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Sovereign and Sub-Sovereign Debt Restructuring

Countries borrow too much, often in foreign currency, and sometimes cannot repay on time and in full.  Subdivisions of states—such as territories—also can borrow too much.  Puerto Rico is a recent ca…

February 5, 2010

Economic Crises
The Sovereign Debt Dilemma

Markets’ reaction to the sovereign debt crisis in Greece and other European countries suggests global governments "have used up all their ammunition to boost global growth," and could be punished by …

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Strengthening the Framework for Sovereign Debt Restructuring

The difficulties associated with the Greek debt crisis and Argentina's ongoing legal standoff with holdout creditors has renewed calls to rethink policy for sovereign debt crises. Reformists have cal…

July 20, 2011

Italy
Political Ripples of EU’s Sovereign Debt Crisis

Eurozone leaders meeting for tomorrow’s summit are unnecessarily worried about contagion to Italy, but a growing sovereign debt crisis highlights the role of politics in the markets and the need to f…

May 7, 2010

Greece
Buiter: Sovereign Debt Problems to Continue

Citigroup's Chief Economist Willem Buiter discusses the future of sovereign debt in the wake of the crisis in Greece. This meeting was part of the C. Peter McColough Series on International Economic…

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November 5, 2019

Uganda
How Will China React to Uganda’s Looming Debt Crisis?

Uganda is heading toward a debt crisis. According to a senior official at the Bank of Uganda, unless the country is able to sustain a growth rate of at least 7 percent—which economic projections show Uganda will not do—the country will default on its payments. As is the case for many African countries, China is Uganda’s largest creditor, making up 39 percent of total debt this past fiscal year. If Uganda defaults, it is unclear how China will react.

Ugandan President Yoweri Museveni shakes hands with Chinese President Xi Jinping flanked by Chinese and Ugandan flags.

September 2, 2008

Budget, Debt, and Deficits
Sovereign Wealth and Sovereign Power

Overview In 2000 the Council on Foreign Relations established the Maurice R. Greenberg Center for Geoeconomic Studies to examine issues at the intersection of global politics and economics. Few is…

November 14, 2011

Europe and Eurasia
It’s Time to Euthanize Sovereign CDSs

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…

It’s Time to Euthanize Sovereign CDSs

December 9, 2009

Europe and Eurasia
Eurozone Sovereign Risk

Fitch Ratings downgrade of Greek government debt has raised concerns about sovereign default risk. Within the Eurozone these concerns are particularly relevant because countries cannot print money …

2009.12.9.EuroDeficits

May 3, 2011

Americas
Sovereign Debt Restructuring in Europe: Lessons from Latin America

Experts discuss the current state of European sovereign debt restructuring, as well as the economic lessons Latin America has to offer. This event was part of the McKinsey Executive Roundtable ser…

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