Post-COVID Sovereign Debt Crisis Is Looming, Experts Warn
Law360 (June 8, 2021, 6:08 PM EDT) -- Many of the world's poorest countries were already having debt trouble before March 2020, and since then the COVID-19 pandemic has exposed gaps in the sovereign debt restructuring architecture that have left experts scrambling to prepare for a crisis that's likely to be unprecedented in its size and complexity.
Back in the early 2000s, Argentina faced a financial crisis and defaulted on some $93 billion in sovereign debt. The subsequent debt restructuring process — notoriously contentious, costly and time-consuming — prompted a slew of claims against the country brought by creditors at venues like the World Bank's International Centre for Settlement...
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