Author: | Published: 1 Apr 2005

For many observers, Argentina's debt restructuring has promised much and delivered little in terms of offering new solutions to future crises. Despite this, there are important lessons to be learned from the world's biggest sovereign exchange.

For a time it looked as if class action lawsuits could become a powerful new weapon in the struggle between debtors and creditors. Now it seems that the old theory remains true: you can take a country to court, but you can't make it pay.

Using this form of litigation against a sovereign debtor for...