Part of the problem is that when the idea of SDRM was first introduced, at the end of 2001, it gave far too much power to the IMF; since then, Fund officials have generally attributed the adverse private-sector reaction to SDRM to a failure to understand the changes that were made to it in April.
But the private sector does understand SDRM, as do borrowers. In a nutshell, it’s a bankruptcy regime for sovereign issuers, where all the major decisions have to be taken by a supermajority of creditors.
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