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Debt Deals That Burned Emerging-Market Borrowers Make a Comeback
Mitu Gulati, a University of Virginia law professor, has studied a lot of sovereign debt defaults and restructurings over the years. One clear conclusion he’s come to: Countries get “screwed” when they toss in complex financial instruments as a sweetener to convince creditors to accept the deals they’re proposing. So when Suriname unveiled an agreement this month that includes a high-fangled security pledging to hand creditors a cut of a potential oil bonanza, it got Gulati’s attention. In theory, he says, these sweeteners “are beautiful.” Both sides should win. But in practice, government officials ... (full story)
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- Posted: May 25, 2023 12:30pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 57
