Contents -- I. Introduction -- II. Design of a Settlement: Economic Considerations -- A. Fiscal sustainability -- B. Macroeconomic stability -- III. Design of a Settlement: Technical Considerations -- A. Administration -- B. The staging of a settlement -- C. The settlement technique -- D. The use of public assets in a settlement -- IV. Application: Ukraine and the lost savings problem -- V. Conclusions -- Tables -- 1. Recent European Cases of Large Off-Balance Sheet Liabilities -- 2. Settlement Structures for Large Contingent Fiscal Liabilities -- 3. Structure of the Serbian Debt Settlement -- 4. Debt Settlement Timing and Macroeconomic Conjuncture -- 5. Settling Large Contingent Fiscal Claims: Issues Raised -- Figures -- 1. Primary Surplus in Successful Episodes of Debt Regularization -- 2. Up-front Debt Shock -- 3. Sensitivity Tests -- 4. Debt Shock with Counter-Cyclical Fiscal Policy -- 5. Spread-out Debt Shock -- 6. Debt Shock with All Offsets -- 7. Timing of Debt Restitution and Macroeconomic Factors -- 8. Ukraine: Distribution of Lost Savings Claims -- 9. Ukraine: Debt Shocks and Fiscal Sustainability -- 10. Ukraine: Current Macroeconomic Situation -- Boxes -- 1. The sustainable level of primary surplus -- 2. The Global Monetary and Fiscal Model -- 3. Mutual Debt Settlements (Netting) in the CIS -- Appendix I. The GIMF Model Calibration -- Appendix II. Ukraine: A Brief History of the Lost Savings -- References.