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The renowned US American Brooking institution recently published a new paper on sovereign debt restructuring entitled Revisiting Sovereign Bankruptcy. The paper is another remarkable contribution to the boom of reform proposals in this area that was triggered by the Euro crisis and the vulture fund lawsuits against Argentina. Its critique of the status quo is close to those of the IMF, and the proposals made allocate a strong role to the Fund. One is left with the suspicion that Brooking’s authors say what the IMF would want to say but cannot due to political constraints.  
Like ourselves, some observers had...
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