Abstract
A model of a sovereign debt restructuring process, consistent with existing legal contracts, institutions and financial market practices, was designed and tested with major investors and government officials playing their real life roles on November 3, 2001, approximately 7 weeks prior to the default by the government of Argentina. The results demonstrated that a set of market-based rules could be implemented that would achieve an orderly debt restructuring without contagion and without significant official financing within the existing institutional framework.
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