Díaz-Cassou, Javier; Erce-Domínguez, Aitor; … - Banco de España - 2008
workouts, of which the debate on the Sovereign Debt Restructuring Mechanism (SDRM) proposed by the IMF in 2002 is the most … markets. There also appears to be a lack of consistency in the role played by the IMF in the various crises. This is partly … due to the lack of a policy specifically designed to deal with sovereign debt restructurings in the IMF's toolkit, which …