Chapter 4: The Global Financial Crisis and the Euro-Area Crisis
Author: Ms. Julianne Ams, Mr. Tamon Asonuma, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Ms. Nouria El Mehdi, Mr. Mark J Flanagan, Mr. Sean Hagan, Ms. Yan Liu, Charlotte J. Lundgren, Mr. Martin Mühleisen, Alex Pienkowski, Mr. Gustavo Pinto, and Mr. Eric Robert
Language:
English
Keywords:
SLIPS; debt; crisis; financing; fund; IMF support; IMF policy response; policy development; IMF responsibility; crisis resolution role; fund support; Global; Eastern Europe; Sovereign debt restructuring; Sovereign bonds; Arrears; Commercial banks; fund policy; IMF's policy

Abstract

1. In the aftermath of the Argentine crisis, IMF members experienced a relatively calm period. There were few IMF-supported programs (Brazil, Turkey, Uruguay) under the Exceptional Access Policy (EAP—see chapter 3), largely due to balance of payments problems in the current account, and relatively few sovereign debt restructurings (e.g., Uruguay, Dominican Republic, Grenada, and Belize). However, imbalances and vulnerabilities were growing and subsequently erupted in 2007 [58].

Cover Prevention and Resolution of Sovereign Debt Crises
Prevention and Resolution of Sovereign Debt Crises
Author: Ms. Julianne Ams, Mr. Tamon Asonuma, Mr. Wolfgang Bergthaler, Ms. Chanda M DeLong, Ms. Nouria El Mehdi, Mr. Mark J Flanagan, Mr. Sean Hagan, Ms. Yan Liu, Charlotte J. Lundgren, Mr. Martin Mühleisen, Alex Pienkowski, Mr. Gustavo Pinto, and Mr. Eric Robert
ISBN:
9781484371329
ISSN:
2617-5096
Publication Date:
13 Sep 2018
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781484371329.009
Pages:
22