resulting harshest haircut for private creditors in history can be related to a stag-hunt game played by creditors. We show that … restructuring process are not equal. In the case of Argentina the inclusion of Collective Action Clauses in the defaulted bonds … could have benefited the holdout creditors. …

claims should be treated differently. We show that exists a customary "principle of differentiation" that allows creditors …

in recent decades to the satisfaction of most governments and private creditors. The statutory reforms that have been … been stymied when confronted with a rogue sovereign debtor such as Argentina …

Capital Ltd v. Republic of Argentina awarding holdout creditors legal rights to ratable payment via a special injunction … "holdout creditors" who claim they should have at least some sort of binding legal "ratable payment" effect. Part I of this … against Argentina is particularly controversial given that it is a radical departure from predecessor decisions attempting to …

crises of the 1980s, Russia in 1998, Argentina in 2001, and Greece in 2010. Based on the track record, the authors argue that … is lent at the risk-free rate reflecting its seniority and private creditors receive an upfront haircut. Such an approach …, the prospect of an upfront haircut for private creditors in the event of insolvency is likely to make them more diligent …