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Excerpt from Sovereign Debt Buybacks Can Bargaining Costs
Highly indebted countries and their creditor banks have experimented with numerous approaches to ameliorate the LDC Debt Crisis. One rather popular approach is to have the country repurchase its debt at its current market price. Since the debt currently trades below par, countries pay less than they would if they actually honored their debts. The repurchase, or buyback, recognizes that the debts are very unlikely to be paid in full.
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