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The Process towards an EU/IMF Loan Programme and a Debt Restructuring - Part 1

Based on the experience from the financial assistance programmes from the EU and the International Monetary Fund, IMF, to Greece, Ireland and Portugal a typical timeline is established for the process towards the adoption of a programme. Experience shows that the duration from an event that triggers a loss of confidence in the sovereign debt sustainability of the country in question, to approval of the final programme was 3-10 months. A debt restructuring may at the same time be required if the debt is assessed to be unsustainable in the medium term. Based on the experience from previous restructuring processes, a stylised process is established, describing Greece's debt restructuring.