Please mark the only INCORRECT statement about Hard Currency Sovereign Debt

	a.	Countries with large current account deficits; an overal balance of payments deficit; and low international reserves are at a higher risk of defaulting on their external public debt
	b.	It is much easier for creditors to restructure the sovereign external debt of a country experiencing SOLVENCY problems than countries experiencing a LIQUIDITY problem
	c.	The sovereign externa debt dynamics has two dimensions: a fiscal (local currency) dimension; and a balance of payments (external) dimension
	d.	Creditors may have to accept a large HAIRCUT (a reduction in the NPV of the external debt outstanding) when the sovereign faces a severe SOLVENCY problem