Dealing with Sovereign Debt: Trends and Implications
Dealing with Sovereign Debt: Trends and Implications
This chapter provides an overview of the reasons behind sovereign debt defaults. It discusses trends in external indebtedness (public and private) and in government indebtedness (domestic and foreign). It describes the manner in which private lenders and investors, and official bilateral and multilateral agencies, have dealt with sovereign defaults during the 1980s and 1990s. It closes with an in-depth consideration of the case of Argentina post-2001, which promises to be the most complex sovereign default case in contemporary history. It argues that private lenders and investors have been, and continue to be, able to deal promptly and effectively with instances of sovereign default, such that new, supranational bankruptcy procedures are not necessary.
Keywords: sovereign defaults, Argentina, external indebtedness, government indebtedness
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