THINK TANK | No Time To Wait : A Mountain of Debt and Vulnerabilities

The need to improve the tools we use to deal with sovereign debt crises has been made particularly urgent by the accumulation of massive public debt stocks and balance sheet vulnerabilities in the wake of the 2008 financial crisis and the 2010 euro-zone crisis (Dobbs et al. 2015).

By Richard Gitlin and Brett House 

The need to improve the tools we use to deal with sovereign debt crises has been made particularly urgent by the accumulation of massive public debt stocks and balance sheet vulnerabilities in the wake of the 2008 financial crisis and the 2010 euro-zone crisis (Dobbs et al. 2015).

THINK TANK | No Time To Wait : A Mountain of Debt and Vulnerabilities
Following the failures of Bear Stearns in 2007 and Lehman Brothers in 2008, central banks and finance ministries pumped massive amounts of liquidity into credit markets to prevent their breakdown. Concerns raised about Greece’s solvency in late 2009, and weak activity in many other real economies, resulted in further application of exceptional monetary and fiscal measures in the ensuing years. As the Bank for International Settlements (BIS) highlights (BIS 2014a; 2014b), private debt issuance more or less ground to a halt in 2007 and public debt then expanded massively, taking the global debt securities market from just over US$60 trillion in 2007 to about US$100 trillion by 2013 (see Figure 1).
Figure 1: Global Debt Securities Market (in US$ trillion)

The mountain of sovereign debt created in recent years leaves little room to cushion the impact of a policy mistake or respond to a new exogenous shock.Global vulnerabilities extend far beyond Europe’s continued saga with Greece. The aggregate debt-GDP ratio for all advanced countries has returned to historic highs above 100 percent (Figure 2) — a level that in the past has been associated with heightened geopolitical tensions, liquidity problems and insolvency (Reinhart and Rogoff 2009; 2011; 2013; James 2014). 

Figure 2: Global Debt-GDP Ratios (in percent, unweighted ratios)

 Figure 2: Global Debt-GDP Ratios (in percent, unweighted ratios)

This situation is not set to reverse itself quickly. Globally, real activity is not rebounding strongly as fiscal stimulus ebbs and investment in public infrastructure falls to new lows (Summers 2015; Wessel 2015), despite IMF (2014d) evidence that every dollar of well-planned public investment can increase total output threefold. More than 20 central banks have returned to cutting interest rates and easing monetary conditions (BIS 2015; also see Table 1). Whether these are genuine responses to weakness in domestic economies or cloaked attempts to devalue against the US dollar in a diffuse currency war, uncoordinated monetary easing of this sort raises the possibility of beggar-thy-neighbour trade protectionism that could cut global growth prospects further (Rajan 2014).

 Table 1: A New Round of Central Bank Rate Cuts

Table 1: A New Round of Central Bank Rate Cuts

Medium-term secular trends imply that heavily indebted developed-economy sovereigns will not find the years ahead much easier. A gathering imperfect storm of insufficient stimulus measures, impaired credit-creation mechanisms, deleveraging across a range of sectoral balance sheets (Koo 2014) and aging populations could entrench secular stagnation (Summers 2013; 2014a; Lagarde 2015a) and make real debt burdens even more onerous across advanced economies. The GDP denominator in high debt-GDP ratios is unlikely to bring down these ratios any time soon. At the same time, there’s little room to pare the debt numerator. 

The IMF (2011b) shows that, ceteris paribus, many advanced countries would need fiscal surpluses well in excess of recent decanal averages in order to bring debt-GDP ratios down to 60 percent of GDP from their existing levels over the next 10 years. Where countries have prepared plans to achieve such surpluses, they will be technically and politically difficult to execute, as Barry Eichengreen and Ugo Panizza (2014) underscore. Moreover, if all or even most advanced countries target fiscal austerity at the same time, global growth prospects would be dented further and revenue projections would likely not be realized. 

The Organisation for Economic Co-operation and Development (OECD) (2013) and IMF (2014b) have projected primary deficits in the neighbourhood of 3.5 percent of GDP over the next five to 10 years, as age-related health, long-term care and pension spending are set to expand by an average of between 5.5 and 10 percent of GDP in advanced economies (IMF 2012c; 2014a). Running these projections through a basic model built on the IMF’s debt sustainability analysis (DSA) template implies that advanced-country debt-GDP ratios could continue to rise to over 120 percent of GDP by 2030 (see Figure 2).

Past experience implies that at these debt levels advanced sovereigns would likely face substantially increased risks of default. As Carmen Reinhart and Kenneth Rogoff (2009) show, sovereign debt restructuring has historically been more the norm than the exception: in nearly any given year over the last century, some country has been in default or in the process of restructuring its debt. At current and expected advanced-country debt levels, sovereign debt crises look nearly inevitable when set against past developments. 

Of course, it’s possible that some combination of tougher capital adequacy standards under Basel III and related local legislation will stoke demand for near risk-free assets and sustain bids for new sovereign debt issuance. But it would be deeply imprudent to orient international economic policy making around this faint hope. Moreover, as demonstrated by the recent crises in Iceland, Ireland and Spain, and the late-1990s Asian crisis before them, private-sector debt problems and balance sheet mismatches can quickly morph into sovereign debt problems. National accounts likely understate the extent to which corporate foreign-currency borrowing has expanded through issuance in the domestic markets of overseas subsidiaries (Shin and Zhao 2013; Wheatley 2014; Nordvig and Fritz 2014). To paraphrase Reinhart and Rogoff, the next time is unlikely to be different.

The fact that much of the recent run-up in advanced country debt is linked to domestic issuance should provide limited comfort. Although domestically denominated debt can be inflated away, and debt issued under domestic law is typically easier to restructure than foreign-law debt, domestic debt can still be a source of substantial vulnerabilities (Panizza 2007), although these weaknesses may be less pronounced than those engendered by foreign currency and foreign-law debt (Dell’Erba, Hausmann and Panizza 2013). Cross-sector and cross-border maturity and currency mismatches in private and public domestic debt stocks can expose sovereigns to substantial risks, some of which precipitated sovereign debt crises in the late 1990s and early 2000s, as detailed by Christoph Rosenberg et al. (2005).

One of the few ways in which the next set of sovereign debt crises could genuinely be different is in the much wider range of countries that could be involved. Several relatively poor countries, rebranded as “frontier markets,” have in recent years made their debut issues on international capital markets with offerings that have been multiple times oversubscribed as investors eschew meaningful distinctions in credit quality in their search for yield. Ghana was able to issue an oversubscribed US$1 billion bond in September 2014, one month after its decision to seek help from the IMF. Even Ecuador returned to capital markets in 2014 after capricious unilateral defaults in 2008 and 2009 on international obligations it considered “illegitimate.” Until 2006, South Africa was the only Sub-Saharan African country that had issued an external sovereign bond. Since then, 12 Sub-Saharan African countries have issued more than US$17 billion in external bond debt (see Table 2); three more countries have made private external placements during this time: Mozambique and Angola (2012), and Tanzania (2013). 

Table 2: African Frontier Market External Debt Issuance (excluding private placements)
Table 2: African Frontier Market External Debt Issuance (excluding private placements)

Eight of these African countries had most of their external debt written off only a few years earlier under the HIPC and Multilateral Debt Relief Initiative (MDRI) restructuring programs. Some of these countries are indeed much more credit worthy than they were even a decade ago: democratic governance, economic performance and natural resource management have improved markedly in many of them. But all frontier markets face a substantial risk that they will encounter higher interest rates when it comes time to roll over their recent bond issues. Even now, some 40 poor developing countries, many of whom benefited from HIPC and MDRI debt relief, are in medium to severe debt distress (Table 3; IMF 2014e; Kaiser 2014). The next debt crisis is already brewing.

Table 3 : Incipient Sovereign Debt Distress in  Heavily Indebted Poor Countries (HIPC)
Table 3 : Incipient Sovereign Debt Distress in 
Heavily Indebted Poor Countries (HIPC)

The end of US quantitative easing (QE) and signals of a coming Federal Reserve rate increase make efforts to improve the non-system of sovereign debt restructuring particularly time sensitive (Chung et al. 2014). Although there is evidence that good policy regimes provide some insulation against taper-induced pullbacks (Mishra et al. 2014), the “taper tantrum” of 2013 tended to hit emerging markets indiscriminately (Eichengreen and Gupta 2013) and, in some cases, countries with better policy frameworks saw relatively larger outflows as these economies also tend to have the most liquid, easily exited markets. 

Looking at earlier rounds of Fed tightening, Joseph Capurso (2014) notes the collateral damage on emerging markets is often most intense about one year after Fed policy has been made less accommodative, particularly in countries with large current-account deficits and banking systems particularly dependent on foreign wholesale financing. The Institute of International Finance’s (IIF’s) models anticipate three or four emerging-markets crises each year in which the US Fed tightens monetary policy, up from the 40-year average of 1.7 crises each year (IIF 2015). The BIS (2014b) has already sounded warnings about the impact of higher US yields and a stronger dollar on global debt stocks. In March 2015, the IMF’s managing director, Christine Lagarde (2015b), cautioned that the 2013 tantrum was not a one-off episode and called on both advanced and emerging economies to get prepared for increased volatility ahead.

Solving the financing problems of emerging markets ultimately requires better domestic policy regimes to win the confidence of their own investors: improvements in debt restructuring systems deal with symptoms rather than the root causes of sovereign debt distress. Over long spans, the world’s main concern shouldn’t be temporary pullbacks during yield increases in the United States, but rather the secular tendency for capital to flow in the wrong direction between advanced and emerging economies: more capital consistently heads out of emerging markets than into them. Rather than a home bias, emerging-market public investors, in particular sovereign wealth funds and central bank reserve managers, tend to maintain a foreign bias that goes hand-in-hand with the ongoing stain of “original sin,” the inability of many emerging-market sovereigns to borrow domestically or abroad over long tenors at fixed rates in their own currency (Eichengreen, Hausmann and Panizza 2002; 2007). 

Capurso (2014) notes that emerging market public investors’ assets under management rose from US$3 trillion in 2007 to US$11 trillion in 2012, with most of this devoted to advanced economies. The roughly US$8 trillion in flows from emerging markets to advanced economies allocated by emerging market asset managers from 2007 to 2012 was about 10 times greater than the US$0.8 trillion in developed-market flows pushed by the search for yield into emerging markets during this five-year span. Any improvement in sovereign debt restructuring regimes should, therefore, be accompanied by better ongoing domestic economic policy making in emerging markets, rather than continued pressure on the IMF to endorse capital controls (IMF 2011a; 2012a). 

About The Authors:

Richard Gitlin joined the Centre for International Governance Innovation (CIGI) as a senior fellow in June 2013. He played a leading role in the development of practices and procedures for successfully resolving complex global restructuring and insolvency cases. Richard has served as adviser to several countries regarding the modernization of their insolvency laws, including Canada, Korea, Indonesia, Mexico and the United States, as well as the International Monetary Fund (IMF) in connection with corporate and sovereign restructuring reform.

Brett House is a senior fellow at the Jeanne SauvĂ© Foundation and a visiting scholar at Massey College, University of Toronto. He is also an adviser at Tau Investment Management, a startup impact fund. This special report was initiated during his tenure as a senior fellow at CIGI. 

Publication Details:

This work is an extract from "JUST ENOUGH, JUST IN TIME Improving Sovereign Debt Restructuring for Creditors, Debtors and Citizens" (Special Report) by Richard Gitlin and Brett House. Download the Report - LINK

This work is licensed by the Original Publisher – Center for International Governance and Innovation, under a Creative Commons Attribution — Non-commercial — No Derivatives License. To view this license, visit ( licenses/by-nc-nd/3.0/).

-51,1,3D Technology,2,5G,10,Abkhazia,2,Abortion Laws,1,Academics,11,Accidents,22,Activism,1,Adani Group,6,ADB,13,ADIZ,1,Adults,1,Advertising,31,Advisory,2,Aerial Reconnaissance,13,Aerial Warfare,35,Aerospace,5,Afghanistan,88,Africa,113,Agile Methodology,2,Agriculture,20,AI Policy,1,Air Crash,10,Air Defence Identification Zone,1,Air Defense,7,Air Force,29,Air Pollution,1,Airbus,5,Aircraft Carriers,5,Aircraft Systems,5,Al Nusra,1,Al Qaida,4,Al Shabab,1,Alaska,1,ALBA,1,Albania,2,Algeria,3,Alibaba,1,American History,4,AmritaJash,10,Antarctic,1,Antarctica,1,Anthropology,7,Anti Narcotics,12,Anti Tank,1,Anti-Corruption,4,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,2,APEC,1,Apple,3,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,3,Arctic,6,Argentina,7,Armenia,30,Army,3,Art,3,Artificial Intelligence,83,Artillery,2,Arunachal Pradesh,2,ASEAN,12,Asia,71,Asia Pacific,23,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,8,Australia,57,Austria,1,Automation,13,Automotive,131,Autonomous Flight,2,Autonomous Vehicle,3,Aviation,63,AWACS,2,Awards,17,Azerbaijan,16,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,2,Balance of Trade,3,Balkan,10,Balochistan,2,Baltic,3,Baluchistan,8,Bangladesh,28,Banking,53,Bankruptcy,2,Basel,1,Bashar Al Asad,1,Battery Technology,3,Bay of Bengal,5,BBC,2,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,13,Big Data,30,Big Tech,1,Bilateral Cooperation,19,BIMSTEC,1,Biography,1,Biotechnology,4,Birth,1,BISA,1,Bitcoin,9,Black Lives Matter,1,Black Money,3,Black Sea,2,Blockchain,32,Blood Diamonds,1,Bloomberg,1,Boeing,21,Boko Haram,7,Bolivia,6,Bomb,3,Bond Market,2,Book,11,Book Review,24,Border Conflicts,11,Border Control and Surveillance,7,Bosnia,1,Brand Management,14,Brazil,105,Brexit,22,BRI,5,BRICS,20,British,3,Broadcasting,16,Brunei,3,Brussels,1,Buddhism,1,Budget,4,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,1222,C-UAS,1,California,5,Call for Proposals,1,Cambodia,7,Cameroon,1,Canada,56,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,9,CAREC,1,Caribbean,10,CARICOM,1,Caspian Sea,2,Catalan,3,Catholic Church,1,Caucasus,9,CBRN,1,Cement,1,Central African Republic,1,Central Asia,82,Central Asian,3,Central Eastern Europe,48,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,2,Chemicals,7,Chemistry,1,Child Labor,1,Child Marriage,1,Children,4,Chile,10,China,585,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,2,Civil Liberties,5,Civil Rights,2,Civil Society,5,Civil Unrest,1,Civilization,1,Clean Energy,5,Climate,67,Climate Change,26,Climate Finance,2,Clinical Research,3,Clinton,1,Cloud Computing,45,Coal,6,Coast Guard,3,Cocoa,1,Cognitive Computing,13,Cold War,5,Colombia,15,Commodities,4,Communication,11,Communism,3,Compliance,1,Computers,40,Computing,1,Conferences,1,Conflict,109,Conflict Diamonds,1,Conflict Resolution,48,Conflict Resources,1,Congo,2,Construction,5,Consumer Behavior,4,Consumer Price Index,5,COP26,4,COP28,1,COP29,1,Copper,2,Coronavirus,107,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,15,Counter Terrorism,81,COVID,9,COVID Vaccine,6,CPEC,8,CPG,4,Credit,2,Credit Rating,1,Credit Score,1,Crimea,4,CRM,1,Croatia,2,Crypto Currency,17,Cryptography,1,CSTO,1,Cuba,7,Culture,5,Currency,8,Customer Exeperience,1,Customer Relationship Management,1,Cyber Attack,7,Cyber Crime,2,Cyber Security & Warfare,116,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,3,DACA,1,DARPA,3,Data,9,Data Analytics,36,Data Center,3,Data Science,2,Database,3,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,13,Decision Support System,5,Defense,12,Defense Deals,8,Deforestation,2,Deloitte,1,Democracy,22,Democrats,2,Demographic Studies,2,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,39,Digital Currency,2,Digital Economy,11,Digital Marketing,7,Digital Transformation,11,Diplomacy,14,Diplomatic Row,4,Disaster Management,4,Disinformation,2,Diversity & Inclusion,1,Djibouti,2,Documentary,3,Doklam,2,Dokolam,1,Dominica,2,Donald Trump,48,Donetsk,2,Dossier,2,Drones,14,E-Government,2,E-International Relations,1,Earning Reports,4,Earth Science,1,Earthquake,8,East Africa,2,East China Sea,9,eBook,1,Ebrahim Raisi,1,ECB,1,eCommerce,11,Econometrics,2,Economic Justice,1,Economics,43,Economy,111,ECOWAS,2,Ecuador,4,Edge Computing,2,Editor's Opinion,55,Education,67,EFTA,1,Egypt,27,Election Disinformation,1,Elections,46,Electric Vehicle,15,Electricity,7,Electronics,9,Emerging Markets,1,Employment,19,Energy,316,Energy Policy,28,Energy Politics,27,Engineering,24,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,47,ePayments,13,Epidemic,6,ESA,1,Ethiopia,3,Eulogy,4,Eurasia,3,Euro,6,Europe,15,European Union,234,EuroZone,5,Exchange-traded Funds,1,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,6,F-35,6,Facebook,9,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,5,Featured,1387,Federal Reserve,2,Fidel Castro,1,FIFA World Cup,1,Fiji,1,Finance,18,Financial Markets,60,Financial Planning,1,Financial Statement,2,Finland,5,Fintech,14,Fiscal Policy,14,Fishery,3,Five Eyes,1,Floods,2,Food Security,27,Forces,1,Forecasting,3,Foreign Policy,13,Forex,4,France,34,Free Market,1,Free Syrian Army,4,Free Trade Agreement,1,Freedom,3,Freedom of Press,1,Freedom of Speech,2,Frigate,1,FTC,1,Fujairah,97,Fund Management,1,Funding,23,Future,1,G20,10,G24,1,G7,4,Gaddafi,1,Gambia,2,Gaming,1,Garissa Attack,1,Gas Price,23,GATT,1,Gaza,13,GCC,11,GDP,14,GDPR,1,Gender Studies,3,Geneal Management,1,General Management,1,Generative AI,8,Genetics,1,Geo Politics,105,Geography,2,Geoint,14,Geopolitics,10,Georgia,12,Georgian,1,geospatial,9,Geothermal,2,Germany,71,Ghana,3,Gibratar,1,Gig economy,1,Glaciology,1,Global Perception,1,Global Trade,97,Global Warming,1,Global Water Crisis,11,Globalization,3,Gold,2,Google,20,Gorkhaland,1,Government,128,Government Analytics,1,Government Bond,1,GPS,1,Greater Asia,178,Greece,14,Green Bonds,1,Green Energy,3,Greenland,1,Gross Domestic Product,2,GST,1,Gujarat,6,Gulf of Tonkin,1,Gun Control,4,Hacking,4,Haiti,2,Hamas,10,Hasan,1,Health,8,Healthcare,72,Heatwave,2,Helicopter,12,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Himalaya,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,16,Houthi,12,Howitzer,1,Human Development,32,Human Resource Management,5,Human Rights,7,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,5,IAEA,2,ICBM,1,Iceland,2,ICO,1,Identification,2,IDF,1,Imaging,2,IMEEC,2,IMF,76,Immigration,19,Impeachment,1,Imran Khan,1,Independent Media,72,India,670,India's,1,Indian Air Force,19,Indian Army,7,Indian Nationalism,1,Indian Navy,28,Indian Ocean,24,Indices,1,Indigenous rights,1,Indo-Pacific,7,Indonesia,20,IndraStra,1,Industrial Accidents,4,Industrial Automation,2,Industrial Safety,4,Inflation,10,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insider Trading,1,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,9,Internet,53,Internet of Things,35,Interview,8,Intra-Government,5,Investigative Journalism,4,Investment,33,Investor Relations,1,IPEF,1,iPhone,1,IPO,4,Iran,207,Iraq,54,IRGC,1,Iron & Steel,4,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,145,ISRO,1,IT ITeS,136,Italy,10,Ivory Coast,1,Jabhat al-Nusra,1,Jack Ma,1,Jamaica,3,Japan,92,JASDF,1,Jihad,1,JMSDF,1,Joe Biden,8,Joint Strike Fighter,5,Jordan,7,Journalism,6,Judicial,4,Justice System,3,Kanchin,1,Kashmir,8,Kaspersky,1,Kazakhstan,26,Kenya,5,Khalistan,2,Kiev,1,Kindle,700,Knowledge Management,4,Korean Conflict,1,Kosovo,2,Kubernetes,1,Kurdistan,8,Kurds,10,Kuwait,7,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Land Reforms,3,Land Warfare,21,Languages,1,Laos,2,Large language models,1,Laser Defense Systems,1,Latin America,83,Law,6,Leadership,3,Lebanon,10,Legal,11,LGBTQ,2,Li Keqiang,1,Liberalism,1,Library Science,1,Libya,14,Liechtenstein,1,Lifestyle,1,Light Battle Tank,1,Linkedin,1,Lithuania,1,Littoral Warfare,2,Livelihood,3,Loans,9,Lockdown,1,Lone Wolf Attacks,2,Lugansk,2,Macedonia,1,Machine Learning,8,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,12,Maldives,13,Mali,7,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,16,Marijuana,1,Marine Biology,1,Marine Engineering,3,Maritime,50,Market Research,2,Marketing,38,Mars,2,Martech,10,Mass Media,29,Mass Shooting,1,Material Science,2,Mauritania,1,Mauritius,2,MDGs,1,Mechatronics,2,Media War,1,MediaWiki,1,Medical,1,Medicare,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,18,Meta,2,Metadata,2,Metals,3,Mexico,14,Micro-finance,4,Microsoft,12,Migration,19,Mike Pence,1,Military,112,Military Exercise,11,Military Service,2,Military-Industrial Complex,3,Mining,16,Missile Launching Facilities,6,Missile Systems,57,Mobile Apps,3,Mobile Communications,12,Mobility,4,Modi,8,Moldova,1,Monaco,1,Monetary Policy,6,Money Market,2,Mongolia,11,Monkeypox,1,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,2,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Mutual Funds,1,Myanmar,30,NAFTA,3,NAM,2,Namibia,1,Nanotechnology,4,Narendra Modi,3,NASA,13,National Identification Card,1,National Security,5,Nationalism,2,NATO,34,Natural Disasters,16,Natural Gas,33,Natural Language Processing,1,Nauru,1,Naval Aviation,1,Naval Base,5,Naval Engineering,24,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,50,Navigation,2,Navy,23,NBC Warfare,2,NDC,1,Nearshoring,1,Negotiations,2,Nepal,12,Netflix,1,Neurosciences,7,New Delhi,4,New Normal,1,New York,5,New Zealand,7,News,1281,News Publishers,1,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nikki Haley,1,Nirbhaya,1,Noble Prize,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,23,North America,54,North Korea,59,Norway,5,NSA,1,NSG,2,Nuclear,41,Nuclear Agreement,32,Nuclear Doctrine,2,Nuclear Energy,5,Nuclear Fussion,1,Nuclear Propulsion,2,Nuclear Security,47,Nuclear Submarine,1,NYSE,1,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,5,OFID,5,Oil & Gas,384,Oil Gas,7,Oil Price,74,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,130,Open Access,1,Open Journal Systems,1,Open Letter,1,Open Source,4,OpenAI,2,Operation Unified Protector,1,Operational Research,4,Opinion,697,Opinon Poll,1,Optical Communications,1,Pacific,5,Pakistan,181,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,24,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,2,Paracels,1,Partition,1,Partnership,1,Party Congress,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,6,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,5,Petrochemicals,1,Petroleum,19,Pharmaceuticals,14,Philippines,19,Philosophy,2,Photos,3,Physics,1,Pipelines,5,PLA,2,PLAN,4,Plastic Industry,2,Poland,8,Polar,1,Policing,1,Policy,8,Policy Brief,6,Political Studies,1,Politics,53,Polynesia,3,Pope,1,Population,6,Portugal,1,Poverty,8,Power Transmission,6,Preprint,1,President APJ Abdul Kalam,2,Presidential Election,30,Press Release,158,Prison System,1,Privacy,18,Private Equity,2,Private Military Contractors,2,Privatization,1,Programming,1,Project Management,4,Propaganda,5,Protests,13,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publications,1,Publishing,8,Purchasing Managers' Index,1,Putin,7,Q&A,1,Qatar,114,QC/QA,1,Qods Force,1,Quad,1,Quantum Computing,4,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,2,Rahul Guhathakurta,4,Railway,9,Raj,1,Ranking,4,Rape,1,RBI,1,RCEP,2,Real Estate,7,Recall,4,Recession,2,Red Sea,5,Referendum,5,Reforms,18,Refugee,23,Regional,4,Regulations,2,Rehabilitation,1,Religion & Spirituality,9,Renewable,18,Report,4,Reports,50,Repository,1,Republicans,3,Rescue Operation,2,Research,5,Research and Development,25,Restructuring,1,Retail,36,Revenue Management,1,Rice,1,Risk Management,5,Robotics,8,Rohingya,5,Romania,2,Royal Canadian Air Force,1,Rupee,1,Russia,318,Russian Navy,5,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,6,SAR,1,SAT,1,Satellite,14,Saudi Arabia,130,Scandinavia,6,Science & Technology,400,Science Fiction,1,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,3,Securities,2,Security,6,Semiconductor,21,Senate,4,Senegal,1,SEO,5,Serbia,4,Services Sector,1,Seychelles,2,SEZ,1,Shadow Bank,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shinzo Abe,1,Shipping,11,Shutdown,2,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,5,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,17,Situational Awareness,20,Small Modular Nuclear Reactors,1,Smart Cities,7,Smartphones,1,Social Media,1,Social Media Intelligence,40,Social Policy,40,Social Science,1,Social Security,1,Socialism,1,Soft Power,1,Software,7,Solar Energy,16,Somalia,5,South Africa,20,South America,48,South Asia,478,South China Sea,36,South East Asia,77,South Korea,63,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,9,Space,46,Space Station,2,Spain,9,Special Education,1,Special Forces,1,Sports,3,Sports Diplomacy,1,Spratlys,1,Sri Lanka,24,Stablecoin,1,Stamps,1,Startups,43,State of the Union,1,Statistics,1,STEM,1,Stephen Harper,1,Stock Markets,23,Storm,2,Strategy Games,5,Strike,1,Sub-Sahara,4,Submarine,16,Sudan,5,Sunni,6,Super computing,1,Supply Chain Management,48,Surveillance,13,Survey,5,Sustainable Development,18,Swami Vivekananda,1,Sweden,4,Switzerland,6,Syria,112,Taiwan,34,Tajikistan,12,Taliban,17,Tamar Gas Fields,1,Tamil,1,Tanzania,4,Tariff,4,Tata,3,Taxation,25,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,24,Telematics,1,Territorial Disputes,1,Terrorism,77,Testing,2,Texas,3,Thailand,11,The Middle East,656,Think Tank,317,Tibet,3,TikTok,2,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,3,TPP,2,Trade Agreements,14,Trade War,10,Trademarks,1,Trainging and Development,1,Transcaucasus,20,Transcript,4,Transpacific,2,Transportation,47,Travel and Tourism,15,Tsar,1,Tunisia,7,Turkey,74,Turkmenistan,10,U.S. Air Force,3,U.S. Dollar,2,UAE,140,UAV,23,UCAV,1,Udwains,1,Uganda,1,Ukraine,113,Ukraine War,26,Ummah,1,UNCLOS,7,Unemployment,2,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,84,United Nations,28,United States,767,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,12,US Army Aviation,1,US Congress,1,US FDA,1,US Navy,18,US Postal Service,1,US Senate,1,US Space Force,2,USA,16,USAF,22,USV,1,UUV,1,Uyghur,3,Uzbekistan,13,Valuation,1,Vatican,3,Vedant,1,Venezuela,19,Venture Capital,4,Vibrant Gujarat,1,Victim,1,Videogames,1,Vietnam,25,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,17,Water Politics,7,Weapons,11,Wearable,2,Weather,2,Webinar,1,WeChat,1,WEF,3,Welfare,1,West,2,West Africa,19,West Bengal,2,Western Sahara,2,Whales,1,White House,1,Whitepaper,2,WHO,3,Wholesale Price Index,1,Wikileaks,1,Wikipedia,3,Wildfire,1,Wildlife,3,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,14,Workers Union,1,Workshop,1,World Bank,38,World Economy,33,World Peace,10,World War I,1,World War II,3,WTO,6,Wyoming,1,Xi Jinping,9,Xinjiang,2,Yemen,28,Yevgeny Prigozhin,1,Zbigniew Brzezinski,1,Zimbabwe,2,
IndraStra Global: THINK TANK | No Time To Wait : A Mountain of Debt and Vulnerabilities
THINK TANK | No Time To Wait : A Mountain of Debt and Vulnerabilities
The need to improve the tools we use to deal with sovereign debt crises has been made particularly urgent by the accumulation of massive public debt stocks and balance sheet vulnerabilities in the wake of the 2008 financial crisis and the 2010 euro-zone crisis (Dobbs et al. 2015).
IndraStra Global
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content