Clauses & Controversies
Ep 18 Ft. Yannis Manuelides
Nov 16, 2020
Yannis Manuelides, a renowned sovereign debt lawyer, discusses the reluctance of governments to use GDP-linked bonds. He compares drafting practices in London and New York and critiques the 'common framework' for handling the Covid-induced debt crisis. The podcast explores debt deferral complexities, the role of private sector incentives, and the challenges of restructuring mechanisms in the Eurozone.
51:32
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Quick takeaways
- Tailored solutions essential for effective debt relief by categorizing countries based on needs.
- Contingent instruments like GDP-linked bonds offer balance between relief and repayment based on economic outcomes.
Deep dives
Discussion on the DSSI
The podcast delves into the Debt Service Suspension Initiative (DSSI) focusing on the need for debt relief for poorer nations to combat COVID. The speaker expresses skepticism about the DSSI's success and emphasizes the importance of differentiating countries based on their needs. By categorizing countries needing only liquidity boosts and reforms, preemptive restructuring, or default, the speaker suggests tailored solutions are essential for effective relief efforts. The discussion highlights the need for clear policies and incentives to mobilize the private sector for debt relief, rather than relying solely on legal tools.
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