Argentina’s sovereign debt default: a critical view

Georgescu, George (2015): Argentina’s sovereign debt default: a critical view.

Abstract

Following the financial crisis effects, the issue of debt sustainability became of global importance, even for international security reasons. In the EU, despite post-crisis fiscal austerity measures aimed at rebalancing the public finances, the debt-to-GDP ratio continued to deteriorate. At international level, few countries have legislative mechanisms able to contain the public debt increase. The case of Argentina, pushed into default because of a single uncommon US court decision raised other questions related to the status of sovereign debt. It seems that only by agreeing a multilateral legal framework under UN umbrella the sovereign debt restructuring issues could be addressed.

• Item Type: MPRA Paper
• Language: English
• Keywords: Argentina; sovereign debt; global crisis; sovereign insolvency; debt restructuring; rating agencies
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F55 - International Institutional Arrangements; G - Financial Economics > G0 - General > G01 - Financial Crises; H - Public Economics > H6 - National Budget, Deficit, and Debt > H63 - Debt ; Debt Management ; Sovereign Debt

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