On Thursday, October 10, 2013, APCO Forum held a live briefing on the imminent debt ceiling crisis facing the United States. Panelists will be drawn from APCO’s international Advisory Council, including:

Panelists:

  • Nicholas Ashooh – former senior vice president of communications at American International Group (AIG)
  • Baron Hill – former U.S. representative for Indiana’s 9th congressional district
  • Mike Oxley – former chairman of the U.S. House Financial Services Committee
  • Georges Ugeux – former head of the international group of the New York Stock Exchange

Overview:

U.S. Treasury Secretary Jack Lew has stated that by October 17 the United States will no longer be able to meet its financial obligations, causing the U.S. federal government to default unless the debt limit is raised. Though normally a simple procedural issue, the recent actions of Congress allowing the federal government to shut down do not send positive signals that they will address the issue in a responsible and timely manner to avoid default or maintain investor confidence. If a deal is not reached, President Barack Obama and Secretary Lew will be faced with a constitutional crisis over whether to simply ignore the ceiling.

The full faith and credit of the United States has historically been unquestioned, but the willingness of extreme factions to put it up for debate is a cause for concern for both parties and investors at home and abroad. Markets have already reflected this concern, with credit default swaps against U.S. debt rising to 32 basis points recently and showing no signs of decreasing. Please join us as our distinguished panel of experts address such questions as:

  • What are some of the “real-world” consequences of breaching the debt ceiling?
  • What are the political calculations by the players involved?
  • How does this alter global confidence in the U.S. dollar and U.S. economic prospects?
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Georges Ugeux

For more than 40 years, Georges Ugeux has focused on the global dimensions of finance, business and government. A lawyer and economist by training, he has a deep understanding of the cultural facets of negotiations, networks and partnerships. Read More