The authorities in Argentina are currently exchanging government debt on terms that involve significant concessions from the private sector. IMF First Deputy Managing Director Anne Krueger has recently weighed in on the issue of international bankruptcy arrangements.
In particular, the speed and scope of such developments in the euro area following the introduction of the new currency have been remarkable. I should like to concentrate, today, on these structural issues, first of all considering global developments in brief, and then looking at recent developments in the euro area.