Grenada default elevates risk of spilling over into other Eastern Caribbean Currency Union states – Moody’s

“This dearth of options has elevated debt restructuring as a tool for reducing government debt. However, the history of sovereign default in the Caribbean is instructive,” Moody’s said, noting to date, restructurings in the region have done little to address the threat of insolvency posed by unmanageable debt burdens.

Instead, Moody’s said most countries have received only temporary liquidity relief, “which has only increased the frequency of sovereign default”. – (CMC)

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