As the high external debt in Low Income Countries (LIC) is mainly caused by structural deficits and exogenous shocks, most LICs will be, in the short and medium term at least, dependent on subsidies from donors. During the previous 10 years donors have offered extensive debt relief to LIC within...

Ten years after the start of the transition process in Central and Eastern Europe there are still substantial weaknesses. Even though growth rates have recently been high in most countries the output is still below pre-transition levels and the countries still have great difficulties in reducing...

The most practicable short-term approaches for sovereign debt restructuring would include a code of conduct (voluntary approach) and collective action clauses (contractual approach). In the medium term, a sovereign insolvency procedure (statutory approach) may have an important role to play...