Theo Maret, an astute observer in the sovereign debt landscape, offers deep insights into Zambia's tumultuous debt restructuring. He discusses the conflicts among creditor groups and what fueled their unreasonable demands. Maret sheds light on the complexities of the G20 Common Framework post-COVID-19 and the challenges of intercreditor agreements. He also explores the influence of state-owned banks and the intricacies of domestic debt management in emerging markets, providing essential lessons for future debt negotiations.