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	<title>FT Alphaville &#187; Sovereign Debt</title>
	<atom:link href="http://ftalphaville.ft.com/tag/sovereign-debt/feed/" rel="self" type="application/rss+xml" />
	<link>http://ftalphaville.ft.com</link>
	<description>FT Alphaville - Market Commentary - FT.com</description>
	<lastBuildDate>Wed, 22 May 2013 22:17:08 +0000</lastBuildDate>
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		<title>Everlasting credit, the long view</title>
		<link>http://ftalphaville.ft.com/2013/05/21/1511152/everlasting-credit-the-long-view/</link>
		<comments>http://ftalphaville.ft.com/2013/05/21/1511152/everlasting-credit-the-long-view/#comments</comments>
		<pubDate>Tue, 21 May 2013 13:52:54 +0000</pubDate>
		<dc:creator>Paul Murphy</dc:creator>
				<category><![CDATA[Sovereign Debt]]></category>
		<category><![CDATA[UK]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1511152</guid>
		<description><![CDATA[<p>From historical chart specialists <a title="GFD website" href="http://www.globalfinancialdata.com/index.html" target="_blank">Global Financial Data</a> &#8212; the yield on perpetual <strong>Consols </strong>versus the stock of UK sovereign debt&#8230;all the way back to 1742. Click to view&#8230;</p><a href="http://ftalphaville.ft.com/2013/05/21/1511152/everlasting-credit-the-long-view/" class="more-link">Continue reading: Everlasting credit, the long view</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>&#8220;Something to ponder while hoping for the best&#8221;: Cyprus and the IMF</title>
		<link>http://ftalphaville.ft.com/2013/05/15/1502572/something-to-ponder-while-hoping-for-the-best-cyprus-and-the-imf/</link>
		<comments>http://ftalphaville.ft.com/2013/05/15/1502572/something-to-ponder-while-hoping-for-the-best-cyprus-and-the-imf/#comments</comments>
		<pubDate>Wed, 15 May 2013 14:49:07 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[A Cypriot Precedent]]></category>
		<category><![CDATA[Cyprus]]></category>
		<category><![CDATA[Eurozone]]></category>
		<category><![CDATA[IMF]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1502572</guid>
		<description><![CDATA[<p>Quite a lot to ponder really. Members of the IMF&#8217;s <a title="Executive board membership - IMF" href="http://www.imf.org/external/np/sec/memdir/eds.aspx" target="_blank">executive board</a> were set to meet on Wednesday to discuss whether to approve lending to Cyprus, more or less behind closed doors.</p> <p>But maybe not so much this time. It looks like <a title="Στα τυφλά το IMF για το πρόγραμμα - Stockwatch.cy" href="http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&amp;ann_id=174120" target="_blank">Stockwatch</a> in Cyprus has <a title="DOCUMENT OF INTERNATIONAL MONETARY FUND AND FOR OFFICIAL USE ONLY - via Stockwatch" href="http://www.stockwatch.com.cy/media/announce_pdf/May15_2013_IMF.pdf" target="_blank">obtained a copy</a> of the members&#8217; comments on the Cypriot bailout &#8212; a rather high-level internal document to find its way to the public&#8230; and it makes for fascinating reading.</p><a href="http://ftalphaville.ft.com/2013/05/15/1502572/something-to-ponder-while-hoping-for-the-best-cyprus-and-the-imf/" class="more-link">Continue reading: &#8220;Something to ponder while hoping for the best&#8221;: Cyprus and the IMF</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Finland&#8217;s got a secret&#8230; no longer</title>
		<link>http://ftalphaville.ft.com/2013/05/14/1499792/finlands-got-a-secret-no-longer/</link>
		<comments>http://ftalphaville.ft.com/2013/05/14/1499792/finlands-got-a-secret-no-longer/#comments</comments>
		<pubDate>Tue, 14 May 2013 19:55:27 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Derivatives]]></category>
		<category><![CDATA[Finland]]></category>
		<category><![CDATA[Greece]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1499792</guid>
		<description><![CDATA[<p>Abuse of official secrecy. It&#8217;s been one of the more corrosive but &#8212; by definition &#8212; shadier aspects of the eurozone crisis.</p> <p>It can take the form of a report on money-laundering in Cyprus. Or the opaque process by which Troika debt sustainability analyses are drawn up. Emergency liquidity assistance to banks, even.</p><a href="http://ftalphaville.ft.com/2013/05/14/1499792/finlands-got-a-secret-no-longer/" class="more-link">Continue reading: Finland&#8217;s got a secret&#8230; no longer</a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>What price, kilt-edged risk?</title>
		<link>http://ftalphaville.ft.com/2013/05/13/1497412/what-price-kilt-edged-risk/</link>
		<comments>http://ftalphaville.ft.com/2013/05/13/1497412/what-price-kilt-edged-risk/#comments</comments>
		<pubDate>Mon, 13 May 2013 16:06:33 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Scotland]]></category>
		<category><![CDATA[Sovereign Debt]]></category>
		<category><![CDATA[UK]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1497412</guid>
		<description><![CDATA[<p>Alternatively, what price to taxpayers for political pride.</p>
<p>Spotted in HM Treasury&#8217;s <a title="Summary of responses to  the consultation on Scottish Government bond issuance - HM Treasury" href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/198225/summary_of_responses_to_consultation_on_scottish_bonds_issuance.pdf" target="_blank">collection</a> of responses to the <a title="Introducing… Kilt-edged securities - FT Alphaville" href="http://ftalphaville.ft.com/2011/06/14/592671/introducing-kilt-edged-securities/" target="_blank">idea</a> of letting Scotland issue its own bonds later this decade &#8212; a&#8230; wide range of guesses about how they might be priced:</p><a href="http://ftalphaville.ft.com/2013/05/13/1497412/what-price-kilt-edged-risk/" class="more-link">Continue reading: What price, kilt-edged risk?</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>If you tolerate this, more holdout lawsuits will be next</title>
		<link>http://ftalphaville.ft.com/2013/04/29/1476022/if-you-tolerate-this-more-holdout-lawsuits-will-be-next/</link>
		<comments>http://ftalphaville.ft.com/2013/04/29/1476022/if-you-tolerate-this-more-holdout-lawsuits-will-be-next/#comments</comments>
		<pubDate>Mon, 29 Apr 2013 09:00:47 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Argentina]]></category>
		<category><![CDATA[Debt Restructuring]]></category>
		<category><![CDATA[Holdouts]]></category>
		<category><![CDATA[Pari Passu Saga]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1476022</guid>
		<description><![CDATA[<p>Well, this was fun while it lasted. Now what did it mean?</p>
<p>Click to enlarge the document capping a weird week in the pari passu saga:</p>
<p><a href="http://ftalphaville.ft.com/files/2013/04/Duanedenied.pdf" target="_blank"><img class=" wp-image-1476032 alignnone" src="http://ftalphaville.ft.com/files/2013/04/DuaneDenied.png" alt="" width="173" height="223" /></a></p>
<p>It&#8217;s <a title="IT IS HEREBY ORDERED - Second Circuit" href="http://ftalphaville.ft.com/files/2013/04/Duanedenied.pdf" target="_blank">an order</a> from the Second Circuit on Thursday, denying an <a title="Motion to filed as Amicus - Duane Morris bondholders" href="http://www.shearman.com/files/upload/Motion_to_File_Amicus_-_Duane_Morris.pdf" target="_blank">unusual request</a> filed on Monday by the Italian retail investors who count themselves among Argentina&#8217;s holdouts.</p>
<p>Although looking back at it, was the unusual or just ahead of the curve?</p><a href="http://ftalphaville.ft.com/2013/04/29/1476022/if-you-tolerate-this-more-holdout-lawsuits-will-be-next/" class="more-link">Continue reading: If you tolerate this, more holdout lawsuits will be next</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Club Med yields, in historical context</title>
		<link>http://ftalphaville.ft.com/2013/04/23/1471712/club-med-yields-in-historical-context/</link>
		<comments>http://ftalphaville.ft.com/2013/04/23/1471712/club-med-yields-in-historical-context/#comments</comments>
		<pubDate>Tue, 23 Apr 2013 15:33:02 +0000</pubDate>
		<dc:creator>Paul Murphy</dc:creator>
				<category><![CDATA[Global Financial Data]]></category>
		<category><![CDATA[Italy]]></category>
		<category><![CDATA[Portugal]]></category>
		<category><![CDATA[Sovereign Debt]]></category>
		<category><![CDATA[Spain]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1471712</guid>
		<description><![CDATA[<p>Nothing like taking the long view &#8211; such as this snapshot of Spanish, Portuguese and Italian 10 year paper, over 150 years. Click to enlarge</p> <p><a href="http://ftalphaville.ft.com/files/2013/04/ipsyields1.png" target="_blank"><img class="alignnone size-full wp-image-1471782" title="Italian, Spanis and Portugese yields over 150 years" src="http://ftalphaville.ft.com/files/2013/04/ipsyields1-e1366730889318.png" alt="" width="400" height="167" /></a></p><a href="http://ftalphaville.ft.com/2013/04/23/1471712/club-med-yields-in-historical-context/" class="more-link">Continue reading: Club Med yields, in historical context</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>So this is no longer news, right?</title>
		<link>http://ftalphaville.ft.com/2013/04/23/1471202/so-this-is-no-longer-news-right/</link>
		<comments>http://ftalphaville.ft.com/2013/04/23/1471202/so-this-is-no-longer-news-right/#comments</comments>
		<pubDate>Tue, 23 Apr 2013 08:30:28 +0000</pubDate>
		<dc:creator>Paul Murphy</dc:creator>
				<category><![CDATA[Eurostat]]></category>
		<category><![CDATA[Eurozone]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1471202</guid>
		<description><![CDATA[<blockquote><p>In the euro area the government debt to GDP ratio increased from 87.3% at the end of 2011 to <strong>90.6%</strong> at the end of 2012, and in the EU27 from 82.5% to 85.3%.</p></blockquote>
<p>Full eurostat stats <a title="Euro area and EU27 government deficit at 3.7% and 4.0% of GDP respectively - Eurostat" href="http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-22042013-AP/EN/2-22042013-AP-EN.PDF" target="_blank">here.</a></p><a href="http://ftalphaville.ft.com/2013/04/23/1471202/so-this-is-no-longer-news-right/" class="more-link">Continue reading: So this is no longer news, right?</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Argentina and an offer easily refused</title>
		<link>http://ftalphaville.ft.com/2013/04/20/1468012/argentina-and-an-offer-easily-refused/</link>
		<comments>http://ftalphaville.ft.com/2013/04/20/1468012/argentina-and-an-offer-easily-refused/#comments</comments>
		<pubDate>Sat, 20 Apr 2013 15:14:03 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Argentina]]></category>
		<category><![CDATA[Pari Passu Saga]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1468012</guid>
		<description><![CDATA[<p>With its latest submission in this Court, the Republic of Argentina continues its long and consistent pattern of defaulting on its contractual obligations, defying the laws of the United States (which its contracts expressly invoked), and showing contempt for the courts to whose jurisdiction it unreservedly submitted. The government of Argentina plainly believes the rule of law does not apply to it&#8230;</p> <p>Guess that&#8217;s a no, then.</p><a href="http://ftalphaville.ft.com/2013/04/20/1468012/argentina-and-an-offer-easily-refused/" class="more-link">Continue reading: Argentina and an offer easily refused</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Was that promise of ratable payment wrong? Should Italy not have done that?</title>
		<link>http://ftalphaville.ft.com/2013/04/18/1464972/was-that-promise-of-ratable-payment-wrong-should-italy-not-have-done-that/</link>
		<comments>http://ftalphaville.ft.com/2013/04/18/1464972/was-that-promise-of-ratable-payment-wrong-should-italy-not-have-done-that/#comments</comments>
		<pubDate>Thu, 18 Apr 2013 20:05:04 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Argentina]]></category>
		<category><![CDATA[Debt Restructuring]]></category>
		<category><![CDATA[ESM]]></category>
		<category><![CDATA[Italy]]></category>
		<category><![CDATA[Pari Passu]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1464972</guid>
		<description><![CDATA[<p>File under: Argentina’s battle with its holdouts and the effects thereof on pari passu clauses in sovereign bond contracts elsewhere in the world &#8212; with a special crossover to the changing legal status of official lenders in the eurozone crisis.</p>
<p>Spot the difference edition.</p><a href="http://ftalphaville.ft.com/2013/04/18/1464972/was-that-promise-of-ratable-payment-wrong-should-italy-not-have-done-that/" class="more-link">Continue reading: Was that promise of ratable payment wrong? Should Italy not have done that?</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Cristina and the Supremes</title>
		<link>http://ftalphaville.ft.com/2013/04/15/1460502/cristina-and-the-supremes/</link>
		<comments>http://ftalphaville.ft.com/2013/04/15/1460502/cristina-and-the-supremes/#comments</comments>
		<pubDate>Mon, 15 Apr 2013 17:17:58 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Argentina]]></category>
		<category><![CDATA[Sovereign Debt]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1460502</guid>
		<description><![CDATA[<p>Fresh off the US Supreme Court&#8217;s <a title="Orders in pending cases - SCOTUS" href="http://www.supremecourt.gov/orders/courtorders/041513zor_p86b.pdf" target="_blank">order list</a> on Monday:</p> <p><a href="http://ftalphaville.ft.com/files/2013/04/SCOTUS_Arg.png" target="_blank"><img class="alignnone size-large wp-image-1460522" src="http://ftalphaville.ft.com/files/2013/04/SCOTUS_Arg-590x85.png" alt="" width="590" height="85" /></a></p><a href="http://ftalphaville.ft.com/2013/04/15/1460502/cristina-and-the-supremes/" class="more-link">Continue reading: Cristina and the Supremes</a>]]></description>
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