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International finance --- Third World: economic development problems --- Debts, External --- Dettes extérieures --- Developing countries --- Pays en développement --- Debt relief --- -Debts, External --- -339.96 --- 336.3 --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- Investments, Foreign --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Law and legislation --- Dettes extérieures --- Pays en développement --- Developing countries: economic development problems --- 339.96 --- Debts, External - Developing countries --- Debt relief - Developing countries

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Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro's creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous - and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, Europe's Orphan charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe's Orphan charts what actually must be done for the continent to achieve a full recovery

Money --- Euro --- Eurozone --- Monetary policy --- Financial crises --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Euro area --- Euro zone --- Monetary unions --- Law and legislation --- European Union countries --- EU countries --- Euroland --- Europe --- Economic policy. --- Economic conditions --- E-books

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The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt workouts through reviewing six countries with large scale corporate debt workouts. Case studies reveal that the costs of corporate sector rescue are significant and in several cases on par with the costs of financial sector bailouts. The paper sheds light on the importance of contingent liabilities and associated risks to government balance sheet from the corporate debt side and emphasizes the need for improved contingency planning for corporations with potential systemic impact.

Corporate debt. --- Debt relief. --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Corporations --- Debt --- Debt financing (Corporations) --- Law and legislation --- Finance --- Banks and Banking --- Financial Risk Management --- Industries: Financial Services --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Banking --- Economic & financial crises & disasters --- Loans --- Commercial banks --- Financial crises --- Debts, External --- Banks and banking --- United States

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Malawi has made satisfactory progress in implementing its Poverty Reduction Strategy Paper (PRSP) for at least one year, and maintained satisfactory macroeconomic policies as evidenced by its performance under a program supported by the Poverty Reduction and Growth Facility (PRGF) over the last fiscal year 2005/2006. The completion point analysis shows the actual outturn to be 245 percent of exports. After additional voluntary bilateral debt relief, this ratio declines to 229 percent of exports. The paper assesses the sensitivity of debt indicators to changes in key economic variables.

Poverty --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Law and legislation --- Malawi --- Economic conditions. --- Exports and Imports --- Financial Risk Management --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Trade: General --- International economics --- Finance --- Debt service --- Public and publicly-guaranteed external debt --- Exports --- External debt --- Asset and liability management --- International trade --- Debts, External

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Studies suggest that fiscal multipliers are currently high in many advanced economies. One important implication is that fiscal tightening could raise the debt ratio in the short term, as fiscal gains are partly wiped out by the decline in output. Although this effect is not long-lasting and debt eventually declines, it could be an issue if financial markets focus on the short-term behavior of the debt ratio, or if country authorities engage in repeated rounds of tightening in an effort to get the debt ratio to converge to the official target. We discuss whether these problems could be addressed by setting and monitoring debt targets in cyclically-adjusted terms.

Debt relief. --- Fiscal policy. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Government policy --- Law and legislation --- Macroeconomics --- Public Finance --- Quantitative Policy Modeling --- Fiscal Policy --- National Budget, Deficit, and Debt: General --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Fiscal consolidation --- Public debt --- Fiscal policy --- Fiscal multipliers --- Fiscal stance --- Debts, Public --- Japan