1945

Debt sustainability

Dramatic developments have taken place over the past year in the world of sovereign debt. The fact that the key debt crises have occurred in European developed economies only emphasizes that the exigencies of public finance and the political difficulties of tackling a debt overhang effectively are universal. Lessons from the European crisis reiterate lessons from emerging market debt crises, as well as from the entire history of sovereign debt crises. One of those recent lessons from Europe is that ad hoc political processes for debt workouts do not necessarily lead to timely, effective or fair burden-sharing after debt crises occur.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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