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Breaking news just announced that Puerto Rico defaulted on a $58 million bond payment due. Argentina, Greece, Puerto Rico -- all have recently been in the news for failing to manage and restructure unsustainable debt.
Despite this evidently common global problem, there is no established process or forum, like bankruptcy, for sovereigns to efficiently resolve issues with all creditors, who often span the globe, in one place at one time. Financial crises of countries not only seriously adversely affect the economy and the well-being of their citizens, but threaten the destabilization of the global economy. Further, access to global capital markets …
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