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Topic: Sovereign debt

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	Government debt - Wikipedia, the free encyclopedia
		A sovereign bond is a bond issued by a national government as opposed to a municipal bond which is issued by a subdivision of a national government.
		The risk of sovereign bonds varies widely with some bonds such as United States treasury bonds being considered the safest US dollar investment known and others, such as the bonds of many developing nations, are considered highly speculative.
		Sovereign debt problems have been a major public policy issue since World War II, including the treatment of debt related to that war, the developing country âdebt crisisâ in the 1980s, and the shocks of Russiaâs default in 1998 and Argentinaâs default in 2001.
	en.wikipedia.org /wiki/Public_debt (2629 words)

	Debt - One Language (Site not responding. Last check: 2007-11-06)
		Debt of countries as well as private corporations is rated by rating agencies, s.a.
		International Third World debt has reached the scale that many economists and Christians are convinced that debt cancellation is the only way to restore global equity in relations with the developing nations.
		This leverage, the proportion of debt to equity, is considered important in determining the riskiness of an investment; the higher more debt per equity, the riskier.
	www.onelang.com /encyclopedia/index.php/Debt (1425 words)

	Sovereign debt article - Sovereign debt debt government World II Russia Argentina - What-Means.com (Site not responding. Last check: 2007-11-06)
		Sovereign debt is debt owed by the government of a sovereign country either to residents or non-residents.
		Sovereign debt problems have been a major public policy issue since World War II, including the treatment of debt related to that war, the developing country “debt crisis” in the 1980s, and the shocks of Russia ’s default in 1998 and Argentina ’s default in 2001.
		Sovereign debt article - Sovereign debt definition - what means Sovereign debt
	www.what-means.com /encyclopedia/Sovereign_debt (143 words)

	Nominally denominated sovereign debt (Site not responding. Last check: 2007-11-06)
		The analysis derives a reputational equilibrium in which the amount of nominally denominated debt is such that the short-run benefits to the sovereign from deliberately creating unexpected inflation are smaller than the long-run costs from the loss of a trustworthy reputation.
		The analysis shows that, depending on such factors as the variability of net tax revenues, the probability of the sovereign surviving in power, and the probability of the lenders forgetting a repudiation, the equilibrium amount of nominally denominated debt may or may not be adequate to permit efficient risk shifting.
		In the reputational equilibrium, the amount of nominally denominated debt is such that the short-run gains from repudiation of the debt through unexpected devaluation and inflation are smaller than the long-run costs from the loss of a trustworthy reputation.
	erl.tamu.edu /JVH_gtee/NOMDEBT9.HTM (1450 words)

	PO-2056: Under Secretary Taylor - Remarks on Sovereign Debt Restructuring
		When it becomes apparent that a country's sovereign debt situation is unsustainable and a restructuring is in order, many difficult questions arise about what will happen next.
		The aim of reforming the sovereign debt restructuring process is not to reduce the incentives that sovereign governments have to pay their debts in full and on time.
		In our view, the most practical and broadly acceptable reform would be to have sovereign borrowers and their creditors put a package of new clauses into their debt contracts.
	www.ustreas.gov /press/releases/po2056.htm (1853 words)

	EH.Net Encyclopedia: The Glorious Revolution of 1688
		Recall that Charles II defaulted on his debts in an attempt to subvert the constitution, and, in contrast, Parliament after the Glorious Revolution generously financed wars for monarchs who abided by the constitution.
		During the Nine Years War (1688-97), government debt carried a risk premium of 4 percent over private debt, but that risk premium disappeared and became a small discount in the years 1698 to 1705 (Quinn 2001: 610).
		The drop in the rates on government debt marks a substantial increase in the market's confidence in the government after the Treaty of Ryswick ended the Nine Years War in 1697 and left William III and the new constitution intact.
	www.eh.net /encyclopedia/?article=quinn.revolution.1688 (2994 words)

	Factsheet - Proposals for a Sovereign Debt Restructuring Mechanism (SDRM) -- Includes Questions and Answers on SDRM
		But decisions on the inclusion of domestic debt would have to be made on a case-by-case basis, taking careful account of the different nature of these claims, as well as the possible impacts on the value of the assets of the domestic banking system and on the domestic capital market.
		In any event, domestic debt would not be restructured under the SDRM, since governments typically have at their disposal tools for restructuring domestic debt that are not available in the case of external debt.
		Debt flows collapsed, but were offset by a boom in FDI owing to the bargain-basement prices that were available after the devaluation.
	www.imf.org /external/np/exr/facts/sdrm.htm (6062 words)

	Debt Management
		As a result of this status, sovereign borrowers are expected to have a risk management culture, which fully reflects the government's risk preferences and the special set of responsibilities associated with representing the government in the international financial markets.
		This involves establishing a framework for the debt managers to identify and manage trade-offs between expected cost and risk in the government debt portfolio." At the basic level, sovereign debt management addresses the structure and composition of the public debt portfolio, including the desired mix in terms of currency, interest rate and maturity profile.
		This is because their approach to sovereign debt management and their track record over the past 10-15 years has established a benchmark for other countries to match.
	www.storkeyandco.com /Library/Debt_Management/debt_management.html (2586 words)

	BradyNet: Editorial
		The debt crisis of the early 1980’s, which resulted from a combination of factors including the sluggish growth of industrial countries, rising global interest rates and falling commodity prices, and initiated by Mexico’s suspension of commercial debt payments in 1982, left countries deep in arrears.
		This provisioning widened the acceptance of debt forgiveness by openly acknowledging that bank debt, much of which was in arrears, was worth less than its face value, and secondly, giving a boost to the trading of these loans in the secondary market.
		As countries go through the process of structural reform and the perception of their sovereign credit gradually improves, we expect Brady bonds to eventually be replaced by debt that is cheaper to fund, or repurchased.
	www.bradynet.com /e24.html (2804 words)

	Debt Relief in TutorGig Encyclopedia
		Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations.
		Subordinated debt, also known as junior debt, is a finance term to describe debt that is unsecured or has a lesser priority than that of an additional debt claim on the same asset.
		Debt bondage or bonded labor is a means of paying off a family s loans via the labour of family members...
	www.tutorgig.com /es/Debt+Relief (979 words)

	Derivatives Study Center Emerging Market Debt Vulture Hedge Funds
		Notwithstanding the problems associated with commercial bank lending to sovereign debtors and the ultimate effectiveness of this traditional restructuring process of sovereign debt, the Brady bond restructurings altered and indeed undermined this orderly and predictable restructuring process.
		As sovereign emerging market debt became more liquid and tradable through the development and evolution of the secondary market, precedents of recalcitrant creditors running to the courts began to emerge.
		The recent cases of sovereign debt exchanges and restructurings have sought to limit, constrain and eliminate pernicious litigation by dissenting creditors.
	www.financialpolicy.org /DSCNolan.htm (9345 words)

	IMF Reveals Proposals for Sovereign Debt Restructuring, January 24, 2003
		Establishing a strong sovereign debt restructuring mechanism is a "formidable" task that will take many years to develop and implement, the International Monetary Fund (IMF) says in a January fact sheet outlining preferred features of such a mechanism.
		This problem is exacerbated by the variety of debt instruments involved and the range of legal jurisdictions in which debt is issued.
		Majority restructuring -- The mechanism would allow a sovereign and a qualified majority of creditors to reach an agreement that would then be made binding on all creditors that are subject to the restructuring.
	www.usembassy.it /file2003_01/alia/a3012406.htm (1040 words)

	sovereign debt management (Site not responding. Last check: 2007-11-06)
		A TWO-NOTCH downgrade of the Philippines' sovereign credit rating by Moody's Investors Service on Wednesday, when officials were expecting a one-notch cut like Standard and Poor's last month, threw cold water on the Philippine stock and currency markets.
		sovereign debt debt management sovereign texas statute debt subordinated debt debt sustainability debt syndication debt...
		Sovereign debt management is the process of establishing and executing a strategy for managing the...
	www.debt-removal-guide.net /sovereign-debt-management (751 words)

	Debt - Surch
		We offer people with debt problems a solution to help them regain control of their finances.
		Debt Solutions UK With just one low affordable monthly payment you can become debt free.
		Debt Solutions from Allied Credit UK If you are a UK homeowner and have bad credit or CCJs, visit Allied Credit.
	www.surch.co.uk /debt (467 words)

	Critical Issues Forum - Sovereign Debt Restructuring Mechanism (Site not responding. Last check: 2007-11-06)
		Sovereign bond restructurings in the last 10 years (essentially since the Brady restructuring process took place, and bonds replaced bank loans) have been relatively orderly, predictable, and rapid.
		Sovereign debt restructuring is a service, albeit one that is usually only demanded in extremis.
		“Sovereign issuers are unenthusiastic about CACs for the same reason that investors are unenthusiastic: CACs, in the best case, may reduce the already low probability that so-called ‘holdout’ investors would effectively reduce the NPV of the terms that the majority of holders receive in a restructuring, and in the process keep that ‘windfall’ for themselves.
	www.brettonwoods.org /SDRMcriticalissue.htm (9265 words)

	Financing for Development - Intergovernmental Actions in Follow-Up to ICFD (Site not responding. Last check: 2007-11-06)
		The paper examines strategic issues in managing sovereign debt, including operationalizing the concept of debt sustainability, organizing to manage sovereign debt, relations between the debtor government and its creditors, and practical ways to contain risk and reduce uncertainty in sovereign debt management.
		The second consultation on Sovereign Debt for Sustained Development took place on 17 March 2005 in Maputo, Mozambique, immediately following the seventh meeting of the Commonwealth HIPC Ministerial Forum (15-16 March 2005) and the eleventh meeting of HIPC Finance Ministers.
		The final consultation on Sovereign Debt for Sustained Development is scheduled to take place in conjunction with the Fifth UNCTAD Inter-Regional Debt Management Conference and will be held 20-22 June 2005 at the United Nations in Geneva.
	www.un.org /esa/ffd/09multi-stake-consul-flyer-debt.htm (435 words)

	Restructuring Sovereign Debt (Site not responding. Last check: 2007-11-06)
		Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge.
		He also recalls earlier proposals for creating permanent debt restructuring machinery and the reasons why they were not adopted.
		Recognizing that the issue of sovereign debt workout is complex, Rieffel has provided a comprehensive and detailed exposition of this important policy issue.
	www.brookings.edu /press/books/restructuringsovereigndebt.htm (532 words)

	sovereign debt with clearinghouse and discharging
		12/17/03 - sovereign debt sovereign debt with clearinghouse and discharging
		12/06/03 - Sovereign Debt as Intertemporal Barter - Borrowing and lending between sovereign parties is modeled as intertemporal barter that smoothes the consumption of a risk-averse party subject to endowment shocks.
		However, the Fund...Sovereign Debt Restructuring Mechanism AND and predictable process for sovereign debt restructuring.
	www.sonsto.com /business.htm (1123 words)

	EMCA Web Site
		EMCA aims to represent the interests of the buy-side to the official sector and to sovereign issuers directly.
		The principal objective of EMCA is to provide an organized vehicle consistent with the long-term expansion and stability of the asset class.
		Establishing a general framework for debt restructurings that involves bondholders and ensures the fair treatment of their claims.
	emcreditors.com (269 words)

	Ending Argentina's Addiction to Debt-Based Development
		James A. Dorn is vice president for academic affairs and Ian Vásquez is director of the Project on Global Economic Liberty at the Cato Institute.
		When Argentina defaulted on more than $80 billion of its debt in December 2001--the largest sovereign debt default in history--it was but the culmination of decades of addiction to debt-based development.
		Total government debt stood at $144 billion at year-end 2001 but had risen to $177 billion by the end of 2003.
	www.cato.org /dailys/08-02-04-2.html (818 words)

	Sovereign Debt - Debt BR
		Emerging market debt investors are advised to note that many among the South African business elite are moving their capital out of the country and that......( Continue Reading)
		A general reputation model of international debt where countries repay their debt even without the threat of direct sanctions is developed.
		African leaders yesterday called for a sweeping programme of debt write-off throughout the continent, going well beyond the plans agreed by the Group of Eight leading industrialised nations ahead of their summit this week.
	www.debt.br.com /sovereign-debt.html (526 words)

	Sovereign Debt Restructuring (Site not responding. Last check: 2007-11-06)
		In the debt regime, in addition to the key roles played by the G-5 countries, the IMF and World Bank, there are institutional mechanisms for both official debt (Paris Club) and bank debt (London Club) but no bond mechanism.
		In December 2001, Argentina experienced the largest sovereign default in history unleashing domestic turmoil, and ongoing conflict between the sovereign and her bonded creditors.
		Debt to the world: The crisis in Argentina lends support to calls for better sovereign bankruptcy procedures.
	www.matthewtubin.com /SDRM.html (1371 words)

	debt - debt negotiator - sovereign debt (Site not responding. Last check: 2007-11-06)
		LONDON, July 21 (Reuters) - Emerging sovereign debt fell on Thursday in a knee-jerk reaction to China's decision to scrap the yuan's peg to the U.S. dollar.
		A agreement settling Neftegaz Ukrainy s debt to Russia s Gazprom for natural gas supplies in 1997-2000 was absolutely legal, Gazprom s press service told RBC commenting on Ukraine s allegations of the agreement s illegal nature.
		The church had been in debt mainly because of recent building projects, and monthly finances were running in the negative at the same time, Caponegro said.
	www.consolodebt.com /debt/sovereign-debt.html (2128 words)

	Sovereign Debt Conference - Economic Research Events - FRB Dallas
		Emerging market economies face a number of challenges, but better management of sovereign debt and lower default rates are particularly important to ensuring economic growth.
		A joint initiative of the Federal Reserve Bank of Dallas and the University of Texas at Austin, ISFIG was established in 2002 to promote research and dialog between policymakers and scholars on topics of importance to emerging market and transition economies.
		&#8220;Sovereign Debt in the 21st Century” is the first in a series of conferences, seminars and other events ISFIG will host to further the understanding of these issues.
	www.dallasfed.org /news/research/03sovereign.html (411 words)

	Enhancing sovereign debt restructuring
		However sovereign debt restructuring mechanisms are observed to be costly both for sovereigns and their creditors.
		To address coordination problems, this paper suggests organising a sovereign debt dispute resolution forum, which brings together debtors and all classes of creditors.
		In addition, it underlines that improvements of sovereign debt can take place in the broader context of improving creditworthiness in emerging- market economies and sustaining rational capital flows that promote economic growth.
	www.eldis.org /static/DOC11322.htm (275 words)

	sovereign debt - Best Resource About sovereign debt (Site not responding. Last check: 2007-11-06)
		Sovereign Debt Restructuring :: Chapter15.Com --- Title 11, United States Code, Chapter 15, Ancillary and other Cross-Border...
		Sovereign Debt Restructuring: Your Definitive Source for Sovereign Debt Information: covers government's moves to extend payment on their debts, sovereign debt defaults, bondholder collection...
		Each saw know another before me it mean of sovereign debt, land strong later and boys a download each.
	www.barginhunting.net /mortgage-finance/sovereign_debt (563 words)

	Sovereign Debt Management - Free information and advice for people in debt... (Site not responding. Last check: 2007-11-06)
		Sovereign Debt Management - Free information and advice for people in debt...
		For some time now we have been increasingly aware of the growing problems of debt that are affecting so many of us.
		We aim to bring a range of solutions to the challenges that face people with financial difficulties today.
	www.sovereigndebt.co.uk (151 words)

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