DOCSLIB.ORG

General Assembly Distr.: General 20 August 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
General Assembly Distr.: General 20 August 2013 United Nations A/68/3 General Assembly Distr.: General 20 August 2013 Original: English Sixty-eighth session Item 9 of the provisional agenda* Report of the Economic and Social Council Report of the Economic and Social Council for 2013** Contents Chapter Page I. Matters calling for action by or brought to the attention of the General Assembly .......... 5 II. Special joint meeting of the Council and the Second Committee of the General Assembly at its sixty-seventh session ......................................................... 41 III. Special high-level meeting of the Council with the Bretton Woods institutions, the World Trade Organization and the United Nations Conference on Trade and Development ........ 42 IV. Special meeting of the Council on external debt sustainability and development ........... 45 V. Special meeting of the Council on international cooperation in tax matters ............... 47 VI. High-level segment ............................................................. 49 A. High-level policy dialogue with the international financial and trade institutions ...... 52 B. Annual ministerial review on the theme “Science, technology and innovation, and the potential of culture, for promoting sustainable development and achieving the Millennium Development Goals” ............................................. 53 * A/68/150. ** The present report is a preliminary version of the sections of the report of the Economic and Social Council relating to the 2013 organizational, resumed organizational and substantive sessions. The section relating to the resumed substantive session will be issued as an addendum to the present report. The entire report will be issued in final form as Official Records of the General Assembly, Sixty-eighth Session, Supplement No. 3 (A/68/3/Rev.1). The resolutions adopted by the Council at its organizational, resumed organizational and substantive sessions are being issued initially in documents E/RES/2013/1-46, and the decisions in E/2013/INF/2. Any decisions adopted at the resumed substantive session will be issued in document E/2013/INF/2/Add.1. The resolutions and decisions will be issued in final form as Official Records of the Economic and Social Council, 2013, Supplement No. 1 (E/2013/99). 13-43282 (E) 181013 *1343282* A/68/3 C. Thematic discussion on the theme “The contribution of the Economic and Social Council to the elaboration of the post-2015 development agenda as a principal body for policy review, policy dialogue and recommendations on issues of economic and social development and for the follow-up to the Millennium Development Goals” .......... 55 D. General debate of the high-level segment ....................................... 57 E. Ministerial declaration of the high-level segment ................................ 59 VII. Operational activities segment .................................................... 60 Operational activities of the United Nations for international development cooperation ..... 60 A. Follow-up to policy recommendations of the General Assembly and the Council ...... 61 B. Reports of the Executive Boards of the United Nations Development Programme/United Nations Population Fund/United Nations Office for Project Services, the United Nations Children’s Fund, the United Nations Entity for Gender Equality and the Empowerment of Women, and the World Food Programme ..................................... 63 C. South-South cooperation for development ...................................... 64 VIII. Coordination segment ........................................................... 65 The role of the United Nations system in implementing the ministerial declaration of the high-level segment of the 2012 substantive session of the Economic and Social Council .... 65 IX. Humanitarian affairs segment..................................................... 67 Special economic, humanitarian and disaster relief assistance .......................... 67 X. General segment ............................................................... 69 A. Implementation of and follow-up to major United Nations conferences and summits ... 69 1. Follow-up to the International Conference on Financing for Development........ 70 2. Review and coordination of the implementation of the Istanbul Programme of Action for the Least Developed Countries for the Decade 2011-2020 ............ 71 B. Coordination, programme and other questions ................................... 76 1. Reports of coordination bodies ........................................... 78 2. Proposed programme budget for the biennium 2014-2015 ..................... 78 3. Mainstreaming a gender perspective into all policies and programmes in the United Nations system .................................................. 79 4. Long-term programme of support for Haiti ................................. 79 5. Joint United Nations Programme on HIV/AIDS (UNAIDS).................... 80 6. African countries emerging from conflict................................... 80 7. Tobacco or health ...................................................... 81 8. Calendar of conferences and meetings in the economic, social and related fields .. 82 C. Implementation of General Assembly resolutions 50/227, 52/12 B, 57/270 B and 60/265 82 D. Implementation of the Declaration on the Granting of Independence to Colonial Countries and Peoples by the specialized agencies and the international institutions associated with the United Nations ............................................ 84 2/180 13-43282 A/68/3 E. Regional cooperation ....................................................... 85 F. Economic and social repercussions of the Israeli occupation on the living conditions of the Palestinian people in the Occupied Palestinian Territory, including East Jerusalem, and the Arab population in the occupied Syrian Golan ............................ 88 G. Non-governmental organizations .............................................. 89 H. Economic and environmental questions ........................................ 91 1. Sustainable development ................................................ 92 2. Science and technology for development ................................... 93 3. Statistics ............................................................. 94 4. Human settlements ..................................................... 95 5. Environment .......................................................... 97 6. Population and development ............................................. 97 7. Public administration and development .................................... 97 8. International cooperation in tax matters .................................... 98 9. United Nations Forum on Forests ......................................... 101 10. Assistance to third States affected by the application of sanctions............... 101 11. Cartography........................................................... 101 12. Women and development ................................................ 102 13. Transport of dangerous goods ............................................ 103 I. Social and human rights questions............................................. 103 1. Advancement of women................................................. 104 2. Social development..................................................... 105 3. Crime prevention and criminal justice ..................................... 106 4. Narcotic drugs......................................................... 110 5. United Nations High Commissioner for Refugees ............................ 111 6. Comprehensive implementation of the Durban Declaration and Programme of Action ............................................................... 112 7. Human rights.......................................................... 112 8. Permanent Forum on Indigenous Issues .................................... 112 J. United Nations research and training institutes .................................. 113 XI. Elections, nominations, confirmations and appointments .............................. 115 XII. Organizational matters .......................................................... 117 A. Organizational session ...................................................... 117 B. Resumed organizational session .............................................. 120 C. Substantive session ......................................................... 120 13-43282 3/180 A/68/3 Annexes I. Agendas for the organizational and resumed organizational sessions for 2013 and the substantive session of 2013 ...................................................... 122 II. Intergovernmental organizations designated by the Council under rule 79 of the rules of procedure for participation in the deliberations of the Council on questions within the scope of their activities ............................................................... 125 III. Composition of the Council and its subsidiary and related bodies ....................... 130 4/180 13-43282 A/68/3 Chapter I Matters calling for action by or brought to the attention of the General Assembly 1. In 2013, the Economic and Social Council adopted a number of resolutions that call for action by or are to be brought to the attention of the General Assembly. The text of those resolutions are provided below. Statistics (agenda item 13 (c)) Fundamental Principles of Official Statistics 2. By its resolution 2013/21, the Council endorsed the Fundamental Principles of Official Statistics set out below, as adopted by the Statistical Commission in 19941
Load more

Recommended publications
  • PCG Report 2016-Vf2
    PRINCIPLES FOR STABLE CAPITAL FLOWS AND FAIR DEBT RESTRUCTURING REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP WITH COMPREHENSIVE UPDATE ON INVESTOR RELATIONS PROGRAMS AND DATA TRANSPARENCY OCTOBER 2016 TRANSPARENCY COOPERATION GOOD FAITH FAIR TREATMENT This page intentionally left blank. REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2016 page 1 CONTENTS I. Overview 3 II. Principles Consultative Group (PCG) Discussions on Regional and Country Circumstances 7 a. Annual Meeting of the Group of Trustees 7 b. Overview of PCG discussions 7 c. Evolving Framework for Sovereign Debt Restructuring 8 d. PCG Discussions on Country Cases 8 e. International Capital Markets and Emerging Markets Roundtable 11 III. Sovereign Bond Contract Reform 12 a. Industry efforts to promote the accelerated adoption of the ICMA model 12 aggregated CACs in the outstanding stock of sovereign bonds b. Industry efforts to promote the uptake of creditor engagement clause 13 IV. Investor Relations (IR) and Data Dissemination 14 a. IIF Assessments of Investor Relations and Data Dissemination Practices 15 b. IIF 2016 Assessment Results 16 Boxes 1. Benefits of Implementing the Principles 5 2. Framework for the Monitoring of Implementation of the Principles 6 REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2016 page 2 The cut-off date for the data used in this report was September 22, 2016 Charts 1. Private Non-Resident Capital Inflows to Emerging Markets 3 Tables 1. Active Investor Relations Programs 15 2. Overall Assessment of Investor Relations and Data Transparency Practices 18 3. Assessment of Data Dissemination Practices 20 Appendices A. Evaluation Criteria for Investor Relations Programs 23 B.
    [Show full text]
  • Top Shiite Cleric Urges Iraqis to Fight Militants
    SUBSCRIPTION SATURDAY, JUNE 14, 2014 SHAABAN 16, 1435 AH No: 16196 Kuwait eyes Samsung tablets FIFA bans Iraq situation to have richer Beckenbauer with concern3 colors30 in screens over46 rejection Top Shiite cleric urges Iraqis to fight militants Max 42º 150 Fils Obama: US will help but Iraq must mend rifts Min 29º BAGHDAD: Iraq’s Shiite clerical leader- Kuwaiti released ship yesterday called on all Iraqis to defend their country from Sunni mili- from secret US jail tants who have seized large swaths of territory, and a UN official expressed WASHINGTON: A US official said yesterday the United “extreme alarm” at reprisal killings in the States has repatriated a dozen inmates from a secretive offensive, citing reports of hundreds of military prison in Afghanistan where foreign terror sus- dead and wounded. US President Barack pects have been held for years without trial. A French Obama said he is weighing options for national, a Kuwaiti and 10 Pakistani detainees were sent countering the insurgency, but warned back to their home countries last month from the Parwan Iraqi leaders that he would not take mili- prison, the defense official told AFP on condition of tary action unless they moved to anonymity. The move left 38 non-Afghan detainees at the address the country’s political troubles. prison. The Defense Department notified Congress of the Fighters from the Al-Qaeda-inspired transfer 10 days beforehand, the official added. Islamic State of Iraq and the Levant President Barack Obama’s administration faces legal made fresh gains, capturing two towns difficulties at the Parwan center similar to those posed by in an ethnically mixed province north- the US military prison at Guantanamo Bay, Cuba.
    [Show full text]
  • Emerging Sovereign Debt Markets NEWS Table of Contents
    Click the links below for more info: >> PDM Network >> Emerging Markets Weekly Newsletter >> Bimonthly Newsletter Emerging Sovereign Debt Markets NEWS Number 17 Week 18 – 24 April 2020 Table of contents ASIA ................................................................... 3 Macao .......................................................... 12 GCC Gulf Cooperation Council ........................ 3 Fitch Affirms Macao's 'AA' Ratings, Maintains Negative Outlook ...................... 12 Gulf sovereigns raise expensive debt .......... 3 Qatar ........................................................... 14 Bahrain .......................................................... 4 Qatar's emir says to make economy less Bahrain raised $1 billion loan to repay bond vulnerable to oil prices volatility ............... 14 last month ................................................... 4 Saudi Arabia ................................................ 14 Bahrain to cut government agencies' spending by 30% amid coronavirus ............ 4 Saudi banks get small part of $7 bln bond sale amid liquidity concerns ...................... 14 China ............................................................. 4 Saudi Arabia raises 5.55 bln riyals in local China to allocate another 1-trln-yuan local sukuk ........................................................ 15 gov't bond quota ......................................... 4 South Korea ................................................. 15 Hong Kong ..................................................... 5 S&P Says Republic
    [Show full text]
  • Dec Bank Loans Growth Slows to Near 5-Yr
    weekend thewww.businesstimes.com.sg business| JANUARY 31-FEBRUARY 1, 2015 | S$1.00 | MCI (P) 052/08/2014 | times the raffles conversation OPINION WEALTH MIT PRESIDENT The business of creative Asia’s hot, young RAFAEL REIF | 8-9 | industries | 26-27 | hedge funds | 28-29 labour Redundancies on the rise RESTRUCTURING pains continue to bite, Dec bank loans growth with more workers laid off in 2014 than the year before. | 2 finance slows to near 5-yr low KL tycoon extends RM2b loan ANANDA Krishnan is understood to have agreed to lend 1MDB as much as RM2 billion to a debt that falls due on Jan 31. | 3 Hit comes from a sharp 6.4 per cent fall in manufacturing loans compared to a month ago media Singtel forms streaming JV By Jamie Lee IT teams up with Sony Pictures Television [email protected] and Warner Bros Entertainment to offer @JamieLeeBT regional video streaming service. | 6 Singapore ANK lending in December equities grew at 5.9 per cent from a year SOFT MARKET January market cap rises 2.2% ago – the slowest pace since Sustainable THE value of Singapore’s stock market is up March 2010 – preliminary data improvement in consumer and for the third month in a row with low-oil B from the Monetary Authority beneficiaries and real estate counters housing loans of Singapore showed on Friday. leading the way. | 10 looks doubtful. Compared to November, it actually stag- FILE PHOTO technology nated amid weak business loans, which Google spending spree takes a toll have been contracting for most of the sec- IT ramps up spending on new technologies ond half of 2014.
    [Show full text]
  • Revista Elcano. Edición
    Revista Número #07 I Marzo - Abril 2015 Publicaciones Spain’s current standing in India: its image and political relations Offset strategy: ¿hacia un nuevo paradigma de defensa en EEUU? A revolution within the revolution: the Houthi movement and the new political dynamics in Yemen El Golfo y su creciente intervencionismo en Oriente Medio Cooperación antiterrorista entre España y Marruecos What are the prospects for the new Chinese-led Silk Road and Asian Infrastructure Investment Bank? The Ukraine Conflict, Economic- Military Power Balances, and Economic Sanctions: lessons from the past for future EU policies Rectificando el desconocimiento mutuo: redescubrir Filipinas como puerta de entrada a la ASEAN L‘Union de l‘Énergie commence dans les Pyrénées Spain and the UN Security Council: Entrevista con... global governance, human rights and Roberto Toscano democratic values Caminando sobre arenas movedizas: EULEX, corrupción y el informe Actividades Jacqué Presentación del Informe Elcano “España mirando al sur: del Catalonia and the evolution of jihadist Mediterráneo al Sahel” terrorism in Spain Conectados Reunión del Consejo Científico Spain and Poland: strategic partners Elcano en las redes sociales del Real Instituto Elcano in a Union in flux Coordinadora: Mª Dolores de Azategui © 2015 Real Instituto Elcano C/ Príncipe de Vergara, 51 28006 Madrid www.realinstitutoelcano.org ISSN: 2341-4006 Depósito Legal: M-14968-2014 En este número... En esta ocasión, la sección de Publicaciones incluye temas como la imagen de España en la India; la Offset
    [Show full text]
  • The Negotiator May 01, 2012 Michelle Celarier
    The Negotiator May 01, 2012 Michelle Celarier With his unusual background and laid-back demeanor, Greylock Capital founder Hans Humes has emerged as the ambassador of choice between indebted emerging markets, banks and their hedge fund creditors. WHEN GREECE’S DEBT DRAMA SEEMED destined to end in tragedy last fall, global markets tanked as European banks began dumping the country’s bonds. For Willem (Hans) Humes, the president and chief investment officer of Greylock Capital Management, it was finally time to buy. Humes had been tracking the Greek mess for two years, waiting for the banks to get realistic about the necessity of a Greek default — and the losses they’d have to take. But Humes wasn’t just a passive investor. As he has done in more than a dozen debt restructurings around the globe,Humes quickly got involved in the creditors committee, offering up Greylock’s conference room at 99 Park Avenue in New York City as a meeting place for the group of international financiers monitoring the situation. At that meeting in October, Charles Dallara, the managing director of the International Institute of Finance, who led the negotiations with Greece,took Humes aside to ask him to take on a larger role by joining the creditors’ steering committee. Humes was a smart choice. He has close relationships with the bankers at Lazard advising Greece and its attorneys at Cleary Gottlieb Steen & Hamilton, having sat across the negotiating table from them numerous times. Suddenly, the head of Hans Humes: The hedge fund manager played a key role in Greece’s debt restructuring a small — $600 million — hedge fund firm would be working closely (Photographs by Adam Friedberg) with the CEOs of Europe’s largest banks to fashion the terms of the €205 billion ($270 billion) Greek restructuring, the biggest in history.
    [Show full text]
  • Principles for Stable Capital Flows and Fair Debt Restructuring
    PRINCIPLES FOR STABLE CAPITAL FLOWS AND FAIR DEBT RESTRUCTURING REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP WITH A COMPREHENSIVE UPDATE ON INVESTOR RELATIONS PROGRAMS AND DATA TRANSPARENCY OCTOBER 2019 TRANSPARENCY COOPERATION GOOD FAITH FAIR TREATMENT This page intentionally left blank. REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2019 page 1 CONTENTS I. Overview 3 II. Principles Consultative Group (PCG) Discussions of Regional and Country Developments 7 a. Overview of PCG Discussions 7 b. PCG Discussions of Country Cases 7 c. Annual Meeting of the Group of Trustees 14 d. Global Debt and Financial Stability Roundtable 15 III. Sovereign Bond Markets 16 Private Sector Debt Transparency Initiative 16 IV. Investor Relations (IR) and Data Dissemination 17 a. IIF Assessments of Investor Relations and Data Dissemination Practices 18 b. IIF 2019 Assessment Results 19 Boxes 1. Benefits of Implementing the Principles 5 2. Framework for the Monitoring of Implementation of the Principles 6 Charts 1. Private Non-Resident Capital Inflows to Emerging Markets 3 The cut-off date for the data used in this report was October 10, 2019. REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2019 page 2 Tables 1. Active Investor Relations Programs 18 2. Overall Assessment of Investor Relations and Data Transparency Practices 22 3. Assessment of Data Dissemination Practices 24 Appendices A. Evaluation Criteria for Investor Relations Programs 27 B. Differences Between IR Offices and Investment Promotion Agencies 31 Annexes I. The Principles for Stable Capital Flows and Fair Debt Restructuring 33 II. Addendum to the Principles for Stable Capital Flows and Fair Debt Restructuring 37 III.
    [Show full text]
  • Restructuring Sovereign Bonds: Holdouts, Haircuts and the Effectiveness of Cacs
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Fang, Chuck; Schumacher, Julian; Trebesch, Christoph Working Paper Restructuring sovereign bonds: Holdouts, haircuts and the effectiveness of CACs ECB Working Paper, No. 2366 Provided in Cooperation with: European Central Bank (ECB) Suggested Citation: Fang, Chuck; Schumacher, Julian; Trebesch, Christoph (2020) : Restructuring sovereign bonds: Holdouts, haircuts and the effectiveness of CACs, ECB Working Paper, No. 2366, ISBN 978-92-899-4009-2, European Central Bank (ECB), Frankfurt a. M., http://dx.doi.org/10.2866/033392 This Version is available at: http://hdl.handle.net/10419/228244 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Working Paper Series Chuck Fang, Julian Schumacher, Restructuring sovereign bonds: Christoph Trebesch holdouts, haircuts and the effectiveness of CACs No 2366 / January 2020 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB).
    [Show full text]
  • Principles for Stable Capital Flows and Fair Debt Restructuring
    PRINCIPLES FOR STABLE CAPITAL FLOWS AND FAIR DEBT RESTRUCTURING REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP WITH A COMPREHENSIVE UPDATE ON INVESTOR RELATIONS PROGRAMS AND DATA TRANSPARENCY OCTOBER 2020 TRANSPARENCY COOPERATION GOOD FAITH FAIR TREATMENT REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2020 2 Page intentionally left blank REPORT ON IMPLEMENTATION BY THE PRINCIPLES CONSULTATIVE GROUP | OCTOBER 2020 3 Table of Contents I. Overview………………………………………………………………………………………………….…………………….5 II. Principles Consultative Group (PCG) Discussions……………………….…………………………………….9 a. Overview of PCG Discussions………………………………………………………………………………9 b. PCG Discussions of Country Cases……………………………………………………………………….9 c. Annual Meeting of the Group of Trustees…………………………………………………………….17 III. Post-Covid-19 response from the Official Sector and International Organizations…………….20 a. Overview of the IMF emergency response…………………………………………………………..20 b. Multilateral Development Bank response…………………………………………………………...21 c. UN-UNECA response…………………………………………………………………………………………21 d. G20/Paris Club Debt Service Suspension Initiative……………………………………………..22 IV. Post-Covid-19 Private Sector Response…………………………………………………………………………..22 a. Private Sector Toolkit for DSSI………………………………………………………………………….23 b. Qualitative assessment of private sector implementation of the DSSI…………………..24 V. Private Sector Debt Transparency Initiative………………………………………………………………….26 VI. 2020 EM Issuances since the Onset of the COVID-19 Pandemic………………………………….......27 VII. Investor
    [Show full text]
  • 2012 PCG Report on Implementation of the Principles
    transparency cooperation good faith fair treatment PRINCIPLES cooperation good faith fair treatmentFOR STABLE CAPITAL FtransparencyLOWS AND FAIR DEBT RESTRUCTURING good faith fair treatment transparency cooperation fair treatment transparency cooperationReport on Implementation good by the transparency cooperation goodPrinciples faith Consultative fair Group treatment With Comprehensive Update on Investor Relations Programs cooperation good faith fair treatmentand Data Transparency transparency good faith fair treatment transparency cooperation fair treatment transparency cooperation good This report is published by the Institute of International Finance, Inc. october 2012 1333 H Street, NW, Suite 800E, Washington, DC 20005-4770 Tel: 202-682-7459 www.iif.com transparency cooperation good faith fair treatment transparency cooperationOctober 2012 good faith fair treatment Report of the Principles Consultative Group (PCG) on 2012 Implementation of the Principles for Stable Capital Flows and Fair Debt Restructuring october 2012 CONTENTS I. Overview 3 II. Framework for Implementation of the Principles 7 III. PCG Discussions on Regional and Country Circumstances 9 IV. Investor Relations and Data Transparency 21 V. Country Innovations in Investor Relations and Data Transparency 27 Boxes 1. Benefits of Implementing the Principles 5 2. The IIF’s Role in the Voluntary Debt Restructuring for Greece 12 3. Greece—Main Provisions of the Voluntary Debt Exchange Agreement 13 4. St. Kitts and Nevis—Debt Restructuring 14 5. Belize—Initiation of a Debt Restructuring Process 15–16 6. Côte d’Ivoire—Normalization of Relations With Creditors 17 7. Iceland—Strengthening Relations With Creditors 18 8. New Funding Sources for Emerging Market Issuers 27 Tables 1. Active Investor Relations Programs 21 2. Overall Assessment of Investor Relations and Data Transparency Practices (Prioritized) 23 3.
    [Show full text]
  • Working Paper Series
    Working Paper Series Chuck Fang, Julian Schumacher, Restructuring sovereign bonds: Christoph Trebesch holdouts, haircuts and the effectiveness of CACs No 2366 / January 2020 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract Sovereign debt crises are difficult to solve. This paper studies the \holdout problem", meaning the risk that creditors refuse to participate in a debt restructuring. We document a large variation in holdout rates, based on a comprehensive new dataset of 23 bond re- structurings with external creditors since 1994. We then study the determinants of holdouts and find that the size of creditor losses (haircuts) is among the best predictors at the bond level. In a restructuring, bonds with higher haircuts see higher holdout rates, and the same is true for small bonds and those issued under foreign law. Collective action clauses (CACs) are effective in reducing holdout risks. However, classic CACs, with bond-by-bond voting, are not sufficient to assure high participation rates. Only the strongest form of CACs, with single-limb aggregate voting, minimizes the holdout problem according to our simulations. The results help to inform theory as well as current policy initiatives on reforming sovereign bond markets. Keywords: Sovereign default, debt restructuring, international financial architecture, creditor coordination JEL codes: F34, G15, H63, K22 ECB Working Paper Series No 2366 / January 2020 1 Non-technical summary Sovereign defaults are a recurrent feature of international capital markets, but the resolution of such crises is challenging.
    [Show full text]