Some fundamental problems with the IMF’s Common Framework for debt restructuring have become apparent. Not the least, debt restructuring shouldn't just be an issue for low-income countries.

A recent white paper from Lazard points out that emerging market sovereign bond holdings are often fairly concentrated among a handful of big players.  The main impediment to collective action may be…

As we explained in Foreign Affairs on April 27, China is trying quietly to exempt its massive Belt and Road Initiative (BRI) infrastructure loans to poor countries from its agreement to participa…

Imagine life insurance contracts that wouldn’t pay off if officials declared heart attacks to be “voluntary.” Welcome to the world of sovereign credit default swaps, or CDSs.  When the Greek debt d…