IMF working paper warns of dangers in sovereign debt restructuring

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A working paper published by the International Monetary Fund (IMF) in August analyses a complete dataset of sovereign restructuring cases between 1950 and 2010.

The authors, Udaibir Das, Michael Papaioannou and Christoph Trebesch, focus on exchanges where the debt is restructured to less favourable terms for the investor, which only occurred in developing or emerging market economies during the six decades under investigation.

The authors emphasise that debt relief can have far-reaching

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