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Government

Aug. 7, 2015

When sovereigns default

Despite this evidently common global problem, there is no established process or forum, like bankruptcy, for sovereigns to efficiently resolve issues with all creditors. By Robbin L. Itkin and Alexandra S. Kelly


By Robbin L. Itkin and Alexandra S. Kelly


On Monday, Puerto Rico defaulted on a $58 million bond payment due. Despite carrying
prodigious debt for some time, this default was Puerto Rico's first since it came
under the jurisdiction of the United States 117 years ago. Unfortunately, Puerto Rico
is not the only debt-beleaguered sovereign entity making financial waves in recent
months; both Argentin...

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