The International Monetary Fund’s biggest shareholders are set to scupper the organisation’s primary proposal for overhauling the government bankruptcy system over fears the policy could have systemic consequences.
The fund is locked in an extended consultation period with bankers, academics, investors and officials, and it expects to present refined proposals to the fund board for approval in June.
The IMF presented a series of observations and policy proposals to its executive board last year on how to fix problems it had identified in the sovereign debt restructuring process.
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