Sustainability and Equity Challenges to Pension Systems: The Case of Lebanon
Tamon Asonuma (),
Mike Xin Li (),
Saji Thomas (),
Michael Papaioannou and
Eriko Togo ()
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Mike Xin Li: International Monetary Fund, U.S.A.
Saji Thomas: 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
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)
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:jbfeuw:v:2:y:2018:i:10:p:67-105
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