Relevant:
- Dallas Fed: Sovereign debt default is politically strategic
- Stiglitz: First Shot Fired in RoW Counter-Attack on American Debt Imperialism; Opportunity for China
- Geithner: Fannie, Freddie Debt Isn’t Sovereign Debt
- The "Sovereign Debt Standard"
- OSO: Serious Data Problems with Government Debt Comparison
2016-03-10 — bloombergview.com
Recent judicial decisions interpreting New York law, which governed the relevant Argentine debt contracts, have made sovereign debt restructuring even harder; they allow "vulture funds" to extract ransom money by buying debt claims to block the ability of majority creditors to reach a settlement. These decisions broadly threaten New York's dominance as the law that governs sovereign debt contracts.
Yet New York has the unique ability not only to preserve its dominance but also to help solve the sovereign debt crisis. Because around half the world's sovereign debt contracts are governed by New York law, the state could pass a measure to amend the voting requirements under those contracts.
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