What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The Judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity - between 'holdouts' seeking capital gains and institutional investors wanting a settlement - to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a 'Judge-mediated' sovereign debt restructuring which resolves key issues of Transition and Aggregation - two of the tasks envisaged for the IMF's stillborn Sovereign Debt Restructuring Mechanism. For the future, we discuss how Judge-mediated sovereign debt restructuring (together with creditor committees) could complement Collective Action Clauses in sovereign bond contracts. Copyright 2007 The Authors Journal compilation Blackwell Publishing Ltd. 2007 .
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机译：美国法院在2005年的阿根廷债务互换中扮演什么角色？这对主权债券市场的债权人权利的未来有什么影响？阿根廷法官的案子似乎巧妙地利用了债权人的异质性-在寻求资本收益的“扣押”与希望和解的机构投资者之间-促进了与多数债权人的互换。我们对阿根廷债务诉讼的分析揭示了“法官介导”的主权债务重组，该债务重组解决了过渡与聚合的关键问题，这是IMF死产的主权债务重组机制所设想的两项任务。对于未来，我们将讨论法官调解的主权债务重组（与债权人委员会一起）如何补充主权债券合同中的集体诉讼条款。版权所有2007 The Authors Journal编辑部Blackwell Publishing Ltd. 2007。
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