A mechanism for dealing in an orderly way with sovereign bankruptcy would be a major contribution to global governance, and to solving a longstanding problem of sovereign-debt markets. Such proposals were widely discussed in the 1990’s and early 2000’s, and IMF Deputy Managing Director Anne Krueger pushed a Sovereign Debt Restructuring Mechanism that would have offered a legal path to imposing general haircuts on creditors, thereby ending the collective-action problems that impede the efficient resolution of sovereign bankruptcy.
如能建立一套有序处理国家破产的机制，将是对全球治理领域的一大贡献，同是也可以解决主权债市场的一大顽疾。在20世纪90年代和21世纪头十年里，此类方案引发过广泛讨论，而且IMF的常务董事安妮·克吕格尔（Anne Krueger）还推动过一个主权债务重组机制（Sovereign Debt Restructuring Mechanism），试图为债权人实施大规模减记提供一条法律通道，从而消除集体行动的困境，为有效解决国家破产扫除障碍。