Another coup
Article Abstract:
Pakistan plans a default on payments of Eurobonds, and this announcement has had little impact on bond markets, though it was once thought that such a default would have serious implications. The default could have been predicted, and Pakistan had already made an agreement with the Paris Club to reschedule debt. The government foresees acceptance of its restructuring plan for Eurobonds. Ideas on burden sharing between private and public sectors when a default occurs are still a matter of debate.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
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On watch
Article Abstract:
Credit-rating agencies have been criticized for not providing enough warning about the Asian financial crisis, but the demand for their services is strong. This is partly due to the impact of European monetary union on bond markets in Europe, and because the Asian crisis was related to sovereign debt, which is more different to assess than corporate bonds. Ratings simplify life for trustees, who can give fund managers guidelines using ratings.
Publication Name: The Economist (UK)
Subject: Business, international
ISSN: 0013-0613
Year: 1999
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