Sovereign Debt Restructuring and Debt Sustainability : An Analysis of Recent Cross-country Experience

After a sovereign debt restructuring, restoring the country's debt to a sustainable path is key to ensuring a credible and durable exit from the crisis.

In recent years, a number of countries have restructured their sovereign liabilities, either following a default or preemptively, to avoid a default.

This Occasional Paper takes stock of the experiences of some of these countries - Argentina, the Dominican Republic, Ecuador, Moldova, Pakistan, Russia, Ukraine, and Uruguay - with debt-restructuring operations, with a view to assessing the outcomes and whether debt sustainability has been restored.

The emphasis of the study is on sovereign debt owed to private creditors.