Treasury to Block U.S. Investors From Receiving Russian Debt Payments

May 24, 2022

The Treasury Department moved to cut off Russia’s ability to make payments on its dollar-denominated sovereign debt, putting Russia on a path toward defaulting on its foreign debts this summer and deepening the country’s economic isolation after its invasion of Ukraine.

Since imposing a raft of sanctions on Russia this year, the U.S. had maintained an exemption allowing U.S. banks and investors to process and receive payments on existing Russian bonds. The Treasury said Tuesday it would allow the exemption to expire on Wednesday.

The Ransom: A Look Under the Hood

May 22, 2022

This series was the work of four reporters and more than a dozen researchers. Over the course of more than a year, we examined thousands of pages of original documents found in public and private archives and libraries, mainly in Haiti, the United States and France. We also read hundreds of books and articles, from tomes published shortly after the Haitian revolution began in 1791 to the most recent, which arrived in bookstores in France just months ago.

The team of international scholars who considered the Haitian independence debt as “perhaps the single most odious sovereign debt in history” were Kim Oosterlinck, Ugo Panizza, Mark C. Weidemaier and Mitu Gulati. We cite their research paper, “The Odious Haitian Independence Debt.”

With Russia’s “selective default,” some investors see opportunity

April 11, 2022

One reason even the world’s most litigious vulture investors might balk is the risk to their reputations, said Sovereign Debt Forum Co-Director & Georgetown Law professor Anna Gelpern.

“Remember, a lot of people have already sort of edged out of this space because of sanctions. Of course, the people who stay could get a fabulous reward,” Professor Gelpern said.

What Happens If Russia Defaults? Economists Weigh In

April 7, 2022

Co-Director of the Sovereign Debt Forum and Georgetown Law IIEL Professor Anna Gelpern told Newsweek that if Russia defaults, the results may not be felt in the short term.

"In the near term, if they fail to pay past the grace period, it is entirely plausible—though not certain—that nothing would happen right away," Professor Gelpern said.

Four Lessons from Sovereign Debt Problems in the COVID Crisis

October 21, 2021

In March 2020, when in a few days 80 billion days washed out from already over-indebted countries, many expected widespread government debt crises. Nevertheless, during the progression in the pandemic there were many less default than predicted.

A deep description of sovereign debt for the Florence School of Banking and Finance by Anna Gelpern.

BBC Article Quotes Anna Gelpern in Examination of Chinese Lending

September 29, 2021

Countries can be difficult borrowers, IIEL Professor Anna Gelpern explains, and it's not practical to expect them to hand over a physical asset like a port if they're unable to pay their debts.

Anna Gelpern on "In Defense of Public Debt" for the Peterson Institute

September 17, 2021

Prof. Eichengreen and his co-authors, including Professor Gelpern argue that the ability of governments to issue debt has played a critical role in addressing emergencies—from wars and pandemics to economic and financial crises, as well as in funding essential public goods and services such as transportation, education, and healthcare.

Argentina: Restructuring in the Time of Covid-19

June 12, 2020

Financial Times Article featuring Rodrigo Olivares-Caminal

Poor Countries Face a Debt Crisis ‘Unlike Anything We Have Seen’

June 1, 2020

New York Times Article featuring Mitu Gulati and Ugo Panizza

How The World Can Bring Aid To Emerging Markets?

May 24, 2020

Bloomberg podcast with Lee Buchheit, Mitu Gulati, and Ugo Panizza.

COVID-19 Adds Urgency to Professors' Work on Global Debt

May 12, 2020

Anna Gelpern and Sean Hagan discuss the increasing urgency of sovereign debt management reforms

La crisis de deuda de los mercados emergentes necesitará un 'rescate'

May 2, 2020

Expansión Article featuring Lee Buchheit and Anna Gelpern

The Necessity of a Global Debt Standstill that Works

April 23, 2020

Project Syndicate Article featuring Lee Buchheit, Mitu Gulati, and Ugo Panizza; along with Patrick Bolton, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, and Beatrice Weder di Mauro

How Can Low-Income Countries Cope With Coronavirus Debt?

April 22, 2020

Council on Foreign Relations Article featuring Anna Gelpern

Debt standstills can help vulnerable governments manage the COVID-19 crisis

April 7, 2020

Peterson Institute of International Economics (PIIE) proposal by Anna Gelpern and Sean Hagan along with Adnan Mazarei

Born Out of Necessity: A Debt Standstill for COVID-19

April 2020

Center for Economic Policy Research (CEPR) Policy Insight by Lee Buchheit, Mitu Gulati, and Ugo Panizza, along with Patrick Bolton, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, and Beatrice Weder di Mauro

From coronavirus crisis to sovereign debt crisis

March 26, 2020

Financial Times "Guest post" by Lee Buchheit and Sean Hagan

Global Debt: The Agenda in Full

December 6, 2019

Lee Buchheit speaks to The Agenda with Stephen Cole about how borrowing has reached its highest level on record