International Financial Architecture and Debt Restructuring
"Sovereign Defaults Series: Debt Relief Often Greater on Official-Sector Bilateral Loans than Private Sector Debt." April 3, 2018 - Elena Duggar (Moody's).
"The Sovereign Superbond: A Blueprint to Future Sovereign Debt Restructurings." July 2016 - Alain De Vrieze.
"Iceland’s Selective Default." June 14, 2016 - Arturo Porzecanski (American University).
"Northern Europe’s Argentina Imitator." June 13, 2016 - James Glassman (American Enterprise Institute).
"Thoughts on the Restructuring of the Bonds Owed by the Government Development Bank of Puerto Rico." March 30, 2016 - Alain G. De Vrieze and Christopher De Vrieze (ADV & Co.).
"Puerto Rico Needs the Right Kind of Financial Control Board." February 24, 2016 - Arturo Porzecanski (American University).
"Peru’s Selective Default: A Stain on Its Creditworthiness." January 28, 2016 - Arturo Porzecanski (American University).
"The Evolution of Emerging Market Sovereign Debt: Dramatic Growth in Local Currency Sovereign Debt Is Reducing Emerging Market Financial Vulnerabilities.” September 1, 2015 - Elena Duggar (Moody's Investors Service).
"Argentina is in Checkmate and Must Negotiate a Way Out." March 27, 2015 - Arturo Porzecanski (American University).
"Modifications to Sovereign Bond Contracts FAQ: Aggregate CACs and Modified Pari Passu Clause Do Not Materially Affect Sovereign Creditworthiness." March 17, 2015 - Elena Duggar (Moody’s Investors Services).
“Sovereign Debt Restructuring: There Has to Be a Better Way.” December 4, 2014 – Rafael de la Fuente (UBS).
"The Government Development Bank: At The Heart of Puerto Rico's Financial Crisis." September 18, 2014 - Arturo Porzecanski (American University).
"Puerto Rico Needs a Financial Control Board." October 24, 2014 - The Hill.
"Argentina: The Coming Storm." August 1, 2014 - Joshua Rosner (GrahamFisher).
"The Rules Changed Overnight; Downgrade Assured Guaranty and MBIA to Underweight." June 30, 2014 - Peter Troisi, Brian Monteleone and Thomas Walsh (Barclays).
"Implications of Puerto Rico's Recovery Act." June 27, 2014 - Thomas Weyl, Sarah Xue and Ming Zhang (Barclays).
"IMF Debt Plan Would Worry Keynes." January 23, 2014 – Lawrence Goodman (Center for Financial Stability, Inc.).
“Sovereign Debt Restructuring Frameworks, Part II.” January 21, 2014 – Richard Segal (Jefferies International Limited).
“Argentina: US Appeals Court Shows No Sympathy.” August 23, 2013 – Rafael de la Fuente and Thiago Carlos (UBS Investment Bank).
"Why Argentina’s Behaviour Must Not Be Allowed to Stand." April 2, 2013 - Hans Humes and Diego Ferro (Greylock Capital Management).
"Walking Back from Cyprus." Draft - March 18, 2013 - Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton) and G. Mitu Gulati (Duke University School of Law).
“New Legal Protections in the Belize Restructuring.” February 22, 2013 – Joe Kogan (Scotiabank).
“EMTA Meeting on Argentina Pari Passu Case.” January 7, 2013 - Jane Brauer and Flavio de Andrade (Bank of America Merrill Lynch).
"Argentina: Overview of Recent Court Filings." November 20, 2012 - Di Fu and Casey Reckman (Credit Suisse).
"The Emerging Market Advisor - Belize: The Dark Side." August 27, 2012 - Walter Molano (BCP Securities, LLC).
“Belize Restructuring: Game On.” August 10, 2012 – Carl Ross (Oppenheimer & Co.).
“Belize Offers Worst Restructuring Terms.” August 8, 2012 – Joe Kogan (Scotiabank).
“Greece’s Debt Exchange – Buying Greece, and Europe, More Time.” February 27, 2012 - Yiagos Alexopolous, Igor Arsenin, Kasper Bartholdy, Michelle Bradley, Panos Giannopolous, Helen Haworth, Florian Weber and Giovanni Zanni (Credit Suisse).
"So, what would your plan for Greece be?" February 16, 2012 – Daniel Davies.
“What Did Belize’s Prime Minister Mean?” February 10, 2012 – Joe Kogan (Scotiabank).
"GDP-linked Bonds - A Case for Broader Market Acceptance?" February 2012 - Starla Griffin (Slaney Advisors).
"EFSF (R)evolution: An Analysis of the Developing Infrastructure of the EFSF and ESM." August 17, 2011 – Helen Haworth, Michelle Bradley, Thushka Maharaj and William Porter (Credit Suisse).
"Debt Deal Darkens Fragile US Economic Outlook." August 3, 2011 – Mohamed El-Erian (PIMCO).
"EU Support Package Permits Orderly Default by Greece and Buys Time, But Credit Effects Are Mixed for Other Euro Area Sovereigns." July 25, 2011 - Alastair Wilson, Bart Oosterveld and Richard Cantor (Moody's).
"Greece Defaults." July 21, 2011 - Felix Salmon.
BANKER TO THE WORLD: Leadership Lessons from the Front Lines of Global Finance." June 2011 - William R. Rhodes.
"Assessing the Effects of a Potential Greek Default." May 24, 2011 - Alastair Wilson and Bart Oosterveld (Moody's Investor Services).
"Comparing Portugal, Ireland and Greek EU Packages." May 5, 2011 - Wall Street Journal.
"The Problems with a Greek ‘Light Dusting’." May 4, 2011 - Felix Salmon.
"Five Ways to Correct the Greek Debt Crisis." May 3, 2011 - Mohamed El-Erian (PIMCO).
"Will Europe Socialize Greek Losses?" May 2, 2011 - Felix Salmon.
"European Debt Crisis Morphs Into New Phase." April 7, 2011 - Mohamed El-Erian (PIMCO).
"Corporate Workouts in Mexico: The Good, the Bad, and the Ugly." April 2011 - Arturo C. Porzecanski (American University).
"When Irish Eyes are Crying." March 2011 - Michael Lewis.
"Euro Zone Clarity on Debt Resolution Key to Confidence." February 28, 2011 – Fergus McCormick and Alan G. Reid (DBRS).
"Europe's Default in Credibility." Winter 2011 - Adam Lerrick (American Enterprise Institute).
"Ireland's Reparations Burden." December 1, 2010 - Barry Eichengreen (University of California).
"A Claims Market Emerges in Iceland." November 29, 2010 - Richards Kibbe & Orbe.
"Irish Woes Should Speed Europe's Default Plan." November 15, 2010 - Nouriel Roubini (New York University).
"All Cart and No Horse." November 10, 2010 - Richard Segal (Knight Libertas).
"Beware of Greeks Bearing Bonds." October 2010 - Michael Lewis.
"When Bad Things Happen to Good Sovereign Debt Contracts; The Case of Ecuador." Fall 2010 - Arturo C. Porzecanski (American University).
"The Crisis & the Euro." July 8, 2010 - George Soros (The New York Review of Books).
"Reflections on the Sovereign Debt Crisis." July 2010 - Edward Chancellor (GMO).
"The Time We Have is Growing Short." May 25, 2010 - Paul Volcker (The New York Review of Books).
“How to Restructure Greek Debt.” May 7, 2010 – Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton) and G. Mitu Gulati (Duke University School of Law).
"Greece: Logos, Pathos, Ethos." May 4, 2010 - Walter Molano (BCP Securities).
"Many more chapters left in the Greece drama." May 3, 2010 – Mohamed El-Erian (PIMCO).
"Greece and the Fatal Flaw in an IMF Rescue." April 2010 - Peter Boone and Simon Johnson.
"G20 Implications for IMF: Supersize Me!" April 3, 2009 - Arend Kapteyn (Deutsche Bank).
"Wall Street on the Tundra." April 2009 - Michael Lewis.
"Depreciate, Then Default? Forecasting Credit Risk and Recovery Rates for Emerging Market Sovereigns in 2009." March 27, 2009 - Michael Hugman and Stephen Bailey Smith (Standard Bank).
"Can the IMF Be the First Port of Call for EM Countries?" March 25, 2009 - Alonso Cervera, Berna Bayazitoglu and Diego Sasson (Credit Suisse).
"Pari Passu and the Ecuador 15s." January 27, 2009 - Joe Kogan (Barclays Capital).
"Ecuador: What's Next?" December 18, 2008 - Joe Kogan (Barclays Capital).
"Contagion from Ecuador – Repricing The Cost of Default." November 21, 2008 - Joe Kogan and Eduardo Levy-Yeyati (Barclays Capital).
"Ecuador: On the Likelihood of Debt Restructuring." November 17, 2008 - Gustavo Canonero and Hongtao Jiang (Deutsche Bank).
"Ecuador - Government to Use Grace Period to Analyze Whether to Make Coupon Payment on the 2012s; Talks with Bondholders to Restructure Debt a Possibility." November 17, 2008 - Alberto Ramos (Goldman Sachs).
"Financial Stability and Local Currency Bond Markets." June 2007 - The Committee on the Global Financial System (Bank for International Settlements).
"Venezuela: Should I Stay or Should I Go (from the IMF)?" May 10, 2007 - Pablo Goldberg, Jane Brauer, Anjali Prakash (Merrill Lynch).
"Belize's Innovations." May 2007. Lee C. Buchheit and Elizabeth Karpinski (Cleary Gottlieb Hamilton & Steen LLP). This article first appeared in Butterworths Journal of International Banking and Financial Law (May 2007 Vol. 22 - No. 05) and is reposted with their kind permission.
"Argentina: Latest Court Developments." February 8, 2007 - Guillermo Mondino (Lehman Brothers).
"Sovereign Debt Default: Cry for the United States, not Argentina." September 2006 - Hal S. Scott (Harvard Law School, published by Washington Legal Foundation).
"Sailing in Calmer Waters: The Prospects for Domestic Bond Markets in Latin America." August 31, 2006 - Christian Kopf (Published by Deutsche Bank Research).
"Belize - Update on Our View of the Upcoming Restructuring." August 17, 2006 - Carl Ross (Bear Stearns).
"Russia: New FTO Debt Swap--at Long Last." August 1, 2006 - Arend Kapteyn and Yaroslav Lissovolik (Deutsche Bank).
"Past. Present.....No Future?" June 9, 2006 - Elena Tulloch and Jane Brauer (Merrill Lynch). As Emerging Market countries retire their Brady bonds, the universe of investors has expanded beyond those willing and able to understand their complex cash flows and collateral structures.
"Success of Brady Plan Marked in Early Bond Retirements." April 6, 2006 - Matthew Cowley (Dow Jones Newswires). Posted with Permission from Dow Jones Newswires.
"Bondholder Litigation Against Argentina Grows." February 22, 2006 - Pablo Morra (Goldman Sachs).
"Out of Africa." December 31, 2005 - Jay Newman (Elliott Management Corporation). Reprinted from The Wall Street Journal © 2005 Dow Jones & Company. All rights reserved.
"Myths and Realities." September 2005 - Paul Singer and Jay Newman (Elliott Associates).
"How ICSID Can Protect Sovereign Bondholders." September 2005 - Peter Griffin and Ania Farren (Baker Botts). This article first appeared in the September edition of International Financial Law Review.
"From Rogue Creditors to Rogue Debtors: Implications of Argentina's Default." Summer 2005 - Arturo Porzecanski (Posted with the Permission of the Chicago Journal of International Law).
"Nigeria: Update of Paris Club Debt Agreement." July 6, 2005 - Tim Ash (Bear Stearns).
"The Importance of Going Local: Shifting Away from Foreign Currency Sovereign Debt in Latin America." June 21, 2005 - Sebastian Briozzo (Standard & Poor's).
"Belize: Clarifying Recent Government Statements." June 7, 2005 - Christine Richmond (Deutsche Bank).
"Russia: Comments on Paris Club Deal." May 16, 2005 - Tim Ash (Bear Stearns).
"Dominican Republic Bond Restructuring Highlights." April 21, 2005 - Franco Uccelli, Alexander Monroy and Carl Ross (Bear Stearns).
"Argentina Debt Restructuring: Belgian Legal Reform Limits the Options of Holdouts." February 24, 2005 - Vladimir Werning (JP Morgan).
"Argentina: Developments in Lawsuits of Holdout Creditors vs. Mendoza Province." February 10, 2005 - Vladimir Werning (JP Morgan).
"Bondholders Won't Back New Principles." December 2004 - Felix Salmon.
“Iraq’s Paris Club Deal: They Said It Couldn’t Be Done.” November 2004 - Richard Segal (Exotix).
"Collective Action Clauses (CACs): An Analysis of Provisions Included in Recent Sovereign Bond Issues." November 2, 2004 - Bank of England.
“An Injunction to Halt Exit Consent Abuses.” November 1, 2004 - Daniel C. Tillotson (Wachovia Securities).
"Argentina - What is Fairness." October 26, 2004 - Daniel C. Tillotson (Wachovia Securities).
“Argentina’s Sovereign Debt Restructuring.” October 19, 2004 - J. F. Hornbeck (Congressional Research Service Report for Congress).
"Argentina Road Map of the Restructuring: What to Look for at Each Stage of the Process." October 7, 2004 - Vladimir Werning (JP Morgan).
"Argentina: Does the Province of Mendoza Deal Matter for the Sovereign?" September 30, 2004 - Andres Lederman (Citigroup).
"Sovereign Defaults Set to Fall Again in 2005." September 28, 2004 - David T. Beers and John Chambers (Standard & Poor's).
"Argentina: Is a Debt Deal Imminent?" September 24, 2004 - Andres Lederman (Citigroup).
"Argentina: Investor's Prisoners Dilemma." September 2, 2004 - Pablo Goldberg (Merrill Lynch).
"Lavagna's Comments on Argentina's Debt Restructuring." September 2, 2004 - Marc Balston and David Sekiguchi (Deutsche Bank).
"Iraq News Update for External Debt Observers.” August 2004 - Richard Segal (Exotix Limited).
"Argentina: The Debt Saga at a Crossroads." August 27, 2004 - Pablo Morra (Goldman Sachs).
"The Paris Club and the Dominican Republic." July 15, 2004 - Michael Gavin (UBS).
"The Paris Club and the Bond Markets." July 12, 2004 - Michael Gavin (UBS).
"Russia: Repackaging of Paris Club Debt to Germany." June 30, 2004 - Tim Ash (Bear Stearns).
"Russia's New Aries Bond: Paris Club Debt Securitization." June 30, 2004 - Jane Brauer and Ralph Sueppel (Merrill Lynch).
"Germany's Priority Undermines Russia's Technicals." June 25, 2004 - Michael Marrese, Jonathan Bayliss, Stuart Sclater-Booth, Vladimir Werning, Frank Zheng and Gloria Kim (J.P. Morgan).
"The Making of Argentina's Restructuring Trade: A Self-Fulfilling Deal?" April 16, 2004 - Martin Anidjar and Leland Wei (Morgan Stanley).
"Has Argentina Found a True Amicus?" January 15, 2004 - Guillermo Mondino, Esteban Fernandez Medrano and Luciano Laspina (Latin Source).
"The Constructive Role of Private Creditors." Arturo Porzecanski (ABN Amro). Reprinted from "Dealing Justly with Debt," Ethics and International Affairs Volume 17, No. 2, with the kind permission of the Carnegie Council on Ethics and International Affairs.
"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery." September 15, 2003 - Lex Rieffel (Brookings Institution Press).
"The Class Action Threats to Sovereign Workouts." July 2003 - Whitney Debevoise and David Orta (Arnold & Porter). Posted with permission of International Financial Law Review.
"International Financial Crises: Challenges Remain in IMF's Ability to Anticipate, Prevent, and Resolve Financial Crises." June 16, 2003 - General Accounting Office.
“Chamberlin Remarks at Int’l Insolvency Institute.” June 9, 2003 - Michael M. Chamberlin (EMTA).
"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery." Available in September 2003 - Lex Rieffel (Brookings Institution Press).
"Brazil: Positive Surprises from the New Issue." April 30, 2003 - Filippo Nencioni (Credit Suisse First Boston).
"A Comment on the Sovereign Debt Restructuring Debate." March 17, 2003 - Michael Gavin (UBS Warburg).
"Sovereign Bankruptcy Initiatives: A Critique." March 2003 - Arturo Porzecanski (ABN Amro).
"Using Clauses to Reform the Process for Sovereign Debt Workouts: Progress and Next Steps." December 5, 2002 - John B. Taylor (Under Secretary of Treasury for International Affairs) (Remarks Delivered at the EMTA Annual Meeting).
"The Debt Crisis Debate." November 2002 - Whitney Debevoise (Arnold & Porter).
"Argentina: The Implications of the Terms Set by the World Bank for the Reimbursement of the Guarantee." October 30, 2002 - Martin Anidjar (J.P. Morgan).
"EMTA Position Regarding the Quest for More Orderly Sovereign Work-Outs." October 17, 2002.
"Sovereign Debt Contracts: What Do We Need to Change?" October 17, 2002 - Michael M. Chamberlin (Remarks Delivered at IIF Conference in London).
"Current Proposals for Sovereign Debt Restructuring - Do We Really Need a Two-track Approach." October 17, 2002 - David C. Mulford (CSFB) (Remarks Delivered at IIF Conference in London).
"Can We Break the Crisis Cycle for Emerging Markets." October 17, 2002 - Jacques de Larosiere (BNP-Paribas) (Remarks Delivered at IIF Conference in London).
"Global Economic Outlook and Policy Responses." September 28, 2002 - Statement by Pedro Malan, Minister of Finance of Brazil to the International Monetary and Financial Committee.
"Strengthening The International Financial Architecture: Sovereign Debt Restructuring Mechanism (SDRM) - A Factsheet." August 2002 - International Monetary Fund.
"A Casual Observer's Commentary on the Taylor Proposal and EMCA's Model Covenants for New Sovereign Debt Issues (5/3/02 draft)." August 9, 2002 - Michael M. Chamberlin (EMTA).
"A Casual Observer's Commentary [Part (1)] on the Taylor Proposal and EMCA's Model Covenants for New Sovereign Debt Issues (5/3/02 draft)." July 17, 2002 - Michael M. Chamberlin (EMTA).
"The Importance of a Sound Financial System in Helping Countries Overcome Financial Crises: Seven Principles for Policymakers." May 13, 2002 - Nicholas Brady (Darby Overseas Investments). (Remarks Delivered at the Institutional Investor Roundtable, Shanghai, People's Republic of China.)
"A Critique of Sovereign Bankruptcy Initiatives." April 17, 2002 - Arturo Porzecanski (ABN Amro).
"Don't Kill the Asset Class." April 8, 2002 - Walter Molano (BCP Securities).
"Revisiting the IMF’s Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-Outs." April 2, 2002 - Michael M. Chamberlin (EMTA Executive Director). (Remarks Delivered at the Institute for International Economics Conference on "Sovereign Debt Workouts: Hopes and Hazards.)
"A Note on the International Debt Commission." March 31, 2002 - Lex Rieffel (Guest Scholar, Brookings Institution).
"Moral Hazard: Does IMF Financing Encourage Imprudence by Borrowers and Lenders?" March 2002 - Timothy Lane and Steven Phillips (International Monetary Fund).
"The IMF's Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-outs (Revised)." January 29, 2002 - Michael M. Chamberlin (EMTA Executive Director). (Remarks Delivered at the JP Morgan Emerging Markets Winter Conference (Revised).)
"A New Approach to Sovereign Debt Restructuring." December 20, 2001 - Anne Krueger (First Deputy Managing Director, International Monetary Fund). (Remarks Delivered at the Indian Council for Research on International Economic Relations.)
"Please, Engage Brains." November 21, 2001 - Walter Molano (BCP Securities).
"How to Keep Developing Countries in their Place: Cut them off from Capital." October 4, 2001 - Jerome Booth (Ashmore Investment Management).
"Developments in Sovereign Finance: Crisis Management Needs a Clearer Framework for Private Sector Involvement." September 2001 - Whitney Debevoise (Arnold & Porter).
"Today's Emerging Markets: Building an Asset Class with More Meaningful Investor Rights." February 15, 2001 - EMTA Executive Director Michael Chamberlin.
"Burden-Sharing in 2001: Now is the Time to Reform the Paris Club." February 13, 2001 - EMTA Policy Paper.
"Principles for Private Sector Involvement in Crisis Prevention and Resolution." January 24, 2001 - Institute for International Finance.
"Financial Crises in the Emerging Markets: The Roles of the Public and Private Sectors." November 2000 - Terrence J. Checki (Federal Reserve Bank of New York) and Ernest Stern (J.P. Morgan).
"Debt Restructuring: Legal Considerations." October 30, 2000 - Eric Lindenbaum and Alicia Duran (Merrill Lynch).
"Resolving Financial Crises in Emerging Market Economies." October 23, 2000 - Timothy F. Geithner (U.S. Treasury Undersecretary for International Affairs).
"All for One and One for All: Burden Sharing Revisited." October 13, 2000 - Robin Hubbard (Chase Securities).
"What is the Best Way to Facilitate Sovereign Debt Workouts?" March 3, 2000 - Joyce Chang (Chase Securities).
"Ecuador: Beyond Comparability. From 'Burden Sharing' to 'Burden Shifting'?'" August 28, 1999 - Michael Gavin (UBS Warburg).