Sovereign debt restructuring and US executive power
2018; Oxford University Press; Volume: 14; Issue: 1 Linguagem: Inglês
10.1093/cmlj/kmy030
ISSN1750-7227
AutoresLee C. Buchheit, G. Mitu Gulati,
Tópico(s)Global Financial Crisis and Policies
Resumo... There are some sovereign debt problems that cannot be addressed in a satisfactory manner with conventional sovereign debt restructuring techniques. The traditional approach to sovereign debt workouts has been reasonably effective when a country's creditors are of a single class (for example, commercial banks in the 1980s; bondholders in this century) or have in place a well-oiled mechanism for renegotiating debts (such as the Paris Club for OECD bilateral creditors). The traditional approach is not well-suited, however, to situations in which the sovereign debtor has a large and diverse universe of creditors. Although established mechanisms exist for coordinating a debt restructuring 'within' certain classes of creditors such as banks, bondholders or Paris Club bilateral creditors, conventional sovereign debt restructuring techniques are far less effective when the restructuring requires extensive coordination 'among' diverse creditor classes. A good example may be Venezuela. Achieving a prompt, orderly and comprehensive resolution of Venezuela's debt problems using only conventional sovereign debt restructuring techniques will be a struggle. Venezuela and its state-owned oil company, Petróleos de Venezuela (PDVSA), owe money to an exceptionally diverse group of claimants. The creditor universe includes bondholders (owed about $65 billion in aggregate), holders of PDVSA promissory notes (amount unknown), unpaid suppliers (amount unknown), Paris Club bilateral creditors (+/−$6 billion), non-Paris Club bilateral creditors (principally China at $22 billion) and holders (and potential holders) of arbitration awards against the Government or PDVSA (the final amount will not be known for years). In addition, foreign entities like airlines hold blocked local currency deposits for which they were promised conversion and repatriation rights years ago. Other categories will almost certainly emerge once an independent body like the International Monetary Fund (IMF) gains access to the Government's records.1
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