"New York's Overhaul of Sovereign Debt Default Recovery Law"

New York is working to overhaul its law on sovereign debt default recovery, aiming to provide a more predictable and transparent process for creditors and debtors. The proposed changes include establishing a clear timeline for negotiations and court proceedings, as well as requiring creditors to disclose their holdings and intentions early in the process. This move is seen as an effort to modernize the state's approach to sovereign debt restructuring and bring it in line with international standards.