The IMF wanted to set up a "sovereign" bankruptcy court but most countries don't want to give up their sovereignty to the IMF to do "workouts" that they'd have to abide by.
Argentina's default drove this but nobody has heard much since 2014.
It's fizzled out.
Anyway without an invasion or cutting countries completely out of world trade and banking there would never be enough threat to get a country to comply.
Bring back gunboat diplomacy
It worked.
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