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Chapter Summary

As in all areas of law, a legislative proposal is only good to the extent that it can reasonably be implemented. Commentators have provided a wide range of suggestions, as to how implementation of the reorganisation system for sovereign debt (RSSD) might be achieved. While some argue that the powers under a well-interpreted Article VIII 2 (b) International Monetary Fund (IMF) Articles of Agreement granted to the IMF would be sufficient, others favour an amendment of those articles. An alternative route suggests the draft of a model convention or model law. In addition, one can consider whether the existence of general principles can be regarded as sufficient for the implementation of the RSSD. The narrow interpretation of Article VIII (2) (b) IMF Agreement arguably disregards the objectives of the provision, as well as those of the IMF.

Keywords: Article VIII 2 (b); International Monetary Fund (IMF); model law; reorganisation system for sovereign debt (RSSD)



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