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Cracks in the new financial architecture

Headline: Cracks in the new financial architectureSource: EuromoneyDate: April 2001 Jorge Gallardo, minister of finance and economy of the Republic of Ecuador, offers his views on sovereign debt restructuring.         Jorge Gallardo Following the Mexican devaluation crisis of 1994 and the Asian crisis of 1997, the official sector (the IMF and the […]

January 1, 2000

Headline: Cracks in the new financial architecture
Source: Euromoney
Date: April 2001

Jorge Gallardo, minister of finance and economy of the Republic of Ecuador, offers his views on sovereign debt restructuring.

       
Jorge Gallardo
Following the Mexican devaluation crisis of 1994 and the Asian crisis of 1997, the official sector (the IMF and the G-10 governments) became increasingly uncomfortable with the policy implications of bailing out private bondholders with public funds. The message went out in 1998 that bondholders and bank lenders should not expect to escape future sovereign debt crises without rescheduling their existing claims, lending new money or, when necessary, writing off part of the debt.





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