Sovereign Debt, Europe & The Global South
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Overview
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Background Information11 Topics
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1. What is debt? What is sovereign debt?
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2. Is having high levels of sovereign debt always a bad thing?
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3. What causes a debt crisis?
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4. The Bretton Woods decades
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5. The first global sovereign debt crisis
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6. Sovereign Debt Crisis in the Global North
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7. The New Debt Crisis
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8. Resolving debt crises (1): what are the options?
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9. A: The Neoliberal Approach to Resolving Debt Crises
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10. Resolving debt crises (2): conditionalities, structural adjustment & economic recovery
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11. Debt: A Guide to Further Reading
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1. What is debt? What is sovereign debt?
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Endnotes
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References
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Interactive learningDeepen your knowledge1 Quiz
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Training materialExercises for group activities4 Topics
References
Blanchard, Olivier and Daniel Leigh (2013) IMF Working Paper WP/13/1 Growth Forecast Errors and Fiscal Multipliers
Bretton Woods Project (2019) What are the main criticisms of the World Bank and the IMF?. June 2019 https://www.brettonwoodsproject. org/2019/06/what-are-the-main-criticisms-of-the-world-bank-and-theimf/#_Toc10127400
Chang, Ha-Joon (2014) Economics, The Users’ Guide
Civil Society position on the IMF and World Bank Debt Sustainability Framework Review, June 2016 https://eurodad.org/files/pdf/5a7c224a7e99c.pdf
Ellmers, Bodo (2016) The evolving nature of developing country debt and solutions for change. Eurodad. Brussels, July 2016 https://eurodad.org/ files/pdf/1546625-the-evolving-nature-of-developing-country-debt-andsolutions-for-change-1474374793.pdf
Eurodad (2019) We can work it out. 10 civil society principles for sovereign debt resolution.
https://eurodad.org/files/pdf/5d91eb4d523cf.pdf
Honest Accounts (2017) How the world profits from Africa’s wealth https://eurodad.org/files/pdf/592fd13288604.pdf
IMF Debt Sustainability Framework for Low Income Countries
IMF (2013) Sovereign debt restructuring. Recent developments and implications for the Fund’s legal and policy framework. International Monetary Fund, Washington, April 2013, https://www.imf.org/external/np/pp/ eng/2013/042613.pdf
IMF (2018) Macroeconomic Developments and Prospects in Low-Income Developing Countries. International Monetary Fund. Washington DC, March 2018, https://www.imf.org/en/News/Articles/2018/03/22/ pr18100imf-discusses-macroeconomic-developments-and-prospects-in-lidcs
Institute of International Finance (2019) Global Debt Monitor, November 2019, https://www.iif.com/Research/Capital-Flows-and-Debt/Global-Debt-Monitor
International Debt Statistics and World Development Indicators database, provided by the World Bank (October 2019) https://datacatalog.worldbank.org/dataset/world-development-indicators and https://datacatalog. worldbank.org/dataset/international-debt-statistics
Jubilee Debt Campaign – A History of Debt
Jubilee Debt Campaign (2015) The new debt trap: How the response to the last global financial crisis has laid the ground for the next https://eurodad.org/files/pdf/1546465-the-new-debt-trap-how-the-response-to-the-last-global-financial-crisis-has-laid-the-ground-for-the-next.pdf
JDC (2018) Africa’s growing debt crisis: Who is the debt owed to? Jubilee Debt Campaign. London, October 2018, https://jubileedebt.org.uk/wp/ wp-content/uploads/2018/10/Who-is-Africa-debt-owed-to_10.18.pdf
Kose, M. Ayhan; Nagle, Peter; Ohnsorge, Franziska; Sugawara, Naotaka (2020) Global Waves of Debt. Causes and Consequences. Advance Edition. World Bank, Washington D.C., January 2020 https://www.worldbank.org/ en/research/publication/waves-of-debt
Mbaye, Samba; Moreno Badia, Marialuz; Chae, Kyungla (2018) Bailing Out the People? When Private Debt Becomes Public. IMF Working paper (WP/18/141). IMF Fiscal Affairs Department. Washington DC, June 2018
The politics of quantitative easing: A critical assessment of the harmful impact of European monetary policy on developing countries SOMO Rodrigo Fernandez & Pablo Bortz & Nicolas Zeolla Amsterdam, June 2018
UNCTAD’s 2012 Principles on Promoting Responsible Sovereign Lending and Borrowing
UN Guiding Principles on Foreign Debt and Human Rights
UN Guiding Principles on Human Rights Impact Assessments of Economic Reforms