Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructur

The Nile on eBay   Default by Gregory Makoff, Lee C. Buchheit

The dramatic inside story of the most important case in the history of sovereign debt lawUnlike 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.

FORMATHardcover CONDITIONBrand New Author Biography

Gregory Makoff, PhD, is a senior fellow at the Centre for International Governance Innovation and an expert on sovereign debt management. A former banker specializing in debt advice, liability management, and derivatives, he has also advised the US Department of the Treasury.

Table of Contents

ForewordIntroduction1 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)EpilogueConclusionAcknowledgmentsAppendix A: Featured CharactersAppendix B: Timeline of EventsGlossaryNote on SourcesNotesAbout the Author

Review

[A] superb account. -- David Skeel, University of Pennsylvania * Wall Street Journal *Default is a powerful, exciting and instructive book that clearly and surprisingly amusingly presents the 'lengthiest, messiest sovereign debt restructuring in history' (283). * ReVista Harvard Review of Latin America *This book is a pleasant surprise. * CHOICE connect *A scrupulously fair and comprehensive look at the trial of the century for sovereign debt. -- Robin Wigglesworth * Financial Times *Featuring excerpts from numerous legal briefs, oral arguments, and judicial musings and decisions—as well as revealing interviews with key participants—the book should be required reading for students of international law, and of interest to anyone wanting to understand what the "Trial of the Century," as it was referred to in the press and among attorneys, was all about. * Americas Quarterly *[Makoff] packs a lot of detail about the many overlapping legal cases, the players on all sides and the macro conditions into this "courtroom drama," which doubles as a guide about challenging debt restructuring. * Ziemba Insights *For students and professors, Makoff sticks the landing in authoring both a scholarly and practical history. Much ink has been spilt in academic circles on how sovereign debt markets work in theory. It took a practitioner like Makoff to explain how the world is rather than how it is supposed to be. -- Samy B. Muaddi, Georgetown University * Enterprising Investor *Alternating between spellbinding narrative and dry legal analysis, he describes the thrust and parry between Argentine governments and litigious investors.... * Foreign Affairs *In his magnificent new book, Default, Gregory Makoff tells the story of one of the most fascinating (and surreal, I would say) episodes in Argentina's history....The book is full of information, testimony from the main players, quotes from the international media, and statistical data obtained from various sources. All this makes it an important scholarly contribution to the literature on sovereign defaults. But there is more to it than this. There is also a fair amount of gossip, and the book is written in a lively style. It sometimes reads like a novel.... Makoff tells the story of the final negotiation, with all its drama and complexity, in a masterful way. * Literary Review *

Promotional

"An engrossing page-turner about what happens when law and geopolitics collide, and a triumphant synthesis of the most venomous topic in international finance." —Felix Salmon, chief financial correspondent, Axios, and author of The Phoenix Economy: Work, Life, and Money in the New Not Normal

Details ISBN1647123976 Author Lee C. Buchheit Publisher Georgetown University Press Year 2024 ISBN-10 1647123976 ISBN-13 9781647123970 Format Hardcover UK Release Date 2024-04-01 Audience Age 18 Publication Date 2024-02-01 Imprint Georgetown University Press Subtitle The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring Place of Publication Washington, DC Country of Publication United States Audience General US Release Date 2024-02-01 DEWEY 343.82037 AU Release Date 2024-01-31 Pages 424 Alternative 9781647123987 Illustrations 5 Figures; 15 Illustrations, color We've got this

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