English Abstract: There is a growing consensus that Venezuela will not be able to persist for much longer with its policy of full external debt service. The social costs are just too great. This implies a debt restructuring of some kind. Venezuela, principally through its state-owned oil...

English Abstract: Argentina is once again seeking to restructure its external debt. To facilitate this process, the country is proposing to use the state-of-the-art collective action clause that was included in the bonds Argentina started issuing in the Spring of 2016. When it uncloaked its...

English Abstract: The pari passu fallacy, first uncloaked in 2000, holds that when a sovereign borrower promises to maintain the equal ranking of a debt with the borrower's other senior indebtedness, it thereby implicitly promises to pay all of those debts on a ratable basis. In its 18-year life...