Starving the Vultures: NML Capital v. Republic of Argentina and Solutions to the Problem of Distressed-Debt Funds

Sovereigns, like individuals and firms, assume debt. Unlike individuals and firms, however, sovereigns cannot die and cannot declare bankruptcy. As such, a country’s ability to restructure its obligations in the face of severe financial turmoil is paramount to the smooth functioning of its domestic economy, as well as the overall global economy. Most sovereign creditors […]