Avoiding a lost decade—sovereign debt workouts in the post-Covid era

Abstract

In the late summer of 2020, Ecuador and Argentina each concluded restructurings of their foreign currency bonds These were not the first post-Covid era sovereign debt workouts;they were the last pre-Covid sovereign debt restructurings Both countries had been in debt distress before the pandemic began and, somewhat ominously, the financial terms of the two debt restructurings may have been framed without regard to the longer-term consequences of the Covid crisis © The Author(s) (2020) Published by Oxford University Press All rights reserved