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While
the IMF's SDRM proposal was originally
guided by the central tenet that the international
financial system lacks a strong legal
framework for the predictable, rapid and
equitable restructuring of sovereign debt,
subsequent evolution has seen it reduced
to a shadow of its original intentions,
and the balance has now tilted entirely
in favour of the interests of the creditor
community. At another level, the Fund's
discussion has degenerated into attempts
to consolidate its own role in global
finance and in the financial affairs of
the debtor countries.
May 9, 2003. |
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