Table des matières § 2. La vente à découvert d’instruments financiers ................................ § 3. L’utilité contrastée des CDS souverains............................................ § 4. Des instruments financiers présumés coupables .............................. Section 2 – DES TENTATIVES D’ENCADREMENT LÉGAL SPORADIQUES ........... § 1. L’incitation au recours à des contreparties centrales par le G20.. § 2. L’interdiction allemande de vente à découvert et des CDS souverains nus.................................................................................................... § 3. Le rejet français d’une prohibition sur la vente à découvert et les swaps souverains ...................................................................................... § 4. Proposition de règlement européen ................................................... Chapitre 3. Les fonds vautours – Vulture funds, creditors and sovereign debtors: how to find a balance? ................................................................ Section 1 – THE “WAR” ON CREDITORS: A REVIEW OF INITIATIVES AIMING AT LIMITING SOVEREIGN BONDHOLDERS’ RIGHT .......................................... § 1. The creditors in action ........................................................................ A. Peru: targeting the payment flows....................................................... B. The Congo: creditors vs. creditors....................................................... C. Argentina: a war of many battles........................................................ § 2. Sovereign debtors fight back: targeting the “vultures” .................. A. Two aborted attempts: France and the United States ...................... 1) A first attempt in France .......................................................................... 2) The US Congress and vulture funds........................................................ B. The English strike: the Debt Relief (Developing Countries) Act 2010............................................................................................................ C. The Belgian strike against vulture funds............................................ Section 2 – SOVEREIGN DEBTORS AND CREDITORS: AN APPRAISAL ............... § 1. The case against limiting creditors’ rights: from a significant obstacle to a significant nuisance................................................................. A. Collective action clauses as limitation on the impact of individual creditors .................................................................................................... B. The chess game between sovereign creditors and debtors................ 1) The Lure of Pari Passu ........................................................................... 2) The Road to Payment Flows Blocked ..................................................... 285 92 92 94 94 95 96 97 99 103 104 105 110 113 115 119 120 120 121 122 124 127 128 131 134 135 140