The IMF report goes on to say: Governments can stuff debt into local pension funds and insurance companies, forcing them through regulation to accept far lower rates of return than they might otherwise demand. … Domestic defaults, restructurings, or conversions are particularly difficult to document and can sometimes be disguised as “voluntary.” The paper that they slipped out three weeks ago adds this: The Fund would be able to provide exceptional access on the basis of a debt operation that involves an extension of maturities. That means that 30-day notes can be instantly turned into 30-year bonds.
Posted on: Wed, 16 Jul 2014 20:01:07 +0000
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