NEW YORK -- Legislation under consideration in New York state stands to rattle sovereign debt workouts by requiring private creditors take the same losses the U.S. government would as a sovereign creditor instead of holding out for a better deal.
Markets
New York bill would rewrite rules for sovereign debt restructurings
Proponents say bill will help developing countries, but critics say China will benefit
The New York State Supreme Court courthouse in New York City. More than half the world's privately held sovereign debt comes under New York state law jurisdiction. © Reuters
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