The IMF's 2002 proposal for a new Sovereign Debt Restructuring Mechanism (SDRM) attracted considerable criticism from … features of the SDRM and its advantages as perceived by the Official Sector. The paper explains the criticisms leveled by … threatened filing under the SDRM and shows how these responses are likely to reduce lending to risky sovereigns and to provoke …

solutions, crisis lending by the IMF and other institutions, and the proposed Sovereign Debt Restructuring Mechanism (SDRM). It … is hard to find--at the general level of analysis--the unique advantages of SDRM. The assessment of the European …