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afternoon everyone Im Eric vine hawker from inet Oxford Ronald Reagan once said that he was dying to meet a one-armed economist because economists are always equivocating saying on the one hand on the other hand Im not a one-armed economist but today Im a one-legged economist due to a skiing accident so I apologize that Im going to give my brief remarks sitting down well thank you very much for for coming you know this sovereign debt restructuring is perhaps not the most glamorous topic on the inet agenda but it is certainly one of the most important history shows that countries regularly get into financial trouble and have difficulties with their debts and the results are never good ing to the Economist the first recorded sovereign debt default was in 4 BC appropriately enough it was in Greece when 10 10 Greek cities failed to pay their debts to the temple of Delos now in more modern times the IMF reports the between 1950 and 2010 there been a hundred and eighty-six debt exchanges