INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS

In recent years, there has been growing concern among politicians, the academic world and the general public about the aggressive strategies implemented by 'vulture funds' in sovereign debt markets and their negative effects, especially on the economies of developing countries. In the abse...

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Autor principal: Pavlidis , George
Formato: Artículo revista
Lenguaje:Español
Publicado: Facultad de Derecho. Departamento de Derecho Público 2020
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Acceso en línea:https://revistas.unc.edu.ar/index.php/recordip/article/view/27774
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spelling I10-R10-article-277742020-02-25T02:21:30Z INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS DERECHO INTERNACIONAL Y FONDOS BUITRE: EN BUSCA DE SOLUCIONES ALTERNATIVAS Pavlidis , George vulture funds sovereign debt debt crisis restructuring collective action clauses anti-vulture legislation Fondos buitre deuda soberana crisis de deuda reestructuración cláusulas de acción colectiva legislación contra los fondos buitres In recent years, there has been growing concern among politicians, the academic world and the general public about the aggressive strategies implemented by 'vulture funds' in sovereign debt markets and their negative effects, especially on the economies of developing countries. In the absence of an international mechanism for the restructuring of sovereign debt, developing countries with financial difficulties and their private creditors must negotiate in good faith to forge a fair and viable restructuring agreement. At the same time, more coordinated action is needed to discourage vulture fund strategies. The use of voluntary codes, the use of Collective Action Clauses with characteristics of aggregation and, as a last resort, the introduction of carefully drafted national legislation against vulture funds should constitute the key elements of such coordinated action. En los últimos años ha crecido la preocupación entre entes políticos, el mundo académico y el público en general sobre las estrategias agresivas implementadas por los ‘fondos buitre’ (‘vulture funds’) en los mercados de deuda soberana y sus efectos negativos, especialmente notorios en las economías de países en desarrollo. En ausencia de un mecanismo internacional para la reestructuración de las deudas soberanas, los países en desarrollo con dificultades financieras y sus acreedores privados deben negociar de buena fe para forjar un acuerdo de reestructuración justo y viable. Al mismo tiempo, se necesita una acción más coordinada para desalentar las estrategias de los fondos buitre. El uso de códigos voluntarios internacionales, el uso de cláusulas de acción colectiva (CAC) con características de agregación y, como último recurso, la introducción de una legislación nacional contra los fondos buitres cuidadosamente redactada debe constituir los elementos clave de tal acción coordinada Facultad de Derecho. Departamento de Derecho Público 2020-02-24 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unc.edu.ar/index.php/recordip/article/view/27774 RECORDIP; Núm. 1 (2020); 24-33 2250-5059 spa https://revistas.unc.edu.ar/index.php/recordip/article/view/27774/29154
institution Universidad Nacional de Córdoba
institution_str I-10
repository_str R-10
container_title_str Revistas de la UNC
language Español
format Artículo revista
topic vulture funds
sovereign debt
debt crisis
restructuring
collective action clauses
anti-vulture legislation
Fondos buitre
deuda soberana
crisis de deuda
reestructuración
cláusulas de acción colectiva
legislación contra los fondos buitres
spellingShingle vulture funds
sovereign debt
debt crisis
restructuring
collective action clauses
anti-vulture legislation
Fondos buitre
deuda soberana
crisis de deuda
reestructuración
cláusulas de acción colectiva
legislación contra los fondos buitres
Pavlidis , George
INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS
topic_facet vulture funds
sovereign debt
debt crisis
restructuring
collective action clauses
anti-vulture legislation
Fondos buitre
deuda soberana
crisis de deuda
reestructuración
cláusulas de acción colectiva
legislación contra los fondos buitres
author Pavlidis , George
author_facet Pavlidis , George
author_sort Pavlidis , George
title INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS
title_short INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS
title_full INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS
title_fullStr INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS
title_full_unstemmed INTERNATIONAL LAW AND VULTURE FUNDS: IN SEARCH OF ALTERNATIVE SOLUTIONS
title_sort international law and vulture funds: in search of alternative solutions
description In recent years, there has been growing concern among politicians, the academic world and the general public about the aggressive strategies implemented by 'vulture funds' in sovereign debt markets and their negative effects, especially on the economies of developing countries. In the absence of an international mechanism for the restructuring of sovereign debt, developing countries with financial difficulties and their private creditors must negotiate in good faith to forge a fair and viable restructuring agreement. At the same time, more coordinated action is needed to discourage vulture fund strategies. The use of voluntary codes, the use of Collective Action Clauses with characteristics of aggregation and, as a last resort, the introduction of carefully drafted national legislation against vulture funds should constitute the key elements of such coordinated action.
publisher Facultad de Derecho. Departamento de Derecho Público
publishDate 2020
url https://revistas.unc.edu.ar/index.php/recordip/article/view/27774
work_keys_str_mv AT pavlidisgeorge internationallawandvulturefundsinsearchofalternativesolutions
AT pavlidisgeorge derechointernacionalyfondosbuitreenbuscadesolucionesalternativas
first_indexed 2022-08-20T00:47:32Z
last_indexed 2022-08-20T00:47:32Z
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