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Unofficial Proceedings of the Sixth Inter-Regional Debt

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Unofficial Proceedings of the Sixth Inter-Regional Debt UNOFFICIAL AND UNEDITED COMPILATION OF PRESENTATIONS MADE DURING UNCTAD’S SIXTH DEBT MANAGEMENT CONFERENCE Geneva, 19—21 November 2007 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT UNOFFICIAL AND UNEDITED COMPILATION OF PRESENTATIONS MADE DURING UNCTAD’S SIXTH DEBT MANAGEMENT CONFERENCE Geneva, 19–21 November 2007 UNCTAD/WEB/GDS/DMFAS/2009/1 August 2009 Unofficial and unedited compilation of presentations made during UNCTAD’s sixth Debt Management Conference DISCLAIMER This document is not an official UNCTAD document. It is an unedited compilation of material presented during the sixth Debt Management Conference of UNCTAD, in November 2007. It includes not only available papers and PowerPoint presentations prepared by speakers but also summaries of panel discus- sions and some transcripts. All papers and PowerPoint presentations are in their original language. Opinions or views expressed therein do not necessarily reflect the views of the United Nations Confer- ence on Trade and Development or of the United Nations, but remain solely those of the author(s). This document may include technical or other inaccuracies or typographical errors. UNCTAD assumes no responsibility for errors or omissions in this document or other documents which are referenced by or linked to this document. Also, the text of transcripts should not be considered as a verbatim record; it may contain blanks, missing or inaccurate terms, etc. This compilation is intended solely for information purpose and is a service provided to participants of the conference. Therefore, this unofficial document should not be relied upon as a reference. 2 Unofficial and unedited compilation of presentations made during UNCTAD’s sixth Debt Management Conference Executive summary This document is a compilation of summaries of panel discussions and available papers including Powerpoint presentations on themes deliberated by debt management experts and professionals at UNCTAD's sixth Debt Management Conference, held in Geneva in November 2007. The Conference was organized by UNCTAD's Debt and Development Finance Branch, in particular by the Debt Man- agement and Financial Analysis System (DMFAS) Programme, with the aim of helping countries with developing and transitional economies build their capacity in debt management. The Conference covered the following main themes: responsible lending and responsible borrowing; debt relief and sustainability and debt strategy formulation and implementation, with a day dedicated to discussions on each of these themes. Panel discussions covered the following sub-themes: odious debt, concessional lending, orderly debt settlements, the case for further debt relief, vulture funds, con- tingent liabilities, emerging capital markets, formulation of strategies for entering domestic and inter- national capital markets, the use of capital market financing (country case studies) and international support for debt strategy formulation and implementation. 3 Unofficial and unedited compilation of presentations made during UNCTAD’s sixth Debt Management Conference 4 Unofficial and unedited compilation of presentations made during UNCTAD’s sixth Debt Management Conference Contents Abbreviations............................................................................................................................................ 9 Opening statement Supachai Panitchpakdi ........................................................................................................................... 11 Keynote speakers........................................................................................................................................ 15 Debt relief and beyond: debt sustainability and the Millennium Development Goals Reinhard Schweppe ................................................................................................................................17 Dealing with odious debt while developing principles for sustainable lending Henrik Harboe........................................................................................................................................ 23 Ethics and debt: a view from the international debtor side Oscar Ugarteche..................................................................................................................................... 29 Emerging markets: key trends, selected credit issues David T. Beers ........................................................................................................................................ 35 Panel 1 Odious debt................................................................................................................................... 47 Odious debt: summary of panel discussion ............................................................................................ 49 The concept of “odious debts”: a historical survey Christoph G. Paulus ............................................................................................................................... 53 Are lenders serious about the 2015 debt crisis? Gail Hurley ............................................................................................................................................. 91 Odious debts: a lesson for a better management, transparency and auditing of public debt Arturo González de Aragón .................................................................................................................... 95 The concept of odious debt in public international law Robert Howse........................................................................................................................................ 101 Panel 2 Concessional lending – practice of the past? ........................................................................... 103 Concessional lending – practice of the past? Summary of panel discussion ........................................ 105 New lenders and the effect on the markets Stefan Nalletamby................................................................................................................................. 110 Debt relief and sustainable lending from an Italian viewpoint Claudio Spinedi .................................................................................................................................... 117 Panel 3 Orderly debt settlements ........................................................................................................... 119 Panel on orderly debt settlements: summary of panel discussion......................................................... 121 Paris Club’s role in orderly debt settlements Thomas Courbe..................................................................................................................................... 123 Structured international debt settlements (SIDS): insolvency vs. contested claims Kunibert Raffer ..................................................................................................................................... 127 5 Unofficial and unedited compilation of presentations made during UNCTAD’s sixth Debt Management Conference Panel 4 Post restructuring of sovereign debt......................................................................................... 141 Post restructuring of sovereign debt: summary of panel discussion..................................................... 143 Exit HIPC: where next? Fred Matyama....................................................................................................................................... 145 Post restructuring of sovereign debt Michel Cardona .................................................................................................................................... 149 The world after HIPC Jean-Luc Bernasconi ............................................................................................................................ 157 Panel 5 The case for further relief.......................................................................................................... 161 The case for further relief: summary of panel discussion..................................................................... 163 The case for further debt relief Mark Thomas ........................................................................................................................................ 165 The debt issue of the Philippines Patricia Angeles.................................................................................................................................... 169 What have relief initiatives achieved and what remains to be covered? Charles Mutasa..................................................................................................................................... 171 Panel 6 Vulture funds.............................................................................................................................. 175 Vulture funds: moral issue or real threat? Summary of panel discussion............................................. 177 Vulture funds: morale issue or real threat? Mark Roland Thomas............................................................................................................................ 179 Putting the problem of vulture funds into perspective Daniel Zavala ....................................................................................................................................... 181 Panel 7 Contingent liabilities
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