Sovereign Debt Restructuring Conference

March 26–27, 2015 - Mandarin Oriental, Knightsbridge London

A small, high level conference to discuss sovereign debt problems around the world. We have a combination of the world's top economists, lawyers, market participants, and policymakers already committed to participating. The keynote speech by Olivier Blanchard, Economic Advisor at the IMF, will discuss the Fund's latest thinking on debt reprofiling and restructuring options. The remaining sessions will touch the major issues surrounding debt problems today, including an update on the recent court rulings and their implications, the latest thinking on how collective action clauses might evolve, and new proposals that might serve as alternatives to existing arrangements.

The conference is sponsored by Brevan Howard Centre, Imperial College London, Initiative on Global Markets, Booth School, University of Chicago, and International Insolvency Institute.

Attendance is by invitation only. View participants list

Organizers: Franklin Allen (Imperial), Anil Kashyap (Chicago Booth), Charles Mooney (University of Pennsylvania Law School) and Christoph Paulus (Humboldt-Universität zu Berlin)

 

Program

Thursday 26th March 2015

7:00-7:30 pm
Reception: The Roseberry Room

7:30 pm
Dinner: Asquith and Balfour Suite's

Friday 26th March 2015

8:00-9:00 am
Registration/Tea, Coffee, and Continental Breakfast

9:00-11:00 am
Panel 1: Where things stand currently and lessons from recent events

Chair: Andrei Kirilenko (MIT)

Marcus Miller (Warwick University) - View comments
Ashoka Mody (Princeton University) - View comments
Anna Gelpern (Georgetown University) - View comments

Discussants:
Michael Dooley (UC Santa Cruz) - View comments
Jaume Ventura (Centre de Recerca en Economia Internacional (CREI))

Comments by the Chair and General Discussion

11:00-11:30 am
Break - Tea/Coffee

11:30-12:30 pm
Keynote Speech Olivier Blanchard (International Monetary Fund)

12:30-2:00 pm
Lunch - Speaker: Lee Buchheit (Cleary Gottlieb Steen & Hamilton LLP) - View comments

2:00-3:30 pm
Panel 2: Restructuring mechanisms I – Collective action clauses

Chair: Guillermo Ortiz (Grupo Financiero Banorte-IXE)

Collective action clauses as restructuring mechanisms –
Mitu Gulati (Duke University) - View comments
Collective action clauses for Europe –
Ignacio Tirado (Universidad Autónoma of Madrid) - View comments

Discussants: Mark Sobel (US Treasury) and Rodrigo Olivares-Caminal (Queen Mary University)

Comments by the Chair and General Discussion

3:30-3:50 pm
Break - Tea/Coffee

3:50-5:20 pm
Panel 3: Restructuring mechanisms II – Proposals for formal restructuring
mechanisms

Chair: Barry Herman (The New School)

Broad overview – Steven L. Schwarcz (Duke University; Centre for
International Governance Innovation) - View comments
Prospects and proposals for formal restructuring mechanisms for Europe –
Christoph Paulus (Humboldt University) - view comments

Discussants: Charles Mooney (University of Pennsylvania) and Robert A. Cohen (Dechert, counsel for Elliott Associates in Argentina litigation)

Comments by the Chair and General Discussion

5:20-5:30 pm
Break

5:30-7:00 pm
Panel 4: Overview and concluding discussion

Chair: Steven T. Kargman (Kargman Associates)

Discussants:
Anne Krueger (Johns Hopkins University)
Jay Newman (Elliott Associates)
Benu Schneider (United Nations) - View comments

Comments by the Chair and General Discussion

7:00-7:30 pm
Drinks Reception - Loggia Room