After Mexico came to market successfully with its collective action clauses (CACs), most observers reckoned that the IMF's plans for a sovereign debt restructuring mechanism (SDRM) would not be taken any further. The US Treasury in general, and undersecretary for international affairs John Taylor specifically, was known to be a zealous proponent of CACs, and now that the market had managed to adopt them there was no reason to threaten it with SDRM.
May 01, 2003