buiter20_Manuel Augusto Moreno_Getty Images_argentina currency Manuel Augusto Moreno/Getty Images

Restructuring the Debt-Restructuring Process

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While the world has come a long way since the days when sovereign defaults where settled with gunboats, Argentina's recent restructuring shows that we still have not arrived at a sensible, orderly process. Beyond tweaks to the contractual framework, an entirely new governing mechanism is urgently needed.

LONDON – Sovereign default is common. Ecuador and Venezuela each defaulted ten times between 1800 and 2010, and Greece defaulted five times between its war of independence (1821-1830) and 1932. Russia, Ukraine, Ecuador, Uruguay, and Argentina have all defaulted since 1998.

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