Debt reduction: the basis and shape of a new strategy |
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Authors: | Jeffrey Sachs Josef Kneer |
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Institution: | 1. Harvard University and the National Bureau of Economic Research, USA 2. the Institute for International Economic and Political Research, Frankfurt, West Germany
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Abstract: | The burden of past restructuring of the external debt of developing countries has been distributed asymmetrically among creditors
owing to the lack of incentives for voluntary debt reduction. “New creditors” have been deterred from lending voluntarily
because their claims would inevitably be added to a mountain of bad debt. Therefore new ways of reducing debt and debt servicing
must be found. Our authors suggest a process of concerted debt reduction designed to ensure that all the creditor banks involved
play an equal part. |
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