IMF paper urges ‘meaningful debt restructuring’ in private sector


An IMF working paper, published yesterday, implored governments to create the conditions for "meaningful debt restructuring" in the non-bank private sector.

The paper, Dealing with Private Debt Distress in the Wake of the European Financial Crisis, by Yan Liu and Christoph Rosenberg, says that as the world is caught in a tepid recovery, now is the time to tackle the accumulated debt.

"Removing uncertainty and, in some cases, providing debt relief (in Net Present Value terms) will have positive

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