When Sovereigns Go Bankrupt A Study on Sovereign Risk
The public debt crisis that Eurozone countries have experienced since 2010 has been accompanied by a resurgence of sovereign risk. Greece was obliged to restructure its debt in 2012. The credit position of even the wealthy countries is shakier than at any
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Norbert Gaillard
When Sovereigns Go Bankrupt A Study on Sovereign Risk
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SpringerBriefs in Economics
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Norbert Gaillard
When Sovereigns Go Bankrupt A Study on Sovereign Risk
Norbert Gaillard Economist and independent consultant Corbeil-Essonnes France
ISSN 2191-5504 ISSN 2191-5512 (electronic) ISBN 978-3-319-08987-4 ISBN 978-3-319-08988-1 (eBook) DOI 10.1007/978-3-319-08988-1 Springer Cham Heidelberg New York Dordrecht London Library of Congress Control Number: 2014943914 © The Author 2014 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Abbreviations
BIS CAC CDS CFB CRA ECR FBPC FC GDP GNP ICRG IMF LC MIGA NYSE OECD OTC S&P SCDS WEF
Bank for International Settlements Collective action clause Credit default swap Corporation of Foreign Bondholders Credit rating agency Euromoney Country Risk Foreign Bondholders Protective Council Foreign currency Gross domestic product Gross national product International Country Risk Guide International Monetary Fund Local currency Multilateral Investment Guarantee Agency New York Stock Exchange Organization for Economic Co-operation and Development Over-the-counter Standard & Poor’s Sovereign credit default swap World Ec
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