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Sovereign Debt Restructurings in Grenada :, Causes, Processes, Outcomes, and Lessons Learned, Tamon Asonuma, Xin Li, Michael Papaioannou, Saji Thomas

Abstract
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15.Both restructurings emerged as a consequence of weak fiscal and debt situations, whichbecame unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors
Language
eng
Literary Form
non fiction
Physical Description
1 online resource (59 pages).
Specific Material Designation
remote
Form Of Item
online
Isbn
9781484313220

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