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Hello. I am Yan Liu, and I am a lawyer at the IMF. Hi. I am Jeromin Zettelmeyer and I am an economist at the IMF. In order to fight Covid-19 and support those hit by the crisis, governments around the world have borrowed large amounts of money. As a result, debt levels are at historic highs. This mounting government debt, or sovereign debt, brings up an interesting question. When the country is no longer able to service its debt? There are two possibilities. In some cases, the government can solve the problem by undertaking economic reforms and fiscal adjustment, while asking the IMF for a loan to cover its deficit in the meantime. This works when the debt problem is limited or temporary. In other cases, when the needed adjustment to solve the debt problem is just not economically or politically feasible, we say that the countrys debt is unsustainable. The debtor government then needs to approach its creditors and ask them to renegotiate the terms of their payments, a process ca
