PGHIMC - Pittsburgh Independent Media Center

International Monetary Fund Reviews International Bankruptcy Process for Sovereign Countri
by Jennifer Tong Friday, Oct. 11, 2013 at 8:22 PM

During the course of the annual IMF meetings, the Fund, civil society and financial ministers continue to discuss the implementation of an international bankruptcy process for sovereign countries.

During the course of the annual IMF meetings, the Fund, civil society and financial ministers continue to discuss the implementation of an international bankruptcy process for sovereign countries. Since the IMF staff released a paper this past spring reviewing aspects of how a debt resolution practice could function, the process was discussed by G20 members. Various UN expert groups continue to explore implementation of this process. At the IMF meetings this week there are official events and side events that relate to the process.

“It’s exciting that global decision makers are seeing a need to discuss an international bankruptcy process for countries,” noted Eric LeCompte, Executive Director of the religious debt relief campaign, Jubilee USA Network. “After recurring debt crises that pushed millions more people into extreme poverty, we need a process like this to achieve global stability.”

Jubilee USA Network is an alliance of more than 75 US organizations, 300 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. http://www.jubileeusa.org