DebtTalks is a podcast from Sciences Po's Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. It explores the economics and politics of debt, including how countries incur debt, why it becomes unsustainable, and how debt crises are triggered. The podcast discusses past and current episodes of debt distress, legal controversies, and features insights from guests. It aims to provide a deeper understanding of sovereign debt issues.
Épisodes
Restoring debt sustainability: how the IMF and creditors work together
This episode looks at how the IMF decides when a country’s debt is no longer sustainable, and what happens next. Allison Holland, Deputy Director in the African Department of the International Monetary Fund, explains how debt sustainability is assessed, why debt transparency matters for borrowers, and how the IMF works with creditors, such as the Paris Club, to give countries committed to reform t
Beyond debt: financing development through equity and productive assets
This episode looks at how developing countries can finance their growth without adding to already heavy debt burdens. From the lessons of past debt relief to the use of state assets to attract equity investment, Reza Baqir, Managing Director and Global Practice Leader for Sovereign Advisory Services at Alvarez & Marsal, shares why countries should make use of their whole balance sheet and how
Debt, investment and impact
This episode explores how development finance can unlock private investment where it matters most. From supporting Ukraine’s recovery and strengthening economic resilience to mobilising capital, creating jobs and driving sustainable growth, Ines Rocha, Division Director for Western, Central and Eastern Europe, Ukraine and Moldova, IFC, World Bank Group, shares how public and private finance can wo
Debt in a higher-rate world
In this episode, Paola sits down with Sonja Gibbs to unpack the shifting global debt landscape – tariffs, supply-chain strain and higher interest rates driving up government and corporate borrowing. They discuss what it means for debt sustainability and bond markets, and how emerging economies can use stronger investor relations, transparency and domestic capital markets to attract long-term finan
Students take on sovereign debt : cure or prevention?
Sciences Po students Marius Guerin and Tom Krauthausen join Paola Subacchi to discuss what the G20 should prioritise as the United Kingdom prepares to take the chair in 2026. Drawing on their final projects for Paola’s course on managing sovereign debt, Marius and Tom bring fresh perspectives to the question of whether policymakers should focus on fixing debt crises once they erupt, or on preventi
Global debt in a higher debt world
Global debt is entering a more expensive and uncertain phase. Drawing on the OECD Global Debt Report 2026, Paola Subacchi talks to Nicolas Pinaud about theoutlook for sovereign and corporate debt, rising refinancing risks, and the growing burden of debt-servicing costs.They discuss how higher interest rates, inflation, tighter monetary policy, and geopolitical tensions are reshaping debt markets,
The price of power: who pays for critical minerals?
In this episode, Paola Subacchi is joined by Nicolas Niarchos to explore the growing global race for critical metals, especially those powering the batteries behind our digital and green transitions. They unpack the supply chains at the core of modern life and ask a tough question: are richer economies simply exporting pollution to poorer countries?Focusing on metal-rich nations, they examine how
Digging out of debt: sovereign finance in commodity economies
In this episode, Paola Subacchi sits down with Kamran Ahmad to unpack a persistent paradox: why countries rich in natural resources so often struggle to build lasting prosperity. The conversation dives into the complexities of financing commodity extraction, with a focus on how partnerships and project finance can unlock capital for large-scale initiatives – and ensure that resource wealth transla
Debt at the tipping point: warning signs and viable options
In this episode of DebtTalks, Paola Subacchi and Martin Kessler explore what happens when a country begins to face mounting debt pressures. What are the early warning signs, and when does concern turn into crisis? The discussion also delves into the options available to heavily indebted countries – from restructuring to relief – and take a closer look at how the IMF’s Debt Sustainability Analysis
Mobilising capital for economic transformation in Latin America
Episode 13 of DebtTalks dives into how Latin America can unlock domestic finance to power - funding major infrastructure while supporting SMEs - to the rise of innovative tools like green and thematic bonds in the Caribbean, the episode explores what’s working across a diverse region.With debt costs squeezing fiscal space, the conversation highlights the urgent need for cheaper financing. It also
From crisis bonds to long-term investment: financing Europe’s future
As the European Union has emerged as a major bond issuer since the Covid-19 pandemic, this episode explores the fast-growing market for sovereign, sub-sovereign and supranational debt. Paola Subacchi and Lawrence Duquesne-Garner trace the EU’s journey as a bond issuer, revealing how crisis-driven financing is turning into a long-term investment strategy. Hosts & Guests Paola Subacchi is Profe
Retrenching aid in a volatile world
As advanced economies cut international aid, Paola Subacchi and Clemence Landers assess the consequences for developing countries and the global economy. As funding declines, the risks multiply: an aid crisis can deepen debt distress, evolve into a broader development crisis, and ultimately trigger governance breakdowns. At stake is the very purpose of foreign assistance – preventing instability,
Inside Africa’s debt toolkit
In this episode Paola Subacchi and Barthélemy Faye explore the shifting landscape of finance for development in Africa. As countries expand their access to capital markets and diversify funding sources, new financial tools are reshaping how debt is managed. At the forefront are debt swaps, which replace expensive debt with cheaper, more flexible financing – creating fiscal space while supporting c
Debt in a low-growth world
This episode features Paola Subacchi in conversation with former EU Commissioner Paolo Gentiloni. They explore how ageing, climate pressures and, more recently, defence spending are driving public debt higher, while growth remains elusive and interest rates stay relatively high. The discussion revisits Europe’s response to the sovereign debt crisis and Covid, before turning to a largely overlooked
Closing the financing gaps: innovative finance for developing countries
Join Paola Subacchi and Guillaume Arditti for a lively and engaging conversation on financial constraints that developing countries face – and how innovative financial tools can help unlock the funding they need to drive development.Guillaume Arditti is a founding partner of Belvedere Advisory, a strategic and financial consulting firm dedicated to emerging markets. Since January 2024, he has also
Advancing global financial reforms in a turbulent multilateral context
Join Paola Subacchi and Piera Tortora for an in-depth discussion on how international policy cooperation can respond to pressing global challenges, including debt and climate. The episode also explores the Pact for Prosperity, People and the Planet – a global coalition established at the 2023 Summit for the New Global Financing Pact – and its potential to drive meaningful reforms of the internatio
What’s next for Ukraine ?
In this episode DebtTalks departs from our usual long-view approach to engage directly with the latest headlines. Paola and Elina Ribakova explore the financial options available to Ukraine amid intense political uncertainty.Elina Ribakova is Non-resident Senior Fellow at the Peterson Institute for International Economics and a Director of the International Affairs Program and Vice President for f
Finance for social good : the Council of Europe Development Bank
In this episode Paola Subacchi and Carlo Monticelli explore the transformative role finance can play in driving social change. Carlo shares insights into the Council of Europe Development Bank’s mission to promote investment that empowers communities often left on the margins and helps prevent marginalisation. The conversation highlights how financial tools can be harnessed not merely to generate
Debt and Politics
This episode features political scientists Layna Mosley and Peter Rosendorff in conversation with Paola Subacchi about the domestic and international politics that surround sovereign finance. Since politics plays a crucial role in development finance, the discussion focus on how domestic politics affects access to credit, how governments manage and repay debt, and how political considerations infl
Swapping Debt for Development
How can countries in critical debt positions secure the financing they need to invest in critical infrastructure? And when should they rely on grants instead of loans – even at concessional rates? In this episode Paola Subacchi hosts Pablo Saavedra from the World Bank to explore tools such as debt-for-development swaps, designed to lower debt-servicing costs and extend maturities – giving countrie
Debt Management in Practice
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, an
Debt crises and multilateral solutions
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
Episode 16. Sustainable Development Goals: where do we go from here ?
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 developin
Episode 15. Lessons learned: a practitioner’s experience
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
Episode 14. Bridging development gaps: the role of public development banks ahead of the Seville Summit
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.
Episode 13. Financing growth in a challenging debt market environment
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 ma
Episode 12. Rating the future: debt, growth and Europe’s economic path
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 tod
Episode 11. Public debt is public: shifting the norm to transparency
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 limit
Episode 10. Leveraging debt for a sustainable future
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 m
Episode 9. Debt, inflation and interest rates: a challenging balance
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 inf
Episode 8. Sovereign debt and financing for development
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 budg
Episode 7. The International Monetary Fund: a pivotal and controversial role in debt
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
Episode 6. Resilient sovereign bonds from Waterloo to our days
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 Internati
Episode 5. China as bilateral creditor: complexity and controversies
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
Episode 4. The first debt crisis since WW2, 1982-1989
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 Th
Episode 3. Coordinating sustainable solutions: the Paris Club
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
Episode 2. After default comes litigation: Argentina, 2001-2016
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 de
Episode 1. Greece on the brink, 2010-2015: the debt crisis that hindered Europe - Yannis Manuelides
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-b
