This debate focuses on the looming sovereign debt crisis in developing countries and emerging economies. How can Africa and Latin America avoid another “lost decade” as in the 1930s and 1980s? What reforms are needed to improve sovereign debt workouts? And how can future defaults be resolved fairly, with the participation of China and private investors? To address these questions we look back at the history of sovereign debt crises and their resolution. Building on the “lessons learned” we then discuss the most influential current proposals to address the Covid debt pandemic.

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