Part 1 Introduction. Part 2 Comprehensive schemes for debt relief. Part 3 The logic of voluntary debt relief: the need for cash-flow relief; the debt relief laffer curve; differing bank preferences. Part 4 Alternative mechanisms for voluntary debt relief: optimal use of reserves; uncollateralized exit bonds; debt-equity swaps. Part 5 The design of voluntary debt relief: facilitating buybacks; launching exit bonds. Part 6 The potential of voluntary debt relief. Part 7 A possible supplement to voluntary debt relief. Part 8 Conclusion. Appendix.
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