World faces systemic debt crisis, IMF warns

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Geoffrey Okamoto

Geoffrey Okamoto: a systemic debt crisis “cannot be ruled out”

Major gaps in the international debt restructuring framework are increasing risks of a systemic sovereign debt crisis, International Monetary Fund officials warn.

In a report published today (October 1), the IMF says not enough has been done to prevent holdouts from derailing debt restructuring processes.

Senior IMF officials, including managing director Kristalina Georgieva, say reform of the international debt architecture is urgently needed. First deputy managing director Geoffrey Okamoto

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