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Sovereign Debt Restructuring

Qualitative

10% early bird discount until 28 November 2019

Registration deadline: 5 April 2020

Download the brochure

 
  • General description

    The goal of this course is to enable an understanding of the risks in sovereign debt; and particularly those risks relating to sovereign default and restructuring.

    The course is structured around the life cycle of a default; with an emphasis on trying to understand the different stages of a crisis and making predictions regarding how the crisis will play out. Participants will get an basic exposure to both the economic and legal considerations involved in the operation of any sovereign debt crisis.

    The course, in addition to exposing participants to the dynamics of a sovereign crisis, will use a case study of either a recent or ongoing crisis to illustrate how restructuring plans get designed.

  • Topics covered

    • The Sources of Sovereign Credit Risk – Law and Economics
    • The Techniques to Deal with Sovereign Crises — Bailouts and Restructurings
    • Case Studies of Two Past Crises and Restructurings: Greece (2012) & Argentina (2001)
    • Case Studies of Two Possible Future Restructurings: Venezuela and Italy (2019-20)

    Course modules

    1. How do sovereign borrowers get into trouble?
    2. The warning signs of sovereign distress.
    3. Initial maneuvers to escape and evade the crisis.
    4. The options when the initial maneuvers don’t work — bailout or restructure
    5. The evolution of sovereign debt restructuring techniques — 1982 to 2017
    6. The role of the official sector
    7. Contractual provisions that facilitate, or that retard, sovereign debt workouts
    8. Sovereign debt restructuring after Greece and Argentina
  • Meet the instructors

    Mitu Gulati is on the faculty of the Duke University School of Law. His current research areas are Sovereign Debt Restructuring, Contract Evolution and Measuring the Impact of Changes in the Rule of Law. He has forthcoming work in the Journal of Financial Regulation and the Capital Markets Law Journal.

    Ugo Panizza is Professor of Economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies. He is also the Director of the Institute’s Centre for Finance and Development and Editor in Chief of International Development Policy. He is the Director of the International Centre for Monetary and Banking Studies (ICMB), Vice President and Fellow of CEPR, and Fellow of the Fondazione Einaudi. Before joining the Graduate Institute, he was Chief of the Debt and Finance Analysis Unit at the United Nations Conference on Trade and Development (UNCTAD) and a Senior Economist at the Inter-American Development Bank. He also worked at the World Bank and taught at the American University of Beirut and the University of Torino. Ugo holds an undergraduate degree from the University of Torino and a Ph. D. in Economics from the Johns Hopkins University (Baltimore).

    Lee C. Buchheit is Honorary Professor at the University of Edinburgh. Previously, he was a lawyer at a major firm in New York, designing and implementing sovereign debt restructurings for much of the past twenty-five years.

  • Prerequisites

    Undergraduate or graduate degree in any related discipline and past exposure to sovereign debt analysis.

  • Fees

    1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).

    1900€ – Private Sector.

    950€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register.

    The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.

    Please note that the payment must be settled two weeks before the start of the course.


    EARLY BIRD DISCOUNT

    Participants who register and settle the payment before 28 November 2019 will benefit from a 10% reduction of the course fees.


    CANCELLATION POLICY

    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
    • Registered participants who have not yet paid the registration fee can cancel their participation until one month before the start of the course.
    • The registration fee is non-refundable, however it will be possible to transfer registration to another person or request a voucher for another FBF course up to 20 days before the start date of the course.

    For more details, please contact fbf@eui.eu
  • Practical information

    A certificate of attendance will be provided to all participants after the course.

    Accommodation 

    Please notice that the course dinner, and most of the social activities, will take place downtown.

    Recommended hotels nearby the EUI:

    Recommended hotels in downtown Florence:

    Suggested restaurants in Florence city centre

    Wi-Fi

    On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.

    Privacy Notice

    The personal information you have provided will be processed in compliance with the EUI Privacy Statement for conferences. For general queries: fbf@eui.eu

     

    General information on local transport

    From Florence airport:

    Florence airport is located 8 km from the city centre, approximately 30 minutes by taxi or bus. Taxis can be found outside the arrivals terminal; no reservation is needed. A taxi ride from the airport costs about €20 and takes approximately 25/30 minutes.

    A tramway (line T2) connects the airport to the city centre. Trains leave from the airport terminal and take 20 minutes to the main railway station. One-way tickets can be bought from vending machines for €1.50.

    The airport is also connected to the main railway station in Florence by a shuttle bus (‘Vola in bus’) that leaves every 30 minutes (on the hour and on the half-hour) and takes 25 minutes. Tickets are available on board for €6.00.

    From the central railway station:

    Take bus n. 7 at the bus stop Stazione Nazionale in the direction “Fiesole Piazza Mino”, get off at the stop ‘San Domenico 01’. For bus routes and timetables consult the official timetable.

    Bus tickets are sold outside the railway station, at ATAF ticket kiosks and vending machines, tobacconists (tabacchi), newspaper kiosks (edicole), and most cafès (bar). Bus tickets can be purchased also on board with a contactless credit card (Mastercard, Maestro, Visa and V PAY).

    Private car

    From the A1 Milano-Napoli (Autostrada del Sole), take the Firenze Sud exit and follow directions to the city centre/Stadio. Follow the directions to the stadium (Stadio), then for Fiesole. San Domenico is on the main road to Fiesole.

    The EUI has several free parking areas available all over the Campus.