"In 1998, President Boris Yeltsin's government defaulted on its domestic debt and Russia experienced a financial … rapid buildup of sovereign debt would have challenged even a competent government. In the new Russia, with its barely … economic common sense." "Gilman argues that the debt default, although avoidable, actually spurred Russia to integrate its …

dynamics around deraults, countercyclical spreads, high debt ratios, and key business cycle moments …

debt sustainability. Projections should be tied either to the country's historical track record in generating surpluses … of fiscal forecasts underlying debt sustainability calculations. Together with information on future growth and interest … needed to return debt to a sustainable level …

The paper discusses key incentive-related issues of the sovereign debt restructuring mechanism recently outlined by the …