Book Review: Too Little, Too Late
The increase in emerging market debt to more than $900 billion in outstandings according to the International Monetary Fund (IMF) heightens the importance of sovereign debt restructuring. This concern affects not only holders of sovereign debt but also investors in corporate, financial, and structured debt. Too Little, Too Late is a collection of 15 papers on current sovereign debt–restructuring challenges and alternative approaches to resolving them. For investment analysts, the book is a valuable source of systematic analysis, insights, and data on a complex problem. The authors maintain that the only durable solution will be a multinational framework that brings lenders and borrowers together by focusing on mutually beneficial incentives.
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