DebtTalks

Epizódok

• Global debt in a higher debt world 10.06.2026 40p

  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 theoutlook 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, especially for low-incomecountries. The conversation also explores the legacy of quantitative easing, the changing investor base in corporate bond markets, shorter maturities, and the role of EU bonds in strengthening Europe’s capital markets.HostPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.GuestNicolas Pinaud is Deputy-Director, OECD Directorate for Financial and Enterprise Affairs. He is an experienced Advisor with a demonstrated history of working on domestic, international and multilateral economic affairs for more than 15 years at government level and in an international organisation (the OECD).Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• The price of power: who pays for critical minerals? 27.05.2026 41p

  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 years of neglect, state fragility, and predatory lending have left these countries unable to turn resource wealth into sustainable development – and what it would take to change that.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. Nicolas Niarchos is a journalist whose work focuses on energy, war, and migration. He is the editor and co-founder of Now Voyager, a new magazine of international affairs. He has been a contributing writer at the New Yorker since 2014, where he initially started as a fact-checker. His reporting has also appeared in the Nation, the New York Times, and the Guardian.He is the author of The Elements of Power: A Story of War, Technology, and the Dirtiest Supply Chain on Earth (Penguin Press).Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Digging out of debt: sovereign finance in commodity economies 13.05.2026 28p

  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 translates into sustainable economic development.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Kamran Ahmad is a partner in the Energy, Infrastructure and Project Finance Group in London.He has extensive experience acting for the full spectrum of market participants, including banks, multi-laterals, investors, sponsors and project companies, on greenfield and brownfield transactions covering a wide range of infrastructure sectors and financing techniques including bank debt, project bonds and multi-source financings. Kamran Ahmad also regularly advises on the development and financing of projects in the energy sector including conventional and renewable power, as well as, commodities based financings (including reserve based lending).Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Debt at the tipping point: warning signs and viable options 22.04.2026 41p

  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 shapes decisions along the way.Hosts & Guests Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Martin Kessler is the Executive Director of the Finance for Development Lab. Previously, he worked as an economist in the Development Cooperation Directorate of the OECD, focusing on trends of development finance for developing countries, and debt risks in particular.Prior to this, Martin worked at the World Bank on development dynamics in East Asia, and held research positions at the Brussels-based economic think-tank Bruegel and the Peterson Institute for International Economics in Washington DC.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Mobilising capital for economic transformation in Latin America 08.04.2026 37p

  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 underscores the importance of stronger multilateral cooperation - moving beyond siloed approaches - to scale impact and drive sustainable development.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Sebastián Nieto-Parra is an Economist at the OECD Development Centre, where he works on the production of the annual report Latin American Economic Outlook. He also teaches economic policy of emerging markets at Sciences Po, Paris. His research interests include banking regulation, international finance and political economy in emerging countries. In particular, he has been researching the structure of the primary bond market. He has presented a number of his papers in various academia and policy-making oriented conferences. Before joining the OECD, Mr. Nieto-Parra was an Economist for Latin America at Santander Bank, Madrid.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• From crisis bonds to long-term investment: financing Europe’s future 25.03.2026 34p

  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 Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Lawrence Duquesne-Garner is a Managing Director within Crédit Agricole CIB's Sovereign, Supranational and Agency (SSA) debt capital markets team, which he joined in London in 2014. He is responsible for the public sector bond issuers in Germany, Switzerland, the Nordic region, as well as the European Commission (NextGenerationEU).Prior to joining Crédit Agricole in 2014, Lawrence held several front office positions within investment banks in Paris, Frankfurt and London. These included positions in public sector debt capital markets as well as Cross-Asset Solutions Sales and Export Finance negotiations.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Retrenching aid in a volatile world 11.03.2026 41p

  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, economic collapse, and governance breakdown.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Clemence Landers is vice president and senior policy fellow at the Center for Global Development, as well as a trustee on the Center for Global Development Europe's board of trustees.  Prior to joining CGD, she worked at the US Treasury Department on US engagement with the multilateral development banks and as a desk economist covering several countries in the Middle East and North Africa region.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Inside Africa’s debt toolkit 25.02.2026 38p

  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 critical development priorities.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Barthélemy Faye is a Partner at Cleary Gottlieb Steen & Hamilton LLP His practice focuses on corporate and financial matters and Africa-related transactions, including energy and natural resources projects, financings, acquisitions and JVs, private equity, and sovereign debt.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Debt in a low-growth world 11.02.2026 43p

  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 challenge in developing countries – “defaulting on development.”Paolo Gentiloni is Co-Chair of the UN Group of Experts to promote policy solutions to resolve the debt crisis in developing countries. From 2019 to 2024, Mr Gentiloni was European Commissioner for Economy. He served as Prime Minister of Italy from 2016 to 2018 and Minister of Foreign Affairs and International Cooperation (2013-2014).Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Closing the financing gaps: innovative finance for developing countries 28.01.2026 39p

  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 also been an associate researcher at the Jacques Delors Institute, specializing in EU-Africa relations. He began his career at the Agence Française de Développement (AFD) in South Africa, before holding leadership roles at Natixis and BNP Paribas, where he focused on Natural Resources financing and strategy for Africa. He has also taught in the African Studies program at Sciences Po.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Advancing global financial reforms in a turbulent multilateral context 14.01.2026 36p

  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 international financial architecture.Piera Tortora serves as Head of the Secretariat of the Paris Pact for People and the Planet (4P), a global alliance of 68 countries advocating for international financial reform. A veteran of the OECD (2011–2024), she previously founded the Sustainable Ocean for All Initiative and led work on development finance and sustainable tourism. Earlier, she conducted economic analysis for the UN-FAO and the UN-ECE. She holds a PhD in Economics from the University of Rome “La Sapienza” and has taught at the Geneva Graduate Institute and Sant'Anna University of Pisa.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• What’s next for Ukraine ? 10.12.2025 34p

  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 foreign policy at the Kyiv School of Economics.Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Finance for social good : the Council of Europe Development Bank 03.12.2025 32p

  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 economic growth, but to foster stronger, more inclusive communities across Europe.Carlo Monticelli, an Italian national, was elected Governor of the CEB by the Bank’s member states on 11 June 2021 after serving for six years as Vice-Governor for Financial Strategy. He began his five-year mandate on 18 December 2021.Before joining the CEB, Mr Monticelli worked for more than a decade at the Italian Treasury, representing Italy in international fora and institutions, including as EFC member, G7 Deputy, G8 Financial Sous-Sherpa, G20 Deputy, IMFC Deputy, FSB member and OCDE WP3 member.  Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Debt and Politics 19.11.2025 41p

  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 influence the operations of multilateral financial institutions. Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Layna Mosley is Professor of Politics and International Affairs at Princeton Affairs, serving as the Interim Director of the Niehaus Center for Globalization and Governance and Associate Chair of the Department of Politics. She also co-founded the Princeton Sovereign Finance Lab. Peter Rosendorff is Professor of Politics at New York University where he serves as the Director of the NYU Sovereign Debt Network. He is also the Director of Research at the Princeton Sovereign Finance Lab. Professor Rosendorff is a current member of the editorial team at the International Organization journal and was the previous editor of Economics and Politics. In addition, he currently sits on the editorial board of the American Journal of Political Science and previously for the Journal of Politics and International Interactions.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Swapping Debt for Development 05.11.2025 27p

  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 countries more breathing space.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Pablo Saavedra is the Vice President for the Prosperity vertical at the World Bank, working on issues related to economic policy, poverty, finance, institutions, competition, and investment. Prior to serving in this position, he was also the Country Director for Mexico and Practice Manager of the Macroeconomic, Trade, and Investment unit in the Latin America and Caribbean Region at the Bank. In these positions, he provides significant technical knowledge and operational experience across regions on topics related to economic growth, macroeconomics and fiscal policy, and finance.Production Paola SubacchiCoordination Nathalie CorvéeMusique et Réalisation Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Debt Management in Practice 22.10.2025 34p

  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 & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Nicole Kearse is the head of sovereign finance for the ALSF since 2022 and previously served as the organization’s senior legal counsel. Through this role, she uses her expertise on the African region and emerging markets to aid the organization in providing legal advice and technical assistance to countries in the negotiation of complex commercial transactions, creditor litigation, and other sovereign transactions.Prior to servicing in her roles at the ALSF, Nicole Kearse co-founded the Krescent Consulting firm, providing strategic consulting and organizational and IT consulting services to law firms, SMEs, not-for profits, and African start-upsProduction Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.
• Debt crises and multilateral solutions 09.10.2025 24p

  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 lender of last resort.Hosts & GuestPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.Ceyla Pazarbasioglu is the Director of the Strategy, Policy, and Review Department (SPR) at the IMF, serving in this role since 2020. Through this role, she has launched a variety of programmes including the Debt Service Suspension Initiative (DSSI) and the Global Sovereign Debt Roundtable, as well as playing a key role in operationalizing the G-20 Common Framework for Debt Treatments.Prior to serving as the SPR Director, Ceyla Pazarbasioglu served as the Vice President for Equitable Growth, Finance, and Institutions at the World Bank Group from 2015 to 2020, where she managed a portfolio of $30 billion in operational and policy work and advisory engagements. She also served in a variety of different positions with the IMF from 1992-1998 and 2003-2015, including as Deputy Director of the Monetary and Capital Markets Department, Assistant Director in the European Department, and Mission Chief for Ukraine. Earlier in her career, she helped Türkiye’s government contain and resolve the 2001 economic crisis — first as a member of the government’s crisis management team, then as the Vice President of the Banking Regulation and Supervision Agency.Hosted on Ausha. See ausha.co/privacy-policy for more information.
• Episode 16. Sustainable Development Goals: where do we go from here ? 08.07.2025 46p

  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 developing countries are not left behind in accessing the opportunities provided by AI. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Melonio is Chief Economist at Agence Francaise de Development.Hosted on Ausha. See ausha.co/privacy-policy for more information.
• Episode 15. Lessons learned: a practitioner’s experience 03.06.2025 42p

  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.Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Lambert is Managing Director of Lazard, Sovereign Advisory Group.Hosted on Ausha. See ausha.co/privacy-policy for more information.
• Episode 14. Bridging development gaps: the role of public development banks ahead of the Seville Summit 20.05.2025 42p

  How do public development banks work and how can they help mobilise financialresources to deliver global public goods? What can we expect from the 4thInternational Conference on Financing for Development, set to take place in Sevillefrom 30 June to 3 July 2025? Paola Subacchi speaks with Nicolas Picchiottino aboutharnessing finance to close bridge development gaps both between and withincountries.Hosts and GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and theIncoming Chair in Sovereign Debt and Finance at Sciences Po.Nicolas Picchiottino is the Secretary General of IDFC and the Head of PublicDevelopment Banks at AFD.Hosted on Ausha. See ausha.co/privacy-policy for more information.