Posts tagged 'Sovereign debt restructuring'

Guest post: IMF policies in the next crisis – unsuitable with a high probability

It’s that time of year again for the IMF-World Bank annual meetings in Washington – which means time for reflection on the fund’s attitude to changes in sovereign debt restructuring. Gabriel Sterne, Head of Global Macro Investor Relations at Oxford Economics, argues why it might be time for less procrastination, and more ‘forward guidance’…

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Argentina tries to settle with holdouts. Not those ones though.

Beyond the Supreme Court, Judge Griesa, and Elliott Associates’ own (rather remarkable) media offensive telling Argentina to talk before the pari passu screws turn…

It comes down to the Republic’s own incentives to settle. Especially when it’s been such a “uniquely recalcitrant” debtor for so long.

And so — while it might seem a long way from the pari passu saga — we’re interested in this week’s news (via Ambito) that Argentina wants to pay $500m (in bonds) to settle with five companies and get them to stop suing it through ICSID, the World Bank’s investment arbitration tribunal…

Change in the air? Change which might spread to NML v Argentina? Read more

A sovereign risk factor is born

A familiar saga pops up in the prospectus for Paraguay’s recent US dollar, New York law bond…

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Why it matters that the Irish promissory notes are gone

And why this could well have been the best possible deal for Ireland.

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Argentina, holdouts, and finding a formula

As the Financial Times put it, “[s]ince last week’s US Appeals Court ruling went against Argentina, there’s been a lot of comment about how the country could try changing the trustee or payments structure of the bonds which came out of its 2005-2010 restructuring.” (Attachment G.) It is clear that Argentina now is in the process of trying to render the Equal Treatment Orders ineffective and will employ and exploit any delay tactics necessary to evade this Court…

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