1  2  Reuters consensus forecast, August 2009 survey. BIS Review 121/2009  4. Balance of payments  The contraction in real gross domestic product and the steep decline in the volume of merchandise imports in the first half of 2009 led to a turnaround in the deficit on the trade account in the second quarter of 2009.
Therefore, let us assume that if a project was initially funded by a bank at 16%, what makes it willing to restructure the loan and agree for a much lower interest rate when the very fact of restructuring indicates greater credit risk in the account.