DebtTalks

In this episode of DebtTalks, Paola Subacchi and Martin Kessler explore what happens when a country begins to face mounting debt pressures. What are the early warning signs, and when does concern turn into crisis? The discussion also delves into the options available to heavily indebted countries – from restructuring to relief – and take a closer look at how the IMF’s Debt Sustainability Analysis shapes decisions along the way.Hosts & Guests Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Martin Kessler is the Executive Director of the Finance for Development Lab. Previously, he worked as an economist in the Development Cooperation Directorate of the OECD, focusing on trends of development finance for developing countries, and debt risks in particular.Prior to this, Martin worked at the World Bank on development dynamics in East Asia, and held research positions at the Brussels-based economic think-tank Bruegel and the Peterson Institute for International Economics in Washington DC.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

Episode 13 of DebtTalks dives into how Latin America can unlock domestic finance to power - funding major infrastructure while supporting SMEs - to the rise of innovative tools like green and thematic bonds in the Caribbean, the episode explores what’s working across a diverse region.With debt costs squeezing fiscal space, the conversation highlights the urgent need for cheaper financing. It also underscores the importance of stronger multilateral cooperation - moving beyond siloed approaches - to scale impact and drive sustainable development.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Sebastián Nieto-Parra is an Economist at the OECD Development Centre, where he works on the production of the annual report Latin American Economic Outlook. He also teaches economic policy of emerging markets at Sciences Po, Paris. His research interests include banking regulation, international finance and political economy in emerging countries. In particular, he has been researching the structure of the primary bond market. He has presented a number of his papers in various academia and policy-making oriented conferences. Before joining the OECD, Mr. Nieto-Parra was an Economist for Latin America at Santander Bank, Madrid.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

As the European Union has emerged as a major bond issuer since the Covid-19 pandemic, this episode explores the fast-growing market for sovereign, sub-sovereign and supranational debt. Paola Subacchi and Lawrence Duquesne-Garner trace the EU’s journey as a bond issuer, revealing how crisis-driven financing is turning into a long-term investment strategy. Hosts & Guests  Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Lawrence Duquesne-Garner is a Managing Director within Crédit Agricole CIB's Sovereign, Supranational and Agency (SSA) debt capital markets team, which he joined in London in 2014. He is responsible for the public sector bond issuers in Germany, Switzerland, the Nordic region, as well as the European Commission (NextGenerationEU).Prior to joining Crédit Agricole in 2014, Lawrence held several front office positions within investment banks in Paris, Frankfurt and London. These included positions in public sector debt capital markets as well as Cross-Asset Solutions Sales and Export Finance negotiations.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

As advanced economies cut international aid, Paola Subacchi and Clemence Landers assess the consequences for developing countries and the global economy. As funding declines, the risks multiply: an aid crisis can deepen debt distress, evolve into a broader development crisis, and ultimately trigger governance breakdowns. At stake is the very purpose of foreign assistance – preventing instability, economic collapse, and governance breakdown.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Clemence Landers is vice president and senior policy fellow at the Center for Global Development, as well as a trustee on the Center for Global Development Europe's board of trustees.  Prior to joining CGD, she worked at the US Treasury Department on US engagement with the multilateral development banks and as a desk economist covering several countries in the Middle East and North Africa region.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode Paola Subacchi and Barthélemy Faye explore the shifting landscape of finance for development in Africa. As countries expand their access to capital markets and diversify funding sources, new financial tools are reshaping how debt is managed. At the forefront are debt swaps, which replace expensive debt with cheaper, more flexible financing – creating fiscal space while supporting critical development priorities.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Barthélemy Faye is a Partner at Cleary Gottlieb Steen & Hamilton LLP His practice focuses on corporate and financial matters and Africa-related transactions, including energy and natural resources projects, financings, acquisitions and JVs, private equity, and sovereign debt.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

This episode features Paola Subacchi in conversation with former EU Commissioner Paolo Gentiloni. They explore how ageing, climate pressures and, more recently, defence spending are driving public debt higher, while growth remains elusive and interest rates stay relatively high. The discussion revisits Europe’s response to the sovereign debt crisis and Covid, before turning to a largely overlooked challenge in developing countries – “defaulting on development.”Paolo Gentiloni is Co-Chair of the UN Group of Experts to promote policy solutions to resolve the debt crisis in developing countries. From 2019 to 2024, Mr Gentiloni was European Commissioner for Economy. He served as Prime Minister of Italy from 2016 to 2018 and Minister of Foreign Affairs and International Cooperation (2013-2014).Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

Join Paola Subacchi and Guillaume Arditti for a lively and engaging conversation on financial constraints that developing countries face – and how innovative financial tools can help unlock the funding they need to drive development.Guillaume Arditti is a founding partner of Belvedere Advisory, a strategic and financial consulting firm dedicated to emerging markets. Since January 2024, he has also been an associate researcher at the Jacques Delors Institute, specializing in EU-Africa relations. He began his career at the Agence Française de Développement (AFD) in South Africa, before holding leadership roles at Natixis and BNP Paribas, where he focused on Natural Resources financing and strategy for Africa. He has also taught in the African Studies program at Sciences Po.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

Join Paola Subacchi and Piera Tortora for an in-depth discussion on how international policy cooperation can respond to pressing global challenges, including debt and climate. The episode also explores the Pact for Prosperity, People and the Planet – a global coalition established at the 2023 Summit for the New Global Financing Pact – and its potential to drive meaningful reforms of the international financial architecture.Piera Tortora serves as Head of the Secretariat of the Paris Pact for People and the Planet (4P), a global alliance of 68 countries advocating for international financial reform. A veteran of the OECD (2011–2024), she previously founded the Sustainable Ocean for All Initiative and led work on development finance and sustainable tourism. Earlier, she conducted economic analysis for the UN-FAO and the UN-ECE. She holds a PhD in Economics from the University of Rome “La Sapienza” and has taught at the Geneva Graduate Institute and Sant'Anna University of Pisa.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode DebtTalks departs from our usual long-view approach to engage directly with the latest headlines. Paola and Elina Ribakova explore the financial options available to Ukraine amid intense political uncertainty.Elina Ribakova is Non-resident Senior Fellow at the Peterson Institute for International Economics and a Director of the International Affairs Program and Vice President for foreign policy at the Kyiv School of Economics.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode Paola Subacchi and Carlo Monticelli explore the transformative role finance can play in driving social change. Carlo shares insights into the Council of Europe Development Bank’s mission to promote investment that empowers communities often left on the margins and helps prevent marginalisation. The conversation highlights how financial tools can be harnessed not merely to generate economic growth, but to foster stronger, more inclusive communities across Europe.Carlo Monticelli, an Italian national, was elected Governor of the CEB by the Bank’s member states on 11 June 2021 after serving for six years as Vice-Governor for Financial Strategy. He began his five-year mandate on 18 December 2021.Before joining the CEB, Mr Monticelli worked for more than a decade at the Italian Treasury, representing Italy in international fora and institutions, including as EFC member, G7 Deputy, G8 Financial Sous-Sherpa, G20 Deputy, IMFC Deputy, FSB member and OCDE WP3 member.  Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

This episode features political scientists Layna Mosley and Peter Rosendorff in conversation with Paola Subacchi about the domestic and international politics that surround sovereign finance. Since politics plays a crucial role in development finance, the discussion focus on how domestic politics affects access to credit, how governments manage and repay debt, and how political considerations influence the operations of multilateral financial institutions. Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Layna Mosley is Professor of Politics and International Affairs at Princeton Affairs, serving as the Interim Director of the Niehaus Center for Globalization and Governance and Associate Chair of the Department of Politics. She also co-founded the Princeton Sovereign Finance Lab. Peter Rosendorff is Professor of Politics at New York University where he serves as the Director of the NYU Sovereign Debt Network. He is also the Director of Research at the Princeton Sovereign Finance Lab. Professor Rosendorff is a current member of the editorial team at the International Organization journal and was the previous editor of Economics and Politics. In addition, he currently sits on the editorial board of the American Journal of Political Science and previously for the Journal of Politics and International Interactions.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

How can countries in critical debt positions secure the financing they need to invest in critical infrastructure? And when should they rely on grants instead of loans – even at concessional rates? In this episode Paola Subacchi hosts Pablo Saavedra from the World Bank to explore tools such as debt-for-development swaps, designed to lower debt-servicing costs and extend maturities – giving countries more breathing space.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Pablo Saavedra is the Vice President for the Prosperity vertical at the World Bank, working on issues related to economic policy, poverty, finance, institutions, competition, and investment. Prior to serving in this position, he was also the Country Director for Mexico and Practice Manager of the Macroeconomic, Trade, and Investment unit in the Latin America and Caribbean Region at the Bank. In these positions, he provides significant technical knowledge and operational experience across regions on topics related to economic growth, macroeconomics and fiscal policy, and finance.Production Paola SubacchiCoordination Nathalie CorvéeMusique et Réalisation Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode, Paola sits down with Nicole Kearse to explore the intricacies of debt management. Drawing on Nicole’s extensive experience at the African Legal Support Facility (ALSF), they discuss debt sustainability, capacity building, and the strategies to help countries prevent debt crises.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Nicole Kearse is the head of sovereign finance for the ALSF since 2022 and previously served as the organization’s senior legal counsel. Through this role, she uses her expertise on the African region and emerging markets to aid the organization in providing legal advice and technical assistance to countries in the negotiation of complex commercial transactions, creditor litigation, and other sovereign transactions.Prior to servicing in her roles at the ALSF, Nicole Kearse co-founded the Krescent Consulting firm, providing strategic consulting and organizational and IT consulting services to law firms, SMEs, not-for profits, and African start-upsProduction Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode, reflecting on the past five years – marked by crises that have left many countries struggling to manage their debt – Paola Subacchi and Ceyla Pazarbasioglu discuss multilateral policy initiatives such as the Debt Service Suspension Initiative (DSSI), the Common Framework and the Global Sovereign Debt Roundtable. They also examine the role of the International Monetary Fund as the lender of last resort.Hosts & GuestPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Ceyla Pazarbasioglu is the Director of the Strategy, Policy, and Review Department (SPR) at the IMF, serving in this role since 2020. Through this role, she has launched a variety of programmes including the Debt Service Suspension Initiative (DSSI) and the Global Sovereign Debt Roundtable, as well as playing a key role in operationalizing the G-20 Common Framework for Debt Treatments.Prior to serving as the SPR Director, Ceyla Pazarbasioglu served as the Vice President for Equitable Growth, Finance, and Institutions at the World Bank Group from 2015 to 2020, where she managed a portfolio of $30 billion in operational and policy work and advisory engagements. She also served in a variety of different positions with the IMF from 1992-1998 and 2003-2015, including as Deputy Director of the Monetary and Capital Markets Department, Assistant Director in the European Department, and Mission Chief for Ukraine. Earlier in her career, she helped Türkiye’s government contain and resolve the 2001 economic crisis — first as a member of the government’s crisis management team, then as the Vice President of the Banking Regulation and Supervision Agency.Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode Paola Subacchi and Thomas Melonio examine the future of the Sustainable Development Goals (SDGs) and the likelihood of achieving them by 2030. They discuss how to navigate trade-offs and shape a realistic transition path – one that may be more manageable in the long term, but more complex in the short term. The conversation also highlights the critical need to ensure that developing countries are not left behind in accessing the opportunities provided by AI. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Melonio is Chief Economist at Agence Francaise de Development.Hosted on Ausha. See ausha.co/privacy-policy for more information.

In this episode of DebtTalks, Paola Subacchi hosts Thomas Lambert for an in-depth conversation on recent cases of sovereign debt restructuring and how they have been managed. The discussion explores the complexities of bond markets, coordination challenges among creditors, the role of multilateral institutions in addressing debt distress, and the urgent need for affordable sources of capital.Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Lambert is Managing Director of Lazard, Sovereign Advisory Group.Hosted on Ausha. See ausha.co/privacy-policy for more information.

How do public development banks work and how can they help mobilise financialresources to deliver global public goods? What can we expect from the 4thInternational Conference on Financing for Development, set to take place in Sevillefrom 30 June to 3 July 2025? Paola Subacchi speaks with Nicolas Picchiottino aboutharnessing finance to close bridge development gaps both between and withincountries.Hosts and GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and theIncoming Chair in Sovereign Debt and Finance at Sciences Po.Nicolas Picchiottino is the Secretary General of IDFC and the Head of PublicDevelopment Banks at AFD.Hosted on Ausha. See ausha.co/privacy-policy for more information.

The OECD Global Report 2025 highlights the resuming of a long-term trend of morethan two decades of rising debt levels, accompanied by growing interest paymentburdens in many countries. In this episode of DebtTalk, Paola Subacchi and FatosKoc explore policy options – from fiscal restraint and structural reforms to stimulategrowth in advanced economies, to strategies for developing local capital markets inemerging and developing countries.Hosts and GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and theIncoming Chair in Sovereign Debt and Finance at Sciences Po.Fatos Koc is the head of Financial Markets Unit at the OECD.Hosted on Ausha. See ausha.co/privacy-policy for more information.

In Episode 12 of DebtTalks, Paola Subacchi and Sarah Carlson discuss Europe’s debt outlook and the balance between economic growth and debt management. Before diving into these topics, they explore the role of credit rating agencies in the international financial system. The episode offers insights into the methodologies behind sovereign debt ratings, the challenges that these agencies face in today’s complex economic environment, and how ratings can influence both investor confidence and policy decisions. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Sarah Carlson is Senior Vice President at Moody's Ratings, lead analyst for several European countries and a spokesperson on global issues and European matters. Hosted on Ausha. See ausha.co/privacy-policy for more information.

What does transparency mean when it comes to debt contracts? What should be disclosed and what should remain confidential? And how can we highlight good practice? In this episode of DebtTalks, Anna Gelpern speaks with Paola Subacchi about the new initiative Public Debt is Public which Anna is leading in collaboration with Queen Mary University of London. The project focuses on countries with limited resources and aims to create a platform where sovereign debt documentation is publicly available, searchable, and easy to access.Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Anna Gelpern is Scott K. Ginsburg Professor of Law and International Finance at Georgetown Law and non-resident senior fellow at Peterson Institute for International Economics. Hosted on Ausha. See ausha.co/privacy-policy for more information.

As countries face pressing environmental and social challenges, can debt be leveraged as a tool to finance sustainable growth? In Episode 10 of DebtTalks, Paola Subacchi and Thierry Watrin explore this crucial question, delving into the complex relationship between debt and sustainable development. The discussion covers how sovereign debt strategies, responsible lending, and innovative financial mechanisms can help address climate change, poverty, and inequality.Hosts & Guests:Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po.Thierry Watrin, a former advisor to Rwanda’s Minister of Finance, currently leads the Sustainable Debt Coalition, a UN initiative. He teaches a course on climate diplomacy at Sciences Po.Hosted on Ausha. See ausha.co/privacy-policy for more information.

It’s Davos season, and the 47 President of the United States has just been inaugurated. The road ahead is uncertain, with only informed speculation to guide expectations. Against this backdrop, in this episode of DebtTalks – recorded on January 29, 2025 –Paola Subacchi and Isabelle Mateos y Lago examine the relationship between monetary policy and sovereign debt. They discuss how central banks influence government borrowing costs and debt sustainability, particularly as policymakers navigate inflation and economic uncertainty. Changes in interest rates can either ease fiscal pressures or create new challenges for heavily indebted economies. The conversation delves into the current policy landscape, the impact of tightening or loosening monetary conditions, and the potential consequences for bond markets and public finances.Hosts & Guests:- Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po.- Isabelle Mateos y Lago is Group Chief Economist at BNP Paribas.  Hosted on Ausha. See ausha.co/privacy-policy for more information.

According to the International Monetary Fund, global debt increased from 229% of GDP in 2019 to 237% at the end of 2023 due to the pandemic, energy and food price spikes, and interest rates hikes by central banks in advanced countries. In Africa, the debt burden has become particularly severe. Half of African nations are now spending more on interest payments alone than on their public health budgets. This situation is unsustainable and disproportionally affects poorer countries.In this episode of DebtTalks, Paola Subacchi and Jean-Pierre Landau discuss the constraints imposed by rising debt levels and the policy trade-offs among pressing needs such as poverty relief and climate action.Hosts & Guests:- Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Previously she was at Queen Mary University of London, where she contributed to set up the Queen Mary Global Policy Institute, and at Chatham House (The Royal Institute of International Affairs) where she led the international economics research department.- Jean-Pierre Landau, professor at Sciences Po, is former Deputy Governor of Banque de France.  Hosted on Ausha. See ausha.co/privacy-policy for more information.

Welcome to DebtTalks, the podcast of SciencesPo Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. In this episode Paola is joined by Sean Hagan to discuss the role of the International Monetary Fund (IMF) as the lender of last resort and as a “trigger” for debt restructuring.Guest :Sean Hagan, professor at Sciences Po and Georgetown Law, is former general counsel for the International Monetary Fund, non resident fellow at the Peterson Institute for International Economics, and advisor to Rothschild & Co.  Hosted on Ausha. See ausha.co/privacy-policy for more information.

How does the debt market fare over a very long period? Paola Subacchi is joined by Josefin Meyer to look at sovereign bonds over 200 years that stretch after the battle of Waterloo (1815) and 2016. Research shows that over this period real returns averaged more than 6 per cent annually – after taking into account wars, financial crises and default episodes.Guest: Josefin Meyer is Head of International Macroeconomics Research Group of the Macroeconomics Department at Deutsches Institut Für Wirtschaftsforschung (DIW Berlin) and Research Fellow at Kiel Institute for The World Economy.Hosted on Ausha. See ausha.co/privacy-policy for more information.

China has become the world’s largest bilateral creditor to low- and middle-income countries.  Paola Subacchi, Deborah Brautigam and Yufan Huang explore the changing dynamics of China’s lending and the implications for the international financial architecture. Guests: Deborah Brautigam is Director of the SAIS China Africa Research Initiative (CARI) and Bernard L. Schwartz Professor of International Political Economy EmeritaJohns Hopkins School of Advanced International Studies (SAIS).Yufan Huang is a Pre-Doctoral Fellow with the China-Africa Research Initiative, and a PhD candidate at Cornell University.Hosted on Ausha. See ausha.co/privacy-policy for more information.

In the latest episode of DebtTalks, Paola Subacchi and Jérôme Sgard dive into the debt crisis of the 1980s that hit many developing countries between 1982 and 1989. The 1989 Brady initiative put an end to the crisis and put the International Monetary Fund at the helm of the debt restructuring architecture. Guest: Jérôme Sgard is Professor of Political Economy at Sciences Po. He is the author of The Debt Crisis of the 1980s: Law and Political Economy (2023).Hosted on Ausha. See ausha.co/privacy-policy for more information.

Good coordination of creditors and debtors is at the core of effective debt treatments.  The Paris Club, that brings together official creditors, provides coordinated financing for countries that experience debt distress such as debt relief by postponement, reduction in debt service obligations, concessional rescheduling. Listen as Paola Subacchi, William Roos and Philippe Guyonnet-Dupérat discuss challenges posed by a more heterogenous creditor group and institutional innovations like the Common Framework for Debt Treatments.Guests: William Roos is Assistant Secretary for Multilateral, Development and Trade Affairs at the French Treasury. He is co-chair of the Paris Club and co-chaired in that capacity all common framework official creditor committees.Philippe Guyonnet-Dupérat is Secretary general of the Paris Club and head of international debt at the French Treasury.Hosted on Ausha. See ausha.co/privacy-policy for more information.

In 2001 Argentina defaulted on $100 billion in bonds. The subsequent debt restructuring and a decade of litigation with holdout creditors show the complex interplay between financial markets, governments, the IMF, the press, and the courts. Join Paola Subacchi and Gregory Makoff as they discuss the economic, legal, political, and institutional questions that arise when a country defaults on its debt.Guest: Gregory Makoff is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy Schooland an expert on sovereign debt. He is the author of Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring (2024).Hosted on Ausha. See ausha.co/privacy-policy for more information.

Welcome to DebtTalks, the podcast of SciencesPo Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. Join Paola and Yannis Manuelides for the first episode of this series. In 2010 Greece’s debt was downgraded and this marked the beginning of a long debt crisis that brought Greece near collapse and undermined the financial stability of the Euro Area. Guest: Yannis Manuelides is a London-based finance lawyer and consultant.  He was a partner at Allen& Overy’s London office for over 23 years where he headed the firm’s sovereign debt practice. Yannis led the legal team which acted for the Steering Committee of Private Creditors of Greece on Greece's EUR206bn debt restructuring (PSI).  🔗 Chair in Sovereign Debt and finance website LinkHosted on Ausha. See ausha.co/privacy-policy for more information.