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Argentina vs Holdouts. The Complete Saga (2005-2016)

Rosario Bustillo and Tomás A. Marinozzi

No 831, CEMA Working Papers: Serie Documentos de Trabajo. from Universidad del CEMA

Abstract: This paper provides a deep analysis into the legal dispute between Argentina and the holdouts as a consequence of the 2001 sovereign default. This paper highlights how the legal conict helped uncover fundamental issues in the sovereign debt restructuring mechanism (SDRM). Questions re- garding overarching injunctions, ambiguous interpretation of boilerplate clauses and the arguable judicial overreach of foreign court lead to necessary changes on standard clauses in sovereign debt contracts. A multidisciplinary approach combining aspects of law and economics was applied in order to fully appreciate the complexity of the subject, as well as the impact this particular case had on posterior sovereign debt contracts.

Keywords: Sovereign Debt Restructuring; Holdouts; Pari Passu. (search for similar items in EconPapers)
JEL-codes: F34 G01 H63 K00 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2022-05
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