Creditors have many clubs and sovereign and non-sovereign mechanisms to secure their interests, especially during debt restructuring. International organizations such as the International Monetary Fund (IMF), the World Bank (WB) and the Inter-American Development Bank (IADB) continue the collective practice of cross-conditionality. When it is time to lobby for debt restructuring, commercial and investment banks activate the International Institute of Finance (IIF) and the London Group. At the time of restructuring, official lenders organize in the Paris Group while the world’s largest asset managers organize in specific bond creditor groups. Conversely, smaller debtor states —facing similar situations vis-à-vis their creditors— have been unable to coordinate their actions and develop tools to strengthen their position. READ MORE