n an article published in the CFR’s official journal “Foreign Affairs” over a decade ago (July/August 2002), former US government and Federal Reserve Bank officer Richard N. Cooper backed the country bankruptcy factor supporting Ms Krueger‘s “bold suggestion” whereby “under certain conditions a government‘s international debt repayments should be temporarily suspended while negotiations take place on restructuring that debt.” With her statement, the IMF officially endorsed the radical suggestion of introducing an international legal framework addressing country bankruptcy as a way of “improving the international financial architecture”.