Sovereign Debt Restructuring and Debt Sustainability: An Analysis of Recent Cross-Country Experience
( Occasional Papers )
Publication series ： Occasional Papers
Author： Mr. Harald Finger Mr. Mauro Mecagni
Publisher： INTERNATIONAL MONETARY FUND
Publication year： 2007
E-ISBN: 9781451977356
P-ISBN(Paperback): 9781589066106
Subject： F811.5 internal and external debt, external borrowing
Language： ENG
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Description
Restoring a country's debt to a sustainable path after a sovereign debt restructuring is key to ensuring a credible and durable exit from the crisis. In recent years, a number of countries have restructured their sovereign liabilities, either following a default, or preemptively, to avoid a default. This Occasional Paper takes stock of the experiences of some of these countries--Argentina, the Dominican Republic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay--with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored. The emphasis of the study is on sovereign debt owed to private creditors.