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Finance Minister Calls For Sovereign Debt Negotiation Mechanism

COLOMBIA
  • COLOMBIA FINMIN CALLS FOR SOVEREIGN DEBT NEGOTIATION MECHANISM (BBG)
  • Minister of Finance, José Antonio Ocampo, is representing Colombia at the session of the Economic Commission for Latin America and the Caribbean (ECLAC), taking place in Buenos Aires, Argentina.
  • Ocampo said the biggest challenge for nations are high interest rates and weak currencies and said he agrees with Nobel laureate Joseph Stiglitz’s comment that the IMF should issue new special drawing rights to help nations in the current context.
  • Ocampo added there should be “an institutional debt negotiation mechanism. A heterogeneous mechanism because not all Latin American or Caribbean countries need to refinance their debt, but a mechanism that allows case by case to see that a country can voluntarily access this mechanism and renegotiate its debt”. (Bloomberg)
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