The seminar was hosted by Jacques-Alexandre Genet, partner at Archipel, and welcomed Professor Rodrigo Olivares-Caminal, Chair in Banking and Finance Law at Queen Mary University and Pierre Cailleteau, Managing Director in the Sovereign Advisory Group at Lazard.
The panel delved into the multi-faceted subject of sovereign debt and shared their experience on navigating the international debt market, helping sovereigns and investors alike find suitable solutions to remedy the default of foreign states on their debt.
The lively debate was a stark reminder that award creditors face stiff competition from more “conventional” debt holders, i.e. multilateral institutions (IMF, World Bank, etc.), other sovereigns and private financial institutions investing in sovereign debt. The panel discussed at length the different tools each type of creditor has available to address the same common challenge: the sovereign debtor’s inability or unwillingness to face its financial obligations.
The panel reminded the singular nature of the sovereign debt market, where no overarching framework exists to deal with the insolvency of a sovereign State.
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