An Analysis of Argentina's 2001 Default Resolution
CIGI Paper No. 110
32 Pages Posted: 31 Oct 2016
Date Written: October 21, 2016
Argentina’s 2001 default was followed by a complex debt restructuring that included a long legal dispute with so-called “vulture funds” and other holdout creditors. The full resolution of the sovereign default took almost 15 years. This paper examines the whole restructuring process. It describes the strategies followed by the debtor and the bondholders, the domestic economic implications of the restructuring and the characteristics of the legal disputes. It also analyzes the implications of the default resolution for the functioning of sovereign lending markets.
Keywords: Sovereign Debt Restructuring, Argentina, Vulture Funds
JEL Classification: F34, G01, H63, K12
Suggested Citation: Suggested Citation