The Peterson Institute for International Economics (PIIE) held a virtual discussion to release the IMF staff’s new paper on “The International Architecture for Resolving Sovereign Debt Involving Private-Sector Creditors—Recent Developments, Challenges, and Reform Options” on Thursday, October 1 from 8 AM to 10 AM EDT. The discussion consisted of two sessions and began with opening remarks by Geoffrey Okamoto, IMF’s First Deputy Managing Director.First Session: The International Architecture for Resolving Sovereign Debt Involving Private-Sector CreditorsModerator: Adam Posen, president, PIIEPresenters: Rhoda Weeks-Brown, general counsel and director of the Legal Department, IMF Ceyla Pazarbasioglu, director of the Strategy, Policy, and Review Department, IMFDiscussants: Anna Gelpern, Agnes N. Williams Research Professor, Georgetown Law, and nonresident senior fellow, PIIE Peter Orszag, CEO of Financial Advisory, Lazard Deborah Zandstra, partner in the Capital Markets Group, Clifford ChanceSecond Session: Sovereign Debt RisksModerator: Olivier Blanchard, C. Fred Bergsten Senior Fellow, PIIEPresenter: Jeromin Zettelmeyer, deputy director of the Strategy, Policy, and Review Department, IMFDiscussant: Maurice Obstfeld, Class of 1958 Professor of Economics, University of California, Berkeley, and nonresident senior fellow, PIIE