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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Hardback

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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

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.