Resolving Sovereign Debt Crises: There Must be a Better Way
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Division: The New School for Public Engagement
School: Milano School of International Affairs, Management, and Urban Policy
Department: Milano General Curriculum
Course Number: NINT 5006
Course Format: Workshop
Location: Classroom/Online Hybrid
Permission Required: No
As of May 2015, 14 developing countries governments were judged at “high” risk of debt distress and three were already in debt distress, according to the International Monetary Fund and the World Bank. Greece and Ukraine could be added to that list. Although the affected countries change, sovereign debt crises are an international policy problem that never goes away. They are also not handled well by the international community of nations and multilateral institutions, let alone by the home courts of the creditors. This course is about what happens after a government cannot make its normal payments to its creditors and has to “restructure” its debt. The course asks how the decisions are made to ease which obligations and in what ways and why the changes are usually insufficient. It also examines a number of proposals to introduce a more fair and effective system of sovereign debt resolution. By the end of this course, students will be better equipped with key concepts to assess debt crises and evaluate alternative approaches to resolve them.
Course Open to: Degree Students with Restrictions
Not open to Undergraduate students.