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Sustainability and Equity Challenges to Pension Systems: The Case of Lebanon

Tamon Asonuma (), Mike Xin Li (), Saji Thomas (), Michael G. Papaioannou () and Eriko Togo ()
Additional contact information
Mike Xin Li: International Monetary Fund, U.S.A.
Saji Thomas: International Monetary Fund, U.S.A.
Michael G. Papaioannou: International Monetary Fund, U.S.A.
Eriko Togo: International Monetary Fund, U.S.A.

Journal of Banking and Financial Economics, 2018, vol. 2, issue 10, 67-106

Abstract: This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

Keywords: Sovereign Debt; Sovereign Defaults; Sovereign Debt Restructurings; Serial Debt Restructurings; Serial Defaults; Grenada; Disaster Clause (search for similar items in EconPapers)
JEL-codes: F34 G15 H63 (search for similar items in EconPapers)
Date: 2018
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