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RECENT DEVELOPMENTS in Argentina, Ecuador and elsewhere once again have brought to the fore concerns regarding the ability of creditors of sovereign states and their agencies to recover on the sovereign debt that they hold. While the International Monetary Fund, Paris Club and London Club provide institutional mechanisms by which organized restructuring may be achieved, it nonetheless remains for creditors dissatisfied with the reorganization process to look to the courts to enforce their contractual rights. Significantly, the predictability of debt restructuring has been eroded by the emergence of bondholders as principal creditors in place of traditional commercial bank lenders with longstanding relationships with the debtor states. This development has increased the likelihood of resort to litigation and added an element of uncertainty to the restructuring process.

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