Ghana’s debt default shows it’ll play hardball with creditorsIt's one of the biggest sovereign bond defaults of 2022, if hardly unexpected: Ghana announced Monday that it would no longer service most of its external debt, including all payments due to private-sector bondholders and other lenders.Why it matters: There's often a very long gap between the point at which default becomes inevitable and the point at which it actually happens.- The IMF doesn't want that $3 billion to go to foreign creditors — quite the opposite.Between the lines: Broadly speaking, debt restructurings can be "market-friendly" or "coercive."That could be the stickiest debt of all to restructure — and the other creditors are unlikely to take a deal for anything less than what the Chinese receive."