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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

Event 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

Date: Friday, February 25, 2022 Time: 9:00 AM - 1:00 PM

Location: Virtual Event

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Speakers

Tamon Asonuma

Tamon Asonuma

Economist in the Strategy Policy and Review Department, International Monetary Fund

Tamon 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.

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Elena Duggar

Elena Duggar

Managing Director - Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors Service

Elena 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.

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Patrick Honohan, Ph.D.

Patrick Honohan, Ph.D.

Former Governor of the Central Bank of Ireland

Patrick 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. 

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Thordur Jonasson

Thordur Jonasson

Deputy Division Chief, International Monetary Fund

Mr. Thordur Jonasson is a Senior Financial Sector Expert in the Monetary and Capital Markets Department of the IMF. Prior to joining the IMF, he was a Sr. Securities Markets Specialist in the Global Capital Markets Practice of the World Bank working on developing public and private debt markets and participating in the Financial Sector Assessment Program (FSAP).

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Yan Liu

Yan Liu

Deputy General Counsel in the Legal Department, International Monetary Fund

Ms. 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 operations, including its surveillance over member countries’ economies and financial and technical assistance to its members.

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Liam Localio

Liam Localio

Managing Director, Greylock Capital Management

Liam Localio joined Greylock Capital Management in 2013, and is a Managing Director with responsibility across the firm’s positions in distressed and special situations sovereigns and corporates. 

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Rafael M. Molina

Rafael M. Molina

Managing Partner, Newstate Partners

Rafael has over 18 years of experience assisting sovereign and sub-sovereign clients implement liability and risk management strategies aimed at optimising debt service profiles.  In recent years Rafael has worked closely with the Authorities in Antigua and Barbuda, Barbados, Iraq and Liberia in addressing rising public-sector debt challenges. 

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Athanasios Orphanides, Ph.D.

Athanasios Orphanides, Ph.D.

Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management

Athanasios 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.

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Michael G. Papaioannou, Ph.D.

Michael G. Papaioannou, Ph.D.

TA Expert Advisor, International Monetary Fund

Dr. 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.

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Alfonso Prat-Gay

Alfonso Prat-Gay

Former President of the Central Bank of Argentina

Alfonso 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).

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Miguel Savastano

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.

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Federico Sequeda

Federico Sequeda

Vice President, Eaton Vance Management

Federico Sequeda is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s Global Team. He is responsible for buy and sell decisions and portfolio construction across the entire sovereign space since 2018.

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George Tsetsekos, Ph.D.

George Tsetsekos, Ph.D.

Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of Business

Dr. 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.

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Partners

Drexel University LeBow College of Business