Anatomy of Debt: Crises and the Decline of State Sovereignty

This article provides an in-depth analysis of contemporary debt crises that transcend traditional macroeconomic frameworks. The author demonstrates that public debt has ceased to be a safe asset and has become a tool limiting state sovereignty in the face of rising refinancing costs and the lack of global bankruptcy procedures. The text distinguishes sovereign insolvency from commercial bankruptcy, emphasizing the role of the quality of national institutions. Debt management is presented as a strategic statecraft, essential to avoiding systemic paralysis and protecting the social fabric from the effects of default in a world dominated by global financial instability.