Ricardo Hausmann & Mark Walker - Project Syndicate
CAMBRIDGE – As the Annual Meetings of the International Monetary Fund and the World Bank begin in Washington, DC, one member country is conspicuously absent: Venezuela. Yet there is much to be discussed about the country’s finances. Indeed, a sovereign-debt crisis is inevitable.
All major sovereign-debt crises of the past – including in Mexico and Greece – have generated changes in the rules, jurisprudence, or strategies adopted by debtors, creditors, and international financial institutions. Most...
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