This paper contains a framework for the legal analysis of sovereign default. This framework includes a discussion and analysis of: (a) the distinction between money and debt; (b) the idea of “default”; (c) the idea of the “Sovereign”; (d) the idea of insolvency as it arises in the context of corporations; (e) the contrasting idea of Sovereign insolvency; (f) the enforcement of duties owed by the Sovereign under her debt; and (g) credit default swaps relating to sovereign debt.