Tag Archives: sovereign debt

This article first appeared in the Indian journal Economic and Political Weekly on 18 July 2022.A Murder in KonyaKonya is a province in Turkey. On 6 July 2022, about an hour before I started writing this article, a murder news hit the Turkish pages of the internet: “In Konya City Hospital, a patient shot and killed a cardiologist and his secretary today.” Whether the assassin committed suicide or the private security killed him is unknown, although there are both rumours.City hospitals, the...

This article first appeared in the Indian journal Economic and Political Weekly on 18 July 2022. A Murder in Konya Konya is a province in Turkey. On 6 July 2022, about an hour before I started writing this article, a murder news hit the Turkish pages of the internet: “In Konya City Hospital, a patient shot and killed a cardiologist and his secretary today.” Whether the assassin committed suicide or the private security killed him is unknown, although there are both rumours. City hospitals,...

This article first appeared in the Indian journal Economic and Political Weekly on 18 July 2022.A Murder in KonyaKonya is a province in Turkey. On 6 July 2022, about an hour before I started writing this article, a murder news hit the Turkish pages of the internet: “In Konya City Hospital, a patient shot and killed a cardiologist and his secretary today.” Whether the assassin committed suicide or the private security killed him is unknown, although there are both rumours.City hospitals, the...

Over 30 years ago, Kunibert Raffer (University of Vienna) was first to propose a fair and transparent arbitration process between debtors and creditors for resolving sovereign insolvency, by analogy with Chapter 9 US Bankruptcy Code that provides for an orderly resolution in cases of municipal bankruptcy. (See his paper “What’s good for the United States must be good for the World – Advocating an International Chapter 9 Insolvency”). He is a long-standing critic of the IMF in its lending...

Over 30 years ago, Kunibert Raffer (University of Vienna) was first to propose a fair and transparent arbitration process between debtors and creditors for resolving sovereign insolvency, by analogy with Chapter 9 US Bankruptcy Code that provides for an orderly resolution in cases of municipal bankruptcy. (See his paper “What’s good for the United States must be good for the World – Advocating an International Chapter 9 Insolvency”). He is a long-standing critic of the IMF in its lending...

Over 30 years ago, Kunibert Raffer (University of Vienna) was first to propose a fair and transparent arbitration process between debtors and creditors for resolving sovereign insolvency, by analogy with Chapter 9 US Bankruptcy Code that provides for an orderly resolution in cases of municipal bankruptcy. (See his paper “What’s good for the United States must be good for the World – Advocating an International Chapter 9 Insolvency”). He is a long-standing critic of the IMF in its lending...

by Joseph Joyce When Safe Assets Are No Longer Safe The U.S. has long benefitted from its ability to issue “safe assets” to the rest of the world. These usually take the form of U.S. Treasury bonds, although there was a period before the 2008-09 global financial crisis when mortgage-backed securities with Triple A ratings were also used for this purpose. The inflow of foreign savings has offset the persistent current account deficits, and put...

by Joseph Joyce The Restructuring of Sovereign Debt The economic repercussions of Russia’s invasion of Ukraine will be devastating for many countries that have yet to recover from the pandemic. Higher prices for commodities, particularly energy and food, will increase inflation rates and widen trade deficits for those nations that import those items. Increases in interest rates will raise the cost of debt financing and hamper the ability of...

The centrality of public debt to private capital marketsIn thinking about the next ten years, we must acknowledge that new times are coming, and they will lead to big changes in the capitalist system. The absolute novelty of the situation in which the COVID-19 crisis has placed the world, and even more markedly, Europe has made the financial and monetary options that have preoccupied economic debate so far, if not obsolete, at least questionable. It is a crisis that obliges us to rethink,...

The centrality of public debt to private capital marketsIn thinking about the next ten years, we must acknowledge that new times are coming, and they will lead to big changes in the capitalist system. The absolute novelty of the situation in which the COVID-19 crisis has placed the world, and even more markedly, Europe has made the financial and monetary options that have preoccupied economic debate so far, if not obsolete, at least questionable. It is a crisis that obliges us to rethink,...