China's Roadblock to Debt Restructuring

The common framework was an important achievement because it was the first time that China had agreed to the principle of negotiating debt restructuring in cooperation with other lenders. But since that point, there's been very little progress and it's very hard to say that the common framework has been a success. Four countries have defaulted on their debt and have sought to use the framework. Only one, Chad, has reached an agreement. The other three are stalled for various reasons.