
Default
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The dramatic inside story of the most important case in the history of sovereign debt law
Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals-from national leaders to those at the International Monetary Fund, from holdout creditors to judges-determine the fate of an entire national economy. A prime example is Argentina's 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IMF policy.
Default is the riveting story of Argentina's sovereign debt drama, which reveals the obscure inner workings of sovereign debt restructuring. This detailed case study describes the intense fight over the role of the IMF in Argentina's 2005 debt restructuring and the ensuing bitter decade of litigation with holdout creditors, demonstrating that outcomes for sovereign debt are determined by a complex interplay between financial markets, governments, the IMF, the press, and the courts.
This cautionary tale lays bare the institutional, political, and legal pressures that come into play when a country cannot repay its debts. It offers a deeper understanding of how global financial capitalism functions for those who work in or study debt markets, international finance, international relations, and international law.
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Gregory Makoff, PhD, is a nonresident senior fellow at the Centre for International Governance Innovation and a former senior fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. Previously, he worked as a banker specializing in sovereign debt management and served as a senior policy adviser at the US Department of the Treasury.
Content
Foreword
Introduction
1. Argentina Defaults Then Fights with the IMF (December 2001?March 2003)
2. The Three-Way War: Argentina Battles with Creditors and the IMF over the Debt Deal (January 2003?April 2004)
3. Kirchner's Triumph: Argentina's 2005 Debt Restructuring (April 2004?June 2005)
4. Backstory: Elliot's War on Peru (1996?2000)
5. Raid on the Argentine Central Bank (December 2005?January 2007)
6. All Plaintiffs Big and Small (June 2005?December 2009)
7. Turning Point (2010)
8. Equal Treatment (October 2010?May 2014)
9. Argentina's Economic Stumbles and Elliott's Worldwide War (October 2010?June 2014)
10. It All Falls Apart (June 2014?November 2015)
11. The Settlement (December 2015?April 2016)
Epilogue
Conclusion
Acknowledgments
Appendix A: Featured Characters
Appendix B: Timeline of Events
Glossary
Note on Sources
Notes
About the Author
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