Roughly once a year, the managing director of the International
Monetary Fund, the U.S. treasury secretary and in some cases the
finance ministers of other G-7 countries will get a call from the
finance minister of a large emerging market economy. The emerging
market finance minister will indicate that the country is rapidly
running out of foreign reserves, that it has lost access to
international capital markets and, perhaps, that is has lost the
confidence of its own citizens. Without a rescue loan, it will be
forced to devalue its currency and default either on its government
debt or on loans to the country's banks that the government has
guaranteed. This book looks at these situations and the options
available to alleviate the problem. It argues for a policy that
recognizes that every crisis is different and that different cases
need to be handled within a framework that provides consistency and
predictability to borrowing countries as well as those who invest
in their debt.
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