The idea of debt conversion is that instead of continuing to make payments on outstanding loans in hard currency in the face of debt servicing difficulties, the debtors find some other way to settle debts that is satisfactory to themselves and the creditor. The author discusses the importance of...

The Brady Plan is a pragmatic approach to debt restructuring that combines the relatively recent feature of debt and debt service reduction and the support of official creditors. The underlying premise of those adopting the Brady Plan is that the existing stock of debt can never be fully...