Sovereign overhaul

The move to create the agreement was largely prompted by disputes over debt exchange, notably the Argentine government’s exchange of some $94.3 billion. The new document thus attempts to eradicate any further disputes by providing separate terms for sovereign debt, and more importantly, a more precise definition of what constitutes a sovereign default.

Industry pressure for standardisation has also grown in tandem with the volume of credit derivatives written on emerging market debt, the maj

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