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As world leaders prepare for the G20 Summit in Germany later this week, plans for new financing initiatives for Africa have been put in doubt by a US$2 bn loan scandal in Mozambique. The German G20 Presidency intends to use the summit to promote the ...
The European Parliament has passed a Resolution that demands that the EU participates constructively in the UN General Assembly process to create a multilateral sovereign debt restructuring framework. The plenary vote on the EP Resolution on Financing ...
This month Eurodad interviewed Richard Kozul-Wright, director of UNCTAD's Globalisation and Development Strategies Division, on the UNCTAD’s new Roadmap and Guide for Sovereign Debt Workouts.  Why did the UNCTAD develop this Roadmap and Guide and ...

Why it would be good for the IMF if Greece stopped repaying the IMF loans

Bodo Ellmers

26 May 2015 17:14:35

By Bodo Ellmers   The creditor community has another shock and awe moment this week, as more and more influential actors argue that Greece should stop repaying the International Monetary Fund (IMF) loans and instead use scarce public resources to tackle its economic and humanitarian crisis. While Prime Minister Tsipras still tries to ease the creditors, the idea is here to stay. And it is a good one: Greece should not just postpone loan repayments but default on them – stopping payments to the IMF for good. This would help to finally reform the IMF from the political puppet that it is now into a real and effective crisis response instrument. Risk-free lending can quickly become irresponsible lending Whoever loses in a debt crisis – and usually there are many losers – the IMF is always ...
The first meeting of the new UN General Assembly Committee for the creation of a new sovereign debt restructuring framework took place in New York from 2 to 5 February. With the old debt crisis unresolved, and new ones on the doorstep, the expectations ...
G20: what was achieved in 2014? The leaders of the G20 group of nineteen large economies plus the European Union met in Brisbane in November last year, capping off a year during which rhetoric significantly overshadowed achievements. Eurodad’s wrap ...
The IMF’s Independent Evaluation Office (IEO) has released its report on the IMF response to the financial and economic crisis. Assessing the years from 2008 to 2013, the report finds that the IMF has violated principles of uniform treatment of member ...

Sovereign debt restructuring: UN takes a big step forward

Bodo Ellmers

10 Sep 2014 17:18:54

The UN General Assembly has passed a landmark resolution that mandates the UN to create a “multilateral legal framework for sovereign debt restructuring”. Promoted by the G77 countries and triggered by the aggressive vulture funds lawsuits against Argentina, this resolution could be a game changer for the way future debt crises are managed. First and foremost, it has shifted the forum for political debate away from the International Monetary Fund (IMF) towards the UN. However, shamefully the EU’s vote was split over this crucial decision.  The path towards a real debt restructuring regime It is certainly not news that the lack of a legal framework for sovereign debt restructuring – a state insolvency regime – has been a gaping hole in the international financial architecture. ...