The article discusses two debt restructurings in Belize in 2006-07 and 2012-13. The first was due to external liquidity concerns, while the second was driven by higher coupon rates and fiscal worries. Both restructurings involved collaboration between creditors and authorities. However, they only provided short-term relief and didn't address long-term debt sustainability. The success of the 2012-13 restructuring depends on Belize improving fiscal efforts and debt management.