Vulture funds must not be allowed to paralyse the debt restructuring efforts of developing countries and should not supersede a State' s right to protect its people under international law.
They also called for exploring innovative sovereign debt restructuring mechanisms, including proposals to allow debtors and creditors to achieve agreements and solutions to the problem of external debt..
Recent debt crises had again demonstrated that disorderly debt restructurings could lead to the costly socializing of private debt, subsequent economic distress and significant human suffering.
The existing ad hoc and piecemeal approaches to both public sector and market-based sovereign debt restructuring have been inefficient and costly, especially for developing countries.
Absent such action, Mr Buiter says, debt restructuring looms for several peripheral countries, including Italy, and a euro break-up can't be ruled out.
The Company understands that various parties, including relevant governmental agencies, are making concerted efforts to promote the debt restructuring of the Company's major PRC subsidiaries.
The unsustainable debt burden of emerging economies made it essential for the international community to examine options for an effective, fair and development-oriented debt restructuring and debt resolution mechanism.
相反,只有少数律师事务所执行了大部分的债务重组,而这些事务所中只有大约10人有必要的知识和经验。
Rather, only a handful of law firms had carried out the bulk of debt restructuring and only about ten persons at those firms had the necessary knowledge and experience.
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