Dealing with the debt crisis, Part 35 by Ishrat Husain, Ishac Diwan

By Ishrat Husain, Ishac Diwan

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The second was a fiscal adjustmentan internal transfer from the private sector to the publicwhich worsened as governments assumed the external liabilities of their private sectors. 8 billion to $9 billion. But the internal adjustment has proved tricky, and in many countries the needed increase in the internal financing of fiscal deficits could not be managed without engendering a serious macroeconomic crisis. Today, the binding constraint in most of the highly indebted countries is fiscal, not external.

5 billion of prepayment) and preventing a breakdown in their relations with debtors must be attractive to the commercial banks as a group. Second, given the recent weakening of concerted lending, it is going to be less than easy to round up $4 billion to $6 billion in new money while many banks realize losses on existing claims. Third, the key assumption in these projections is a big improvement in domestic policies, especially in the four large debtor countriesArgentina, Brazil, Mexico, and Venezuela.

Froot Sloan School of Management, Massachusetts Institute of Technology Vassilis A. Hajivassiliou Department of Economics, Yale University Jonathan Hay Cofinancing and Financial Advisory Services Department, World Bank Harry Huizinga Department of Economics, Stanford University Charles Humphreys Africa Technical Department, World Bank Ishrat Husain International Economics Department, World Bank Mohsin S. Khan Research Department, International Monetary Fund Homi Kharas Asia Country Department II, World Bank Ruben Lamdany Cofinancing and Financial Advisory Services Department, World Bank Donald R.

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