The International Architecture for Resolving Sovereign Debt Involving Private-Sector Creditors—Recent Developments, Challenges, and Reform Options

The Peterson Institute for International Economics (PIIE) held a virtual discussion to release the IMF staff’s new paper on “The International Architecture for Resolving Sovereign Debt Involving Private-Sector Creditors—Recent Developments, Challenges, and Reform Options” on Thursday, October 1 from 8 AM to 10 AM EDT. The discussion consisted of two sessions and began with opening remarks by Geoffrey Okamoto, IMF’s first deputy managing director.

First Session: The International Architecture for Resolving Sovereign Debt Involving Private-Sector Creditors

Moderator:
Adam Posen, president, PIIE

Presenters:
Rhoda Weeks-Brown, general counsel and director of the Legal Department, IMF
Ceyla Pazarbasioglu, director of the Strategy, Policy, and Review Department, IMF

Discussants:
Anna Gelpern, Agnes N. Williams Research Professor, Georgetown Law, and nonresident senior fellow, PIIE
Peter Orszag, CEO of Financial Advisory, Lazard
Deborah Zandstra, partner in the Capital Markets Group, Clifford Chance

Second Session: Sovereign Debt Risks

Moderator:
Olivier Blanchard, C. Fred Bergsten Senior Fellow, PIIE

Presenter:
Jeromin Zettelmeyer, deputy director of the Strategy, Policy, and Review Department, IMF

Discussant:  
Maurice Obstfeld, Class of 1958 Professor of Economics, University of California, Berkeley, and nonresident senior fellow, PIIE