Restructuring Debt in the Dark
Unlike chess or football, international financing of sovereigns is a game played with ever-changing rules. And, following the success of Argentina's holdout creditors in that country's debt restructuring, other distressed sovereigns face a changed playing field – as Venezuela is likely to be the first to find out.
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CAMBRIDGE – As the Annual Meetings of the International Monetary Fund and the World Bank begin in Washington, DC, one member country is conspicuously absent: Venezuela. Yet there is much to be discussed about the country’s finances. Indeed, a sovereign-debt crisis is inevitable.