Default isn't what it used to be. Sovereigns failing to honour their international obligations used to suffer. They couldn't raise new money and the restructuring negotiations lasted for a decade. But times have changed. More than ever, sovereigns are tapping the bond markets which are proving a lot more flexible and forgiving than the old banking syndicates. A country can default, restructure and raise new money in a short space of time. With the help of rating agency Standard & Poor's, Euromoney looks at the prospects for emerging-market sovereigns - in default or otherwise - as future bond issuers. Brian Caplen reports
January 01, 2000
