• Default: why sovereign debt matters

  • Sep 9 2024
  • Length: 35 mins
  • Podcast

Default: why sovereign debt matters

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  • Summary

  • When, why and how do countries go bust? That’s the topic of the latest New Money Review podcast, where I’m joined by Greg Makoff, a former physicist, banker, government advisor and now senior fellow at the Harvard Kennedy School.

    Makoff is the author of a recent book on what has been called “the most contentious default in history”—Argentina’s 2001-2016 debt restructuring.

    In the podcast, we discuss:

    • When, why and how countries go bust
    • What distinguishes a sovereign insolvency from a corporate or personal bankruptcy
    • Who has jurisdiction over sovereign defaults?
    • What brings governments and creditors to the table?
    • Sovereign immunity and the negotiating power between debtor and creditor
    • What went wrong in Argentina’s debt restructuring?
    • How Elliott Capital Management made billions on defaulted Argentinian debt
    • The broader public policy lessons of Argentina’s debt restructuring
    • China, the IMF and the geopolitics of sovereign debt
    • Default risk in domestic and foreign currency bonds
    • Why sovereign debt problems will never go away
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