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When Sovereigns Go Bankrupt - A Study on Sovereign Risk (Paperback, 2014 ed.)
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When Sovereigns Go Bankrupt - A Study on Sovereign Risk (Paperback, 2014 ed.)
Series: SpringerBriefs in Economics
Expected to ship within 10 - 15 working days
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The public debt crisis that Eurozone countries have experienced
since 2010 has been accompanied by a resurgence of sovereign risk.
Greece was obliged to restructure its debt in 2012. The credit
position of even the wealthy countries is shakier than at any time
since the Great Depression. Now more than ever it is essential to
understand sovereign risk because the default of a country, or even
its lack of credibility, is bound to jeopardize political stability
and weaken the credit standing of all other economic actors. This
book reviews and analyzes the different means used to forestall and
protect against sovereign defaults. In light of the Eurozone's
2010-2012 sovereign debt crisis, this book also emphasizes the
roots of sovereign creditworthiness. Chapter 1 establishes a
typology of sovereign defaults. A sovereign "bankruptcy" may take
many forms (debt repudiation, moratorium, restructuring, etc.).
Chapter 2 presents the different contractual and legal tools used
to protect against sovereign defaults. Chapter 3 investigates how
some investors have been able to interfere with the debtor's
economic policy by insisting that measures be taken to reduce the
risk of default in the short and medium term. Such interference can
be direct or may be more subtle. There is a specific focus on the
conditionality imposed by the International Monetary Fund. Chapter
4 studies the various tools that investors can use to discriminate
among borrowers and forecast debt crises (bond yields and spreads
as well as ratings provided by Fitch, Moody's, Standard &
Poor's, and Euromoney Country Risk). Chapter 4 also demonstrates
that sovereign debtors must overcome seven types of risk in order
to preserve their creditworthiness: natural disaster, geopolitical
risk, institutional and political risk, economic risk, monetary and
exchange rate risk, fiscal and tax-system risk, and debt-related
risk.
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