Wednesday, 13 Jan 2021 07:16 AM MYT
“What I think China will need to do to confront this is what previous other creditors in the past had done, which is you have to restructure. And restructure big time, meaning either lower interest rates, longer maturities, write-off in principal or some combination of that,” Reinhart said in a panel discussion on economic inequality.
“The real challenge is next, when we move to the stage where you have real writedowns to contend with,” said Reinhart. Emerging market defaults in Latin America and east Asia led to broad-based debt cancellation efforts such as the Brady plan in the late 1980s and the Heavily Indebted Poor Countries initiative in the 1990s.
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