DebtTalks

In this episode, Paola sits down with Nicole Kearse to explore the intricacies of debt management. Drawing on Nicole’s extensive experience at the African Legal Support Facility (ALSF), they discuss debt sustainability, capacity building, and the strategies to help countries prevent debt crises.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Nicole Kearse is the head of sovereign finance for the ALSF since 2022 and previously served as the organization’s senior legal counsel. Through this role, she uses her expertise on the African region and emerging markets to aid the organization in providing legal advice and technical assistance to countries in the negotiation of complex commercial transactions, creditor litigation, and other sovereign transactions.Prior to servicing in her roles at the ALSF, Nicole Kearse co-founded the Krescent Consulting firm, providing strategic consulting and organizational and IT consulting services to law firms, SMEs, not-for profits, and African start-upsProduction Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode, reflecting on the past five years – marked by crises that have left many countries struggling to manage their debt – Paola Subacchi and Ceyla Pazarbasioglu discuss multilateral policy initiatives such as the Debt Service Suspension Initiative (DSSI), the Common Framework and the Global Sovereign Debt Roundtable. They also examine the role of the International Monetary Fund as the lender of last resort.Hosts & GuestPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Ceyla Pazarbasioglu is the Director of the Strategy, Policy, and Review Department (SPR) at the IMF, serving in this role since 2020. Through this role, she has launched a variety of programmes including the Debt Service Suspension Initiative (DSSI) and the Global Sovereign Debt Roundtable, as well as playing a key role in operationalizing the G-20 Common Framework for Debt Treatments.Prior to serving as the SPR Director, Ceyla Pazarbasioglu served as the Vice President for Equitable Growth, Finance, and Institutions at the World Bank Group from 2015 to 2020, where she managed a portfolio of $30 billion in operational and policy work and advisory engagements. She also served in a variety of different positions with the IMF from 1992-1998 and 2003-2015, including as Deputy Director of the Monetary and Capital Markets Department, Assistant Director in the European Department, and Mission Chief for Ukraine. Earlier in her career, she helped Türkiye’s government contain and resolve the 2001 economic crisis — first as a member of the government’s crisis management team, then as the Vice President of the Banking Regulation and Supervision Agency.Hosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode Paola Subacchi and Thomas Melonio examine the future of the Sustainable Development Goals (SDGs) and the likelihood of achieving them by 2030. They discuss how to navigate trade-offs and shape a realistic transition path – one that may be more manageable in the long term, but more complex in the short term. The conversation also highlights the critical need to ensure that developing countries are not left behind in accessing the opportunities provided by AI. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Melonio is Chief Economist at Agence Francaise de Development.Hosted by Ausha. See ausha.co/privacy-policy for more information.

In this episode of DebtTalks, Paola Subacchi hosts Thomas Lambert for an in-depth conversation on recent cases of sovereign debt restructuring and how they have been managed. The discussion explores the complexities of bond markets, coordination challenges among creditors, the role of multilateral institutions in addressing debt distress, and the urgent need for affordable sources of capital.Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Lambert is Managing Director of Lazard, Sovereign Advisory Group.Hosted by Ausha. See ausha.co/privacy-policy for more information.

How do public development banks work and how can they help mobilise financialresources to deliver global public goods? What can we expect from the 4thInternational Conference on Financing for Development, set to take place in Sevillefrom 30 June to 3 July 2025? Paola Subacchi speaks with Nicolas Picchiottino aboutharnessing finance to close bridge development gaps both between and withincountries.Hosts and GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and theIncoming Chair in Sovereign Debt and Finance at Sciences Po.Nicolas Picchiottino is the Secretary General of IDFC and the Head of PublicDevelopment Banks at AFD.Hosted by Ausha. See ausha.co/privacy-policy for more information.

The OECD Global Report 2025 highlights the resuming of a long-term trend of morethan two decades of rising debt levels, accompanied by growing interest paymentburdens in many countries. In this episode of DebtTalk, Paola Subacchi and FatosKoc explore policy options – from fiscal restraint and structural reforms to stimulategrowth in advanced economies, to strategies for developing local capital markets inemerging and developing countries.Hosts and GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and theIncoming Chair in Sovereign Debt and Finance at Sciences Po.Fatos Koc is the head of Financial Markets Unit at the OECD.Hosted by Ausha. See ausha.co/privacy-policy for more information.

In Episode 12 of DebtTalks, Paola Subacchi and Sarah Carlson discuss Europe’s debt outlook and the balance between economic growth and debt management. Before diving into these topics, they explore the role of credit rating agencies in the international financial system. The episode offers insights into the methodologies behind sovereign debt ratings, the challenges that these agencies face in today’s complex economic environment, and how ratings can influence both investor confidence and policy decisions. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Sarah Carlson is Senior Vice President at Moody's Ratings, lead analyst for several European countries and a spokesperson on global issues and European matters. Hosted by Ausha. See ausha.co/privacy-policy for more information.

What does transparency mean when it comes to debt contracts? What should be disclosed and what should remain confidential? And how can we highlight good practice? In this episode of DebtTalks, Anna Gelpern speaks with Paola Subacchi about the new initiative Public Debt is Public which Anna is leading in collaboration with Queen Mary University of London. The project focuses on countries with limited resources and aims to create a platform where sovereign debt documentation is publicly available, searchable, and easy to access.Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Anna Gelpern is Scott K. Ginsburg Professor of Law and International Finance at Georgetown Law and non-resident senior fellow at Peterson Institute for International Economics. Hosted by Ausha. See ausha.co/privacy-policy for more information.

As countries face pressing environmental and social challenges, can debt be leveraged as a tool to finance sustainable growth? In Episode 10 of DebtTalks, Paola Subacchi and Thierry Watrin explore this crucial question, delving into the complex relationship between debt and sustainable development. The discussion covers how sovereign debt strategies, responsible lending, and innovative financial mechanisms can help address climate change, poverty, and inequality.Hosts & Guests:Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po.Thierry Watrin, a former advisor to Rwanda’s Minister of Finance, currently leads the Sustainable Debt Coalition, a UN initiative. He teaches a course on climate diplomacy at Sciences Po.Hosted by Ausha. See ausha.co/privacy-policy for more information.

It’s Davos season, and the 47 President of the United States has just been inaugurated. The road ahead is uncertain, with only informed speculation to guide expectations. Against this backdrop, in this episode of DebtTalks – recorded on January 29, 2025 –Paola Subacchi and Isabelle Mateos y Lago examine the relationship between monetary policy and sovereign debt. They discuss how central banks influence government borrowing costs and debt sustainability, particularly as policymakers navigate inflation and economic uncertainty. Changes in interest rates can either ease fiscal pressures or create new challenges for heavily indebted economies. The conversation delves into the current policy landscape, the impact of tightening or loosening monetary conditions, and the potential consequences for bond markets and public finances.Hosts & Guests:- Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po.- Isabelle Mateos y Lago is Group Chief Economist at BNP Paribas.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

According to the International Monetary Fund, global debt increased from 229% of GDP in 2019 to 237% at the end of 2023 due to the pandemic, energy and food price spikes, and interest rates hikes by central banks in advanced countries. In Africa, the debt burden has become particularly severe. Half of African nations are now spending more on interest payments alone than on their public health budgets. This situation is unsustainable and disproportionally affects poorer countries.In this episode of DebtTalks, Paola Subacchi and Jean-Pierre Landau discuss the constraints imposed by rising debt levels and the policy trade-offs among pressing needs such as poverty relief and climate action.Hosts & Guests:- Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Previously she was at Queen Mary University of London, where she contributed to set up the Queen Mary Global Policy Institute, and at Chatham House (The Royal Institute of International Affairs) where she led the international economics research department.- Jean-Pierre Landau, professor at Sciences Po, is former Deputy Governor of Banque de France.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

Welcome to DebtTalks, the podcast of SciencesPo Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. In this episode Paola is joined by Sean Hagan to discuss the role of the International Monetary Fund (IMF) as the lender of last resort and as a “trigger” for debt restructuring.Guest :Sean Hagan, professor at Sciences Po and Georgetown Law, is former general counsel for the International Monetary Fund, non resident fellow at the Peterson Institute for International Economics, and advisor to Rothschild & Co.  Hosted by Ausha. See ausha.co/privacy-policy for more information.

How does the debt market fare over a very long period? Paola Subacchi is joined by Josefin Meyer to look at sovereign bonds over 200 years that stretch after the battle of Waterloo (1815) and 2016. Research shows that over this period real returns averaged more than 6 per cent annually – after taking into account wars, financial crises and default episodes.Guest: Josefin Meyer is Head of International Macroeconomics Research Group of the Macroeconomics Department at Deutsches Institut Für Wirtschaftsforschung (DIW Berlin) and Research Fellow at Kiel Institute for The World Economy.Hosted by Ausha. See ausha.co/privacy-policy for more information.

China has become the world’s largest bilateral creditor to low- and middle-income countries.  Paola Subacchi, Deborah Brautigam and Yufan Huang explore the changing dynamics of China’s lending and the implications for the international financial architecture. Guests: Deborah Brautigam is Director of the SAIS China Africa Research Initiative (CARI) and Bernard L. Schwartz Professor of International Political Economy EmeritaJohns Hopkins School of Advanced International Studies (SAIS).Yufan Huang is a Pre-Doctoral Fellow with the China-Africa Research Initiative, and a PhD candidate at Cornell University.Hosted by Ausha. See ausha.co/privacy-policy for more information.

In the latest episode of DebtTalks, Paola Subacchi and Jérôme Sgard dive into the debt crisis of the 1980s that hit many developing countries between 1982 and 1989. The 1989 Brady initiative put an end to the crisis and put the International Monetary Fund at the helm of the debt restructuring architecture. Guest: Jérôme Sgard is Professor of Political Economy at Sciences Po. He is the author of The Debt Crisis of the 1980s: Law and Political Economy (2023).Hosted by Ausha. See ausha.co/privacy-policy for more information.

Good coordination of creditors and debtors is at the core of effective debt treatments.  The Paris Club, that brings together official creditors, provides coordinated financing for countries that experience debt distress such as debt relief by postponement, reduction in debt service obligations, concessional rescheduling. Listen as Paola Subacchi, William Roos and Philippe Guyonnet-Dupérat discuss challenges posed by a more heterogenous creditor group and institutional innovations like the Common Framework for Debt Treatments.Guests: William Roos is Assistant Secretary for Multilateral, Development and Trade Affairs at the French Treasury. He is co-chair of the Paris Club and co-chaired in that capacity all common framework official creditor committees.Philippe Guyonnet-Dupérat is Secretary general of the Paris Club and head of international debt at the French Treasury.Hosted by Ausha. See ausha.co/privacy-policy for more information.

In 2001 Argentina defaulted on $100 billion in bonds. The subsequent debt restructuring and a decade of litigation with holdout creditors show the complex interplay between financial markets, governments, the IMF, the press, and the courts. Join Paola Subacchi and Gregory Makoff as they discuss the economic, legal, political, and institutional questions that arise when a country defaults on its debt.Guest: Gregory Makoff is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy Schooland an expert on sovereign debt. He is the author of Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring (2024).Hosted by Ausha. See ausha.co/privacy-policy for more information.

Welcome to DebtTalks, the podcast of SciencesPo Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. Join Paola and Yannis Manuelides for the first episode of this series. In 2010 Greece’s debt was downgraded and this marked the beginning of a long debt crisis that brought Greece near collapse and undermined the financial stability of the Euro Area. Guest: Yannis Manuelides is a London-based finance lawyer and consultant.  He was a partner at Allen& Overy’s London office for over 23 years where he headed the firm’s sovereign debt practice. Yannis led the legal team which acted for the Steering Committee of Private Creditors of Greece on Greece's EUR206bn debt restructuring (PSI).  🔗 Chair in Sovereign Debt and finance website LinkHosted by Ausha. See ausha.co/privacy-policy for more information.