This Policy Insight includes four sections. In the first, we describe the nature of the current debt problem, identifying some of the factors that led so many developing countries and emerging markets to such a precarious position in which they are so vulnerable to the shock of the pandemic. In the second, we explain why urgent actions are needed and why current proposals, mostly entailing debt standstills, will not suffice. In the third, we consider a number of alternative proposals to reduce debt burdens, including encouraging and enforcing comprehensive standstills and debt restructurings. We suggest one in particular that has not received sufficient attention – bond buybacks. In the fourth section, we discuss some measures that might be taken to prevent future debt crises