All of the chapters in this volume represent the cutting edge of thinking about sovereign debt. The contributions stem from the authors' deep expertise in the subject matter. Almost all of the contributions are based on formal academic research conducted in the last two years. Accordingly, this...

This paper proposes a two-step, market-based approach to debt reduction: Step 1. The European Financial Stability Facility (EFSF) would offer holders of debt of the countries with an EFSF programme (probably Greece, Ireland and Portugal = GIP) an exchange into EFSF paper at the market price...

Bankruptcy gives individuals a fresh start by allowing them to discharge much of their unsecured debt. But the consequences of bankruptcy do not end when the legal process is complete. After bankruptcy, families still must figure out how to make ends meet and how to interact with the credit...