This is an expansive look at sovereign debt leading up to a sophisticated discussion of valuation. History is recounted back to the early 1800's, with especially detailed accounts of recent restructurings. Politics plays a big role in restructurings—one of several factors that set sovereign debt apart. The author modifies standard structural and reduced form credit risk models, and analyses results empirically. He closes with a chapter on credit default swaps. The book cites the literature extensively. It is engrossing, scholarly, informative and eminently readable ...