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Special Report on

Sovereign Debt Restructuring

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What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a ‘judge-mediated’ sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the tasks envisaged for the IMF’s still-born Sovereign Debt ...
across the globe together with a wave of downgrading of European Government debt has created alarm in financial markets. The debt crisis has been mostly centred on recent events in Greece, where there is concern about the rising cost of financing government debt. On 2 May 2010, the Eurozone countries and the International Monetary Fund agreed to a loan for Greece, conditional on the implementation of harsh Greek austerity measures. On 9 May 2010, Europe's Finance Ministers approved a comprehensive rescue package worth almost a trillion dollars aimed at ensuring financial stability across Europe by creating the European ...
REVIEWS AND OPINIONS
Central & South America & the Carribean: Argentina's Defaulted ...
Daily Postings of reports relating to Central, South America and the Caribbean authored by the Congressional Research Service (CRS) J. F. Hornbeck Specialist in International Trade and Finance In December 2001, following an extended period of economic and political instability, Argentina suffered a severe financial crisis, leading to the largest default on sovereign debt in history. It was widely recognized that Argentina faced an untenable debt situation that was in need of restructuring. In 2005, after prolonged, contentious, and unsuccessful attempts to find a mutually acceptable solution with its ... market research, surveys and trends
New sovereign debt management regime should be G20 focus ...
banking crises are often followed by sovereign debt crises. Europe’s debt crisis might be topping the headlines now, but the problem won’t end here. Reinhart and Rogoff find that the debt/GDP threshold where nations slip into crises has historically been 30-35 per cent of GDP.  According to the World Bank more than 60, mostly developing, countries reached that threshold in 2008.  A 2009 IMF report, which examined 71 low-income countries, suggested 28 of the poorest nations are at high risk of debt crises. But a nation need not have a high debt/GDP ratio now to tailspin; even nations with low budget deficits can quickly be ... market research, surveys and trends

SURVEY RESULTS FOR
SOVEREIGN DEBT RESTRUCTURING

Paper: Improving the Sovereign Debt Restructuring Process ...
The problems that arise in a sovereign debt restructuring ...... relatively few new issues are larger than $1 billion. With 90 percent majority ... industry trends, business articles and survey research
PO-2056: Under Secretary Taylor - Remarks on Sovereign Debt ...
Thank you for giving me the opportunity to speak here today. I would like to use the opportunity to discuss U.S. policy regarding the process of sovereign debt restructuring in emerging markets. It is clear that reform of this process is long overdue. There has been much useful study and discussion since the mid-1990s when problems with the process became apparent, including the 1996 Rey Report of the G-10, numerous G-7 statements since then, and most recently the stimulating discussion of several reform options by the International Monetary Fund. But the time for study and discussion of options should be ending. The time for ... industry trends, business articles and survey research
RELATED NEWS
Banks With State Debt Ignore Not-If-But-When Default
Investors have already pushed down financial stocks enough to imply the “erosion” in book value that may result from losses tied to a sovereign debt restructuring, said Dirk Hoffmann-Becking, an analyst at Sanford C. Bernstein in London. A Bloomberg index of European financial firms dropped as much as 22 percent since April 15 to the lowest level since July. A $1 trillion aid package from the European Union and International Monetary Fund may delay a Greek default and give Spain, Italy and possibly Portugal time to get their finances in shape, averting a wider contagion, analysts said. Greece’s debt burden is ... market trends, news research and surveys resources
SCENARIOS-Spain can do little more to calm markets for now
MADRID, June 18 (Reuters) - Spain has pushed through austerity measures, launched labour reforms and taken other measures over the past six weeks in an effort to reassure financial markets about its long-term solvency. But while the steps have helped preserve Spain's access to the debt market, they have not brought down risk premiums as much as officials hoped. The spread of the 10-year Spanish government bond yield ES10YT=TWEB over the German bund yield DE10YT=TWEB hit a euro lifetime high of 238 basis points on Thursday and stood at 194 bps on Friday afternoon, well above levels around 75 bps in mid-April, before the ... market trends, news research and surveys resources

INFORMATION RESOURCES

Sovereign Debt Restructuring
policy debate on the sovereign debt restructuring process. ... Sovereign Debt Restructuring. Randall Dodd. Derivative Study Center ... technology research, surveys study and trend statistics
Argentina's Sovereign Debt Restructuring
Argentina's Sovereign Debt Restructuring. October 19, 2004. J. F. Hornbeck. Specialist in International Trade and Finance ... technology research, surveys study and trend statistics
REAL TIME
SOVEREIGN DEBT RESTRUCTURING
  1. profile image debtdecisions Greece is Restructuring Debt Now « naked capitalism: Oh, and the haircut assumed by the ECB on sovereign debt in i... http://bit.ly/bS77zU
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QUESTIONS AND ANSWERS
What does the giant compounding number, known as the "National ...
Government debt (also known as public debt or national debt) is money owed by any level of government; either central government, federal government, municipal government or local government. As the government represents the people, government debt can be seen as an indirect debt of the tax payers. Government debt can be categorized as internal debt, owed to lenders within the country, and external debt, owed to foreign lenders. Governments usually borrow by issuing securities such as government bonds and bills. Less credit worthy countries sometimes borrow directly from commercial banks or supranational institutions. Some ...
What do you think about the article "Euro market meltdown resumes ...
ATHENS/LONDON (Reuters) – A renewed selling frenzy gripped euro zone financial markets on Tuesday as concern mounted that a record EU/IMF bailout for Greece would not stop a debt crisis spreading in the single currency area. Spanish Prime Minister Jose Luis Rodriguez Zapatero dismissed as "complete madness" a market rumor that his country would soon ask for 280 billion euros in aid from the euro area. The euro sank to a one-year low of beneath $1.31 and the risk premium on Greek, Portuguese and Spanish bonds soared amid jitters about a possible Greek debt restructuring and worries over the fiscal health of other ...