Out of 113 IMF support programmes over the last 20 years, only 19 countries defaulted or restructured their debts. The countries which went through such action – Algeria, Argentina, Cote d’Ivoire, Dominican republic, Ecuador, Gabon, Grenada, Indonesia, Kenya, Moldova, Nigeria, Pakistan, Paraguay, Russia, Seychelles, Ukraine, Uruguay, Venezuela, Zimbabwe – have characteristics which are not very similar to euro area members.
Structural factors affecting trade growth Yet, while the cyclical pick-up in trade remains supportive, structural headwinds may prevent rates of trade growth returning to the levels we observed in the two decades prior to the crisis.