Table of Contents

1. Overview of Debt Sustainability in Commonwealth Small States
2. Small States and the Problem of Public Debt
3. Debt Restructuring Operations in Highly Indebted Middle-Income Commonwealth Small States
4. Factors Leading to Debt Restructuring Operations in the Commonwealth-7
5. Review of Debt Restructuring Operations in Debt-Distressed Commonwealth Small States
6. The Current Debt Restructuring Architecture and Adequacy of Relief
7. Lessons Learned From Debt Restructuring Experiences
Appendix I. Small States Data