La fin des « vautours » ? Retour sur le contentieux stratégique des dettes souveraines

This contribution assesses the impact of the Argentinian litigation saga on the resolution of sovereign debt crises. The litigation, brought before the New York courts, was an opportunity to endorse the so-called pari passu enforceable strategy. The consequences of this litigation apread beyond Argentina?s borders; they are part of a global dynamic that shapes the general credit economy and transforms default regimes. The first section examines mechanisms adopted against holdout creditors in the light of this new enforceable strategy. The second section focuses on the influence exerted by the Argentinian case in negotiations and the restructuration agreements concluded eversince on the one hand, and in the making of the English doctrine and jurisprudence on the other hand. The study pointed out that the pari passu strategy provides holdout creditors with a formidable weapon, which, for twenty years, has served to upend the balance of financial power to the benefit of these creditors.