IMF spreads plan on creation of global system of bankruptcy

Jan 09, 2003 01:00 AM

The International Monetary Fund has spread the first detailed plan on creation of a global system of bankruptcy for the countries that are unable to execute their liabilities. In the 76-page document the explanation of action of a new system is given.
The IMF has omitted the item, which has caused criticism on the part of private creditors. The matter is in interdiction to individual creditors to sue the government-borrower within 90 days after the beginning of the bankruptcy process.

The development of the plan is connected, first of all, with default, declared by Argentina in 2001 when it refused to pay an external duty of $ 141 bn. According to the plan, the government of the country, which has recognized the inconsistency, can begin procedure of bankruptcy unilaterally.

Source: Neftegaz.RU
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