This paper takes a hard look at the experience with official intervention in sovereign debt crises, focusing on debt crises of the 1980s, Russia in 1998, Argentina in 2001, and Greece in 2010. Based on the track record, the authors argue that in situations where countries face a solvency problem, official intervention is more likely to succeed if official money is lent at the risk-free rate reflecting its seniority and private creditors receive an...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2012/05/01
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Рабочий документ в рамках исследования вопросов политики
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WPS6054
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1
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1
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2012/05/01
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Disclosed
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Orderly sovereign debt restructuring : missing in action !
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private creditor