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. …

creditors in 2012 was a “unique and exceptional” event, never, ever to be repeated in any other Eurozone country. Maybe so. But … by the problem of non-participating creditors -- holdouts. Indeed, it is the undisguised fear of holdouts and the … creditors of Eurozone countries receiving bailouts (the belated Greek restructuring being the sole exception).This article …