Resolving the Private Sector Debt Overhang in Europe

IMF Seminar

imf seminars event

DATE: October 11, 2014

DAY: Saturday

3:45 PM - 4:45 PM

LOCATION: George Washington University, Jack Morton Auditorium

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The large volume of distressed debt owed by corporates and households in crisis affected European countries is macro-critical and poses a risk to economic recovery and financial stability. High debt overhangs impede economic recovery and growth by consuming valuable bank resources and constraining the supply of fresh credit. Policies are needed at European and national levels to foster an environment where debtors and creditors are incentivized to engage in meaningful debt resolution discussions. The proposed seminar would explore these issues with a view to providing guidance that would aid policy makers and others seeking solutions in this complex area
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Resolving the Private Sector Debt Overhang in Europe


Moderator: Gillian Tett


Gillian Tett serves as US managing editor. She writes weekly columns for the Financial Times, covering a range of economic, financial, political and social issues. In 2014, she was named Columnist of the Year in the British Press Awards and was the first recipient of the Royal Anthropological Institute Marsh Award. Her other honors include a SABEW Award for best feature article (2012), President’s Medal by the British Academy (2011), being recognized as Journalist of the Year (2009) and Business Journalist of the Year (2008) by the British Press Awards, and as Senior Financial Journalist of the Year (2007) by the Wincott Awards. In June 2009 her book Fool’s Gold won Financial Book of the Year at the inaugural Spear’s Book Awards.

Patrick Honohan


The tenth Governor of the Central Bank of Ireland, Patrick Honohan, was appointed on 26 September 2009. Before his appointment as Governor, he was Professor of International Financial Economics and Development at Trinity College Dublin from 2007. Prior to this, he spent almost a decade at the World Bank where he was Senior Advisor on financial sector policy.

Sean Hagan


Sean Hagan is General Counsel and Director of the Legal Department at the International Monetary Fund. In this capacity, Mr. Hagan advises the Fund’s management, Executive Board and membership on all legal aspects of the Fund’s operations, including its regulatory, advisory and lending functions. Mr. Hagan has published extensively on both the law of the Fund and a broad range of legal issues relating to the prevention and resolution of financial crisis, with a particular emphasis on insolvency and the restructuring of debt, including sovereign debt.

Juan Rodríguez Inciarte


Juan Rodriguez Inciarte, currently Executive Board Member of Grupo Santander, Senior Executive Vice President, and Head of Strategy and Asia, has a distinguished career in the banking industry spanning more than 35 years. In addition to very senior positions in Santander, Mr. Inciarte has worked at the Chase Manhattan Bank in London, Midland Bank in Spain, and the RBS Group and has also been part of the board in numerous institutions, including First Union Corp. (now Wachovia Corp.), and San Paolo-IMI.

Guntram B. Wolff

Guntram B.

Guntram Wolff is the Director of Bruegel since June 2013. His research focuses on the European economy and governance, on fiscal and monetary policy and global finance. He regularily testifies to the European Finance Ministers' ECOFIN meeting, the European Parliament, the German Parliament (Bundestag) and the French Parliament (Assemblée Nationale) and is a member of the French prime minister's Conseil d'Analyse Economique.