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International Monetary Fund
There have been significant developments in sovereign debt restructuring involving private-sector creditors since the IMF’s last stocktaking in 2014. While the current contractual approach has been largely effective in resolving sovereign debt cases since 2014, it has gaps that could pose challenges in future restructurings.
International Monetary Fund

. 43 This law limits in certain circumstances—including where a creditor refuses to participate in a debt restructuring process—a creditor’s ability to seek from a Belgian court enforcement of a claim that the judge determines is clearly disproportionate to the price the debt was purchased for in the secondary market. It is also noteworthy that in 2018, the European Parliament called on member states to adopt “a regulation based on the Belgian law on combating vulture fund debt speculation” and the European Commission has since commissioned a study on whether to