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Sovereign Debt Management During Debt Distress Periods

Thordur Jonasson and Michael G. Papaioannou
The Journal of Investing Fall 2018, 27 (3) 65-73; DOI: https://doi.org/10.3905/joi.2018.1.071
Thordur Jonasson
is a senior financial sector expert at the International Monetary Fund in Washington, DC
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Michael G. Papaioannou
is an IMF expert/advisor and visiting scholar and professor at Drexel University, LeBow College of Business in Philadelphia, PA
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Abstract

Sound public debt-management policies during sovereign debt distress periods are key to efficiently resolving a debt crisis and regaining market access. In addition to understanding the causes, processes, and outcomes of sovereign debt restructurings, this article analyzes the role of the debt manager along with determinants and strategies to maintain/regain market access. The sovereign’s debt sustainability analysis and determination of loss of market access are two crucial elements in the IMF’s lending decisions to countries in debt distress. Various indicators used in assessing whether the sovereign can tap international capital on a sustained basis are discussed. When a sovereign debt restructuring needs to be undertaken, it is necessary to determine the financial terms of the debt operation. Some key principles in designing sovereign debt restructuring scenarios and ways in securing full-financing of the economic program and regaining market access are presented. We conclude by offering a few best practices on preventing and managing sovereign debt restructurings.

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The Journal of Investing: 27 (3)
The Journal of Investing
Vol. 27, Issue 3
Fall 2018
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Sovereign Debt Management During Debt Distress Periods
Thordur Jonasson, Michael G. Papaioannou
The Journal of Investing Aug 2018, 27 (3) 65-73; DOI: 10.3905/joi.2018.1.071

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Sovereign Debt Management During Debt Distress Periods
Thordur Jonasson, Michael G. Papaioannou
The Journal of Investing Aug 2018, 27 (3) 65-73; DOI: 10.3905/joi.2018.1.071
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  • Article
    • Abstract
    • DETERMINING LOSS OF MARKET ACCESS IN THE CONTEXT OF IMF LENDING
    • ROLE OF DEBT MANAGERS IN SOVEREIGN DEBT RESTRUCTURINGS
    • DETERMINING FINANCIAL TERMS OF A SOVEREIGN DEBT OPERATION
    • KEY PRINCIPLES IN SOVEREIGN DEBT RESTRUCTURING SCENARIOS
    • SECURING FULL FINANCING OF THE ECONOMIC PROGRAM AND REGAINING MARKET ACCESS
    • CONCLUSIONS
    • ACKNOWLEDGMENT
    • ENDNOTES
    • REFERENCES
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