The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Market resists restructuring reform

Sovereign debt

Anne Krueger

Anne Krueger is triumphant. At the IMF's annual meetings this year, the first deputy managing director saw her pet project - a sovereign debt restructuring mechanism, or SDRM - endorsed by everyone who matters, from the G7 to the Fund's own international monetary&financial committee (IMFC).

Everyone, that is, except for the two constituencies at which it is squarely aimed: emerging-market borrowers and private-sector lenders.

All the same, it is a stunning achievement for Krueger and the IMF. When Krueger first mooted the idea in November, the US Treasury immediately shot back with a more market-friendly counter-proposal, and SDRM was generally considered mortally wounded. But it didn't die: it simply changed shape and came back, with important changes, in April.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree