Clauses & Controversies
Ep 122 ft. Greg Makoff
Jan 8, 2024
Greg Makoff, author of a forthcoming book on Argentina's 2001 debt saga, discusses the mistakes made in the country's debt restructurings, the complexity of the litigation, and the lessons that can be drawn for Argentina's current debt troubles.
46:46
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Quick takeaways
- The book 'Default: The Landmark Battle over Argentina's $100 billion debt restructuring' offers a comprehensive account of Argentina's 2001 default and subsequent 15 years of debt restructuring and litigation, highlighting the connection between different elements of the story and examining the lessons learned.
- The importance of collective action clauses (CACs) in sovereign debt restructuring is emphasized in the book, using the Argentina litigation as a case study to demonstrate the necessity of robust CACs to manage the complexities and challenges associated with such restructurings.
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Overview of the book
The book, titled 'Default: The Landmark Battle over Argentina's $100 billion debt restructuring', provides a comprehensive account of Argentina's 2001 default and the subsequent 15 years of debt restructuring and litigation. Unlike other sources, this book brings together all the pieces of the story, offering a complete coverage of Argentina's history from 2001 to 2016. The author highlights the connection between the various parts of the story and examines the lessons learned from this chapter in Argentina's history to understand what may come next.
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