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In the aftermath of the Mexican crisis of 1994 and against a background of increased reliance by sovereign debtors on bond financing in the early 1990s, the Group of Ten published in 1996 a report on the resolution of sovereign liquidity crises. To promote a more orderly resolution of such crises and hence reduce the huge costs involved, the so-called Rey Report put much emphasis on the benefits of including collective action clauses (CAC) in sovereign bond issues through a market-led process. Since 1996, the world has seen several new large debt crises in emerging economies, constituting serious threats to international financial stability. The debate over the inclusion of CACs, or what is called today a contractual approach, has regained considerable momentum, as has the debate over a statutory approach, which would imply the creation of a sovereign debt-restructuring mechanism. This paper recalls experiences with recent debt crises and analyzes the potential impact of the proposals put forward as part of the current debate over the behavior of both creditors and debtors. Building on that analysis, the point is made that statutory and contractual approaches are not only complementary and self-reinforcing but are inextricably interlinked, while presumptive access limits to Fund financing act as a catalyst for the proper functioning of both.