Sovereign debt

Sovereign debt latest publications

March 4, 2022

Europe | The ECB's response to COVID-19: an assessment

Now that major central banks are preparing to withdraw the monetary stimulus packages they launched to tackle the COVID-19 crisis, it seems a good moment to assess the ECB's actions during the last two years, what it has achieved and what it has prevented.

July 24, 2020

Uruguay | The problem is not the level of public debt but the ability to pay

Although the capacity to pay, as expressed by the debt-to-GDP ratios, does not seem unsustainable, the government should promote fiscal consolidation in order to prevent the debt from continuing to increase after 2022, ensuring sustainability in the medium term and the preservation of the Investor Grade.

July 1, 2020

Spain | The Spanish economy in the 21st century

Twenty years ago, the Spanish economy started its journey into the 21st century after joining the eurozone in 1999. Since then, Spain has faced two economic expansions and two intense crises of a very different nature, with important consequences for economic policy.

November 18, 2019

The culmination of the banking union: a German proposal

Following the financial crisis that led to a European sovereign crisis in 2012, the European Commission developed a roadmap for the creation of the banking union, based on three key pillars: the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the Deposit Guarantee Scheme (DGS).

September 23, 2019

Will sovereign risk premiums continue to fall?

In recent months we have witnessed a notable compression in sovereign CDS at the global level, in an economic scenario that is full of uncertainty and in which public debt is at an all-time high.

April 8, 2019

Sovereign debt in European banks

European banks hold sovereign debt on their balance sheet for multiple reasons. Firstly, sovereigns are eligible in order to comply with liquidity requirements. In addition, they can be used as collateral in the private repurchase markets ("repo") and to obtain funds from the central bank.

August 27, 2014

S&P affirmed its long-term foreign currency rating for Peru at BBB+ with stable outlook

The rating agency noted that negative shocks are of a temporary nature, while investment projects will drive growth to a range of 5% -6 % between 2015 and 2017