sovereign decision

Eduardo Levy Yeyati

Argentina's Debt Conundrum

Argentina's Debt Conundrum

BUENOS AIRES - Argentina is in a quandary. Prior to its 2005 sovereign-debt exchange, its legislature enacted a "lock law," which barred the way to any future offers to holders of bonds on which Argentina defaulted in 2002. While the lock law helped to boost the participation rate in the 2005 exchange, holdout creditors remained, and have pursued litigation to force repayment.

Amerykańscy senatorowie wzywają Obamę do wzmocnienia bezpieczeństwa Polski

- Wiemy z historii, co stało się, gdy zachodni liderzy opuścili Polskę. Nasza ponadpartyjna inicjatywa wzywa prezydenta, by pokazał, iż USA stają ramię w ramię z Polską w obliczu zagrożenia rosyjską agresją - powiedział republikański senator Mark Kirk po wysłaniu listu do prezydenta Baracka Obama. Podpisało go w sumie 17 senatorów z Partii Republikańskiej i Demokratycznej.

Lech Kaczyński Defending Germans Against Lisbon Treaty

It is no longer only on a successful referendum in Ireland but also on a favourable ruling of the German constitutional court that president Lech Kaczyński now makes conditional putting his signature under the Lisbon Treaty.

Europe's Non-Deal of the Century

extremely critical of how "negative politics" sealed the proposed merger's fate.With the EU in the throes of the seemingly endless eurozone sovereign-debt crisis and facing a looming debate over its future decision-making architecture, the collapse of the EADS-BAE merger will be no more than a

A European "Maybe" for Palestine

The vote comes after recent violence in Gaza has ostensibly delivered the coup de grâce to any realistic chance for meaningful negotiations to resolve a conflict that remains key to the wider region's future. In this context, many factors will influence the General Assembly's decision, one of

More Leadership for More Europe

turbulence. Optimism soared and prudence fled - reflected in premature eurozone membership for countries like Greece, as well as in the gap between the pace of EU enlargement and that of institutional integration.In other words, Europe's decision-makers ultimately overlooked the basic requirements of a

A Shift from the Middle East to the Pacific

A Shift from the Middle East to the Pacific

massed artillery and armored formations. But potential future missions, if they materialize, would be understood as emanating from a sovereign Iraqi decision, not as making a virtue out of a fact on the ground.And so, with America's withdrawal from Iraq paving the way for the administration's tectonic

Europe's Nobel Wake-Up Call

invited comparisons to an Oscar lifetime achievement award that comes only when the recipient is nearing death.The decision to establish the EU was an ingenious response to the biggest challenge of the day - war and conflict. And, of course, the resurgence of nationalism and extremism of all kinds around

Mr President, Sign the Treaty!

Mr President, Sign the Treaty!

your ministers, but directly from you,' appealed the PO deputy, according to whom the president has been delaying the ratification 'ad infinitum.' The draft resolution says, among other things: 'Acknowledging that the endorsement of the treaty is a sovereign decision of each member state, the Sejm

One Flew Over the Resource Curse

heavily invested, they have the most experience using cheap debt to create value. But, with commodity prices beginning to drop, even the most bullish companies are reassessing ambitious investment plans - a trend reflected in the Brazilian mining giant Vale's recent decision to put its investment in

A Europe of Solidarity, Not Only Discipline

. The authorities are taking steps to correct their mistakes, especially with the decision to form a banking unionand the outright monetary transactions program, which would allow unlimited intervention by the European Central Bank in the sovereign-bond market. Financial markets have been reassured that

Kill and Let Die

Kill and Let Die

, to make sure we do our very best to interrupt them, to kill them, to take them out of the picture." In other words, he would "kill them" where they were found, not only on the battlefield, but also in other sovereign countries, such as Pakistan, without charge or trial.Obama, for his

Hail to the Technocrats

Hail to the Technocrats

depoliticized the process, the more legitimacy technocrats can earn. Conversely, whenever politics gets in the way of a decision, bureaucrats lose credibility.One objection to delegating political authority to technocrats is that such appointments amount to a humiliating constraint on sovereignty. In normal

A Bomb in Every Reactor

A Bomb in Every Reactor

fission? The answer, ultimately, doesn't lie with any civilian use of nuclear energy, but first and foremost with its military applications.The energy derived from splitting uranium and plutonium atoms was originally used for the ultimate weapon, the atomic bomb. Being a nuclear power provides sovereign

The Talmud and Greek Debt

The Talmud and Greek Debt

compliant actions are to be considered voluntary, because, ultimately, he has made the conscious decision to agree.While technically correct, this is a ruthless interpretation, since this type of "willing" behavior is bound to leave resentment.A more benign interpretation, based on the collective

Britain's European Destiny

Britain's European Destiny

Britain's long-term interests.Let us first demolish one delusion, namely that Britain could be like Norway or Switzerland. Norway has a population of around 4.9 million and a GDP of $485.8 billion. It also has a sovereign wealth fund currently valued at more than $600 billionand set to rise to $1 trillion

Putin's Brezhnev Syndrome

Putin's Brezhnev Syndrome

Unlike Europe, beset by a sovereign-debt crisis, and the United States, whose leaders are wrangling over how to stem the deficit, Russia may look like an oasis of stability and continuity. But that continuity is more reminiscent of the zastoi, or stagnation, of the Brezhnev era.Eight years of 7

Europeanizing Europe

Europeanizing Europe

formalized rules - imposing mandatory limits on deficits, debt, and inflation - would be enough. But this foundation of rules turned out to be an illusion: principles always need the support of power; otherwise they cannot stand the test of reality.The eurozone, a confederation of sovereign states with a

Beyond NATO's Libyan Redemption

Beyond NATO's Libyan Redemption

, has functioned fairly well, given the mammoth centrifugal forces and other pressures at work. But the skills needed for leadership of a wartime governing council are very different from those needed to run a sovereign state.Given the variety of the figures on the Council, there will be natural

The Economic Governance the EU Needs

The Economic Governance the EU Needs

solidarity. Greek sovereign debt has been downgraded to below that of Egypt. Portugal has had to ask for assistance from the EFSF and the International Monetary Fund. Irish banks reportedly need an additional 24 billion to stay afloat. And Spain is doing all it can to avoid the contagion.The irony is that

Transatlantic Unity on Russia

Transatlantic Unity on Russia

were made on both sides, but the response of Russia's leaders - invading a sovereign state across an internationally-recognized border, and then seeking to dismember it by recognizing Abkhazia and South Ossetia - was disproportionate. And the responsibility for this behavior lies not with Russia's

Sechin and the Commanding Heights?

reached $85 billion (4.5% of GDP) in 2011. The outflow this year will likely be similar.This capital flight is striking. Oil prices are high. Unlike the US and Europe, Russia has zero sovereign debt, a balanced budget, and 4% GDP growth. Inward foreign direct investment is growing. And yet the net capital

Europe's Sovereignty Crisis

Europe's Sovereignty Crisis

government taken this foreseeable decision a year ago, the euro crisis would not have escalated to the extent that it has, the total bill would have been lower, and European leaders would have been rightly praised for a historic feat. But, as I said, back then Merkel did not dare to act.The agreement at the