A Step Forward for Sovereign Debt
Every advanced country has a bankruptcy law, but there is no equivalent framework for sovereign borrowers – a legal vacuum that, as we now see in Greece and Puerto Rico, can suck the life out of economies. In September, however, the UN took a big step toward filling the void.
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NEW YORK – Every advanced country has a bankruptcy law, but there is no equivalent framework for sovereign borrowers. That legal vacuum matters, because, as we now see in Greece and Puerto Rico, it can suck the life out of economies.