We won’t cry for Argentina: Did the interpretation of Pari Passu in NML Capital, Ltd v Republic of Argentina change the status quo? – Part II

While the holdout problem in sovereign debt restructuring had been widely acknowledged for years, NML Capital created broad-based interest amongst the sovereign debt community to find a solution. Because NML Capital’s expansive interpretation of ‘rateable payment’ was a radical departure from years of attempts by the sovereign debt community to repair the damage caused by the Elliott decision, its positive and normative significance must be assessed with reference to the reactions of key players in this field – the policymakers, courts and sovereign issuers.