LONDON : Cautious optimism in the developing world that wealthier countries and China had finally fixed the tortuous process of sovereign debt restructurings is fizzling again.Debt crisis veterans gave a weary thumbs up in April to plans to galvanize the G20-led 'Common Framework' - a platform supposed to
LONDON : Cautious optimism in the developing world that wealthier countries and China had finally fixed the tortuous process of sovereign debt restructurings is fizzling again.
The result is that countries trying to restructure their problematic debt have been left to negotiate bespoke arrangements in much the same way they did in the past. The core struggle has been how much debt countries need to write off, and coaxing China, after a decade-long lending spree, into debt talks that it views as designed by western powers.
Neither the People's Bank of China nor China's Finance Ministry immediately responded to requests for comment. In April, China said it was willing to work with all parties on the Common Framework but it has not commented publicly on the issue since then.
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