Abstract

NUDELSMAN, Susana. Más allá del Pari Passu. Relac. int. [online]. 2015, vol.24, n.49, pp.167-183. ISSN 2314-2766.

Sovereign debt crises are a critical aspect of developing countries. In the past, debt restructurings were undertaken more quickly than in recent times. A certain group of creditors, the so known "vulture funds", have great incentives not to participate in the renegotiations in hope of full repayment. Given the limitations of the contractual approach to overcome collective action problems, there has been growing interest in the statutory approach. The vicissitudes around the Argentina debt are an opportunity to reconsider the issue. Undoubtedly, developing countries have the potential to improve their economic performance; however, it is also necessary to improve the functioning of the sovereign debt markets.

Keywords : International Political Economy; International Relations; Argentina; United States; Vulture Funds.

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