Remarks to the UNCTAD Expert Group Meeting on Sovereign Debt Crises and Restructuring. The current global crisis, mounting debts in the Euro area and the US along with the resulting uncertainties that have emerged in the world today have led to a growing risk aversion among creditors to lend anew, even to firms and households, as well as calls for debt restructuring by highly leveraged and overexposed countries. We agree that the international community is still far from a consensus on the costs and benefits of a structured mechanism for dealing with sovereign insolvencies [..]