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New York Legislature Proposes New Sovereign Debt Restructuring Bill https://t.co/v1Qs2suxaU #newyork #debt #restructuring #finance @proskauer https://t.co/IIbb5KbaBg
The IMF is warning that legislation proposed in New York state risks complicating and prolonging emerging-market debt restructurings https://t.co/IZsZjAf9uy
IMF's cautionary note to Italy: high public debt demands swift fiscal overhaul https://t.co/jY5T8TubVJ https://t.co/lNqii614Eu
New York state lawmakers are considering changing a long-standing law that currently imposes a 9% interest rate on defaulted sovereign emerging-market bonds. The proposed legislation aims to block funds from sovereign bond litigation, a move that the IMF warns could complicate and prolong debt restructurings in emerging markets. The IMF has also issued a cautionary note to Italy, emphasizing the need for a swift fiscal overhaul due to high public debt.