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SUMMARY:Sovereign Debt Distress\, Restructurings and Market Access: The Cas
 es of Ireland\, Portugal and Cyprus
DESCRIPTION: \n\nJoin LeBow College of Business and the Global Interdepende
 nce Center\nfor a conference on emerging global issues.\n\nDuring the Euro
  debt crisis in 2010-2016\, Ireland\, Portugal\, and\nCyprus\, along with 
 Greece\, were not able to cover all their financing\nneeds in financial ma
 rkets through medium- and long-term bond\nfinancing\, or at a sustainable 
 cost\, for varying time periods.\nHowever\, economic adjustment programs\,
  which included measures to\nstrengthen their banking sectors\, and the cr
 eation of a Euro area\ncrisis-resolution framework (EFSF and ESM) helped t
 hese countries\nregain investor confidence and full market access. The con
 ference will\naddress the main causes and policy responses of Ireland\, Po
 rtugal\, and\nCyprus to their individual debt distress situations\, discus
 s various\nmarket\, legal\, and policy perspectives on each of these distr
 ess and\nrestructuring cases\, and give lessons for successfully overcomin
 g debt\ndistresses and regaining access to capital markets.\n\nSPEAKERS IN
 CLUDE:\n\n * Tamon Asonuma\, Economist\, IMF\n * Lee Buchheit\, Senior Par
 tner in the Sovereign Practice Group\,\nCleary Gottlieb Steen & Hamilton L
 LP\n * Elena Duggar\, Chair Macroeconomic Board\, Moody’s Investor\nServ
 ices\n * Aitor Erce\, Principal Economist\, ESM\n * Richard Francis\, Dire
 ctor\, Fitch Ratings\n * Hans Humes\, Chairman and Chief Executive Officer
 \, Greylock Capital\n * Thordur Jonasson\, Deputy Division Chief\, IMF\n *
  Steven Kargman\, President\, Kargman Associates\n * Rafael M. Molina\, Ma
 naging Partner\, Newstate Partners\n * Kristian Orsini\, Counselor\, Econo
 mic and Financial Affairs\, EU\nDelegation to USA\n * Michael G. Papaioann
 ou\, Expert Advisor\, International Monetary\nFund\n * Konstantinos Polyka
 rpou\, Consul\, Embassy of the Republic of Cyprus\n * George Tsetsekos\, P
 h.D.\, Dean Emeritus and the Francis Professor\nof Finance at LeBow’s Co
 llege of Business at Drexel University\n\nAGENDA\n\n8:30 a.m. | Registrati
 on and Coffee/Light Refreshments\n\n9:00 a.m. | Opening Remarks – Challe
 nges and Responses to Sovereign\nDebt Distress and Restructurings\n\n9:05 
 - 9:35 a.m. | Keynote Address\n\n9:35 - 10:40 a.m. | Session 1: The Euro D
 ebt Crisis: The Successful\nExperiences of Ireland\, Portugal\, and Cyprus
  _Topics:_ • Origins of\nthe European Sovereign Debt Crisis (ESDC) and i
 ts impact on the\nEurozone • Macroeconomic settings and specific challen
 ges for\nIreland\, Portugal\, and Cyprus • Policy reactions\, adjustment
 \nprograms\, and political perceptions in the three countries • Role of\
 nEU/ECB and IMF in the three countries • Economic outcomes\, Market\nre-
 access\, return to normalcy • Global perspectives and implications\n\n10
 :40 - 11:45 a.m. | Session 2: Market\, Legal and International Policy\nPer
 spectives on Ireland\, Portugal and Cyprus Sovereign Debt Distress\nand Re
 structurings _Topics:_ • Creditor perspectives\, loss of market\naccess\
 , and preconditions for re-accessing • Legal challenges in\nsovereign de
 bt distress and restructurings – focusing on the cases\nof Ireland\, Por
 tugal\, and Cyprus\, what sovereigns and creditors should\nbe aware of? 
 • The international financial institutions perspective\n– could change
 s in their policies contribute to a more efficient\nresolution of sovereig
 n debt distress and restructuring cases? What is\nmissing? • Credit Rati
 ng Agency perspectives\n\n11:45 - 11:55 a.m. | Break\n\n11:55 a.m. - 1:00 
 p.m. | Session 3: Lessons Learned and Prospects –\nThe Academic View _To
 pics:_ • Prevention versus resolution - can\nsovereigns\, creditors and 
 IFIs do more to prevent debt distress\nsituations and restructurings? If y
 es\, what? Or\, are sovereign debt\ndistresses and restructurings inevitab
 le? • What are the lessons\nfrom the Irish\, Portuguese and Cypriot expe
 riences for policy\nadjustments and market interactions of countries that 
 enter market\ndistress or undergo restructuring? • Are the prospects for
  sovereign\ndebt restructurings of advanced economies better than for EMs 
 and\nlow-income countries? • Do implications of restructurings improve\n
 over time?\n\n1:00 p.m. | Concluding Remarks\n 
DTSTART:20190228T133000Z
DTEND:20190228T180000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 220 "DiPiero Grand Meet
 ing Room"\, Philadelphia\, PA 19104
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