Sovereign Debt at the Crossroads Challenges and Proposals for Resolving the Third World Debt Crisis

by Jochnick, Chris; Preston, Fraser A.

• ISBN13: 9780195168006
• ISBN10: 0195168003
• Format: Hardcover
• Copyright: 2006-04-13
• Publisher: Oxford University Press

Summary

Recent world events have created a compelling need for new perspectives and realistic solutions to the problem of sovereign debt. The success of the Jubilee 2000 movement in raising public awareness of the devastating effects of debt, the spectacular default and economic implosion of Argentina, and the high-profile write-down of Iraqi debt have helped spur a global debate over sovereign debt. With contributions from leading members of the international debt community, including creditor and debtor representatives, economists, bankers, lawyers, activists, social scientists, and politicians, this book offers a timely guide for understanding and influencing that debate. Book jacket.

Author Biography

Chris Jochnick is an International lawyer with firm Paul, Weiss, Rifkind, Wharton & Garrison, adjunct professor at School of International and Public Affairs, Columbia University, and Editor of Otras Caras de la Deuda: Propuestas para la accion. Fraser Preston is a Senior Associate at Nautic Partners, an international private equity investment firm.

Table of Contents

Foreword	vii
Jeffrey D. Sachs
Contributors	xiii
Introduction	3	(10)
Part I Sovereign Debt: History and Impacts
1. Creditor Initiatives in the 1980's and 1990's	13	(22)
David Roodman
2. Playing Games with African Lives: The G7 Debt Relief Strategy and the Politics of Indifference	35	(20)
Fantu Cheru
3. Sovereign Debt and the Debt Crisis in Emerging Countries: The Experience of the 1990's	55	(28)
Daniel Marx, Jose Echague, and Guido Sandleris
Part II Sovereign Debt: Law and Ethics
4. Ecological Debt—The Economic Possibilities for Our Grandchildren	83	(26)
Andrew Simms
5. Defining "Illegitimate Debt": When Creditors Should Be Liable for Improper Loans	109	(23)
Joseph Hanlon
6. The Legal Case for Debt Repudiation	132	(26)
Chris Jochnick
7. Ethics, Market and Government Failure, and Globalization: Perspectives on Debt and Finance	158	(16)
J.E. Stiglitz
8. Helping the Poor to Help Themselves: Debt Relief or Aid?	174	(23)
Serkan Arslanalp and Peter Blair Henry
Part III Sovereign Debt: Prospects and Proposals
9. Using International Finance to Further Conservation: The First 15 Years of Debt-for-Nature Swaps	197	(18)
William K. Reilly
10. Odious Debt	215	(11)
Seem Jayachandran and Michael Kremer
11. Dealing Comprehensively, and Justly, with Sovereign Debt	226	(20)
Jack Boorman
12. The IMF's SDRM—Simply Disastrous Rescheduling Management?	246	(21)
Kunibert Raffer
13. Dealing with Sovereign Debt: Trends and Implications	267	(30)
Arturo C. Porzecanski
14. The Jubliee 2000 Campaign: A Brief Overview	297	(22)
Ann Pettifor
Index	319