Restructuring Argentina’s Private Debt is Essential (Project-Syndicate)

Argentina’s creditors are being asked to accept a proposal that would reduce their revenue stream but make it sustainable. A responsible resolution will set a positive precedent, not only for Argentina, but for the international financial system as a whole.

Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, is the author, most recently, of People, Power, and Profits: Progressive Capitalism for an Age of Discontent.

Edmund S. Phelps, the 2006 Nobel laureate in economics, is Director of the Center on Capitalism and Society at Columbia University and the author of Mass Flourishing and Dynamism.
Carmen M. Reinhart is Professor of the International Financial System at Harvard University’s John F. Kennedy School of Government.
This commentary is co-signed by: Jeffrey D. Sachs, Columbia University; Dani Rodrik, Harvard Kennedy School; Thomas Piketty, School for Advanced Studies in the Social Sciences; Mariana Mazzucato, University College London; Kenneth Rogoff, former IMF chief economist and Harvard University; Brad Setser, Council on Foreign Relations; Ricardo Hausmann, former IADB Chief Economist and Harvard Kennedy School; Carlos Ominami, former Economy Minister, Chile; Yu Yongding, former member of the Monetary Policy Committee, People’s Bank of China; Erik Berglof, former EBRD chief economist and London School of Economics; Nora Lustig, Tulane University; Nelson Barbosa, former Minister of Finance and Planning; Justin Yifu Lin, former World Bank chief economist and Peking University; Partha Dasgupta, University of Cambridge; Kevin P. Gallagher, Boston University; Stephany Griffith-Jones, Columbia University; Stephanie Blankenburg, UNCTAD; Richard Kozul-Wright, UNCTAD; Ricardo French Davis, University of Chile; James K. Galbraith, University of Texas; Jean-Paul Fitoussi, Sciences Po; Amar Bhattacharya, Brookings Institution; Robert Boyer, National Scientific Research Council; Robert Pollin, University of Massachusetts-Amherst; Robert Howse, NYU Law; Giovanni Dosi, Scuola Superiore Sant’Anna; Juan Carlos Moreno Brid, National Autonomous University of Mexico; Josh Bivens, Economic Policy Institute; Arjun Jayadev, Azim Premji University; David Soskice, London School of Economics; Jayati Ghosh, Professor of Economics, Jawaharlal Nehru University; Mauro Gallegati, Università Politecnica Delle Marche; Natalya Naqvi, London School of Economics; Daniela Gabor, UWE Bristol; Marcus Miller, University of Warwick; John E. Roemer, Yale University; William H. Janeway, University of Cambridge; Dean Baker, Center for Economic and Policy Research and University of Utah; Gerald Epstein, University of Massachusetts-Amherst; Anwar Shaikh, New School University; Kaushik Basu, Cornell University; Matias Vernengo, Bucknell University; Philippe Aghion, London School of Economics; Anne Laure Delatte, Centre d’Etudes Prospectives et d’Informations Internationales; Sudhir Anand, London School of Economics; Christoph Trebesch, University of Kiel; John Weeks, University of London; David Vines, University of Oxford; Saskia Sassen, Columbia University; Sandra Polaski, Boston University; Thomas Pogge, Yale University; Rhys Jenkins, University of East Anglia; Jurgen Kaiser, Jubilee Germany; Gary A. Dymski, University of Leeds; Andreas Antoniades, University of Sussex; Raphael Kaplinsky, University of Sussex; Diane Elson, University of Essex; Ernst Stetter, former secretary general, Foundation for European Progressive Studies; Ozlem Onaran, University of Greenwich; Todd Howland, Office of the United Nations High Commissioner for Human Rights; Isabel Ortiz, Columbia University; Carolina Alves, University of Cambridge; Eric LeCompte, Jubilee USA Network; Richard Jolly, University of Sussex; Christoph Trebesch, University of Kiel; Diego Sanchez-Ancochea, University of Oxford; Mark Weisbrot, Center for Economic and Policy Research; Lara Merling, International Trade Union Confederation; Pedro Mendes Loureiro, University of Cambridge; Ilene Grabel, University of Denver; Sabri Öncü, CAFRAL; David Hall, University of Greenwich; Jose Esteban Castro, Newcastle University; Andy McKay, University of Sussex; Stefano Prato, Society for International Development; Rosemary Thorp, University of Oxford; Barry Herman, The New School for Public Engagement; Andres Aruaz, former Minister of Knowledge and Central Bank General Director, Ecuador; Manuel Alcántara, University of Salamanca; Alex Izurieta, UNCTAD; Michael Cichon, UNU Maastricht; Biswajit Dhar, Jawaharlal Nehru University; Jens Martens, Global Policy Forum; Nicolas Pons-Vignon, University of the Witwatersrand; Jean Saldanha, European Network on Debt and Development (Eurodad); Leonidas Vatikiotis, Debtfree Project; Valpy FitzGerald, University of Oxford; Giovanni Andrea Cornia, University of Florence; Matthias Thiemann, Sciences Po; Yılmaz Akyüz, former chief economist, South Centre, Geneva; Stephan Schulmeister, University of Vienna; Eduardo Strachman, São Paulo State University; Peter Dorman, Evergreen State College; C.P. Chandrasekhar, Jawaharlal Nehru University; Leopoldo Rodriguez, Portland State University; Chris Tilly, University of California Los Angeles; Tracy Mott, University of Denver; Jeffrey Madrick, Schwartz Rediscovering Government Initiative; Günseli Berik, University of Utah; Joseph Ricciardi, Babson College; Lorenzo Pellegrini, Erasmus University Rotterdam; Erinc Yeldan, Bilkent University; Sunil Ashra, Management Development Institute; Mustafa Özer, Anadolu University, Turkey; Rolph van der Hoeven, Erasmus University Rotterdam; Al Campbell, University of Utah; Antonella Palumbo, Università Roma Tre; Arthur MacEwan, University of Massachusetts Boston; Neva Goodwin, Tufts University; Korkut Boratav, Turkish Social Science Association; Michael Ash, University of Massachusetts-Amherst; Alicia Puyana, Facultad Latinoamericana de Ciencias Sociales, Mexico; John Willoughby, American University; Marco Palacios, El Colegio de Mexico; Reza Mazhari, Gonbad Gavous University, Iran; Ann Markusen, University of Minnesota; Renee Prendergast, Queens University; Michael Moore, University of Warwick; Carlos A. Carrasco, Universidad de Monterrey, Mexico; Robert Lynch, Washington College; John Schmitt, Economic Policy Institute; Venkatesh Athreya, Bharathidasan University; Jeff Faux, Economic Policy Institute; Kunibert Raffer, University of Vienna; Jenik Radon, Columbia University; Maria Joao Rodrigues, Foundation for European Progressive Studies; Stephanie Seguino, University of Vermont; Gustavo Indart, University of Toronto; Cyrus Bina, University of Minnesota; Alberto Minujin, The New School; Philip Alston, NYU; Sudhir Anand, London School of Economics; José Gabriel Palma, Cambridge University; Michael A. Cohen, The New School; Jeff Powell, University of Greenwich; and Rob Johnson, President, INET.  

Can Fernández Fix Argentina? (Project-Syndicate)

By voting President Maurico Macri out of office, Argentinians have signaled that they will no longer tolerate continued economic crisis, much less policies that appear to make matters worse. But, because solutions to Argentina’s problems are not mutually compatible, the new government will likely face similar challenges.

Leandro Mora Alfonsín is a professor at the University of Buenos Aires, the University of Business and Social Sciences, and the National University of General Sarmiento.