The banking system of Europe has experienced two decades of turbulence. Through the 1990’s a wave of mergers, liquidations and bankruptcies has swept the sector. This wave was at its peak the last years of the 1990’s and the 2000-2004 period. Since then the number of exits from the sector...

The paper studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4,...

EXECUTIVE SUMMARY Context: Sudan is a fragile state mired in a heavy debt burden, international sanctions, and volatile domestic and regional political environments. These problems, together with limited revenue mobilization, are constraining Sudan’s growth prospects and poverty reduction...

This paper focuses on Ireland’s First Post-Program Monitoring Discussions. The Irish economy is beginning its recovery from crisis but determined efforts remain vital to sustain strong growth while reducing vulnerabilities. Following a smooth exit from the EU–IMF supported program,...

This paper discusses Ukraine’s Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement. For the most part, the 2010 program was appropriately designed given the ambitious agenda it had set out to accomplish. The macroeconomic strategy and program design correctly...

This 2014 Article IV Consultation on the Republic of San Marino highlights global crisis and tense relations with Italy, which triggered a 30 percent GDP contraction since 2008 and a sea change in San Marino’s off-shore banking model. High liquidity in the system allowed banks to...

KEY ISSUES Background: The large imbalances that accumulated prior to the global financial crisis culminated in a collapse of the banking sector in early 2013. In response, the authorities took unprecedented measures and adopted an economic adjustment program, supported by official financing,...