SOVEREIGN DEBTORS IN DISTRESS ARE OUR INSTITUTIONS UP TO THE CHALLENGE?
10:45 Session 2: Experiences with Restructuring, Rescheduling and Default • Pre-war restructuring • Restructuring in the bank-credit dominated 1980s • Restructuring in fiscal crises and banking crises: is there a difference? • Messy defaults (Argentina) • Costs and benefits of delaying restructuring Chair: Sean Hagan, General Counsel and Director of the Legal Department, International Monetary Fund Panel: 1. Martin Gilman, Professor, Moscow Higher School of Economics 2. Daniel Marx, Executive Director, Quantum Finanzas 3. Andrés Velasco, Former Finance Minister of Chile Seagram Room, CIGI 12:30 LUNCH 14:00 Session 3: The IMF and severely indebted sovereigns: does The IMF smooth the path toward or hinder resolution? • Has the IMF played an optimal role when countries ultimately restructure? • Does the IMF have the right tools? Chair: Jack Boorman, International Monetary Fund (retired) Panel: 1. Lewis Alexander, Managing Director, Nomura 2. Donal Donovan, Former Deputy Director, International Monetary Fund 3. Sean Hagan, General Counsel and Director of the Legal Department, International Monetary Fund 15:30 BREAK
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