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Too Little, Too Late
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Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises

Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz

Abstract

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as “the trial of the century”). A fresh st ... More

Keywords: Sovereign Debt Restructuring, Debt Crises, Global Financial Markets

Bibliographic Information

Print publication date: 2016 Print ISBN-13: 9780231179263
Published to University Press Scholarship Online: January 2017 DOI:10.7312/columbia/9780231179263.001.0001

Authors

Affiliations are at time of print publication.

Martin Guzman, editor
Columbia University

José Antonio Ocampo, editor

Joseph E. Stiglitz, editor

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Contents

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Introduction

Martin Guzman, José Antonio Ocampo, and Joseph E. Stiglitz

Part I General Issues of Sovereign Debt Restructuring

Part II Two Case Studies: Argentina and Greece

Chapter 5 Greek Debt Denial

Yanis Varoufakis

Part III Improvements to the Contractual Approach

Chapter 6 Count the Limbs

Anna Gelpern, Ben Heller, and Brad Setser

Part IV Proposals for a Multinational Framework for Sovereign Debt Restructuring: Principles, Elements, and Institutionalization

End Matter