Camilo Rueda López © Flickr Camilo Rueda López © Flickr

A New Day in Colombia? Conversation with President Juan Manuel Santos

On September 24, 2015, Colombian President J.M. Santos and leaders of the FARC guerrilla announced a breakthrough in peace negotiations that could end a conflict that has plagued the country since the 1960s. See here a short interview with President Santos explaining what a peace deal would mean for Colombia. More ...


The Rise of the Holdouts: Disrupting Sovereign Debt Restructuring

In the wake of the 2001 Argentine financial crisis and subsequent default, firms specializing in distressed sovereign debt purchased defaulted Argentine bonds at steep discounts with the explicit intent of subsequently litigating for payment of full face value plus interest. These firms have achieved international notoriety stemming from their recent legal victories against the government of Argentina, but the strategy of investing in distressed bonds and resisting restructuring is by no means original. In fact, holdout funds have been developing, improving and employing different strategies for roughly three decades. More ...


Argentina at a Crossroads

To address Argentina’s economic malaise—and to fully close the door on the 2001 crisis—the next government would need to address subsidies, return the keys to the Central Bank, and come to an agreement with the disdained holdout firms. These are neither easy nor popular measures for a new and untested government. Argentines may say they want change now, but will they reach for the casserole pans if their energy bills spike? More ...