Ghana will no longer service most of its external debt, including all payments due to private-sector bondholders and other lenders.
Monday that it would no longer service most of its external debt, including all payments due to private-sector bondholders and other lenders.There's often a very long gap between the point at which default becomes inevitable and the point at which it actually happens. Ghana seems to have decided that if you're going to do it, you might as well do it early.The IMF doesn't want that $3 billion to go to foreign creditors — quite the opposite.
on Ghana reaching an agreement with its foreign creditors. Announcing a standstill is the hardball way of trying to get such an agreement.Broadly speaking, debt restructurings can be "market-friendly" or "coercive." A market-friendly restructuring happens after negotiations; a coercive one normally happens after the country has already defaulted and creditors are receiving nothing. Ghana's decision on Monday means they've decided to go the coercive route.
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