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He continued, “The success percentage in restructuring sovereign debt is 90%+, so the government has a long way to go. It might have to deal with a “Dominica situation,” in which the procedure took months to complete. Expert Trebesch demonstrates that nearly every recent reorganisation was created in collaboration with creditors.
Therefore, Ghana’s “take it or leave it” approach, which lacks a menu of alternatives to accommodate various creditor conditions, is extremely unique. The complete lack of creditor participation in the program’s design is even weirder. The government is currently facing a significant crisis of credibility, he continued.
Debt Exchange: Bright Simons finds Ghana’s “take it or leave it” policy to be particularly unique.
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