Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 85

The second step came in the wake of the Argentina crisis around the beginning of the new millennium. More precisely, when the IMF submitted its proposal of the abovementioned SDRM in fall 200170 this statutory approach was immediately confronted with vehement objections from all sides – it was argued, i.a., that the IMF as lender of last resort was not supposed to be rule giver and judge in one. Despite ongoing efforts to comply better with the standards of the rule of law and further improvements of the SDRM concept71 within the next 1 ½ years the resistance against the statutory approach was so strong that the time had come also in the U.S. to have CACs included in sovereign bonds. This decision was backed afterwards by the Report of the G-10 Working Group on Collective Action Clauses from 26 Sept. 200272 which resulted in the drafting of a model CAC for the general use of sovereign bonds. That model was insofar more sophisticated as the first step-CAC as it provided for greater protection of minority bondholders as well as better adaptation to existing procedures. Accordingly, just a few months later, Mexico was the first state to use this model in its New York law bonds.