Sovereign Debt Restructurings in Grenada

Sovereign Debt Restructurings in Grenada
Title Sovereign Debt Restructurings in Grenada PDF eBook
Author Mr.Tamon Asonuma
Publisher International Monetary Fund
Pages 58
Release 2017-07-24
Genre Business & Economics
ISBN 1484311035

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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, whichbecame 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.

Sovereign Debt Restructurings in Grenada

Sovereign Debt Restructurings in Grenada
Title Sovereign Debt Restructurings in Grenada PDF eBook
Author Mr.Tamon Asonuma
Publisher International Monetary Fund
Pages 58
Release 2017-07-26
Genre Business & Economics
ISBN 1484313178

Download Sovereign Debt Restructurings in Grenada Book in PDF, Epub and Kindle

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, whichbecame 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.

Sovereign Debt Restructurings 1950-2010

Sovereign Debt Restructurings 1950-2010
Title Sovereign Debt Restructurings 1950-2010 PDF eBook
Author Mr.Udaibir S. Das
Publisher International Monetary Fund
Pages 128
Release 2012-08-01
Genre Business & Economics
ISBN 1475505531

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This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Too Little, Too Late

Too Little, Too Late
Title Too Little, Too Late PDF eBook
Author Martin Guzman
Publisher Columbia University Press
Pages 307
Release 2016-05-10
Genre Business & Economics
ISBN 023154202X

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The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.

The Fund’s Lending Framework and Sovereign Debt - Annexes

The Fund’s Lending Framework and Sovereign Debt - Annexes
Title The Fund’s Lending Framework and Sovereign Debt - Annexes PDF eBook
Author International Monetary Fund
Publisher International Monetary Fund
Pages 112
Release 2014-05-23
Genre Business & Economics
ISBN 1498343333

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Caribbean Small States - Challenges of High Debt and Low Growth

Caribbean Small States - Challenges of High Debt and Low Growth
Title Caribbean Small States - Challenges of High Debt and Low Growth PDF eBook
Author International Monetary Fund. Western Hemisphere Dept.
Publisher International Monetary Fund
Pages 23
Release 2013-02-23
Genre Business & Economics
ISBN 1498342264

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This paper presents background on Caribbean small states as context for the main paper, “Macroeconomic Issues in Small States and Implications for Fund Engagement.” It draws on recent analytical work presented at a conference for policy makers in September 2012, in Trinidad and Tobago. Caribbean small states, while sharing many features of other small states (size-related macroeconomic vulnerabilities, lack of economies of scale, and capacity constraints) have specific characteristics which merit attention

The Fund's Lending Framework and Sovereign Debt-Further Considerations

The Fund's Lending Framework and Sovereign Debt-Further Considerations
Title The Fund's Lending Framework and Sovereign Debt-Further Considerations PDF eBook
Author
Publisher INTERNATIONAL MONETARY FUND
Pages 99
Release 2015-09-04
Genre Business & Economics
ISBN 9781498344739

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In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.