mechanisms have developed many of the same characteristics in the years following the
developing country debt crisis of the 1980s. Debt standstills emerged, often in an ad-hoc manner,
but in most cases ultimately with the implicit approval of an arbitrator (in this case, the IMF). The
borrower negotiated with creditor committees (either the Paris or London Club) to refinance or
reschedule loans, and occasionally for a debt-equity swap. Interim financing was made available
either from official sources (the IMF, the World Bank, or industrialized country governments) or
from commercial banks as part of Brady Plan workouts. Importantly, in the end, restructuring
under the auspices of the Paris Club or via Brady bonds involved a significant debt reductions.
mechanisms have developed many of the same characteristics in the years following thedeveloping country debt crisis of the 1980s. Debt standstills emerged, often in an ad-hoc manner,but in most cases ultimately with the implicit approval of an arbitrator (in this case, the IMF). Theborrower negotiated with creditor committees (either the Paris or London Club) to refinance orreschedule loans, and occasionally for a debt-equity swap. Interim financing was made availableeither from official sources (the IMF, the World Bank, or industrialized country governments) orfrom commercial banks as part of Brady Plan workouts. Importantly, in the end, restructuringunder the auspices of the Paris Club or via Brady bonds involved a significant debt reductions.
การแปล กรุณารอสักครู่..