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

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Gregory Makoff Lee C. Buchheit

Default

The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring

Gregory Makoff, Lee C. Buchheit

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English

Georgetown University Press
01 February 2024

Politics & government; Economics & Business; Macroeconomics; Monetary economics; Economic history; Civil procedure, litigation & dispute resolution

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.

By: Gregory Makoff
Foreword by: Lee C. Buchheit
Imprint: Georgetown University Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 40mm
Weight: 680g
ISBN: 9781647123970
ISBN 10: 1647123976
Pages: 424
Publication Date: 01 February 2024
Recommended Age: From 18 years
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Foreword Introduction1 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)EpilogueConclusion AcknowledgmentsAppendix A: Featured CharactersAppendix B: Timeline of EventsGlossaryNote on SourcesNotesAbout the Author

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.

Reviews for Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring

[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 *