GIC Fifth Annual Sovereign Debt Restructuring Conference
Location:
Sovereign debt restructurings are recurrent events, with their intensity having increased during the last two decades. The question that arises is whom to hold accountable for these episodes — should it be the borrowing countries, investors, international financial institutions (in particular the IMF), unpredictable catastrophic events or all of these elements collectively? This question becomes even more pressing in view of the dire prospects from the current buildup of massive global sovereign debt levels currently at 300 percent of global GDP. The conference will shed some light on these questions using the knowledge and insights of a distinguished group of experts from academia, global institutions and institutional investors.
This conference, now in its fifth year, is held in partnership with the Global Interdependence Center of Philadelphia.
Agenda
9:00 – 9:05 a.m. | Opening Remarks • George Tsetsekos, GIC Board Member and Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of Business • Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
Session I
9:05 – 9:20 a.m. | Global Debt Perspectives • Miguel Savastano, Deputy Director, Monetary and Capital Markets Department, IMF
9:20 – 10:20 a.m. | Sovereign Perspectives • Patrick Honohan, former Governor Bank of Ireland • Athanasios Orphanides, former Governor Bank of Cyprus • Alfonso Prat-Gay, former President of the Central Bank of Argentina
10:20 – 10:35 a.m. | IMF Perspectives • Yan Liu, Deputy General Counsel of LEG, International Monetary Fund
10:35 – 10:50 a.m. | Session I Q&A • Moderator: Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
10:50 – 11:00 a.m. | Break
Session II
11:00 – 11:15 a.m. | Rating Agencies Perspective • Elena Duggar, Chair, Moody’s Macroeconomic Board
11:15 – 11:30 a.m. | Financial/Legal Advisor’s Perspective • Rafael Molina, Managing Partner of Newstate Partners LLP
11:30 a.m. – 12:00 p.m. | Investor’s Perspectives • Federico Sequeda, Vice President, Eaton Vance Management • Liam Localio, Managing Director, Greylock Capital Management
12:00 – 12:15 p.m. | Catastrophe Shocks, Institutional and State Contingent Debt Instruments • Thordur Jonasson, Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund
12:15 – 12:30 pm. | Analytical Perspectives • Tamon Asonuma, Economist in the Strategy Policy and Review Department, International Monetary Fund
12:30 – 12:45 p.m. | Session II Q&A • Moderator: Michael Papaioannou, TA Expert-Advisor, International Monetary Fund
12:45 – 1:00 p.m. | Closing Remarks • Michael Papaioannou, TA Expert-Advisor, International Monetary Fund