Fair enough Varuka, but I don't know (may be you do) on what terms the debt is being shopped out. I'd be very certain it is not at full value.
I'm the last person to be optimistic about sovereign risk in the Phils and as I'm currently a non-holder I choose to exercise some constraint commentating here on that topic. However if I was CS I'd be looking at all options to somehow monetise that debt. Throwing billions at the project doesn't alter the sovereign risk.
As for a buyer of the debt - everyone has their own assessment of risk. Look at all the Filipino operators who sunk money into Indophil for example.
insufficient uptake, page-82
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