The recent surge in the price of crude oil to its highest level in three years has lifted hopes that creditors of oil exporting sovereigns may escape a severe restructuring of debts owed to them. Two of the countries currently in negotiations with their creditors about such restructurings - CHAD and SURINAME - have significant oil deposits. Chad was the first of three countries that proposed using the new procedure set out by the group of 20 largest economies to manage a debt restructuring. This common framework said official sector creditors would first agree a deal, which private sector creditors would then follow.
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