The IMF’s Debt Restructuring Proposal

The International Monetary Fund (IMF) executive board will soon decide how far to go in imposing costs on creditors when a country requests large scale IMF assistance. Early indications based on current staff proposals are that its decision will weaken the international financial architecture and the structure of global capital markets. The current IMF staff proposals (presented in 2013 [pdf] and revised in 2014 [pdf]) risk aggravating the weaknesses and instability of the global financial system (see thecomments on the 2013 proposal and the discussion of the 2014 version at this Peterson Institute event).

 

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