Abstract
The aim of this paper is to provide a legal analysis of the recent Argentine Sovereign debt restructuring episode from the creditors’ perspective. The recent case of Argentina's sovereign debt crisis is of particular interest and unusual complexity, presenting a challenge for Argentina, the IMF and the future of sovereign debt restructuring. Some of the key points include (1) sovereign bond issuances and their contractual terms; (2) securities restructuring mechanisms and techniques; and (3) the stability of the capital markets and the international financial architecture. In addition, due to the amount of creditors that decided not to participate in the exchange offer it is still a very current and debatable topic with ongoing issues either in international courts, arbitral tribunals or in venues such as the Paris Club. After Argentina's debt restructuring, other countries followed (eg Antigua and Barbuda, Belize, Dominica, Dominican Republic, Grenada, Iraq and Serbia and Montenegro) and others are on the verge of following.
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