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Grenada experienced a second sovereign debt restructuring during 2013–15, about a decade after its first restructuring during 2004–06, which was triggered by Hurricane Ivan. Prior to the debt restructuring, Grenada experienced a period of fiscal expansion and was hit by Hurricane Ivan in September 2004.
Although the debt restructuring provided Grenada with substantial liquidity relief through maturity extension and coupon reduction over the short term, underlying debt sustainability concerns were not addressed.