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The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides lending to the country up to its borrowing capacity, IFIs face the difficult issue of how to address the remaining financing needs with a combination of fiscal consolidation, bail-ins and possibly official transfers. To maximize social welfare, IFIs should differentiate the policy mix depending on the strength of spillovers. In particular, stronger spillovers call for smaller bail-ins and greater fiscal consolidation. Furthermore, to avoid requiring excessive fiscal consolidation, IFIs should provide highly systemic countries with official transfers. To limit the moral hazard consequences of transfers, it is important that IFIs operate under a predetermined crisis-resolution framework that ensures commitment.
Debts, Public --- Fiscal policy --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Econometric models. --- Law and legislation --- Government policy --- Finance: General --- Financial Risk Management --- Macroeconomics --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- Fiscal Policy --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- Debt Management --- Sovereign Debt --- Externalities --- Finance --- Economic & financial crises & disasters --- Fiscal consolidation --- Moral hazard --- Financial crises --- Spillovers --- Financial sector policy and analysis --- Asset and liability management --- Financial risk management --- Debts, External --- International finance --- Greece
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This paper discusses Ukraine’s First Review Under the Extended Arrangement. The authorities have made a strong start in implementing the program. All performance criteria (PCs) for end-March 2015 and, based on preliminary information, all PCs for end-June were met. Eight benchmarks were completed, albeit four of them with a delay and two were converted into prior actions for this review. Discussions with creditors have made progress toward a debt operation that would restore fiscal sustainability. In view of the authorities’ performance under the program, their policy commitments for the period ahead, and progress toward a debt operation in line with its stated objectives, the IMF staff recommends the completion of the first review.
Debt relief --- Fiscal policy --- Monetary policy --- Energy policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Government policy --- Law and legislation --- Ukraine --- Economic conditions. --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Taxation, Subsidies, and Revenue: General --- Banking --- Currency --- Foreign exchange --- Macroeconomics --- Public finance & taxation --- Monetary economics --- Exchange rates --- Public debt --- Credit --- Money --- Revenue administration --- Prices --- Banks and banking --- Debts, Public --- Revenue
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Addressing the buildup of nonperforming loans (NPLs) in Italy since the global financial crisis will remain a challenge for some time and be important for supporting a sustained, robust economic recovery. The buildup reflects both the prolonged recession as well as structural factors that have held back NPL write-offs by banks. The paper discusses the impediments to NPL resolution in Italy and a strategy for fostering a market for restructuring distressed assets that could support corporate and financial restructuring.
Bank loans --- Banks and banking --- Write-offs --- Debt relief --- Collecting of accounts --- Bank credit --- Loans --- Accounts, Collecting of --- Bad debt losses --- Bad debts --- Bill collecting --- Bill collection --- Bills, Collecting of --- Collection letters --- Collection of accounts --- Collection of debt --- Debt collection --- Debt recovery --- Loan losses --- Recovery of debt --- Credit --- Uncollectible accounts --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Charge-offs --- Write-downs --- Writedowns --- Writeoffs --- Accounting --- Management --- Law and legislation --- Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Corporation and Securities Law --- Bankruptcy --- Liquidation --- Corporate Finance and Governance: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Finance --- Banking --- Nonperforming loans --- Distressed assets --- Financial institutions --- Financial sector policy and analysis --- Asset and liability management --- Collateral --- Debts, External --- Italy
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This paper discusses Liberia’s Request for Disbursement Under the Rapid Credit Facility (RCF) and Debt Relief Under the Catastrophe Containment and Relief (CCR) Trust. Economic activity has declined significantly, and fiscal and external financing needs are more pronounced than envisaged at the time of the Extended Credit Facility (ECF) augmentation. The authorities remain committed to the broad objectives of the ECF program. The IMF staff recommends approval of the authorities’ requests for a disbursement under the RCF and debt relief under the CCR Trust given the extensive economic damage caused by the Ebola outbreak and based on the authorities’ updated policy intentions and commitments.
Loans, Foreign --- Economic assistance --- Debt relief --- Financial crises --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy --- International economic relations --- Conditionality (International relations) --- Foreign loans --- International loans --- Loans, International --- Loans --- Foreign loan insurance --- Law and legislation --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Budgeting --- Exports and Imports --- Public Finance --- Industries: Financial Services --- Diseases: Respiratory --- Money and Monetary Policy --- Health Behavior --- Debt --- Debt Management --- Sovereign Debt --- National Budget --- Budget Systems --- Trade: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Infectious & contagious diseases --- Budgeting & financial management --- Finance --- Public finance & taxation --- International economics --- Monetary economics --- Ebola --- Budget planning and preparation --- Public debt --- Imports --- Health --- Public financial management (PFM) --- International trade --- Credit --- Money --- Ebola virus disease --- Budget --- Debts, Public --- Liberia
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