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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 …

Present

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…

Present

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…

April 24, 2018

International Economic Policy
Asia's Central Banks and Sovereign Funds Are Back Asia's Central Banks and Sovereign Funds Are Back

East Asia (China, Japan, and the NIEs) ran a $600 billion current account surplus in 2017. "Official" (central bank and sovereign fund) outflows accounted for about half of that. Asia's foreign excha…

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…

September 28, 2005

Emerging Markets
Sovereign bankruptcy

Sovereign bankruptcy is hardly a hot topic right now.   Its fifteen minutes of fame are long gone.But it briefly occupied the attention of top policy makers.  And some of you may be interested in my …

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…

December 9, 2009

Europe and Eurasia
2009.12.9.EuroDeficits 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 …

April 7, 2017

Financial Markets
CFR Sovereign Risk Tracker

The CFR Sovereign Risk Tracker can be used to gauge the vulnerability of emerging markets to default on external debt. 

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…