Zeti: Lack of consensus in resolving sovereign debt woes

PETALING JAYA: There are still no clear rules to address sovereign debt problems despite the contagion risk they carry, even as policymakers around the world put more emphasis on surveillance and stress-testing frameworks to head off future global financial crises.

Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said policymakers globally were now more aware of the contagion spillovers both within domestic and across national borders but there was still an oversight in developing the mechanism for the restructuring of sovereign debt.