The Collective Action Clauses published by the International Capital Markets Association in 2014/2015 aim to facilitate orderly and consensual sovereign debt restructurings. The clauses were designed to give sovereigns flexibility in structuring and consummating a transaction that would be capable of attracting broad creditor support, while safeguarding the integrity of the process and the rights of creditor minorities. The recent restructurings of Argentina and Ecuador presented the first opportunities for the ICMA CACs to be tested in practice, but the “re-designation” and “PAC-man” strategies first seen in the Argentine restructuring revealed shortcomings in the ICMA contractual architecture. Argentina’s and Ecuador’s creditors responded by negotiating tailored refinements to the standard CACs that would mitigate the risk that a sovereign could compel a restructuring that is not supported by the requisite creditor supermajorities. The qualified restrictions on “re-designation” and “PAC-man” adopted by Ecuador and Argentina enhance the ICMA architecture and provide strong incentives for a sovereign to engage constructively with its private creditors in a consensus-building process that results in a restructuring proposal capable of achieving supermajority support.

中文翻译：

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迈向更强大的主权债务重组架构：厄瓜多尔和阿根廷的创新

国际资本市场协会于 2014/2015 年发布的集体行动条款旨在促进有序和协商一致的主权债务重组。这些条款旨在让主权国家在构建和完成能够吸引广泛债权人支持的交易方面具有灵活性，同时保护程序的完整性和债权人少数群体的权利。阿根廷和厄瓜多尔最近的重组为 ICMA CAC 提供了第一次在实践中进行测试的机会，但在阿根廷重组中首次出现的“重新指定”和“PAC-man”策略暴露了 ICMA 合同架构的缺陷。作为回应，阿根廷和厄瓜多尔的债权人通过谈判对标准 CAC 进行了量身定制的改进，以减轻主权国家可能会在没有必要债权人绝大多数支持的情况下强制重组的风险。厄瓜多尔和阿根廷采用的对“重新指定”和“PAC-man”的限定限制增强了 ICMA 架构，并为主权国家与私人债权人建设性地参与建立共识的过程提供了强有力的激励，从而产生了重组提案能够获得绝对多数支持。