The conflict between Argentina and the vulture funds. Consequences on sovereign debt restructuring processes
Abstract
This article analyses the consequences of the conflict between Argentina and the vulture funds on the reform of debt restructuring processes and their impact on the debtor-creditor relationship. Based on analysis of official sources, secondary and journalistic bibliography, it is proposed that the resolution of the litigation between NML and Argentina, driven by the new administration since the end of 2015, suspended the development of the statutory proposal that had begun in the multilateral sphere and established jurisprudence that encourages holdout behaviour, erodes equity within creditors, and negatively affects their relationship with debtors, which deepens the weaknesses of the current regime and makes the international financial system more unstable.
Keywords: sovereign debt restructuring, vulture funds, Argentina, financial globalization, international financial system.Downloads
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