Martín Guzmán Says More…
Project Syndicate interviews Argentina's Economy Minister, Martin Guzmán. A preview below.
Project Syndicate: Argentina’s successful sovereign-debt restructuring amid the COVID-19 crisis was a remarkable achievement. In your forthcoming commentary for Project Syndicate’s annual Year Ahead magazine, you share lessons from it. For example, to complement bond contracts’ collective-action clauses, which became a market standard in 2014, we must improve the international architecture for sovereign-debt restructuring – a task, you note, that the G20 has taken on in the context of the pandemic. Which changes are most urgent?
Martín Guzmán: Over the last four decades, sovereign-debt restructurings have often been too little, too late: the process is delayed, and when it eventually takes place, the debt relief provided is often insufficient to restore debt sustainability and enable economic recovery. In fact, over the same period, more than half of sovereign-debt restructurings with private creditors have been followed by another restructuring or a default within five years.
About the Author
Initiative for Policy Dialogue (IPD)
Martín Guzmán served as Minister of Economy of the Republic of Argentina (December 2019- July 2022).
He is a Research Scholar at the Columbia University School of Business and Director of the Sovereign Debt Restructuring Program of Columbia’s Initiative for Policy Dialogue. He is the executive director of the academic training program supported by the Institute for New Economic Thinking chaired by Professor Joseph Stiglitz at Columbia University Business School. He is a professor of Money, Credit, and Banking at the National University of La Plata. He has served as editor-in-chief of the Journal of Globalization and Development and is a member of the editorial board.
He is a member of the Pontifical Academy of Social Sciences in the Vatican and a member of the Scientific Board of the Trento Summer School in Adaptive Economic Dynamics at the University of Trento, Italy.
He holds a PhD. In Economics from Brown University, United States (2013). Prior to his doctoral studies, he received a Bachelor’s degree in Economics (2005) and a Master’s degree in Economics (2007) from the National University of La Plata, Argentina.
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