Global Sovereign Debt Roundtable : Sovereign Debt Restructuring - A Playbook for Country Authorities

Overview & Synopsis

This document presents a summary of the key steps, concepts, and processes observed in recent sovereign debt restructurings undertaken in the context of an International Monetary Fund (IMF)-supported program, in particular those restructurings undertaken under the Common Framework. It aims to provide country authorities considering a restructuring with a user-friendly summary document. It is based on the observed practice for a typical case of a country that has defaulted on its debt. It provides a general overview while recognizing that each case may have its own specificities and complexities. It is a non-binding document, which is not aimed to constrain how debtor countries and creditors will handle a specific case, under or outside the Common Framework, and is published as a Global Sovereign Debt Roundtable (GSDR) Cochairs document.