OPINION: A Victory For Vulture Funds

Law360, New York (July 10, 2014, 11:00 AM EDT) -- The U.S. Supreme Court handed a victory to vulture funds Elliott Management LLC and Aurelius Capital Management LP against Argentina’s attempt to avoid Argentina's obligations. However, this was not a victory of law against scofflaws, but a victory of those who take advantage of lawlessness that indirectly hurts us all as taxpayers.

No sovereign insolvency law exists. If a sovereign becomes insolvent, the International Monetary Fund facilitates a restructuring of its obligations in a costly two-step process. First, the IMF lends to the failed sovereign on...
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