Les crises de dettes souveraines et leur résolution – Développements récents

In the aftermath of the Mexican crisis of 1994, and against the backgroundof increased reliance by sovereign debtors on bond financing in the early 1990?'s, theGroup of Ten published in 1996 a report on « The resolution of Sovereign LiquidityCrises». In order to promote a more orderly resolution of such crises, and hence reducethe huge costs involved, the so-called « Rey Report» put much emphasis on the benefitsof including collective action clauses (CACs) in sovereign bond issues through a mar-ket-led process.Since 1996, the world has seen several new large debt crises in emerging economies,constituting serious threats for the international financial stability. The debate on theinclusion of CACs ?' what is called now a « contractual approach» ?' has regainedconsiderable momentum at the current stage, as has the debate on a « statutoryapproach», which would imply the establishment of a sovereign debt restructuringmechanism. This article recalls experiences with recent debt crises, and analyses thepotential impact of the proposals put forward in the current debate on the behaviour ofcreditors and debtors. Building on that analysis, the point is made that the statutoryand contractual approaches are not only complementary and self-reinforcing, but areeven inextricably interlinked, while presumptive access limits to Fund financing act as acatalyst for the functioning of both.