IMF faces 'dilemma' as EM debt pause calls grow
Bondholders appear to be sleepwalking over the precipice of a debt standstill chasm as the fissure of the emerging markets funding crisis yawns wider by the day. The IMF and World Bank have called for a suspension of debt payments to official and private creditors but there is scant evidence that the latter are alive to that possibility becoming a reality. Ross Lancaster, Phil Thornton and Oliver West report.
The speed with which EM’s funding crisis has ramped up has been astounding. From falling bond prices, to dollar shortages, to a swathe of official institution funding, each week since the Coivd-19 pandemic took hold in March has marked an escalation.As scores of EM countries flock ...
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