If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which then becomes self … illuminates the potential role of collective action clauses (CACs) in eliminating the risk of self-fulfilling debt crises. …

If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which then becomes self …

East European countries. From that baseline, we analyse the solvency of Eastern Europe by calculating a `growth-adjusted-debt …-per-effective-capita' measure of the burden of debt in these countries. Finally, we calculate a benchmark for the secondary market price of their …

Brady deal itself – it lacks all perspective on the ‘market value’ of the debt which is written down. The appropriate …

This paper analyzes the inefficiency that arises from a debt overhang. In order to define the lenders' optimal … discounted value return coincides with the equilibrium market value of the debt. Rather than a debt write-off, the key to an …