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Even six years after the Asian crisis,
the improvements and changes in the global
financial arrangements, that would tackle
the systemic risks of the international
financial market, have been inadequate.
In the backdrop, this paper discusses
the trends, debates and issues involved
in the latest initiatives and proposals
on debt workouts: codes of good conduct
(CGC), collective action clauses (CAC)
and country insolvency proposals. It concludes
that the potential for their success is
very unlikely without very bold and innovative
moves.
February 09, 2004. |
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