How to Make Sovereign Debt Restructurings More Effective

This Policy Brief from Lazard's Sovereign Advisory group argues that more precise implementation guidelines should be provided on the Common Framework to increase efficiency and accelerate sovereign debt restructuring processes, in particular visà-vis the private sector.

The required clarifications mainly relate to the definition of the “comparability of treatment”, whose definition under the Common Framework remains vague, hence likely contributing to protracted processes.

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