Book cover of Rethinking Sovereign Debt: Politics, Reputation, and Legitimacy in Modern Finance

Book description

Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its loan obligations damages its reputation, inviting still greater problems down the road. Yet difficult dilemmas arise from this assumption. Should today's South Africa…

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1 author picked Rethinking Sovereign Debt as one of their favorite books. Why do they recommend it?

Most debts embody a legal contract specifying how and when the borrowed funds will be repaid and any circumstances in which the obligation can be amended.

Non-payment of most loan contracts end up before a judge whose decisions on repayment are guided by a national bankruptcy law. Debts of sovereign states differ.

Insolvent governments negotiate partial or delayed repayment with their various creditors. The starting point is always that the contracts must be honored.

Professor Lienau argues that there are instances in legal theory and historically in practice in which governments did not and should not have had to repay…

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Book cover of Aggressor

Aggressor by FX Holden,

It is April 1st, 2038. Day 60 of China's blockade of the rebel island of Taiwan.

The US government has agreed to provide Taiwan with a weapons system so advanced that it can disrupt the balance of power in the region. But what pilot would be crazy enough to run…

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