Of course, we need to be alert to the practical concerns of the stakeholders of the exercise, including the banks. It is important that all requirements for the banks are clearly defined, finalised, explained and delivered to them well ahead of the official starting date.
Across the world, countries with the lowest creditworthiness and with the most difficult access to international market financing are generally those with the poorest Human Development Indices. To a large extent, poor households ‘pay’ for the low credit quality of their sovereign.