provides 12,500 nights of shelter, over 37,000 hot, nutritious meals and more than 82,000 hours of education, work training, rehabilitation to the residents in its long-term care programs.
109) The 2001 SDRM
proposal for a statutory approach to handling sovereign debt crises (110) expressly recognizes the importance of ensuring that the debtor is protected from legal action after the suspension of payments and while negotiations take place.
10) A useful summary of the evolution of the SDRM
may be found in Rogoff and Zettelmeyer (2002).
Specifically, the SDRM
"would allow a country to come to the Fund and request a temporary standstill on the repayment of its debts, during which time it would negotiate a rescheduling or restructuring with its creditors" (given the Fund's consent) (International Monetary Fund 2001).
Krueger's proposal for an SDRM
addresses the bailout problem more indirectly.
I am grateful that the Massachusetts legislation acknowledges the valuable role that NASTF and the SDRM
play," said NASTF Chairman Ron Pyle.
and its Automotive Security Professional Registry will give automakers a flexible system to provide 24/7 access to vehicle security information for pre-approved locksmiths and technicians.
concept, first mooted by the IMF in November 2001, encountered stiff and sustained opposition from private sector participants from the outset.
The authors summarize the chief differences between the statutory, or SDRM
, approach and the contractual or, market-based, approach.
model, which has evolved over time, would impose a statutory bankruptcy-like process on sovereign issuers and their creditors, including bondholders.
By enshrining the SDRM
in its articles of agreement, the Fund would go further.
The debate the IMF triggered with its proposal for a SDRM
over the past 1 1/2 years to deal with unsustainable debt has, on the whole, been extremely productive.