Jamaica Debt Exchange
AbstractThe sovereign debt restructuring operation in Jamaica undertaken in early-2010 was a unique experiment that perhaps offered less by way of upside, if compared to the conventional sovereign debt exchanges, but provided credible assurances against further downfall and financial sector distress. A case study of a highly indebted country with domestically held debt, the paper discusses the conditions leading to the exchange, the rationale behind it, as well as its operational aspects. Achievements of the exchange, too, are discussed in detail. The paper also outlines the risks stemming from the high levels of debtâ€”which continue to remain highâ€”requiring prompt and coordinated action by policymakers if the legacy of the debt exchange is to be preserved.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 12/244.
Date of creation: 09 Oct 2012
Date of revision:
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Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
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