Resumen de ICMA updates clauses for sovereign restructures.
The article discusses the updates made by the International Capital Market Association to the collection action clauses for sovereign debt (SD) securities in response to the Argentinian SD default and the SD restructuring in Greece. Topics covered include the options available for issuers for dealing with problems with holdout creditors, and details of the new standard pari passu clause designed to reduce the risk of the clause being used as a basis for eliminating SD restructuring.
