A Framework for a Formal Sovereign Debt Restructuring Mechanism: The Kiss Principle (Keep It Simple, Stupid) and Other Guiding Principles

This paper explores the feasibility of a formal legal regime for the restructuring of sovereign state debt and outlines a framework for such a mechanism. More than a decade ago, senior officials at the International Monetary Fund (IMF) proposed the creation of a formal sovereign debt restructuring mechanism (SDRM). The proposal received support, but was eventually abandoned. One factor that contributed to its demise was the unwillingness of IMF members to submit to a tribunal that would encroach on a state’s sovereignty. Another determinative factor was the ultimate opposition of the United States. Likely related to that opposition, and perhaps its primary source, was the strong opposition of the private sector to the IMF’s SDRM proposal

Annualized average incidence and space-time clusters of scrub typhus cases at the county level in China, 2006–2012.

<p>Annualized average incidence and space-time clusters of scrub typhus cases at the county level in China, 2006–2012.</p

Characteristics of scrub typhus cases in mainland China, 2006–2012.

<p>OR^*: odds ratio; CI^#: confidence interval; Ref.: reference category.</p

Annual average incidence of JE in mainland China.

<p>Annual average incidence of JE in mainland China.</p

JE incidence, proportion of population and cases in spatiotemporal clusters, mainland China.

<p><>\scale 60%\raster="rg1"<>1: Primary cluster;</p>#<p>2–5: Secondary clusters;</p><p>Incidence^*: JE incidence during the clustering time.</p

Space-time clusters of JE defined by using spatial scan statistic, mainland China^*.

*<p>Significant clusters with P<0.01;</p><p><>\scale 60%\raster="rg1"<>1: Primary cluster;</p>#<p>2–5: Secondary clusters; E_Minor: Semiminor axis of ellipse; E_Major: Semimajor axis of ellipse; E_Angle: the angle between the horizontal line and the semimajor axis of the ellipse; E_Shape: E_Major: E_Minor; No. Counties: number of counties within clusters; No. Obs: number of observed cases; No. Exp: number of expected cases; LLR: log likelihood ratio; RR: relative risk for the cluster compared with the rest of the country.</p

Temporal distribution patterns of JE cases in mainland China.

<p>(A) The figure shows epidemic curve of monthly JE cases from 2002–2010; (B) The seasonal epidemic patterns of JE distribution. The bottom and top of the box indicates the lower quartile (P₂₅) and the upper quartile (P₇₅) respectively; the line in the middle of the box represents the median value; the bottom and top line is minimum and maximum respectively.</p

LISA cluster maps for JE incidence in mainland China.

<p>LISA spatial cluster map shows the center of the cluster in color. High-High indicates a statistically significant cluster of high JE incidence values; Low-Low indicates a cluster of low JE incidence values; High-Low represents high JE incidence values surrounded with low JE incidence values; Low-High represents low JE incidence values surrounded with high JE incidence values.</p

JE incidence, proportion of counties, population and cases in spatial clusters, mainland China.

<p>Incidence^*: annual average incidence, calculated using yearly counts of JE cases as a numerator and population size in the middle of each period as a denominator;</p><p>% Counties: calculated using number of counties in each spatial cluster as a numerator and total number of counties as a denominator;</p><p>HH: High-High, a statistically significant cluster of high JE incidence values; LL: Low-Low, a cluster of low JE incidence values; HL: High-Low, high JE incidence values surrounded with low JE incidence values; LH: Low-High, low JE incidence values surrounded with high JE incidence values.</p

Primers used for RT-PCR and sequencing of XZ0934 in this study.

<p>Primers used for RT-PCR and sequencing of XZ0934 in this study.</p