Research On The Reform Of Sovereign Debt Restructuring Mechanism

Sovereign countries usually have a higher credit rating,but sovereign debt default and even sovereign debt crisis also occur from time to time.In the post-financial crisis era,with the global major economies counter-cyclical use of stimulating monetary policy and fiscal policy,the global economic slowdown,the rising level of government debt,solvency has declined sharply,sovereign debt problems have been more attention.In the absence of a national insolvency regime,sovereign governments can not choose bankruptcy liquidation in the face of a debt crisis.Therefore,the sovereign debt restructuring mechanism is the most important way to get rid of debt quagmire and to prevent the crisis continues to spread.In view of its importance in maintaining global financial stability,perfecting the international financial architecture,including sovereign debt restructuring mechanism,has become a topic of long-term concern to international conferences and organizations.Especially at the G20 Hangzhou summit last year,to perfect the sovereign debt restructuring mechanism,actively promote the sovereign debt of the orderly reorganization,to encourage the Paris Club to adapt to the changing official financing structure,has become important content of the issue about "improve the international financial architecture".At the same time,it has been written into the G20 Hangzhou Summit Bulletin and " the list of results of the Chinese and American heads of state meeting in Hangzhou".Not only we see the joint efforts of the international community on sovereign debt issues,but also the efforts and achievements of China to design targeted issues based on the status and problems of sovereign debt.In the current situation of sovereign debt,the scale of sovereign debt is getting bigger and bigger,excessive borrowing and irresponsible borrowing are prominent,and there are a lot of legal gaps in the field.Therefore,on the basis of the existing international rules,we should study the contents of the rules of international law that exist in the past practice of sovereign debt restructuring.This paper will find ideas from reform proposal of the IMF/G20 and other international organizations or international financial institutions in recent years for sovereign debt restructuring.Put it specific,the first part of the article introduces the basic concept of sovereign debt,the development of the status quo and the analysis of the need for international coordination of sovereign debt on the basis of the need for reform in the field of sovereign debt argument.The second part and the third part of the article are analyzed from the sovereign debt contract clause where the disputed dispute is in the sovereign bond litigation dispute,and actively promote the strengthening of the collective action clause and the pari passu clauses in the sovereign bond to avoid the plight of the collective action and promote the different The cooperation between the types of creditors.Through the country's repeated practice and widely recognized,it will become an important part of the international soft law rules of the system about the sovereign debt restructuring.The fourth part focuses on how to develop the Paris Club as the main official sovereign debt restructuring platform where discuss the issue of sovereign debt,to attract more Member States continuously,especially to welcome emerging creditors to join the sovereign debt field of soft law rules Development of institutions to adapt to changing international financing structures with a view to enabling them to improve international coordination of sovereign debt restructuring issues under a larger international framework and lay the groundwork for the establishment of a binding global sovereign debt restructuring mechanism(SDRM)Mechanisms and platforms.The last part of the article is mainly inspired by the content of "G20 Hangzhou summit on perfecting the sovereign debt restructuring mechanism as an important content of perfecting the financial structure",and put forward that China should play an important task of international coordination in improving the sovereign debt restructuring mechanism.And the contents of the reform coincided with the second,third and fourth parts of the article,Simultaneously it answered the question about the key areas and trends of the reform of the sovereign debt restructuring proposed in the first part.In the conclusion part,this paper puts forward the prospect of reform of the sovereign debt restructuring mechanism in order to realize the perfect ending of the reform of the international financial system.