sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor …" applicable to future defaults. Poorer countries, first-time debt issuers, and those that borrowed heavily from external creditors …

Sovereign debt crises are difficult to solve. This paper studies the "holdout problem", meaning the risk that creditors … dataset of 23 bond restructurings with external creditors since 1994. We then study the determinants of holdouts and find that …

sample covers 327 sovereign debt restructurings with external private creditors over 205 default spells since 1815. Creditor …” applicable to future defaults. Poorer countries, first-time debt issuers, and those that borrowed heavily from external 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 …