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Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned

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Asonuma T., Xin Li M., Papaioannou M. G., Thomas S., Togo E.
Journal of Banking and Financial Economics
|
2018
|
issue 2(10)
67-105
EN
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
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