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

Harald Finger and Mauro Mecagni

No 2007/003, IMF Occasional Papers from International Monetary Fund

Abstract: 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.

Keywords: OP; debt; debt ratio; debt-sustainability assessment; inferred crisis probability; ratio; liquidity position; public debt crisis; standard error; Debt restructuring; Sovereign debt restructuring; Bonds; Debt sustainability; Global; Africa; debt profile; debt vulnerability; solvency problem; Stress testing (search for similar items in EconPapers)
Pages: 45
Date: 2007-04-10
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