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Sovereign Debt at the CrossroadsChallenges and Proposals for Resolving the Third World Debt Crisis$
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Chris Jochnick and Fraser A. Preston

Print publication date: 2006

Print ISBN-13: 9780195168006

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0195168003.001.0001

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Dealing with Sovereign Debt: Trends and Implications

Dealing with Sovereign Debt: Trends and Implications

Chapter:
(p.267) 13 DEALING WITH SOVEREIGN DEBT: TRENDS AND IMPLICATIONS
Source:
Sovereign Debt at the Crossroads
Author(s):

Arturo C. Porzecanski

Publisher:
Oxford University Press
DOI:10.1093/0195168003.003.0014

This chapter provides an overview of the reasons behind sovereign debt defaults. It discusses trends in external indebtedness (public and private) and in government indebtedness (domestic and foreign). It describes the manner in which private lenders and investors, and official bilateral and multilateral agencies, have dealt with sovereign defaults during the 1980s and 1990s. It closes with an in-depth consideration of the case of Argentina post-2001, which promises to be the most complex sovereign default case in contemporary history. It argues that private lenders and investors have been, and continue to be, able to deal promptly and effectively with instances of sovereign default, such that new, supranational bankruptcy procedures are not necessary.

Keywords:   sovereign defaults, Argentina, external indebtedness, government indebtedness

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