Sovereign Debt Restructuring: Evaluating the Impact of the Argentina Ruling. Laura Alfaro, June 16, 2014, Paper. "Recent rulings in the ongoing litigation over the pari passu clause in Argentinian sovereign debt instruments have generated considerable controversy. Some official-sector participants and academic articles have suggested that the rulings will disrupt or impede future sovereign debt restructurings by encouraging holdout creditors to litigate for full payment instead of participating in negotiated exchange offers. This paper critically examines this claim and argues that the incentives for holdout..." Link verified August 21, 2014