A Sovereign Debt Restructuring Mechanism for Developing Countries

Nick K. Kolev and Jonathan Stilwell ()
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Jonathan Stilwell: FirstRand Bank

Development Finance Agenda, 2023, vol. 8, issue 8, 6-8

Abstract: Various proposals are being advanced to help manage sovereign indebtedness through decreasing debt service payments. We contribute to these with a proposal for a sovereign debt restructuring mechanism whereby distressed sovereigns do not have to obtain new loans or post collateral, hard-currency exposures are transformed into local-currency exposures, and current sovereign lenders continue receiving hard-currency payments on hard-currency exposures.

Date: 2023
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