The International Monetary Fund is discussing changes to its rules that could require countries in difficulty to extend maturities on their sovereign debt as a condition of seeking its help.
At present the IMF’s options are limited to a bailout or debt restructuring based on whether the fund considers the country’s debt to be sustainable.
The mooted idea offers a third way by allowing creditors to agree to a “reprofiling” of existing bonds. Maturities would be extended for the duration of the IMF programme with no change to the coupon or principal.
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