01824cas a2200241 a 4500 AALejournalIMF004900 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451971941 1934-7456 BD-DhAAL BD-DhAAL Houben, Aerdt. Commercial Bank Debt Restructuring : The Experience of Bulgaria / Aerdt Houben. Washington, D.C. : International Monetary Fund, 1995. 1 online resource (32 pages) IMF Policy Discussion Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reviews commercial bank debt restructuring based on the recent experience of Bulgaria. While the deal is shown to have generated substantial debt relief at a remarkably low cost, several lessons are drawn that may be of broader relevance to countries restructuring bank debt. As, from time to time, it has been suggested that Bulgaria should have held out for more favorable treatment, or that it should now seek further debt reduction, the likely costs of these options are identified. Looking ahead, key policy issues are discussed that will determine growth prospects and debt sustainability over the medium term. It is argued that the deal's success remains to be underpinned in particular by judicious fiscal and debt management policies. Mode of access: Internet IMF Policy Discussion Papers; Policy Discussion Paper ; No. 1995/006 Full text available on IMF http://elibrary.imf.org/view/journals/003/1995/006/003.1995.issue-006-en.xml IMF e-Library