Sovereign Debt Restructuring and Debt Sustainability: An Analysis of Recent Cross-Country Experience

April 10, 2007

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Harald Finger, and Mauro Mecagni. Sovereign Debt Restructuring and Debt Sustainability: An Analysis of Recent Cross-Country Experience, (USA: International Monetary Fund, 2007) accessed December 26, 2024

Summary

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.

Subject: Asset and liability management, Bonds, Debt restructuring, Debt sustainability, External debt, Financial institutions, Financial sector policy and analysis, Public debt, Sovereign debt restructuring, Stress testing

Keywords: Africa, Bonds, Debt, Debt profile, Debt ratio, Debt restructuring, Debt sustainability, Debt vulnerability, Debt-sustainability assessment, Global, Inferred crisis probability, Liquidity position, OP, Public debt crisis, Ratio, Solvency problem, Sovereign debt restructuring, Standard error, Stress testing

Publication Details

Pages:

45
Volume:

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DOI:

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Issue:

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Series:

Occasional Paper No. 2007/003
Stock No:

S255EA
ISBN:

9781589066106
ISSN:

0251-6365

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