Abstract

http://ssrn.com/abstract=1015640
 
 

References (49)



 
 

Citations (3)



 


 



Sovereign Debt Restructuring: The Judge, the Vultures and Creditor Rights


Marcus H. Miller


University of Warwick - Department of Economics; Institute for International Economics; Centre for Economic Policy Research (CEPR)

Dania Thomas


Keele University - School of Law; University of Warwick - Centre for the Study of Globalisation and Regionalisation (CSGR)


The World Economy, Vol. 30, No. 10, pp. 1491-1509, October 2007

Abstract:     
What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The Judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity - between holdouts seeking capital gains and institutional investors wanting a settlement - to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a "Judge-mediated" sovereign debt restructuring which resolves key issues of Transition and Aggregation - two of the tasks envisaged for the IMF's stillborn Sovereign Debt Restructuring Mechanism. For the future, we discuss how Judge-mediated sovereign debt restructuring (together with creditor committees) could complement Collective Action Clauses in sovereign bond contracts.

Number of Pages in PDF File: 19

Accepted Paper Series


Date posted: September 21, 2007  

Suggested Citation

Miller, Marcus H. and Thomas, Dania, Sovereign Debt Restructuring: The Judge, the Vultures and Creditor Rights. The World Economy, Vol. 30, No. 10, pp. 1491-1509, October 2007. Available at SSRN: http://ssrn.com/abstract=1015640 or http://dx.doi.org/10.1111/j.1467-9701.2007.01059.x

Contact Information

Marcus H. Miller (Contact Author)
University of Warwick - Department of Economics ( email )
Coventry CV4 7AL
United Kingdom
+44 24 7652 3048/9 (Phone)
+44 24 7652 3032 (Fax)
Institute for International Economics
1750 Massachusetts Avenue, NW
Washington, DC 20036-1903
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Dania Thomas
Keele University - School of Law ( email )
Keele, Staffordshire ST5 5BG
United Kingdom
University of Warwick - Centre for the Study of Globalisation and Regionalisation (CSGR)
Coventry CV4 7AL
United Kingdom
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