Martin Guzman, a postdoctoral research fellow at the Department of Economics and Finance at Columbia University Business School, is a co-chair of the Columbia Initiative for Policy Dialogue Taskforce on Debt Restructuring and Sovereign Bankruptcy and a senior fellow at the Centre for International Governance Innovation (CIGI).
Argentina's new government inherits a country on the brink of a balance-of-payments crisis. Its challenge will be to restore macroeconomic balance without undermining the social and economic gains tha… read more
Every advanced country has a bankruptcy law, but there is no equivalent framework for sovereign borrowers – a legal vacuum that, as we now see in Greece and Puerto Rico, can suck the life out of econo… read more
To avoid economic and political instability, governments sometimes need to restructure their debts. But, in the absence of an international rule of law for doing so, the world pays a higher price than… read more
Last July, when US federal judge Thomas Griesa ruled that Argentina had to repay in full the "vulture" funds that had bought its sovereign debt at rock-bottom prices, the decision reverberated far and… read more
In the midst of the ongoing dispute between Argentina and the “vulture funds” that hold its bonds, a broad consensus has emerged concerning the need for sovereign-debt restructuring mechanisms. Otherw… read more
Argentina's recent default was the work of one man: US federal judge Thomas Griesa, who prohibited the country from repaying its creditors until it repaid in full the 7% who refused a restructuring de… read more
