Sovereign debt risk and restructuring

• Understanding the unique challenges of sovereign debt crises compared to corporate insolvencies.
• Becoming familiar with the key institutions and mechanisms governing sovereign debt crises.
• Understanding the sovereign–bank nexus and drawing lessons from past financial crises.
• Learning about the evolution of market practices and evaluating the advantages and limitations of contractual mechanisms for addressing sovereign debt crises, such as CACs.
• Appreciating the implications of an increasingly diverse creditor landscape and the challenges it poses.
• Learning about recent developments, including IMF initiatives, G20 Common Framework implementations, and debt-for-nature swaps.

MONDAY 8 JUNE

09:00 – 09:15 Welcome and presentation of the School followed by a tour de table

09:15 – 09:30 Introduction

09:30 – 11:00 Session 1 – The law and economics of Sovereign Debt

11:00 – 11:15 Coffee break

11:15 – 12:45 Session 2 – A Very Short History of Sovereign Debt Crises from 1982 to 2025

12:45 – 14:00 Lunch break

14:00 – 15:30 Session 3. The Holdout Creditor

15:30 – 15:45 Coffee break

15:45 – 17:15 Session 4 – The case of Venezuela

17:30 – 18:30 Guided Tour of Villa Schifanoia

TUESDAY 9 JUNE

09:30 – 11:00 Session 5 – 21st Century Pathologies – the Official Sector

11:00 – 11:15 Coffee break

11:15 – 12:45 Session 6 – 21st Century Pathologies – the Private Sector

12:45 – 14:00 Lunch break

14:00 – 15:30 Session 7.1 – Selected issues from recent and current crises Greece, Sri Lanka, Lebanon, Ghana

15:30 – 15:45 Coffee break

15:45 – 17:15 Session 7.2 – Selected issues from recent and current crises Ukraine and Syria

17:30 – 18:30 Cocktail

WEDNESDAY 10 JUNE

09:30 – 11:30 Session 9 – Ruritania’s Sovereign Debt Restructuring (war game) – Part I

11:30 – 11:45 Coffee break

11:45 – 12:50 Session 9 – Ruritania’s Sovereign Debt Restructuring (war game) – Part II

12:50 – 14:00 Question and & answers and concluding remarks

14:00 – 15:00 Light Lunch

This course is designed for:

• Government officials, including those from debt management agencies and ministries of economics and finance, particularly from developing countries.
• Officials from central banks.
• Private sector professionals, including consultants, lawyers, and investment bankers.

FULL FEES*:

€ 950 – Academics
€ 2100 – Public sector
€ 2300 – Private sector

*Please note that the payment must be settled one week before the start of the course.

The fee includes tuition, access to all course materials and pedagogic activities, coffee and lunch breaks and social activities, as well as a certificate of attendance after the course has been completed. The fee does not include travel and accommodation expenses or other local transportation costs (taxis, private cars).

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. Seats for academics are limited.

GROUP DISCOUNT (-15%) for minimum 3 participants from the same institution:

The below group discount applies to 3 or more participants who register for the same course from the same institution. Those wishing to take advantage of the group discount must write an email to fbf@eui.eu, stating the full names of the proposed participants.

€ 807,50 – Group discount academic
€ 1785 – Group discount public sector
€ 1955 – Group discount private sector

CANCELLATION POLICY

Paid registration fee is non-refundable. However, registrant substitution may be made up to 15 days before the start date of the course by contacting fbf@eui.eu.