The idea of “anti-vulture legislation”, i.e. domestic law dealing with holdout strategies and “vulture” litigation against a sovereign debtor in financial distress, differs radically from existing and proposed approaches to deal with sovereign debt crises, such as the contractual approach and the proposal for an international sovereign debt restructuring mechanism. Anti-vulture laws adopted in Belgium, in the United Kingdom and, more recently, in France offer an ambitious local solution to a global problem. Motivated by these developments, we investigate the actual or hypothetical advantages attached to anti-vulture legislation compared to other approaches, and we argue that legislative interventions in sovereign debt-enforcement regimes should be made cautiously with the aim of promoting timely, orderly and equitable solutions to sovereign debt crises.

中文翻译：

---

主权债务背景下的秃鹰诉讼：全球或本地解决方案？

“反秃鹰立法”的想法，即国内法处理针对陷入财务困境的主权债务人的抗拒策略和“秃鹰”诉讼，与现有和提议的处理主权债务危机的方法截然不同，例如合同方法和国际主权债务重组机制的提议。比利时、英国以及最近在法国通过的反秃鹫法为解决全球问题提供了一个雄心勃勃的本地解​​决方案。在这些发展的推动下，我们调查了反秃鹰立法与其他方法相比的实际或假设优势，我们认为应该谨慎地对主权债务执行制度进行立法干预，目的是促进及时、