Mandates and Mediators: The Advisory Architecture of the Largest Sovereign Restructuring Ever Attempted

The advisory architecture of the largest sovereign restructuring ever attempted. Eight parts on who represents whom: the mandate map as of 27 August 2026, the launch of the commercial creditors' committee, the Fund-shaped hole where a debt sustainability analysis should sit, eleven comparators from Iraq to Zambia, and why representation, not fiscal capacity, is now the binding constraint.