The challenge of preventing and managing sovereign debt crises has taken on new urgency in the wake of the global financial crisis. Although valuable lessons were learnt from earlier sovereign debt crises in emerging markets and developing countries, there are concerns that subsequent efforts to reform the architecture have been insufficient. Many of the countries currently struggling with high public debt burdens are in the developed world, making the problem of excessive sovereign debt a global phenomenon and a threat to international financial stability. CIGI has been working with a number of experts and institutions to examine the existing arrangements for restructuring sovereign debt which, in many ways, are not ideal and to propose solutions for their improvement.