IMF's Lipsky on debt defaults

In the speech 'Learning from experience: Debt defaults and lessons from a decade of crises' given on 10 May John Lipsky of the IMF said in the current relatively benign global environment, not many emerging market countries have needed to borrow from the Fund.

"This is good news," Lipsky said. "But the Fund still needs to be prepared for times when market access for emerging market borrowers could become constrained. On the basis of a review of past experience, Sturzenegger and Zettelmeyer say

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