01 February 2013
Palais des Nations, E‐Building Room 9055
Geneva
, Switzerland
The brainstorming meeting held in Geneva on 1 February 2013, marked the beginning of UNCTAD's project on a Debt Workout Mechanism.
The speakers of the meeting ranged from renowed economists and lawyers to representatives of the civil society, all experts in issues related to sovereign debt.
The meeting highlighted the need to devise a better system in order to deal with issues of procrastination and poor coordination when a debt restructuring seems necessary. Participants also pointed out the urgency to have measures taken in order to identify the countries in serious danger of defaulting and reduce the disastrous effects of a late realisation that a default is unavoidable.
Finally, options for a debt workout mechanisms were reviewed. UNCTAD Secretariat thanks the participants and will come back with proposals to be debated in expert groups in due course.
