Sovereign Debt Relief Is Missing One Player: Bondholders
- Harvard’s Reinhart calls on private creditors to join efforts
- Nations may shut themselves out of capital markets for years
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Calls for the world’s poorest countries to be given debt relief so they can use their scarce resources to fight the coronavirus pandemic are getting louder.
Global bond investors may find that they, and not just the likes of the International Monetary Fund and governments providing bilateral loans, will be asked to be part of it.