Pretend and Extend, or #CancelTheDebt? A Fork in the Road for the Debt Crisis

The IMF insists there is no ‘systemic’ debt crisis requiring debt cancellation, but rather a ‘liquidity crisis’ requiring debt rescheduling. Civil society argues the opposite. What empirical bases best assess the extent of the crisis? What are the costs and risks of debt rescheduling and preemptive or post-default restructurings?

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