This article presents a computer-assisted analysis of the first large-scale mass litigation of sovereign debt claims. Between 2002 and 2016, hundreds of lawsuits were filed against Argentina in the United States, virtually all in the Southern District of New York. Historically, litigation...

This study attempts for the first time to compile list of agencies under state supervision in Thailand as well as their outstanding debts in order to provide policy makers more complete picture of public debt. It finds that there are eighty-six agencies with total debts of 3.846 trillion baht as...

Clavijo Vergara analyses the dynamics of Colombia's public and external debt over the period 1997-2003. He argues that a proper assessment of debt sustainability requires that the cost of serving the debt is computed on a gross basis (i.e. including the interest payments on intra-governmental...

How should the contingent liabilities of a sovereign be treated in a general restructuring of the debts of that sovereign? This question has played only a minor role in past sovereign debt restructurings because the size of such contingent liabilities has in most cases been small. In recent...

The contingent liabilities of a sovereign, such as guarantees of the debts of third parties, can normally be kept off the balance sheet of the sovereign guarantor. That is their charm. As the debt to GDP ratios of many developed countries approach red-zone levels, contingent liabilities are...

Kenya’s ballooning public debt has been a major concern in the recent past. In fact, there are fears about the country’s debt sustainability levels. Last year, the International Monetary Fund raised Kenya’s risk of debt distress to high from moderate. What this means is that although the...

Since the early 1990s, public-private partnerships (PPPs) in infrastructure provision have been expanding around the world and in South Asia. Well-structured PPPs can unleash efficiency gains in the provision of infrastructure. But PPPs create liabilities for governments, including contingent...

This chapter engages with the limitations of jurisdictional immunity of states in cases of commercial transactions (acta iure gestionis) by looking at state bonds and immunity against claims for their repayment. There is no international consensus as to whether immunity can subsequently be...