Consultation on Sovereign Debt on March 8 and 9.

The conference debated proposals which will be presented at the follow-up to the Financing for Development Conference. The Consultation on Sovereign Debt specifically considered issues surrounding the debt of middle-income countries.
A Catholic Perspective on Just Debt Solutions. Ethical Principles in Favor of FTAP

Rethinking Bretton Woods | Sat, Apr 19, 2003

A Catholic Perspective on Just Debt Solutions. Ethical Principles in Favor of FTAP

"This paper responds to a statement of the managing director of the IMF that "Ethical principles, principles common to all civilisations are important, yes, essential for an international institution such as the IMF'. It explores what light can be shone on a concrete policy proposal such as the Sovereign Debt Restructuring Mechanism [SDRM] by an ethical analysis which derives from the tradition of Christian reflection embodied in Catholic Social Teaching. It outlines four core insights from this tradition: the universal destination of the goods of the earth; the limits of the market to achieve human ends; the responsibility of governments to work for the common good; and the right of people to participate in decisions that effect them. It argues that this framework gives strong support to the case made by many who argue that the international community should take the opportunity provided by the present discussion on debt crisis mechanisms to go beyond the modest reforms of the SDRM to establish a Fair and Transparent Arbitration Procedure [FTAP] to deal with the problem of recurring international debt crises."