Actually the whole Argentina situation has helped evolve how sovereign debt is issued. Argentina's bonds lacked what is called a collective action clause which

Actually the whole Argentina situation has helped evolve how sovereign debt is issued. Argentina's bonds lacked what is called a collective action clause which allows the bonds of all bond holders to be restructured if a predetermined percentage of the bondholders vote for a voluntary restructuring. It was further complicated by the fact that the swapped bonds had a clause that said that granted them most favored nation status if there was any further restructuring.