Hope Springs Eternal

French Bondholders and the Repudiation of Russian Sovereign Debt

Business & Finance, Economics, Economic History
Cover of the book Hope Springs Eternal by Kim Oosterlinck, Yale University Press
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Author: Kim Oosterlinck ISBN: 9780300220933
Publisher: Yale University Press Publication: May 28, 2016
Imprint: Yale University Press Language: English
Author: Kim Oosterlinck
ISBN: 9780300220933
Publisher: Yale University Press
Publication: May 28, 2016
Imprint: Yale University Press
Language: English
In 1918, the Soviet revolutionary government repudiated the Tsarist regime’s sovereign debt, triggering one of the biggest sovereign defaults ever. Yet the price of Russian bonds remained high for years. Combing French archival records, Kim Oosterlinck shows that, far from irrational, investors had legitimate reasons to hope for repayment. Soviet debt recognition, a change in government, a bailout by the French government, or French banks, or a seceding country would have guaranteed at least a partial reimbursement. As Greece and other European countries raise the possibility of sovereign default, Oosterlinck’s superbly researched study is more urgent than ever.
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In 1918, the Soviet revolutionary government repudiated the Tsarist regime’s sovereign debt, triggering one of the biggest sovereign defaults ever. Yet the price of Russian bonds remained high for years. Combing French archival records, Kim Oosterlinck shows that, far from irrational, investors had legitimate reasons to hope for repayment. Soviet debt recognition, a change in government, a bailout by the French government, or French banks, or a seceding country would have guaranteed at least a partial reimbursement. As Greece and other European countries raise the possibility of sovereign default, Oosterlinck’s superbly researched study is more urgent than ever.

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