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From Greece to the United States, across Europe and in South America – sovereign debt and the shadow of sovereign debt crisis have loomed over states across the world in recent decades. Why is sovereign debt such a pressing problem for modern democracies? And what are the alternatives? In this video Lee Buchheit discusses the emergence of sovereign debt as a global economic reality. He critiques the relatively recent reliance of governments on sovereign debt as a way to manage budget deficits. Buchheit highlights in particular the problems inherent in expecting judges to solve sovereign debt issues through restructuring. As he explores the legal, financial and political dimensions of sovereign debt management, Buchheit draws a provocative conclusion about the long-term implications of sovereign debt, arguing that “what we have done is to effectively preclude the succeeding generations from their own capacity to borrow”.

Click here to view the embedded video.

Buchheit speaks at the launch of Sovereign Debt Management, edited by Rosa M. Lastra and Lee C. Buchheit.

Lee C. Buchheit is a partner based in the New York office of Cleary Gottlieb Steen & Hamilton LLP. Dr Rosa María Lastra, who introduces Buchheit’s lecture, is Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies (CCLS), Queen Mary, University of London.

The post Sovereign debt in the light of eternity appeared first on OUPblog.

        

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This Day in World History

December 1, 1955

Rosa Parks refuses to change her seat

On December 1, 1955, Rosa Parks refused to move—and became the mother of the civil rights movement.

In 1955, strict segregation laws separated African Americans and whites in public settings across the South, including Parks’s home town, Montgomery, Alabama. That December evening, returning home from work, Parks sat with three other African Americans in a row just behind the fourteen whites in the front of the bus. Because the bus was full, a white man had to stand when he entered the bus. Under the South’s Jim Crow laws, whites sat and African Americans stood. The bus driver told Parks and the other three blacks to move to the back of the bus—the black section. The other three did, but Parks refused. The driver insisted, and she refused again.  Faced with continued refusal, he used his powers under a city ordinance to arrest her. The driver summoned the police, and Parks spent the night in jail.

The arrest galvanized Montgomery’s African Americans. The local chapter of the NAACP had long resented the segregated buses and the drivers’ treatment of blacks; now they had a chance to act. The next day, a women’s council called for a boycott of the city bus system. African Americans by the thousands complied.  By December 5, a new group—the Montgomery Improvement Association—was formed to coordinate the boycott. Inspired by young clergyman Martin Luther King, Jr., Montgomery’s African Americans kept up their boycott for more than a year, until the U.S. Supreme Court ruled segregation on buses unconstitutional. The Montgomery Bus Boycott was one of the early triumphs of the civil rights movement. Parks later admitted her surprise: “I had no idea when I refused to give up my seat on that Montgomery bus that my small action would help put an end to the segregation laws in the South.”

“This Day in World History” is brought to you by USA Higher Education.
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