Debt peaked at around 160 percent of GDP in 2010, and had been considered unsustainable since 2006. The sharp downturn coinciding with the global financial crisis created a large financing gap forcing a debt restructuring and exceptional access to Fund resources. The programmed mix of financing and adjustment was reasonable-the fiscal adjustment was large and frontloaded, as was the financing from the Fund and through the restructuring.
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|Size: ||3.7 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2015|
|ISBN: ||9781513583266 (DRM-EPUB)|
|Read Aloud: ||not allowed|