Argentina and Uruguay's Influence on Bond Voting Models

Argentina's exchange bonds adopted a two-limb voting clause inspired by Uruguay. However, this proved risky as holdout creditors only needed to buy one third of a bond to keep it out of an aggregated two-limb collective action clause. In response, the U.S. Treasury formed a working group in 2014, which led to the creation of the single-limb collective action clause in 2015.