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Sovereign Debt and Human Rights$
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Ilias Bantekas and Cephas Lumina

Print publication date: 2018

Print ISBN-13: 9780198810445

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198810445.001.0001

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Sovereign Debt Crises

Sovereign Debt Crises

A Problem of Debt Management?

Chapter:
(p.28) 2 Sovereign Debt Crises
Source:
Sovereign Debt and Human Rights
Author(s):

Rosa María Lastra

Vassilis Paliouras

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198810445.003.0003

Creditor responses to sovereign debt crises suggest that they view such crises as problems of debt management on the part of the countries facing debt repayment difficulties. Thus, for example, debt relief and restructuring mechanisms coordinated by the international financial institutions place emphasis on correcting perceived imprudent debt management through a series of economic adjustment measures. Little attention, if any, is paid to addressing the underlying causes of the debt crises. This chapter examines the various causes of sovereign debt crises and the role that debt management plays in their eruption or in addressing them in a sustainable manner.

Keywords:   Economic effects of debt, budget deficits, contingent liabilities, creditor runs, fiscal rules, European Banking Union

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