Buchheit, Lee, “Time to scrap ‘financing assurances’?” Financial Times (January 3, 2023). Click here to read the article, featuring Elena Daly’s comment.
“With little or no fanfare, the Fund has in practice abandoned its requirement to receive financing assurances from commercial creditors. Although the Fund press releases continue to speak about the need for such assurances, in practice the staff asks only for a commitment from the sovereign that it will negotiate with commercial creditors.
As it applies to bilaterals, however, a policy has become a serious impediment to efficient resolutions of sovereign debt problems (of which we will surely see much more in 2023/24).
Buchheit makes this case in his very perceptive FT piece.
To take it a tat further, however, the danger is that this policy allows a creditor like China to stall a debt restructuring unobtrusively. Once a program has been approved, the refusal of any creditor — bilateral or commercial — to join a restructuring is very visible, but the financing assurances policy allows such a creditor to throw send in the gears before any one even knows they are spinning.”
Garcia Perez, Irene, “China Question Looms Large as EM Distressed-Debt Club Grows,” Bloomberg.com (July 27, 2022).
Click here to read the article, featuring a quote by Elena L. Daly.
Garcia Perez, Irene, Morpurgo Giulia, Ramnarayan Abhinav, “Russia’s Default Tussle With Bondholders Is Only Just Starting,” Bloomberg.com (June 7, 2022).
Click here to read the article, featuring a quote by Elena L. Daly.
Bloomberg interviewed Elena Daly and Lee C. Buchheit on the current situation affecting Russian debt (May 27, 2022).
Click here to read the full interview.
“Russian Bonds – Will Creditors Join the Fight?,” by Lee C. Buchheit and Elena Daly, SSRN (May 6, 2022).
Click here to read the article.
“Obligations russes : les créanciers prendront-ils les armes ?”, by Lee C. Buchheit and Elena Daly, Les Echos (April 29, 2022).
Click here to read the article (in French).
Garcia Perez, Irene, De Paoli Lucca, Ramnarayan Abhinav “How Sanctions Are Pushing Russia to Brink of Default,” Bloomberg.com (February 24, 2022, updated April 7, 2022).
Click here to read the article, featuring a quote by Elena L. Daly.
Comments on Chapter 8 The Restructuring Process // Sovereign Debt: A Guide for Economists and Practitioners.
To read more, click here.
Comments on Chapter 8 Sovereign Debt Process // Sovereign Debt: A Guide for Economists and Practitioners (IMF-Oxford, upcoming 2019). Speaking notes at the IMF Conference on September 19, 2018.
To read more, click here.
“Contracts in a Time of Capital Controls”, Journal of International Banking and Financial Law (September 4, 2015).
To access the complete article, click here.
Taylor, Paul “Greece May Have Blown Best Hope of Debt Deal,” NYTimes.com (April 12, 2015).
Click here to access the full article, featuring quotes by Elena Daly, on Reuters.com
Taylor, Paul, “‘Great Stretch’ to secure Greek debt return,” Reuters.com (April 13, 2014).
Click here to read the article, featuring quotes by Elena Daly, on NYTimes.com or on Reuters.com
Sovereign Debt Management, Oxford University Press, 2014