Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors … dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that …

sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor …" applicable to future defaults. Poorer countries, first-time debt issuers, and those that borrowed heavily from external creditors …

sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor …” applicable to future defaults. Poorer countries, first-time debt issuers, and those that borrowed heavily from external creditors …

private creditors (LIA) or official bilateral creditors (LIOA). It also considers other indirect channels through which the …