In the last three decades, only developing countries dealt with the shadow of debt defaults but the recent European sovereign debt crises showed that even an high-income developed country might be locus of primary concern for sovereign debt insolvency. To deal with the Sovereign Debt restructuring issues the international practice has developed different approaches but none of these has appeared to be decisive. However, despite the inefficiencies of such mechanisms, the Euro zone financial crisis has showed the emergence of a common core of legal principles that are to be recognized as fundamental pillars of a common International Sovereign debt restructuring framework.