World Economic Outlook, April 2013

22 Pages Posted: 7 Mar 2013

See all articles by Yan Liu

Yan Liu

International Monetary Fund (IMF)

Christoph B. Rosenberg

International Monetary Fund (IMF) - European Department


The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and — in some cases — institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.

Keywords: Corporate sector, Cross country analysis, Debt burden, Debt restructuring, Europe, Financial crisis, Private sector, corporate insolvencies, corporate insolvency, corporate insolvency law, creditor rights, creditor rights systems, cross-border insolvency, debt burden, debt ratios, debt restructuring, debt servicing, debt sustainability, discharge, effective insolvency, effective insolvency law, formal insolvency, going concern, household insolvency, insolvency, insolvency administrator, insolvency administrators, insolvency and creditor rights, insolvency cases, insolvency framework, insolvency frameworks, insolvency law, insolvency law reform, insolvency laws, insolvency practitioners, inso

Suggested Citation

Liu, Yan and Rosenberg, Christoph, World Economic Outlook, April 2013. Available at SSRN: or

Yan Liu

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Christoph Rosenberg (Contact Author)

International Monetary Fund (IMF) - European Department ( email )

700 19th Street NW
Washington, DC 20431
United States

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