Explainer-What is at stake for sovereign debt bill as New York legislature reconvenes [Yahoo! Finance Canada]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance Canada
a month left to decide the fate of a controversial bill that aims to streamline sovereign debt restructurings, with hundreds of billions of dollars in bond contracts on the line. Below are facts about the proposal and potential ramifications. WHY IS THIS IMPORTANT? Unlike corporations or individuals, countries cannot declare bankruptcy and the current process of a debt restructuring can be costly both in time and money. The proposed bill looks to "provide effective mechanisms for restructuring sovereign and subnational debt" and the rewrite of this state law would retroactively affect sovereign debt contracts and its holders across the world. ADVERTISEMENT A stronger, yet simpler international architecture for restructurings is needed, proof of which are attempts put together over the past decades by various stakeholders, most recently the Group of 20's Common Framework for Debt Treatments. The International Monetary Fund recently endorsed a key reform to promote its own "ca
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