The Cefa Brief
评论洞察视角释义
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- 评论Multilateral Institutions
Sovereign restructuring was built for a world where delay cost the creditor nothing
Reprofiling worked because a payment pushed out ten years cost the creditor nothing in real terms, and in 2020 the implied real ten-year yield was minus 0.60 percent. In 2025 it was plus 1.96 percent, so the same extension now costs a real 17.6 percent, and a process whose only enforcement is peer pressure has to arrange that loss.