Rethinking Sovereign Debt: Politics, Reputation, and Legitimacy in Modern FinanceConventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its loan obligations damages its reputation, inviting still greater problems down the road. Yet difficult dilemmas arise from this assumption. Should today's South Africa be responsible for apartheid era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses? Rethinking