Financial Regulation International
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.