DebtTalks

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 is entering a more expensive and uncertain phase. Drawing on the OECD Global Debt Report 2026, Paola Subacchi talks to Nicolas Pinaud about the outlook 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...

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...

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...

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...

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...

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 Pr...

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,...

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...

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...

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 al...

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...

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...

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 ...

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...

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...

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 & Guests Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po,...

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...

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...

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. Host...

How do public development banks work and how can they help mobilise financial resources to deliver global public goods? What can we expect from the 4th International Conference on Financing for Development, set to take place in Seville from 30 June to 3 July 2025? Paola Subacchi speaks with Nicolas Picchiottino about harnessing finance to close bridge development gaps both between and within count...

The OECD Global Report 2025 highlights the resuming of a long-term trend of more than two decades of rising debt levels, accompanied by growing interest payment burdens in many countries. In this episode of DebtTalk, Paola Subacchi and Fatos Koc explore policy options – from fiscal restraint and structural reforms to stimulate growth in advanced economies, to strategies for developing local capita...

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 t...

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 lim...

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...