Argentina’s 2001 default was followed by a complex debt restructuring that included a long legal dispute with so-called vulture funds and other holdout creditors. The resolution of the sovereign default took almost 15 years—and the case continues to have ramifications that are resulting in new disputes. This paper examines the whole restructuring process. It describes the strategies followed by the debtor and the bondholders, their implications, and the characteristics of the legal disputes. It also analyzes the implications of the default resolution for the functioning of sovereign lending markets.

中文翻译：

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阿根廷 2001 年违约决议分析

阿根廷在 2001 年违约之后进行了复杂的债务重组，其中包括与所谓的秃鹫基金和其他顽固债权人的长期法律纠纷。解决主权违约花了将近 15 年的时间——而且此案继续产生影响，导致新的争端。本文考察了整个重组过程。它描述了债务人和债券持有人所遵循的策略、它们的影响以及法律纠纷的特征。它还分析了违约决议对主权贷款市场运作的影响。