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 … holdout problem according to our simulations. The results help to inform theory as well as current policy initiatives on …

creditors and that several interventions in sequence may be necessary to avert an impending crisis. Absent of the IMF …