An efficient rescheduling of the debt must take into account the market value of the debt. The author argues that the appropriate approach is not to write down the debt to its value on the secondary market, but to scale the flows of payments on the debt. The key to an efficient rescheduling is to offer debt relief reflecting the market discount, where the relief is contingent upon the country's adjustment effort (rather than setting repayment terms...
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INFORMACIÓN
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1990/01/31
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Artículo de periódico
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14250
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1
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1
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2010/07/01
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Debt relief : implications of secondary market discounts and debt overhangs
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secondary market