Sovereign haircuts / SUR
Suriname
2 concluded restructurings, between 2020 and 2023. The earliest default they settle began in 2020. The worst cost creditors 28.6% of the present value of their claim, in 2023. The longest gap between a default and its settlement was 3 years.
Every restructuring
Two measures of the same deals, never combined. The present-value haircut discounts what creditors got against what they were owed; the face-value reduction counts only principal written off.
| Default | Settled | Years to settle | Present-value haircut | Face-value reduction | Debt treated (2020 $) | Source |
|---|---|---|---|---|---|---|
| 2020 | 2020 | 0 | 0.8% | 0.0% | $675M | Authors' Calculations |
| 2020 | 2023 | 3 | 28.6% | 26.5% | $582M | Authors' Calculations |
Source: Meyer, Reinhart & Trebesch (2022), Sovereign Bonds since Waterloo | Cruces & Trebesch (2013), Sovereign Defaults: The Price of Haircuts | Asonuma & Trebesch (2016) Debt treated is the amount restructured, deflated to constant 2020 US dollars in the source file. A negative haircut means the new instruments were worth more than the old claim. Methodology
Default spells
| Spell | From | To | Years | Restructurings |
|---|---|---|---|---|
| SUR_2020-2023 | 2020 | 2023 | 4 | 2 |
Source: Meyer, Reinhart & Trebesch (2022), Sovereign Bonds since Waterloo | Cruces & Trebesch (2013), Sovereign Defaults: The Price of Haircuts | Asonuma & Trebesch (2016) Duration counts both endpoints. The spells table also carries a cumulative-haircut column; it is not published here because it does not reconcile with the per-episode haircuts, see the methodology. Methodology
Debt still in default
$414.0M across 5 creditor classes in 2024. A haircut can only be measured once a restructuring concludes, so any of this that is still being negotiated is by construction absent from the tables above.
| Creditor class | In default, 2024 |
|---|---|
| Domestic (fiscal) arrears | $174.0M |
| Other private creditors | $88.0M |
| China (official) | $83.0M |
| Paris Club (bilateral official) | $46.0M |
| Other official creditors | $23.0M |
Source: Bank of Canada-Bank of England Sovereign Default Database (CRAG) Bank of Canada terms (attribution). Includes domestic arrears, so it is not comparable with the debt-treated column above. Methodology