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...

Descripción completa

Guardado en:
Detalles Bibliográficos
Autor principal: Pavlidis , George
Formato: Artículo revista
Lenguaje:Español
Publicado: Facultad de Derecho. Departamento de Derecho Público 2020
Materias:
Acceso en línea:https://revistas.unc.edu.ar/index.php/recordip/article/view/27774
Aporte de:
Descripción
Sumario: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.