Bodo Ellmers

Articles de cet auteur (6)

• The UN’s work towards faster and better resolution of debt crises: a tale of legal frameworks and basic principles for debt restructurings
  9 December 2015, by Bodo Ellmers

  This article was originally published on Eurodad member SLUG’s website.
  To date, there are no international institutions that are in a position to resolve debt crises in a fair, orderly and sustainable manner. This is a problem that has been identified at numerous UN Summits and high-level meetings, but has never really been resolved by the international community. Expectations were therefore high when, in late 2014, the UN General Assembly finally adopted a landmark resolution and set up a (...)

• European Parliament demands that EU negotiates debt restructuring framework at the UN
  28 May 2015, by Bodo Ellmers

  The European Parliament has passed a Resolution that demands that the EU participates constructively in the UN General Assembly process to create a multilateral sovereign debt restructuring framework. The plenary vote on the EP Resolution on Financing for Development (FfD) took place just a few days after Eurodad - in cooperation with the UN - organised an event in the Parliament on the UN’s work towards the new sovereign debt restructuring framework. Three parliamentary groups (S&D, (...)

• Reform of the IMF lending framework: The IMF bails out from bailouts
  2 February 2016, by Bodo Ellmers

  The International Monetary Fund (IMF) has approved a new reform of its exceptional access framework. The key step made on 29 January 2016 is to remove the systemic exemption clause. This is the clause that has made IMF participation in the mega bailout of private creditors in Greece possible. It created the situation that Greece is now indebted mainly to official creditors, while banks and other creditors have recovered most of their money. However, the reform is no guarantee that publicly (...)

• Managing the next debt crisis: A briefing paper for European legislators and decision-makers
  9 October 2014, by Bodo Ellmers

  This briefing examines recent reform proposals to manage future debt crises by international organisations– one from the International Monetary Fund (IMF) and one from the United Nations – and spells out next steps in the process. It also makes concrete recommendations with respect to the role of Parliaments and steps that legislators and decision-makers can take in coming months to ensure that Europe influences future effective debt workout mechanisms that are responsible, fair and humane. (...)

• UNCTAD releases new Roadmap and Guide for debt workouts
  8 May 2015, by Bodo Ellmers

  The prevention of debt crises and the way these crises are managed have a tendency to fail due to the lack of adequate institutions. While Europe is still struggling to solve the old debt crises, a new round of debt crises is emerging in developing countries, triggered by falling commodity prices and rising borrowing costs. Against this backdrop, an expert group convened by the United Nations Conference on Trade and Development (UNCTAD) has developed a detailed new Roadmap and Guide that (...)

• While the EU debt negotiations are stuck, the UN lays foundations for a better debt restructuring framework
  19 February 2015, by Bodo Ellmers

  The first meeting of the new UN General Assembly Committee for the creation of a new sovereign debt restructuring framework took place in New York from 2 to 5 February. With the old debt crisis unresolved, and new ones on the doorstep, the expectations of stakeholders were high. In particular developing countries, BRICS countries and civil society made bold statements in support of a better regime. However, some rich countries that are powerful IMF shareholders stayed away from the first (...)