Fifth Annual Sovereign Debt Restructuring Conference: Whom to Blame for Sovereign Debt Restructurings — Borrowers, Creditors, International Institutions, or Catastrophes?
Date: Friday, February 25, 2022
Virtual Event
The video replay is available!
Presentation DocumentsEvent Detail
Fifth Annual Sovereign Debt Restructuring Conference: Whom to Blame for Sovereign Debt Restructurings — Borrowers, Creditors, International Institutions, or Catastrophes?
Sovereign debt restructurings are recurrent events, with their intensity having increased during the last two decades. The question that arises is whom to hold accountable for these episodes — the borrowing countries, investors, international financial institutions (in particular the IMF), unpredictable catastrophic events, or collectively all these elements? This question becomes even more pressing in view of the dire prospects from the current buildup of massive global sovereign debt levels currently at 300% of global GDP. The conference will shed some light on these questions using the knowledge and insights of a distinguished group of experts from academia, global institutions and institutional investors.
This conference, now in its fifth year, is held in partnership with Drexel University’s LeBow College of Business. We invite you to register to join us virtually on Friday, February 25, 2022.
Agenda
9:00 – 9:05 a.m. | Opening Remarks
- George Tsetsekos, GIC Board Member and Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of Business
- Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
Session I
9:05 – 9:20 a.m. | Global Debt Perspectives
- Miguel Savastano, Deputy Director, Monetary and Capital Markets Department, IMF
9:20 – 10:20 a.m. | Sovereign Perspectives
- Patrick Honohan, former Governor Bank of Ireland
- Athanasios Orphanides, former Governor of the Central Bank of Cyprus
- Alfonso Prat-Gay, former President of the Central Bank of Argentina
10:20 – 10:35 a.m. | IMF Perspectives
- Yan Liu, Deputy General Counsel of LEG, International Monetary Fund
10:35 – 10:50 a.m. | Session I Q&A
- Moderator: Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
10:50 – 11:00 a.m. | Break
Session II
11:00 – 11:15 a.m. | Rating Agencies Perspective
- Elena Duggar, Chair, Moody’s Macroeconomic Board
11:15 – 11:30 a.m. | Financial/Legal Advisor’s Perspective
- Rafael Molina, Managing Partner of Newstate Partners LLP
11:30 a.m. – 12:00 p.m. | Investor’s Perspectives
- Federico Sequeda, Vice President, Eaton Vance Management
- Liam Localio, Managing Director, Greylock Capital Management
12:00 – 12:15 p.m. | Catastrophe Shocks, Institutional and State Contingent Debt Instruments
- Thordur Jonasson, Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund
12:15 – 12:30 pm. | Analytical Perspectives
- Tamon Asonuma, Economist in the Strategy Policy and Review Department, International Monetary Fund
12:30 – 12:45 p.m. | Session II Q&A
- Moderator: Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
12:45 – 1:00 p.m. | Closing Remarks
- Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
Conference Co-Chairs:
- Michael G. Papaioannou, Ph.D., TA Expert-Advisor, International Monetary Fund
- George Tsetsekos, Ph.D., GIC Board Member, Francis Professor of Finance and Dean Emeritus at LeBow’s College of Business at Drexel University
Past Conferences
- Sovereign Debt, Restructuring and Risk Management in the post-covid19 Era, February 26, 2021
- Sovereign Debt Restructurings: Prospects and Challenges in Argentina, February 28, 2020
- Sovereign Debt Distress, Restructurings, and Market Access: The Cases of Ireland Portugal and Cyprus. February 28, 2019
- Sovereign Debt Restructurings: The Case of Venezuela, February 23, 2018
Event Location
Speakers
Tamon Asonuma
Economist in the Strategy Policy and Review Department, International Monetary FundTamon Asonuma is an Economist in the Strategy Policy and Review Department of the IMF. Since joining the IMF on September 2010, he has spent most of times in Research Department and Strategy Policy and Review Department.
Elena Duggar
Managing Director - Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors ServiceElena Duggar is Moody’s Chief Credit Officer for the Americas, and a Managing Director in the Credit Strategy & Research team. Elena is also the Chair of Moody’s Macroeconomic Board, which sets the global macroeconomic forecasts underpinning Moody’s universe of ratings.
Patrick Honohan, Ph.D.
Former Governor of the Central Bank of IrelandPatrick Honohan was Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015. He is an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics.
Thordur Jonasson
Deputy Division Chief, Debt Capital Markets Division, International Monetary FundMr. Thor Jonasson is a Deputy Division Chief in the Debt Capital Markets Division in the IMF Monetary and Capital Markets Department.
Yan Liu
Deputy General Counsel in the Legal Department, International Monetary FundMs. Yan Liu is Deputy General Counsel in the Legal Department of the International Monetary Fund. Ms. Liu has advised on all aspects of the IMF’s policies and operations, including the design and implementation of its financial assistance programs, the surveillance over member countries’ economies and the technical assistance to its members.
Liam Localio
Managing Director, Farallon Capital ManagementLiam Localio joined Farallon Capital Management in 2022, and is a Managing Director in the Credit group focused on emerging markets sovereign investments.
Rafael M. Molina
Senior Managing Director, Newstate Partners LLPRafael has 25 years of experience advising a wide range of clients on finance related matters, including liability management strategies aimed at optimizing debt service profiles and yield curves, enhancing risk management practices, and the financing of sustainable infrastructure projects.
Athanasios Orphanides, Ph.D.
Professor of the Practice of Global Economics and Management at the MIT Sloan School of ManagementAthanasios Orphanides is a Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management. He is also an Honorary Advisor to the Bank of Japan’s Institute for Monetary and Economic Studies, a member of the Shadow Open Market Committee, a Research Fellow at the Centre for Economic Policy Research, a Senior Fellow at the Center for Financial Studies, and a Research Fellow at the Institute for Monetary and Financial Stability.
Michael G. Papaioannou, Ph.D.
TA Expert Advisor, International Monetary Fund and Senior Visiting Scholar and Professor, LeBow College of Business, Drexel UniversityDr. Michael G. Papaioannou serves as a TA Expert Advisor at the International Monetary Fund and is a Visiting Scholar and Professor at the LeBow College of Business, School of Economics, Drexel University.
Alfonso Prat-Gay
Former President of the Central Bank of ArgentinaAlfonso Prat-Gay was Minister of Treasury and Finance of Argentina from 2015 until 2016. Previously, he was a member of Congress (2009-2013), and president of the Central Bank of Argentina (2002-2004).
Miguel Savastano
Deputy Director in the Monetary and Capital Markets Department of the International Monetary Fund (IMF)Mr. Miguel Savastano is a Deputy Director in the Monetary and Capital Markets Department of the International Monetary Fund (IMF). In this capacity, he oversees the advice provided by the IMF to its member countries on resolution of banking sector problems.
Federico Sequeda
Head of Country Research & Portfolio Manager, Morgan Stanley Investment ManagementFederico is the head of Country Research and a portfolio manager on the Emerging Markets team at Morgan Stanley Investment Management. He oversees the country research process and is responsible for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies.
George Tsetsekos, Ph.D.
Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of BusinessDr. George Tsetsekos, serves as the Francis professor of Finance and Director of the Risk Management Center at the LeBow College of Business. He served as Dean of LeBow (2002-2012) and under his transformative leadership the college achieved national rankings and quality milestones in research and teaching.
Partners
