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16 Int'l Insolvency Rev. 1 (2007)

handle is hein.journals/intvcy16 and id is 1 raw text is: interScieice DISCOVER SOMETHING GREAT The Insolvent State: Analyzing Organized Procedures for Restructuring the Bankrupt Sovereign Alex Khachaturian*'t Universiy of Connecticut School of Law, USA Abstract The purpose of this Article is to examine the impetus behind the movement for a sovereign bankruptcy procedure. The intention is to look at what has (and has not) been said on this issue and evaluate the soundness of various proposals. Part II of this Article looks at the background of international debt crises and the underlying discussions that have taken place on this issue in the international arena. Part III looks at more recent thinking on the subject, sheds light on Argentina's catastrophic global debt crises, and discusses the statutory and market-oriented solutions for sovereign debt crises. Part IV concludes that the way forward, for now, is to include majority action provision in bond contracts while encouraging responsible internal governance for sovereigns. Such an approach is beneficial until the international market revisits an overarching proposal. Copyright G 2007 John Wiley & Sons, Ltd. Today, with no clear process for sovereign debt restructuring in place, when a nation is on the brink offinancial collapse, we have two stark and uninviting options unwarranted lending or sending the nation off a cliff into a catastrophic default. Paul O'Neill, Former Secretary of the United States Treasury [D]evelopment finance needs something like the institution of honourable bank- ruptcy ... to enable the credit system to work without too much risk aversion and to E-mail: alex.khachaturian@gmail.com 1. Michael M. Philips, Support Builds for Plan to Ease tUniversity of Michigan, B.A. 2000; Suffolk University, Debt Loads of Developing Nations, WALL ST. J., Sept. M.S. 2004; University of Connecticut School of Law, 17, 2002, at A16. J.D. Candidate 2007. Copyright ( 2007JohnWiley & Sons, Ltd. Int. Insolv. Rev.,Vol. 16:1 17 (2007) Published online 28 February 2007 inWiley InterScience (www.interscience.wiley.com) DOI: 10.1002/iir.144

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