The sovereign debt crises in Greece, Spain and Ireland have emphasised the urgency of the issue, but the phenomenon of countries repeatedly going broke has a long history.

Alternatives to Debtors' Prison: Developing a Framework for International Insolvency answers the questions above by examining this history and the key patterns that have emerged. The paper makes the case for an independent arbitration mechanism, that would give priority to governments’ obligations to meet the essential needs of its citizens, introduce a modicum of accountability to financing decisions, and elevate debt renegotiation decisions to a neutral and legitimate forum.