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Articles on Sovereign debt

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A Russian foreign debt will have limited implications for global financial markets but will affect Russia’s credit risk profile. Yuri Kochetkov/EPA-EFE

Russian debt default: two experts explain what it means for Russia and for global financial markets

Experts discuss the implications of Russia’s recent debt default for the global financial markets and Russia’s reputation
PM Boris Johnson (left) and Chancellor Rishi Sunak have come up with money to underwrite wages, rescue packages and meal vouchers during the pandemic. Jonathan Brady/PA Wire/PA Images

How countries are raising debt to fight COVID and why developing nations face tougher choices

Developing countries face greater risks raising money to deal with the pandemic. Zambia is now on the verge of being the first ‘COVID default’ and other developing countries could follow suit.
People wearing face masks walk in front of a euro sign in the center of Frankfurt am Main, Germany (October 21, 2020). Yann Schreiber/AFP

Capitalism and the coronavirus crisis: the coming transformation(s)

The global economy is currently experiencing its severest contraction since the 1930s. While capitalism will survive, its fundamental structure can change at critical historical junctures.
A rally celebrating the second anniversary of Russia’s annexation of Crimea, March 18, 2016. AP/Ivan Sekretarev

Autocracies that look like democracies are a threat across the globe

Almost one-third of countries around the world are authoritarian regimes with the trappings of democracy. Their bad behavior poses a threat to real democracies, as the United States recently learned.
International investors are still rattled by President Jacob Zuma’s sacking of respected Finance Minister Nhlanhla Nene. Reuters/Sumaya Hisham

How investors see South Africa: lots of potential, not worth the hassle

South Africa has narrowly escaped a downgrade of the rating of its sovereign bonds, but government has its work cut out as it seeks to restore investor confidence and lift economic growth.
Credit rating agencies often elicit criticism when they downgrade countries. EPA/Justine Lane

Q&A: why credit rating agencies matter for developing countries

Credit rating agencies have come in for a lot of flack. But the bottom line is that to attract investors with deep pockets countries can’t avoid having a credit rating. And a good one at that.
Large movements in relative prices will create winners and losers this year, the IMF has said. EPA/MICHAEL REYNOLDS

China economy to slow, hurting Australia: IMF

A new IMF report predicts a crackdown on cheap credit in China will help reduce China’s real GDP growth rate from 7.4% last year to 6.8% this year and further weaken demand for Australian commodities.
Playing with fire? Michael Kappeler/EPA/AAP

The next card Yanis Varoufakis will play

Decades ago, before Yanis Varoufakis became the rock-star finance minister of Greece, he and I developed some game-theoretic models of macroeconomics. The gist of the work was this: for monetary authorities…
We all want governments to do more with our taxes, so should we be willing to pay more? Photo sourced from Shutterstock.com

Put your hand up if you’d like to pay more tax

The same deep forces that were behind the election result in Queensland are being played out in Canberra. The Australian people want, although most won’t admit it, higher taxes – either now or in the future…
Newly appointed Finance Minister Yannis Varoufakis arrives at the Presidential Palace to be sworn-in under Greece’s new government. Yannis Kolesidis/EPA/AAP

Yanis Varoufakis: from accidental economist to finance minister

Since 2009, the economic situation of Greece has helped expose the architecture and policy regime problems of the European Union and the eurozone. On Sunday the Greek electorate rebelled against the self-defeating…

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