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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law > Banking law
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Sovereign Debt Sustainability - Multilateral Debt Treatment and the Credit Rating Impasse (Hardcover)
Loot Price: R3,919
Discovery Miles 39 190
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Sovereign Debt Sustainability - Multilateral Debt Treatment and the Credit Rating Impasse (Hardcover)
Series: Routledge International Studies in Money and Banking
Expected to ship within 12 - 17 working days
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In 2020, the G20 proposed a solution for the debt-related issues
affecting the world's poorest countries due to the COVID-19
pandemic. However, their initiatives have failed to meet their
objectives. The author argues that the reason for this failure is
the inability to bring sovereign countries to the table to
re-negotiate their debt agreements with private creditors as they
fear credit rating agencies and the prospect of a downgrade. The
author refers to this as the 'credit rating impasse'. This book
proposes a novel solution. The author asserts that there is a need
in the literature to unpick the dynamic that exists and creates
that impasse, namely the pressures that exist between sovereign
states, private creditors, credit rating agencies, and the
geo-political backdrop that is massively influential in the
dynamic, that is, the adversarial relationship between China and
the US. This book addresses the recent history of debt treatment
for poorer countries and related successes and failures:
COVID-19-related issues and the development of the Debt Service
Suspension Initiative and the Common Framework for Debt Treatment.
This book examines the reasons for their failure by analysing the
positions of the sovereign states, the division between private and
official creditors and between multilateral institutions such as
the IMF and the World Bank, credit rating agencies, and the
competing political entities of China and the US. It presents a
wider picture of the systemic underpinnings to such debt-related
issues and, when examined through a geo-political perspective, the
subsequent chances of future debt treatment-related successes.
Licence line: The Open Access version of this book, available at
www.taylorfrancis.com, has been made available under a Creative
Commons Attribution-Non Commercial-No Derivatives 4.0 license.
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