Argentinas Defaulted Sovereign Debt

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Argentina's Defaulted Sovereign Debt

Author : J. F. Hornbeck
Publisher : DIANE Publishing
ISBN 13 : 1437937284
Total Pages : 18 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Argentina's Defaulted Sovereign Debt by : J. F. Hornbeck

Download or read book Argentina's Defaulted Sovereign Debt written by J. F. Hornbeck and published by DIANE Publishing. This book was released on 2010-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Dec. 2001, Argentina suffered a severe financial crisis, leading to the largest default on sovereign debt in history. In 2005, Argentina made a one-time unilateral offer on terms highly unfavorable to the creditors. Although 76% of creditors accepted the offer, a diverse group of ¿holdouts¿ opted instead for litigation in hopes of achieving a better settlement in the future. Argentina still owes private creditors $20 billion in defaulted debt and $10 billion in past-due interest, as well as $6.2 billion to Paris Club countries. Contents of this report: Recent Developments; Background to the Current Debt Restructuring; Restructuring Sovereign Debt; Argentina¿s Debt Profile and Rationale for Restructuring (Again); The 2010 Exchange; Outlook. Illustrations.

Argentina's Defaulted Sovereign Debt

Author : J. F. Hornbeck
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (15 download)

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Book Synopsis Argentina's Defaulted Sovereign Debt by : J. F. Hornbeck

Download or read book Argentina's Defaulted Sovereign Debt written by J. F. Hornbeck and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reviews Argentina's financial crisis, the bond exchanges of 2005 and 2010, ongoing litigation, prospects for a final solution, related U.S. legislation, and broader policy issues. These include lessons on the effectiveness and cost of Argentina's default strategy, the ability to force sovereigns to meet their debt obligations, and ways to avoid future defaults like Argentina's.

Argentina and the Fund

Author : Michael Mussa
Publisher : Peterson Institute
ISBN 13 : 9780881323399
Total Pages : 116 pages
Book Rating : 4.3/5 (233 download)

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Book Synopsis Argentina and the Fund by : Michael Mussa

Download or read book Argentina and the Fund written by Michael Mussa and published by Peterson Institute. This book was released on 2002 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The catastrophic crisis of late 2001 and early 2002 marks the tragic end to Argentina's initially successful, decade-long experiment with sound money and market-oriented economic reform. The IMF consistently Supported Argentina's stabilization and reform efforts in the decade leading up to the current crisis and often pointed to many of Argentina's policies as examples for other emerging-market economies to emulate. In this policy analysis, former IMF Chief Economist Michael Mussa addresses the obvious question: What went wrong in Argentina and what important errors did the IMF make in either supporting inappropriate policies or in failing to press for alternatives that might have avoided catastrophe? He emphasizes that the persistent inability of the Argentine authorities at all levels to run a responsible fiscal policy--even when the Argentine economy was performing very well--was the primary avoidable cause of the country's catastrophic financial collapse. The IMF failed to press aggressively for a more responsible fiscal policy. Mussa also addresses the role of the Convertibility Plan, which linked the Argentine peso rigidly at parity with the US dollar and played a central role in both the initial success and ultimate collapse of Argentina's stabilization and reform efforts. While the IMF accepted this plan as a basic policy choice of the Argentine authorities so long as it remained viable, it erred in the summer of 2001 by extending further massive support for unsustainable policies, rather than insisting on a new policy strategy that might have mitigated some of the damage from a crisis that had become unavoidable. Mussa lays out what needs to be done to restore economic andfinancial stability in Argentina and begin the process of recovery, including the proper role of the IMF and the international community. He also examines what the IMF can do to avoid repeating the types of mistakes it made in t

Bailouts Or Bail-Ins?

Author : Nouriel Roubini
Publisher : Peterson Institute
ISBN 13 : 9780881325300
Total Pages : 462 pages
Book Rating : 4.3/5 (253 download)

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Book Synopsis Bailouts Or Bail-Ins? by : Nouriel Roubini

Download or read book Bailouts Or Bail-Ins? written by Nouriel Roubini and published by Peterson Institute. This book was released on 2004-04-30 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and deep reduction of protection by at least the middle-income developing countries, albeit on a more gradual schedule; and second, immediate free entry for imports from high risk low-income countries (heavily indebted poor countries, least developed countries, and sub-Saharan Africa), coupled with a 10-year tax holiday for direct investment in these countries.

Why Not Default?

Author : Jerome E. Roos
Publisher : Princeton University Press
ISBN 13 : 0691184933
Total Pages : 398 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Why Not Default? by : Jerome E. Roos

Download or read book Why Not Default? written by Jerome E. Roos and published by Princeton University Press. This book was released on 2019-02-12 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: How creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece’s short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis—with devastating social consequences and far-reaching implications for democracy.

The Costs of Sovereign Default

Author : Eduardo Borensztein
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Costs of Sovereign Default by : Eduardo Borensztein

Download or read book The Costs of Sovereign Default written by Eduardo Borensztein and published by . This book was released on 2008 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates empirically four types of cost that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises.

Default

Author : Gregory Makoff
Publisher : Georgetown University Press
ISBN 13 : 1647123976
Total Pages : 416 pages
Book Rating : 4.6/5 (471 download)

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Book Synopsis Default by : Gregory Makoff

Download or read book Default written by Gregory Makoff and published by Georgetown University Press. This book was released on 2024 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is the riveting tale of Argentina's sovereign debt drama, a complicated story that unfolds over 15 years and involves a host of characters, institutions, and issues. The country defaulted on its debt in 2001, restructured it in 2005, and was in court for the ensuing decade. The debt restructuring and the lawsuits that followed have had an outsized impact on sovereign debt law, sovereign debt markets, and sovereign debt policy: Argentina's pending default triggered an intense fight in Washington over the role of the IMF in sovereign debt restructurings; Argentina's default and its losses in court triggered the adoption (and enhancement) of a quasi-bankruptcy feature in sovereign bonds called Collective Action Clauses; the Argentina bond cases generated numerous opinions from the courts relating to what creditors can and can't do to try to collect from a country in defau

Default and Adjustment of Argentine Foreign Debts, 1890-1906

Author : Henry Longdon Shepherd
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Default and Adjustment of Argentine Foreign Debts, 1890-1906 by : Henry Longdon Shepherd

Download or read book Default and Adjustment of Argentine Foreign Debts, 1890-1906 written by Henry Longdon Shepherd and published by . This book was released on 1933 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Sovereign Debt Restructuring and the Law

Author : Sebastian Grund
Publisher : Taylor & Francis
ISBN 13 : 1000826708
Total Pages : 194 pages
Book Rating : 4.0/5 (8 download)

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Book Synopsis Sovereign Debt Restructuring and the Law by : Sebastian Grund

Download or read book Sovereign Debt Restructuring and the Law written by Sebastian Grund and published by Taylor & Francis. This book was released on 2022-12-30 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.

Debt Defaults and Lessons from a Decade of Crises

Author : Federico Sturzenegger
Publisher : MIT Press
ISBN 13 : 0262195534
Total Pages : 399 pages
Book Rating : 4.2/5 (621 download)

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Book Synopsis Debt Defaults and Lessons from a Decade of Crises by : Federico Sturzenegger

Download or read book Debt Defaults and Lessons from a Decade of Crises written by Federico Sturzenegger and published by MIT Press. This book was released on 2007-01-05 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: Detailed case studies of debt defaults by Russia, Ukraine, Pakistan, Ecuador, Moldova, and Uruguay, framed by a comprehensive discussion of the history, economic theory, legal issues, and policy lessons of sovereign debt crises. The debt crises in emerging market countries over the past decade have given rise to renewed debate about crisis prevention and resolution. In Debt Defaults and Lessons from a Decade of Crises, Federico Sturzenegger and Jeromin Zettelmeyer examine the facts, the economic theory, and the policy implications of sovereign debt crises. They present detailed case histories of the default and debt crises in seven emerging market countries between 1998 and 2005: Russia, Ukraine, Pakistan, Ecuador, Argentina, Moldova, and Uruguay. These accounts are framed with a comprehensive overview of the history, economics, and legal issues involved and a discussion from both domestic and international perspectives of the policy lessons that can be derived from these experiences. Sturzenegger and Zettelmeyer examine how each crisis developed, what the subsequent restructuring encompassed, and how investors and the defaulting country fared. They discuss the new theoretical thinking on sovereign debt and the ultimate costs entailed, for both debtor countries and private creditors. The policy debate is considered first from the perspective of policymakers in emerging market countries and then in terms of international financial architecture. The authors' surveys of legal and economic issues associated with debt crises, and of the crises themselves, are the most comprehensive to be found in the literature on sovereign debt and default, and their theoretical analysis is detailed and nuanced. The book will be a valuable resource for investors as well as for scholars and policymakers.

Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Too Little, Too Late

Author : Martin Guzman
Publisher : Columbia University Press
ISBN 13 : 023154202X
Total Pages : 307 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Too Little, Too Late by : Martin Guzman

Download or read book Too Little, Too Late written by Martin Guzman and published by Columbia University Press. This book was released on 2016-05-10 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.

Sovereign debt default and financial crisis in Argentina 2001

Author : Mark Schopf
Publisher : GRIN Verlag
ISBN 13 : 3640765303
Total Pages : 20 pages
Book Rating : 4.6/5 (47 download)

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Book Synopsis Sovereign debt default and financial crisis in Argentina 2001 by : Mark Schopf

Download or read book Sovereign debt default and financial crisis in Argentina 2001 written by Mark Schopf and published by GRIN Verlag. This book was released on 2010-11-30 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2010 in the subject Economics - Economic Cycle and Growth, grade: 1,7, Otto-von-Guericke-University Magdeburg (Internationale Wirtschaft), course: Seminar on financial crisis, language: English, abstract: In order to understand the causes of the Argentine economic crisis one has at least to know something about the Plan Cavallo which was established in Argentina in the year 1991. At the end of the 1980s the country suffered from hyperinflation with prices increasing above 3000 percent per year. This currency crisis was accompanied by an accumulated decrease of GDP between 1988 and 1990 of about 10 percent. After several failed attempts to stop this development the newly appointed minister of economic affairs, Cavallo, established two laws which improved the situation. First, the Ley De Convertibilidad came into effect that fixed the exchange rate between the Argentine currency and the U.S. dollar. Second, the Ley de Carta Orgánica del Banco Central emerged which obligated the central bank not to finance budget deficits anymore. These two laws became generally known as the Plan Cavallo. The incentive was to reestablish confidence in the sense that Argentina would not inflate away its domestic debt anymore. The Plan Cavallo operated very well until the crisis with respect to two macroeconomic quantities: On the one hand, the exchange rate was kept constant at a one-to-one level towards the U.S. dollar. On the other hand, the inflation rate declined from still 84 percent in the year 1991 to 1.6 percent in the year 1995. Since then it was kept between -1.8 and 0.7 percent until the year 2000. Furthermore, a lot of privatization took place in the first half of the 1990s and the whole decade was characterized by an increase of foreign direct investment above 500 percent. Altogether, Argentina was a “star” country in the perspective of international organizations. Nonetheless, there were some erroneous trends. First, there was a real revaluation of the Argentine peso with respect to the U.S. dollar: While the nominal exchange rate stayed constant, prices in Argentina rose by 153 percent, prices in the United States only by 30 percent from 1991 to 2000. In other words, assuming that prices of export and import goods increased by the same relation, exports from Argentina to the United States doubled in prices while imports to Argentina from the United States halved in prices during this period. Second, the debt ratio increased from 38.8 percent in the year 1991 to 50.8 percent in the year 2000 despite the fact that GDP grew by 4.2 percent on average during this period. In other words, the Argentine government pursued a pro-cyclical policy in the considered period.

Sovereign Defaults before International Courts and Tribunals

Author : Michael Waibel
Publisher : Cambridge University Press
ISBN 13 : 1139496131
Total Pages : 429 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Sovereign Defaults before International Courts and Tribunals by : Michael Waibel

Download or read book Sovereign Defaults before International Courts and Tribunals written by Michael Waibel and published by Cambridge University Press. This book was released on 2011-05-26 with total page 429 pages. Available in PDF, EPUB and Kindle. Book excerpt: International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.

Lessons from the Crisis in Argentina

Author : Ms.Christina Daseking
Publisher : International Monetary Fund
ISBN 13 : 1589063597
Total Pages : 63 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis Lessons from the Crisis in Argentina by : Ms.Christina Daseking

Download or read book Lessons from the Crisis in Argentina written by Ms.Christina Daseking and published by International Monetary Fund. This book was released on 2005-02-10 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001- 02, Argentina experienced one of the worst economic crises in its history. A default on government debt, which occurred against the backdrop of a prolonged recession, sent the Argentine currency and economy into a tailspin. Although the economy has since recovered from the worst, the crisis has imposed hardships on the people of Argentina, and the road back to sustained growth and stability is long. The crisis was all the more troubling in light of the fact that Argentina was widely considered a model reformer and was engaged in a succession of IMF-supported programs through much of the 1990s. This Occasional Paper examines the origins of the crisis and its evolution up to early 2002 and draws general policy lessons, both for countries’ efforts to prevent crises and for the IMF’s surveillance and use of its financial resources.

Global Waves of Debt

Author : M. Ayhan Kose
Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The Currency of Confidence

Author : Stephen C. Nelson
Publisher : Cornell University Press
ISBN 13 : 1501708295
Total Pages : 353 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis The Currency of Confidence by : Stephen C. Nelson

Download or read book The Currency of Confidence written by Stephen C. Nelson and published by Cornell University Press. This book was released on 2017-02-07 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF is a purposive actor in world politics, primarily driven by a set of homogenous economic ideas, Stephen C. Nelson suggests, and its professional staff emerged from an insular set of American-trained economists. The IMF treats countries differently depending on whether that staff trusts the country's top officials; that trust in turn depends on the educational credentials of the policy team that Fund officials face across the negotiating table. Intellectual differences thus lead to lasting economic effects for the citizens of countries seeking IMF support.Based on deep archival research in IMF archives and personnel files, Nelson argues that the IMF has been the Johnny Appleseed of neoliberalism: neoliberal policymakers sprout and take root in countries that have spent recent decades living under the Fund’s conditional lending arrangements. Nelson supports his argument through quantitative measures and illustrates the dynamics of relations between the Fund and client countries in a detailed examination of newly available archives of four periods in Argentina’s long and often bitter relations with the IMF. The Currency of Confidence ends with Nelson’s examination of how the IMF emerged from the global financial crisis as an unexpected victor.