id sid tid token lemma pos cblr-1722 1 1 4_2017.2_wozny_final 4_2017.2_wozny_final NUM cblr-1722 1 2 wozny wozny ADJ cblr-1722 1 3 – – PUNCT cblr-1722 1 4 final final ADJ cblr-1722 1 5 national national ADJ cblr-1722 1 6 anti anti ADJ cblr-1722 1 7 - - ADJ cblr-1722 1 8 vulture vulture ADJ cblr-1722 1 9 funds fund NOUN cblr-1722 1 10 legislation legislation NOUN cblr-1722 1 11 : : PUNCT cblr-1722 1 12 belgium belgium PROPN cblr-1722 1 13 ’s ’s PART cblr-1722 1 14 turn turn PROPN cblr-1722 1 15 lucas lucas PROPN cblr-1722 1 16 wozny∗ wozny∗ PROPN cblr-1722 1 17 sovereign sovereign ADJ cblr-1722 1 18 distressed distressed ADJ cblr-1722 1 19 debt debt NOUN cblr-1722 1 20 investors investor NOUN cblr-1722 1 21 can can AUX cblr-1722 1 22 create create VERB cblr-1722 1 23 holdout holdout NOUN cblr-1722 1 24 problems problem NOUN cblr-1722 1 25 during during ADP cblr-1722 1 26 sovereign sovereign ADJ cblr-1722 1 27 restructurings restructuring NOUN cblr-1722 1 28 . . PUNCT cblr-1722 2 1 scholars scholar NOUN cblr-1722 2 2 have have AUX cblr-1722 2 3 suggested suggest VERB cblr-1722 2 4 a a DET cblr-1722 2 5 wide wide ADJ cblr-1722 2 6 - - PUNCT cblr-1722 2 7 range range NOUN cblr-1722 2 8 of of ADP cblr-1722 2 9 normative normative ADJ cblr-1722 2 10 solutions solution NOUN cblr-1722 2 11 to to PART cblr-1722 2 12 alleviate alleviate VERB cblr-1722 2 13 these these DET cblr-1722 2 14 holdout holdout NOUN cblr-1722 2 15 problems problem NOUN cblr-1722 2 16 , , PUNCT cblr-1722 2 17 including include VERB cblr-1722 2 18 ad ad X cblr-1722 2 19 hoc hoc X cblr-1722 2 20 deals deal NOUN cblr-1722 2 21 , , PUNCT cblr-1722 2 22 the the DET cblr-1722 2 23 creation creation NOUN cblr-1722 2 24 of of ADP cblr-1722 2 25 a a DET cblr-1722 2 26 multilateral multilateral ADJ cblr-1722 2 27 international international ADJ cblr-1722 2 28 sovereign sovereign ADJ cblr-1722 2 29 bankruptcy bankruptcy NOUN cblr-1722 2 30 framework framework NOUN cblr-1722 2 31 , , PUNCT cblr-1722 2 32 the the DET cblr-1722 2 33 insertion insertion NOUN cblr-1722 2 34 of of ADP cblr-1722 2 35 collective collective ADJ cblr-1722 2 36 - - PUNCT cblr-1722 2 37 action action NOUN cblr-1722 2 38 clauses clause NOUN cblr-1722 2 39 into into ADP cblr-1722 2 40 bonds bond NOUN cblr-1722 2 41 , , PUNCT cblr-1722 2 42 the the DET cblr-1722 2 43 expansion expansion NOUN cblr-1722 2 44 of of ADP cblr-1722 2 45 judicial judicial ADJ cblr-1722 2 46 discretion discretion NOUN cblr-1722 2 47 , , PUNCT cblr-1722 2 48 and and CCONJ cblr-1722 2 49 the the DET cblr-1722 2 50 return return NOUN cblr-1722 2 51 of of ADP cblr-1722 2 52 the the DET cblr-1722 2 53 doctrines doctrine NOUN cblr-1722 2 54 of of ADP cblr-1722 2 55 comity comity NOUN cblr-1722 2 56 and and CCONJ cblr-1722 2 57 sovereign sovereign ADJ cblr-1722 2 58 immunity immunity NOUN cblr-1722 2 59 . . PUNCT cblr-1722 3 1 however however ADV cblr-1722 3 2 , , PUNCT cblr-1722 3 3 national national ADJ cblr-1722 3 4 legislatures legislature NOUN cblr-1722 3 5 have have AUX cblr-1722 3 6 increasingly increasingly ADV cblr-1722 3 7 begun begin VERB cblr-1722 3 8 to to PART cblr-1722 3 9 exhibit exhibit VERB cblr-1722 3 10 a a DET cblr-1722 3 11 preference preference NOUN cblr-1722 3 12 for for ADP cblr-1722 3 13 adopting adopt VERB cblr-1722 3 14 national national ADJ cblr-1722 3 15 legislative legislative ADJ cblr-1722 3 16 solutions solution NOUN cblr-1722 3 17 to to ADP cblr-1722 3 18 this this DET cblr-1722 3 19 issue issue NOUN cblr-1722 3 20 . . PUNCT cblr-1722 4 1 in in ADP cblr-1722 4 2 2015 2015 NUM cblr-1722 4 3 , , PUNCT cblr-1722 4 4 belgium belgium PROPN cblr-1722 4 5 passed pass VERB cblr-1722 4 6 the the DET cblr-1722 4 7 broadest broad ADJ cblr-1722 4 8 anti anti ADJ cblr-1722 4 9 - - ADJ cblr-1722 4 10 vulture vulture ADJ cblr-1722 4 11 funds fund NOUN cblr-1722 4 12 law law NOUN cblr-1722 4 13 to to ADP cblr-1722 4 14 date date NOUN cblr-1722 4 15 , , PUNCT cblr-1722 4 16 which which PRON cblr-1722 4 17 is be AUX cblr-1722 4 18 significant significant ADJ cblr-1722 4 19 because because SCONJ cblr-1722 4 20 the the DET cblr-1722 4 21 law law NOUN cblr-1722 4 22 impacts impact VERB cblr-1722 4 23 the the DET cblr-1722 4 24 euroclear euroclear ADJ cblr-1722 4 25 payment payment NOUN cblr-1722 4 26 system system NOUN cblr-1722 4 27 . . PUNCT cblr-1722 5 1 while while SCONJ cblr-1722 5 2 this this DET cblr-1722 5 3 law law NOUN cblr-1722 5 4 has have AUX cblr-1722 5 5 received receive VERB cblr-1722 5 6 high high ADJ cblr-1722 5 7 praise praise NOUN cblr-1722 5 8 from from ADP cblr-1722 5 9 the the DET cblr-1722 5 10 united united PROPN cblr-1722 5 11 nations nations PROPN cblr-1722 5 12 and and CCONJ cblr-1722 5 13 from from ADP cblr-1722 5 14 other other ADJ cblr-1722 5 15 nations nation NOUN cblr-1722 5 16 also also ADV cblr-1722 5 17 considering consider VERB cblr-1722 5 18 passing pass VERB cblr-1722 5 19 similar similar ADJ cblr-1722 5 20 legislation legislation NOUN cblr-1722 5 21 , , PUNCT cblr-1722 5 22 a a DET cblr-1722 5 23 careful careful ADJ cblr-1722 5 24 analysis analysis NOUN cblr-1722 5 25 demonstrates demonstrate VERB cblr-1722 5 26 it it PRON cblr-1722 5 27 is be AUX cblr-1722 5 28 not not PART cblr-1722 5 29 sensitive sensitive ADJ cblr-1722 5 30 to to ADP cblr-1722 5 31 the the DET cblr-1722 5 32 benefits benefit NOUN cblr-1722 5 33 that that PRON cblr-1722 5 34 vulture vulture ADJ cblr-1722 5 35 funds fund NOUN cblr-1722 5 36 bring bring VERB cblr-1722 5 37 , , PUNCT cblr-1722 5 38 such such ADJ cblr-1722 5 39 as as ADP cblr-1722 5 40 providing provide VERB cblr-1722 5 41 incentives incentive NOUN cblr-1722 5 42 to to ADP cblr-1722 5 43 sovereigns sovereign NOUN cblr-1722 5 44 to to PART cblr-1722 5 45 form form VERB cblr-1722 5 46 more more ADV cblr-1722 5 47 efficient efficient ADJ cblr-1722 5 48 capital capital NOUN cblr-1722 5 49 structures structure NOUN cblr-1722 5 50 , , PUNCT cblr-1722 5 51 providing provide VERB cblr-1722 5 52 a a DET cblr-1722 5 53 moral moral ADJ cblr-1722 5 54 hazard hazard NOUN cblr-1722 5 55 counterbalance counterbalance NOUN cblr-1722 5 56 , , PUNCT cblr-1722 5 57 serving serve VERB cblr-1722 5 58 as as ADP cblr-1722 5 59 liquidityproviders liquidityprovider NOUN cblr-1722 5 60 on on ADP cblr-1722 5 61 the the DET cblr-1722 5 62 secondary secondary ADJ cblr-1722 5 63 distressed distressed ADJ cblr-1722 5 64 - - PUNCT cblr-1722 5 65 debt debt NOUN cblr-1722 5 66 market market NOUN cblr-1722 5 67 , , PUNCT cblr-1722 5 68 and and CCONJ cblr-1722 5 69 providing provide VERB cblr-1722 5 70 information information NOUN cblr-1722 5 71 to to ADP cblr-1722 5 72 the the DET cblr-1722 5 73 market market NOUN cblr-1722 5 74 . . PUNCT cblr-1722 6 1 if if SCONJ cblr-1722 6 2 adopted adopt VERB cblr-1722 6 3 by by ADP cblr-1722 6 4 other other ADJ cblr-1722 6 5 ∗ ∗ PROPN cblr-1722 6 6 j.d j.d PROPN cblr-1722 6 7 . . PROPN cblr-1722 6 8 candidate candidate PROPN cblr-1722 6 9 , , PUNCT cblr-1722 6 10 2018 2018 NUM cblr-1722 6 11 , , PUNCT cblr-1722 6 12 columbia columbia PROPN cblr-1722 6 13 law law PROPN cblr-1722 6 14 school school NOUN cblr-1722 6 15 ; ; PUNCT cblr-1722 6 16 b.a b.a PROPN cblr-1722 6 17 . . PROPN cblr-1722 6 18 , , PUNCT cblr-1722 6 19 2014 2014 NUM cblr-1722 6 20 , , PUNCT cblr-1722 6 21 yale yale PROPN cblr-1722 6 22 university university PROPN cblr-1722 6 23 . . PUNCT cblr-1722 7 1 i i PRON cblr-1722 7 2 extend extend VERB cblr-1722 7 3 my my PRON cblr-1722 7 4 deepest deep ADJ cblr-1722 7 5 gratitude gratitude NOUN cblr-1722 7 6 to to ADP cblr-1722 7 7 professor professor PROPN cblr-1722 7 8 robert robert PROPN cblr-1722 7 9 jackson jackson PROPN cblr-1722 7 10 , , PUNCT cblr-1722 7 11 jr jr PROPN cblr-1722 7 12 . . PROPN cblr-1722 7 13 for for ADP cblr-1722 7 14 his his PRON cblr-1722 7 15 enthusiasm enthusiasm NOUN cblr-1722 7 16 , , PUNCT cblr-1722 7 17 support support NOUN cblr-1722 7 18 , , PUNCT cblr-1722 7 19 constant constant ADJ cblr-1722 7 20 guidance guidance NOUN cblr-1722 7 21 , , PUNCT cblr-1722 7 22 and and CCONJ cblr-1722 7 23 helpful helpful ADJ cblr-1722 7 24 comments comment NOUN cblr-1722 7 25 . . PUNCT cblr-1722 8 1 i i PRON cblr-1722 8 2 also also ADV cblr-1722 8 3 thank thank VERB cblr-1722 8 4 my my PRON cblr-1722 8 5 alma alma NOUN cblr-1722 8 6 mater mater NOUN cblr-1722 8 7 , , PUNCT cblr-1722 8 8 regis regis PROPN cblr-1722 8 9 high high PROPN cblr-1722 8 10 school school NOUN cblr-1722 8 11 , , PUNCT cblr-1722 8 12 for for ADP cblr-1722 8 13 teaching teach VERB cblr-1722 8 14 me i PRON cblr-1722 8 15 at at ADP cblr-1722 8 16 an an DET cblr-1722 8 17 early early ADJ cblr-1722 8 18 age age NOUN cblr-1722 8 19 about about ADP cblr-1722 8 20 good good ADJ cblr-1722 8 21 scholarship scholarship NOUN cblr-1722 8 22 and and CCONJ cblr-1722 8 23 for for ADP cblr-1722 8 24 motivating motivate VERB cblr-1722 8 25 me i PRON cblr-1722 8 26 to to PART cblr-1722 8 27 embark embark VERB cblr-1722 8 28 on on ADP cblr-1722 8 29 a a DET cblr-1722 8 30 lifelong lifelong ADJ cblr-1722 8 31 journey journey NOUN cblr-1722 8 32 in in ADP cblr-1722 8 33 attempting attempt VERB cblr-1722 8 34 to to PART cblr-1722 8 35 produce produce VERB cblr-1722 8 36 it it PRON cblr-1722 8 37 . . PUNCT cblr-1722 9 1 finally finally ADV cblr-1722 9 2 , , PUNCT cblr-1722 9 3 and and CCONJ cblr-1722 9 4 most most ADV cblr-1722 9 5 importantly importantly ADV cblr-1722 9 6 , , PUNCT cblr-1722 9 7 i i PRON cblr-1722 9 8 thank thank VERB cblr-1722 9 9 my my PRON cblr-1722 9 10 mother mother NOUN cblr-1722 9 11 , , PUNCT cblr-1722 9 12 margaret margaret PROPN cblr-1722 9 13 wozny wozny NOUN cblr-1722 9 14 , , PUNCT cblr-1722 9 15 whose whose DET cblr-1722 9 16 selflessness selflessness NOUN cblr-1722 9 17 and and CCONJ cblr-1722 9 18 generosity generosity NOUN cblr-1722 9 19 inspires inspire VERB cblr-1722 9 20 me i PRON cblr-1722 9 21 daily daily ADJ cblr-1722 9 22 and and CCONJ cblr-1722 9 23 whose whose DET cblr-1722 9 24 story story NOUN cblr-1722 9 25 drives drive VERB cblr-1722 9 26 my my PRON cblr-1722 9 27 passion passion NOUN cblr-1722 9 28 for for ADP cblr-1722 9 29 the the DET cblr-1722 9 30 law law NOUN cblr-1722 9 31 . . PUNCT cblr-1722 10 1 without without ADP cblr-1722 10 2 the the DET cblr-1722 10 3 immeasurable immeasurable ADJ cblr-1722 10 4 , , PUNCT cblr-1722 10 5 lifelong lifelong ADJ cblr-1722 10 6 sacrifices sacrifice NOUN cblr-1722 10 7 mom mom NOUN cblr-1722 10 8 made make VERB cblr-1722 10 9 for for ADP cblr-1722 10 10 my my PRON cblr-1722 10 11 education education NOUN cblr-1722 10 12 and and CCONJ cblr-1722 10 13 for for ADP cblr-1722 10 14 me i PRON cblr-1722 10 15 , , PUNCT cblr-1722 10 16 none none NOUN cblr-1722 10 17 of of ADP cblr-1722 10 18 this this PRON cblr-1722 10 19 would would AUX cblr-1722 10 20 be be AUX cblr-1722 10 21 possible possible ADJ cblr-1722 10 22 . . PUNCT cblr-1722 11 1 wozny wozny ADJ cblr-1722 11 2 – – PUNCT cblr-1722 11 3 final final ADJ cblr-1722 11 4 698 698 NUM cblr-1722 11 5 columbia columbia PROPN cblr-1722 11 6 business business NOUN cblr-1722 11 7 law law PROPN cblr-1722 11 8 review review NOUN cblr-1722 11 9 [ [ X cblr-1722 11 10 vol vol NOUN cblr-1722 11 11 . . NOUN cblr-1722 11 12 2017 2017 NUM cblr-1722 11 13 nations nation NOUN cblr-1722 11 14 , , PUNCT cblr-1722 11 15 belgium belgium PROPN cblr-1722 11 16 ’s ’s PART cblr-1722 11 17 law law NOUN cblr-1722 11 18 can can AUX cblr-1722 11 19 eliminate eliminate VERB cblr-1722 11 20 the the DET cblr-1722 11 21 secondary secondary ADJ cblr-1722 11 22 distressed distressed ADJ cblr-1722 11 23 debt debt NOUN cblr-1722 11 24 market market NOUN cblr-1722 11 25 by by ADP cblr-1722 11 26 blocking block VERB cblr-1722 11 27 liquidity liquidity NOUN cblr-1722 11 28 - - PUNCT cblr-1722 11 29 providers provider NOUN cblr-1722 11 30 from from ADP cblr-1722 11 31 the the DET cblr-1722 11 32 market market NOUN cblr-1722 11 33 . . PUNCT cblr-1722 12 1 as as ADP cblr-1722 12 2 a a DET cblr-1722 12 3 result result NOUN cblr-1722 12 4 , , PUNCT cblr-1722 12 5 national national ADJ cblr-1722 12 6 legislatures legislature NOUN cblr-1722 12 7 should should AUX cblr-1722 12 8 avoid avoid VERB cblr-1722 12 9 using use VERB cblr-1722 12 10 belgium belgium NOUN cblr-1722 12 11 ’s ’s PART cblr-1722 12 12 law law NOUN cblr-1722 12 13 as as ADP cblr-1722 12 14 model model NOUN cblr-1722 12 15 law law NOUN cblr-1722 12 16 , , PUNCT cblr-1722 12 17 but but CCONJ cblr-1722 12 18 rather rather ADV cblr-1722 12 19 , , PUNCT cblr-1722 12 20 enact enact VERB cblr-1722 12 21 legislation legislation NOUN cblr-1722 12 22 that that PRON cblr-1722 12 23 enhances enhance VERB cblr-1722 12 24 active active ADJ cblr-1722 12 25 settlement settlement NOUN cblr-1722 12 26 discussions discussion NOUN cblr-1722 12 27 without without ADP cblr-1722 12 28 compromising compromise VERB cblr-1722 12 29 the the DET cblr-1722 12 30 bargaining bargaining NOUN cblr-1722 12 31 power power NOUN cblr-1722 12 32 or or CCONJ cblr-1722 12 33 rights right NOUN cblr-1722 12 34 of of ADP cblr-1722 12 35 either either CCONJ cblr-1722 12 36 the the DET cblr-1722 12 37 sovereign sovereign NOUN cblr-1722 12 38 or or CCONJ cblr-1722 12 39 the the DET cblr-1722 12 40 vulture vulture ADJ cblr-1722 12 41 funds fund NOUN cblr-1722 12 42 . . PUNCT cblr-1722 13 1 i. i. PROPN cblr-1722 13 2     SPACE cblr-1722 13 3 introduction introduction NOUN cblr-1722 13 4 ................................................................ ................................................................ PUNCT cblr-1722 13 5 699 699 NUM cblr-1722 13 6     SPACE cblr-1722 13 7 ii ii NOUN cblr-1722 13 8 . . PUNCT cblr-1722 13 9     SPACE cblr-1722 13 10 background background NOUN cblr-1722 13 11 on on ADP cblr-1722 13 12 benefits benefit NOUN cblr-1722 13 13 of of ADP cblr-1722 13 14 and and CCONJ cblr-1722 13 15 problems problem NOUN cblr-1722 13 16 with with ADP cblr-1722 13 17 vulture vulture ADJ cblr-1722 13 18 funds fund NOUN cblr-1722 13 19 ............................................................. ............................................................. PUNCT cblr-1722 14 1 702 702 NUM cblr-1722 14 2     SPACE cblr-1722 14 3 a. a. NOUN cblr-1722 14 4     SPACE cblr-1722 14 5 what what PRON cblr-1722 14 6 are be AUX cblr-1722 14 7 vulture vulture ADJ cblr-1722 14 8 funds fund NOUN cblr-1722 14 9 ? ? PUNCT cblr-1722 15 1 .................................... .................................... PUNCT cblr-1722 16 1 702 702 NUM cblr-1722 16 2     SPACE cblr-1722 16 3 b. b. PROPN cblr-1722 16 4     SPACE cblr-1722 16 5 benefits benefit NOUN cblr-1722 16 6 brought bring VERB cblr-1722 16 7 by by ADP cblr-1722 16 8 vulture vulture ADJ cblr-1722 16 9 funds fund NOUN cblr-1722 16 10 .................... .................... PUNCT cblr-1722 16 11 705 705 NUM cblr-1722 16 12     SPACE cblr-1722 16 13 1 1 NUM cblr-1722 16 14 . . PUNCT cblr-1722 16 15     SPACE cblr-1722 16 16 more more ADV cblr-1722 16 17 efficient efficient ADJ cblr-1722 16 18 capital capital NOUN cblr-1722 16 19 structures structure NOUN cblr-1722 16 20 .................. .................. PUNCT cblr-1722 16 21 705 705 NUM cblr-1722 16 22     SPACE cblr-1722 16 23 2 2 NUM cblr-1722 16 24 . . PUNCT cblr-1722 16 25     SPACE cblr-1722 16 26 moral moral ADJ cblr-1722 16 27 hazard hazard NOUN cblr-1722 16 28 counterbalance counterbalance NOUN cblr-1722 16 29 ....................... ....................... PUNCT cblr-1722 17 1 709 709 NUM cblr-1722 17 2     SPACE cblr-1722 17 3 3 3 NUM cblr-1722 17 4 . . PUNCT cblr-1722 17 5     SPACE cblr-1722 17 6 liquidity liquidity NOUN cblr-1722 17 7 - - PUNCT cblr-1722 17 8 providers provider NOUN cblr-1722 17 9 on on ADP cblr-1722 17 10 the the DET cblr-1722 17 11 secondary secondary ADJ cblr-1722 17 12 distressed distressed ADJ cblr-1722 17 13 debt debt NOUN cblr-1722 17 14 market market NOUN cblr-1722 17 15 .................................. .................................. PUNCT cblr-1722 18 1 710 710 NUM cblr-1722 18 2     SPACE cblr-1722 18 3 4 4 NUM cblr-1722 18 4 . . PUNCT cblr-1722 18 5     SPACE cblr-1722 18 6 information information NOUN cblr-1722 18 7 - - PUNCT cblr-1722 18 8 providers provider NOUN cblr-1722 18 9 .................................... .................................... PUNCT cblr-1722 18 10 712 712 NUM cblr-1722 18 11     SPACE cblr-1722 18 12 c. c. NOUN cblr-1722 18 13     SPACE cblr-1722 18 14 how how SCONJ cblr-1722 18 15 the the DET cblr-1722 18 16 uniqueness uniqueness NOUN cblr-1722 18 17 of of ADP cblr-1722 18 18 sovereign sovereign ADJ cblr-1722 18 19 debt debt NOUN cblr-1722 18 20 introduces introduce VERB cblr-1722 18 21 potential potential ADJ cblr-1722 18 22 inefficiencies inefficiency NOUN cblr-1722 18 23 ...................... ...................... PUNCT cblr-1722 19 1 714 714 NUM cblr-1722 19 2     SPACE cblr-1722 19 3 1 1 NUM cblr-1722 19 4 . . PUNCT cblr-1722 19 5     SPACE cblr-1722 19 6 holdout holdout NOUN cblr-1722 19 7 problem problem NOUN cblr-1722 19 8 ............................................. ............................................. PUNCT cblr-1722 20 1 715 715 NUM cblr-1722 20 2     SPACE cblr-1722 20 3 2 2 NUM cblr-1722 20 4 . . PUNCT cblr-1722 20 5     SPACE cblr-1722 20 6 empty empty ADJ cblr-1722 20 7 creditor creditor NOUN cblr-1722 20 8 hypothesis hypothesis NOUN cblr-1722 20 9 ............................ ............................ PUNCT cblr-1722 21 1 717 717 NUM cblr-1722 21 2     SPACE cblr-1722 21 3 3 3 NUM cblr-1722 21 4 . . PUNCT cblr-1722 21 5     SPACE cblr-1722 21 6 odious odious ADJ cblr-1722 21 7 debt debt NOUN cblr-1722 21 8 ..................................................... ..................................................... PUNCT cblr-1722 21 9 721 721 NUM cblr-1722 21 10     SPACE cblr-1722 21 11 iii iii NOUN cblr-1722 21 12 . . PUNCT cblr-1722 21 13     SPACE cblr-1722 21 14 summary summary NOUN cblr-1722 21 15 and and CCONJ cblr-1722 21 16 analysis analysis NOUN cblr-1722 21 17 of of ADP cblr-1722 21 18 national national ADJ cblr-1722 21 19 anti anti ADJ cblr-1722 21 20 - - ADJ cblr-1722 21 21 vulture vulture ADJ cblr-1722 21 22 fund fund NOUN cblr-1722 21 23 legislation legislation NOUN cblr-1722 21 24 ......................................................... ......................................................... PUNCT cblr-1722 22 1 726 726 NUM cblr-1722 22 2     SPACE cblr-1722 22 3 a. a. NOUN cblr-1722 22 4     SPACE cblr-1722 22 5 background background NOUN cblr-1722 22 6 to to ADP cblr-1722 22 7 the the DET cblr-1722 22 8 growing grow VERB cblr-1722 22 9 trend trend NOUN cblr-1722 22 10 of of ADP cblr-1722 22 11 using use VERB cblr-1722 22 12 national national ADJ cblr-1722 22 13 legislation legislation NOUN cblr-1722 22 14 as as ADP cblr-1722 22 15 the the DET cblr-1722 22 16 policy policy NOUN cblr-1722 22 17 solution solution NOUN cblr-1722 22 18 to to ADP cblr-1722 22 19 vulture vulture ADJ cblr-1722 22 20 funds fund NOUN cblr-1722 22 21 ...................................................... ...................................................... PUNCT cblr-1722 22 22 726 726 NUM cblr-1722 22 23     SPACE cblr-1722 22 24 b. b. PROPN cblr-1722 22 25     SPACE cblr-1722 22 26 united united PROPN cblr-1722 22 27 kingdom kingdom PROPN cblr-1722 22 28 ................................................... ................................................... PUNCT cblr-1722 22 29 728 728 NUM cblr-1722 22 30     SPACE cblr-1722 22 31 c. c. PROPN cblr-1722 22 32     SPACE cblr-1722 22 33 isle isle PROPN cblr-1722 22 34 of of ADP cblr-1722 22 35 man man PROPN cblr-1722 22 36 ............................................................ ............................................................ PUNCT cblr-1722 23 1 731 731 NUM cblr-1722 23 2     SPACE cblr-1722 23 3 d. d. PROPN cblr-1722 23 4     SPACE cblr-1722 23 5 jersey jersey PROPN cblr-1722 23 6 .................................................................... .................................................................... PUNCT cblr-1722 24 1 731 731 NUM cblr-1722 24 2     SPACE cblr-1722 24 3 e. e. PROPN cblr-1722 24 4     SPACE cblr-1722 24 5 australia australia PROPN cblr-1722 24 6 ............................................................... ............................................................... PUNCT cblr-1722 24 7 732 732 NUM cblr-1722 24 8     SPACE cblr-1722 24 9 f. f. PROPN cblr-1722 24 10     SPACE cblr-1722 24 11 united united PROPN cblr-1722 24 12 states states PROPN cblr-1722 24 13 ........................................................ ........................................................ PUNCT cblr-1722 25 1 734 734 NUM cblr-1722 25 2     SPACE cblr-1722 25 3 g. g. PROPN cblr-1722 25 4     SPACE cblr-1722 25 5 france france PROPN cblr-1722 25 6 ( ( PUNCT cblr-1722 25 7 proposed propose VERB cblr-1722 25 8 legislation legislation NOUN cblr-1722 25 9 ) ) PUNCT cblr-1722 25 10 ............................. ............................. PUNCT cblr-1722 26 1 735 735 NUM cblr-1722 26 2     SPACE cblr-1722 26 3 h. h. PROPN cblr-1722 26 4 belgium belgium PROPN cblr-1722 26 5 ’s ’s PART cblr-1722 26 6 anti anti ADJ cblr-1722 26 7 - - ADJ cblr-1722 26 8 vulture vulture ADJ cblr-1722 26 9 act act NOUN cblr-1722 26 10 ................................. ................................. PUNCT cblr-1722 27 1 736 736 NUM cblr-1722 27 2     SPACE cblr-1722 27 3 1 1 NUM cblr-1722 27 4 . . PUNCT cblr-1722 27 5     SPACE cblr-1722 27 6 background background NOUN cblr-1722 27 7 ..................................................... ..................................................... PUNCT cblr-1722 28 1 736 736 NUM cblr-1722 28 2     SPACE cblr-1722 28 3 2 2 NUM cblr-1722 28 4 . . PUNCT cblr-1722 28 5     SPACE cblr-1722 29 1 what what PRON cblr-1722 29 2 does do AUX cblr-1722 29 3 the the DET cblr-1722 29 4 legislation legislation NOUN cblr-1722 29 5 do do VERB cblr-1722 29 6 ? ? PUNCT cblr-1722 30 1 ...................... ...................... PUNCT cblr-1722 31 1 737 737 NUM cblr-1722 31 2     SPACE cblr-1722 31 3 3 3 NUM cblr-1722 31 4 . . PUNCT cblr-1722 31 5     SPACE cblr-1722 31 6 constitutional constitutional ADJ cblr-1722 31 7 challenge challenge NOUN cblr-1722 31 8 ................................ ................................ PUNCT cblr-1722 32 1 739 739 NUM cblr-1722 32 2     SPACE cblr-1722 32 3 iv iv NUM cblr-1722 32 4 . . PUNCT cblr-1722 32 5     SPACE cblr-1722 32 6 recommendations recommendation NOUN cblr-1722 32 7 and and CCONJ cblr-1722 32 8 solutions solution NOUN cblr-1722 32 9 ............................... ............................... PUNCT cblr-1722 33 1 740 740 NUM cblr-1722 33 2     SPACE cblr-1722 33 3 wozny wozny ADJ cblr-1722 33 4 – – PUNCT cblr-1722 33 5 final final ADJ cblr-1722 33 6 no no NOUN cblr-1722 33 7 . . PUNCT cblr-1722 34 1 2:697 2:697 NUM cblr-1722 34 2 ] ] X cblr-1722 34 3 national national ADJ cblr-1722 34 4 anti anti ADJ cblr-1722 34 5 - - ADJ cblr-1722 34 6 vulture vulture ADJ cblr-1722 34 7 funds fund NOUN cblr-1722 34 8 legislation legislation NOUN cblr-1722 34 9 699 699 NUM cblr-1722 34 10 a. a. 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ADP cblr-1722 36 4     SPACE cblr-1722 36 5 conclusion conclusion NOUN cblr-1722 36 6 ................................................................... ................................................................... PUNCT cblr-1722 36 7 744 744 NUM cblr-1722 36 8     SPACE cblr-1722 36 9 i. i. NOUN cblr-1722 36 10 introduction introduction NOUN cblr-1722 36 11 scholars scholar NOUN cblr-1722 36 12 have have AUX cblr-1722 36 13 long long ADV cblr-1722 36 14 commented comment VERB cblr-1722 36 15 on on ADP cblr-1722 36 16 the the DET cblr-1722 36 17 ability ability NOUN cblr-1722 36 18 of of ADP cblr-1722 36 19 sovereign sovereign ADJ cblr-1722 36 20 distressed distressed ADJ cblr-1722 36 21 debt debt NOUN cblr-1722 36 22 investors investor NOUN cblr-1722 36 23 to to PART cblr-1722 36 24 create create VERB cblr-1722 36 25 holdout holdout NOUN cblr-1722 36 26 problems problem NOUN cblr-1722 36 27 during during ADP cblr-1722 36 28 sovereign sovereign ADJ cblr-1722 36 29 restructurings.1 restructurings.1 NOUN cblr-1722 36 30 many many ADJ cblr-1722 36 31 have have AUX cblr-1722 36 32 suggested suggest VERB cblr-1722 36 33 a a DET cblr-1722 36 34 wide wide ADJ cblr-1722 36 35 range range NOUN cblr-1722 36 36 of of ADP cblr-1722 36 37 normative normative ADJ cblr-1722 36 38 solutions solution NOUN cblr-1722 36 39 to to PART cblr-1722 36 40 alleviate alleviate VERB cblr-1722 36 41 these these DET cblr-1722 36 42 holdout holdout NOUN cblr-1722 36 43 problems problem NOUN cblr-1722 36 44 , , PUNCT cblr-1722 36 45 including include VERB cblr-1722 36 46 ad ad X cblr-1722 36 47 hoc hoc X cblr-1722 36 48 deals deal NOUN cblr-1722 36 49 , , PUNCT cblr-1722 36 50 the the DET cblr-1722 36 51 creation creation NOUN cblr-1722 36 52 of of ADP cblr-1722 36 53 a a DET cblr-1722 36 54 multilateral multilateral ADJ cblr-1722 36 55 international international ADJ cblr-1722 36 56 sovereign sovereign ADJ cblr-1722 36 57 bankruptcy bankruptcy NOUN cblr-1722 36 58 framework framework NOUN cblr-1722 36 59 , , PUNCT cblr-1722 36 60 the the DET cblr-1722 36 61 insertion insertion NOUN cblr-1722 36 62 of of ADP cblr-1722 36 63 collective collective ADJ cblr-1722 36 64 - - PUNCT cblr-1722 36 65 action action NOUN cblr-1722 36 66 clauses clause NOUN cblr-1722 36 67 into into ADP cblr-1722 36 68 bonds bond NOUN cblr-1722 36 69 , , PUNCT cblr-1722 36 70 the the DET cblr-1722 36 71 expansion expansion NOUN cblr-1722 36 72 of of ADP cblr-1722 36 73 judicial judicial ADJ cblr-1722 36 74 discretion discretion NOUN cblr-1722 36 75 , , PUNCT cblr-1722 36 76 and and CCONJ cblr-1722 36 77 the the DET cblr-1722 36 78 return return NOUN cblr-1722 36 79 of of ADP cblr-1722 36 80 the the DET cblr-1722 36 81 doctrines doctrine NOUN cblr-1722 36 82 of of ADP cblr-1722 36 83 comity comity NOUN cblr-1722 36 84 and and CCONJ cblr-1722 36 85 sovereign sovereign ADJ cblr-1722 36 86 immunity.2 immunity.2 NOUN cblr-1722 36 87 between between ADP cblr-1722 36 88 2008 2008 NUM cblr-1722 36 89 and and CCONJ cblr-1722 36 90 2016 2016 NUM cblr-1722 36 91 , , PUNCT cblr-1722 36 92 however however ADV cblr-1722 36 93 , , PUNCT cblr-1722 36 94 national national ADJ cblr-1722 36 95 legislatures legislature NOUN cblr-1722 36 96 increasingly increasingly ADV cblr-1722 36 97 began begin VERB cblr-1722 36 98 to to PART cblr-1722 36 99 exhibit exhibit VERB cblr-1722 36 100 a a DET cblr-1722 36 101 preference preference NOUN cblr-1722 36 102 for for ADP cblr-1722 36 103 adopting adopt VERB cblr-1722 36 104 national national ADJ cblr-1722 36 105 legislative legislative ADJ cblr-1722 36 106 solutions solution NOUN cblr-1722 36 107 in in ADP cblr-1722 36 108 favor favor NOUN cblr-1722 36 109 of of ADP cblr-1722 36 110 these these DET cblr-1722 36 111 other other ADJ cblr-1722 36 112 suggestions.3 suggestions.3 NOUN cblr-1722 36 113 unfortunately unfortunately ADV cblr-1722 36 114 , , PUNCT cblr-1722 36 115 scholarship scholarship NOUN cblr-1722 36 116 on on ADP cblr-1722 36 117 the the DET cblr-1722 36 118 efficacy efficacy NOUN cblr-1722 36 119 of of ADP cblr-1722 36 120 these these DET cblr-1722 36 121 national national ADJ cblr-1722 36 122 legislations legislation NOUN cblr-1722 36 123 remains remain VERB cblr-1722 36 124 scarce scarce ADJ cblr-1722 36 125 , , PUNCT cblr-1722 36 126 and and CCONJ cblr-1722 36 127 none none NOUN cblr-1722 36 128 exists exist VERB cblr-1722 36 129 on on ADP cblr-1722 36 130 belgium belgium NOUN cblr-1722 36 131 ’s ’s PART cblr-1722 36 132 anti anti ADJ cblr-1722 36 133 - - ADJ cblr-1722 36 134 vulture vulture ADJ cblr-1722 36 135 funds fund NOUN cblr-1722 36 136 law law NOUN cblr-1722 36 137 , , PUNCT cblr-1722 36 138 which which PRON cblr-1722 36 139 passed pass VERB cblr-1722 36 140 in in ADP cblr-1722 36 141 the the DET cblr-1722 36 142 belgian belgian ADJ cblr-1722 36 143 federal federal ADJ cblr-1722 36 144 parliament parliament NOUN cblr-1722 36 145 on on ADP cblr-1722 36 146 july july PROPN cblr-1722 36 147 12 12 NUM cblr-1722 36 148 , , PUNCT cblr-1722 36 149 2015.4 2015.4 NUM cblr-1722 36 150 like like ADP cblr-1722 36 151 earlier early ADJ cblr-1722 36 152 1 1 NUM cblr-1722 36 153 see see VERB cblr-1722 36 154 infra infra NOUN cblr-1722 36 155 section section NOUN cblr-1722 36 156 ii.c.1 ii.c.1 NOUN cblr-1722 36 157 . . 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PUNCT cblr-1722 51 1 see see VERB cblr-1722 51 2 generally generally ADV cblr-1722 51 3 projet projet PROPN cblr-1722 51 4 de de PROPN cblr-1722 51 5 loi loi PROPN cblr-1722 51 6 relatif relatif PROPN cblr-1722 51 7 à à X cblr-1722 51 8 la la PROPN cblr-1722 51 9 transparence transparence NOUN cblr-1722 51 10 , , PUNCT cblr-1722 51 11 à à X cblr-1722 51 12 la la X cblr-1722 51 13 lutte lutte PROPN cblr-1722 51 14 contre contre X cblr-1722 51 15 la la X cblr-1722 51 16 corruption corruption NOUN cblr-1722 51 17 et et PROPN cblr-1722 51 18 à à X cblr-1722 51 19 la la X cblr-1722 51 20 modernisation modernisation PROPN cblr-1722 51 21 de de PROPN cblr-1722 51 22 la la PROPN cblr-1722 51 23 vie vie PROPN cblr-1722 51 24 économique économique PROPN cblr-1722 51 25 , , PUNCT cblr-1722 51 26 espace espace PROPN cblr-1722 51 27 presse presse PROPN cblr-1722 51 28 ( ( PUNCT cblr-1722 51 29 dec dec PROPN cblr-1722 51 30 . . PROPN cblr-1722 51 31 12 12 NUM cblr-1722 51 32 , , PUNCT cblr-1722 51 33 2016 2016 NUM cblr-1722 51 34 ) ) PUNCT cblr-1722 51 35 , , PUNCT cblr-1722 51 36 https://www.senat.fr/espace_presse/actualites/201606/ https://www.senat.fr/espace_presse/actualites/201606/ NOUN cblr-1722 51 37 le_senat_examine_la_loi_sapin_2.html le_senat_examine_la_loi_sapin_2.html PUNCT cblr-1722 52 1 [ [ X cblr-1722 52 2 https://perma.cc/w23v-cxna https://perma.cc/w23v-cxna PROPN cblr-1722 52 3 ] ] PUNCT cblr-1722 52 4 . . PUNCT cblr-1722 52 5 wozny wozny ADJ cblr-1722 52 6 – – PUNCT cblr-1722 52 7 final final ADJ cblr-1722 52 8 no no NOUN cblr-1722 52 9 . . PUNCT cblr-1722 53 1 2:697 2:697 NUM cblr-1722 53 2 ] ] X cblr-1722 53 3 national national ADJ cblr-1722 53 4 anti anti ADJ cblr-1722 53 5 - - ADJ cblr-1722 53 6 vulture vulture ADJ cblr-1722 53 7 funds fund NOUN cblr-1722 53 8 legislation legislation NOUN cblr-1722 53 9 701 701 NUM cblr-1722 53 10 large large ADJ cblr-1722 53 11 swath swath NOUN cblr-1722 53 12 of of ADP cblr-1722 53 13 the the DET cblr-1722 53 14 potential potential ADJ cblr-1722 53 15 upcoming upcoming ADJ cblr-1722 53 16 regulations regulation NOUN cblr-1722 53 17 in in ADP cblr-1722 53 18 this this DET cblr-1722 53 19 area area NOUN cblr-1722 53 20 . . PUNCT cblr-1722 54 1 while while SCONJ cblr-1722 54 2 this this DET cblr-1722 54 3 note note NOUN cblr-1722 54 4 acknowledges acknowledge VERB cblr-1722 54 5 that that SCONJ cblr-1722 54 6 national national ADJ cblr-1722 54 7 legislative legislative ADJ cblr-1722 54 8 solutions solution NOUN cblr-1722 54 9 may may AUX cblr-1722 54 10 not not PART cblr-1722 54 11 be be AUX cblr-1722 54 12 the the DET cblr-1722 54 13 optimal optimal ADJ cblr-1722 54 14 solution solution NOUN cblr-1722 54 15 to to PART cblr-1722 54 16 alleviate alleviate VERB cblr-1722 54 17 problems problem NOUN cblr-1722 54 18 with with ADP cblr-1722 54 19 sovereign sovereign ADJ cblr-1722 54 20 distressed distressed ADJ cblr-1722 54 21 debt debt NOUN cblr-1722 54 22 , , PUNCT cblr-1722 54 23 their their PRON cblr-1722 54 24 increasing increase VERB cblr-1722 54 25 prevalence prevalence NOUN cblr-1722 54 26 indicates indicate VERB cblr-1722 54 27 they they PRON cblr-1722 54 28 have have AUX cblr-1722 54 29 become become VERB cblr-1722 54 30 the the DET cblr-1722 54 31 practical practical ADJ cblr-1722 54 32 policy policy NOUN cblr-1722 54 33 solution solution NOUN cblr-1722 54 34 for for ADP cblr-1722 54 35 many many ADJ cblr-1722 54 36 nations.10 nations.10 NOUN cblr-1722 54 37 this this DET cblr-1722 54 38 note note NOUN cblr-1722 54 39 analyzes analyze VERB cblr-1722 54 40 the the DET cblr-1722 54 41 belgian belgian ADJ cblr-1722 54 42 anti anti ADJ cblr-1722 54 43 - - ADJ cblr-1722 54 44 vulture vulture ADJ cblr-1722 54 45 funds fund NOUN cblr-1722 54 46 law law NOUN cblr-1722 54 47 and and CCONJ cblr-1722 54 48 queries query VERB cblr-1722 54 49 both both PRON cblr-1722 54 50 whether whether SCONJ cblr-1722 54 51 it it PRON cblr-1722 54 52 provides provide VERB cblr-1722 54 53 efficient efficient ADJ cblr-1722 54 54 solutions solution NOUN cblr-1722 54 55 to to ADP cblr-1722 54 56 problems problem NOUN cblr-1722 54 57 that that SCONJ cblr-1722 54 58 vulture vulture NOUN cblr-1722 54 59 funds fund NOUN cblr-1722 54 60 cause cause VERB cblr-1722 54 61 and and CCONJ cblr-1722 54 62 whether whether SCONJ cblr-1722 54 63 it it PRON cblr-1722 54 64 inhibits inhibit VERB cblr-1722 54 65 the the DET cblr-1722 54 66 positive positive ADJ cblr-1722 54 67 functions function NOUN cblr-1722 54 68 they they PRON cblr-1722 54 69 serve serve VERB cblr-1722 54 70 . . PUNCT cblr-1722 55 1 this this DET cblr-1722 55 2 note note NOUN cblr-1722 55 3 argues argue VERB cblr-1722 55 4 that that SCONJ cblr-1722 55 5 the the DET cblr-1722 55 6 belgian belgian ADJ cblr-1722 55 7 anti anti ADJ cblr-1722 55 8 - - ADJ cblr-1722 55 9 vulture vulture ADJ cblr-1722 55 10 funds fund NOUN cblr-1722 55 11 law law NOUN cblr-1722 55 12 is be AUX cblr-1722 55 13 not not PART cblr-1722 55 14 sensitive sensitive ADJ cblr-1722 55 15 to to ADP cblr-1722 55 16 the the DET cblr-1722 55 17 benefits benefit NOUN cblr-1722 55 18 vulture vulture NOUN cblr-1722 55 19 funds fund NOUN cblr-1722 55 20 bring bring VERB cblr-1722 55 21 , , PUNCT cblr-1722 55 22 and and CCONJ cblr-1722 55 23 if if SCONJ cblr-1722 55 24 adopted adopt VERB cblr-1722 55 25 by by ADP cblr-1722 55 26 other other ADJ cblr-1722 55 27 nations nation NOUN cblr-1722 55 28 , , PUNCT cblr-1722 55 29 can can AUX cblr-1722 55 30 eliminate eliminate VERB cblr-1722 55 31 the the DET cblr-1722 55 32 secondary secondary ADJ cblr-1722 55 33 distressed distressed ADJ cblr-1722 55 34 debt debt NOUN cblr-1722 55 35 market market NOUN cblr-1722 55 36 by by ADP cblr-1722 55 37 blocking block VERB cblr-1722 55 38 liquidity liquidity NOUN cblr-1722 55 39 - - PUNCT cblr-1722 55 40 providers provider NOUN cblr-1722 55 41 from from ADP cblr-1722 55 42 the the DET cblr-1722 55 43 market market NOUN cblr-1722 55 44 . . PUNCT cblr-1722 56 1 such such DET cblr-1722 56 2 an an DET cblr-1722 56 3 answer answer NOUN cblr-1722 56 4 inherently inherently ADV cblr-1722 56 5 requires require VERB cblr-1722 56 6 a a DET cblr-1722 56 7 weighting weighting NOUN cblr-1722 56 8 and and CCONJ cblr-1722 56 9 balancing balance VERB cblr-1722 56 10 assessment assessment NOUN cblr-1722 56 11 of of ADP cblr-1722 56 12 the the DET cblr-1722 56 13 value value NOUN cblr-1722 56 14 created create VERB cblr-1722 56 15 by by ADP cblr-1722 56 16 vulture vulture ADJ cblr-1722 56 17 funds fund NOUN cblr-1722 56 18 solving solve VERB cblr-1722 56 19 a a DET cblr-1722 56 20 collective collective ADJ cblr-1722 56 21 action action NOUN cblr-1722 56 22 problem problem NOUN cblr-1722 56 23 on on ADP cblr-1722 56 24 the the DET cblr-1722 56 25 one one NUM cblr-1722 56 26 hand hand NOUN cblr-1722 56 27 and and CCONJ cblr-1722 56 28 the the DET cblr-1722 56 29 value value NOUN cblr-1722 56 30 lost lose VERB cblr-1722 56 31 or or CCONJ cblr-1722 56 32 gained gain VERB cblr-1722 56 33 by by ADP cblr-1722 56 34 vulture vulture ADJ cblr-1722 56 35 funds fund NOUN cblr-1722 56 36 ’ ' PUNCT cblr-1722 56 37 net net ADJ cblr-1722 56 38 effect effect NOUN cblr-1722 56 39 on on ADP cblr-1722 56 40 the the DET cblr-1722 56 41 cost cost NOUN cblr-1722 56 42 of of ADP cblr-1722 56 43 borrowing borrowing NOUN cblr-1722 56 44 on on ADP cblr-1722 56 45 the the DET cblr-1722 56 46 other other ADJ cblr-1722 56 47 . . PUNCT cblr-1722 57 1 part part NOUN cblr-1722 57 2 ii ii PROPN cblr-1722 57 3 of of ADP cblr-1722 57 4 this this DET cblr-1722 57 5 note note NOUN cblr-1722 57 6 provides provide VERB cblr-1722 57 7 an an DET cblr-1722 57 8 overview overview NOUN cblr-1722 57 9 of of ADP cblr-1722 57 10 what what PRON cblr-1722 57 11 vulture vulture ADJ cblr-1722 57 12 funds fund NOUN cblr-1722 57 13 are be AUX cblr-1722 57 14 , , PUNCT cblr-1722 57 15 their their PRON cblr-1722 57 16 business business NOUN cblr-1722 57 17 model model NOUN cblr-1722 57 18 , , PUNCT cblr-1722 57 19 and and CCONJ cblr-1722 57 20 how how SCONJ cblr-1722 57 21 they they PRON cblr-1722 57 22 positively positively ADV cblr-1722 57 23 and and CCONJ cblr-1722 57 24 adversely adversely ADV cblr-1722 57 25 impact impact VERB cblr-1722 57 26 the the DET cblr-1722 57 27 market market NOUN cblr-1722 57 28 . . PUNCT cblr-1722 58 1 specifically specifically ADV cblr-1722 58 2 , , PUNCT cblr-1722 58 3 part part PROPN cblr-1722 58 4 ii ii PROPN cblr-1722 58 5 examines examine VERB cblr-1722 58 6 how how SCONJ cblr-1722 58 7 vulture vulture ADJ cblr-1722 58 8 funds fund NOUN cblr-1722 58 9 serve serve VERB cblr-1722 58 10 as as ADP cblr-1722 58 11 a a DET cblr-1722 58 12 moral moral ADJ cblr-1722 58 13 hazard hazard NOUN cblr-1722 58 14 counterbalance counterbalance NOUN cblr-1722 58 15 , , PUNCT cblr-1722 58 16 provide provide VERB cblr-1722 58 17 liquidity liquidity NOUN cblr-1722 58 18 on on ADP cblr-1722 58 19 the the DET cblr-1722 58 20 secondary secondary ADJ cblr-1722 58 21 distressed distressed ADJ cblr-1722 58 22 debt debt NOUN cblr-1722 58 23 market market NOUN cblr-1722 58 24 , , PUNCT cblr-1722 58 25 provide provide VERB cblr-1722 58 26 information information NOUN cblr-1722 58 27 to to ADP cblr-1722 58 28 the the DET cblr-1722 58 29 market market NOUN cblr-1722 58 30 , , PUNCT cblr-1722 58 31 and and CCONJ cblr-1722 58 32 encourage encourage VERB cblr-1722 58 33 sovereign sovereign ADJ cblr-1722 58 34 states state NOUN cblr-1722 58 35 to to PART cblr-1722 58 36 adopt adopt VERB cblr-1722 58 37 more more ADV cblr-1722 58 38 efficient efficient ADJ cblr-1722 58 39 capital capital NOUN cblr-1722 58 40 structures structure NOUN cblr-1722 58 41 . . PUNCT cblr-1722 59 1 likewise likewise ADV cblr-1722 59 2 , , PUNCT cblr-1722 59 3 part part NOUN cblr-1722 59 4 ii ii PROPN cblr-1722 59 5 also also ADV cblr-1722 59 6 explores explore VERB cblr-1722 59 7 the the DET cblr-1722 59 8 holdout holdout NOUN cblr-1722 59 9 problems problem VERB cblr-1722 59 10 vulture vulture NOUN cblr-1722 59 11 funds fund NOUN cblr-1722 59 12 introduce introduce VERB cblr-1722 59 13 into into ADP cblr-1722 59 14 voluntary voluntary ADJ cblr-1722 59 15 sovereign sovereign ADJ cblr-1722 59 16 restructuring restructuring NOUN cblr-1722 59 17 proceedings proceeding NOUN cblr-1722 59 18 , , PUNCT cblr-1722 59 19 which which PRON cblr-1722 59 20 can can AUX cblr-1722 59 21 be be AUX cblr-1722 59 22 amplified amplify VERB cblr-1722 59 23 if if SCONJ cblr-1722 59 24 vulture vulture ADJ cblr-1722 59 25 funds fund NOUN cblr-1722 59 26 are be AUX cblr-1722 59 27 10 10 NUM cblr-1722 59 28 some some DET cblr-1722 59 29 scholars scholar NOUN cblr-1722 59 30 question question VERB cblr-1722 59 31 whether whether SCONJ cblr-1722 59 32 the the DET cblr-1722 59 33 optimal optimal ADJ cblr-1722 59 34 solution solution NOUN cblr-1722 59 35 requires require VERB cblr-1722 59 36 any any DET cblr-1722 59 37 sort sort NOUN cblr-1722 59 38 of of ADP cblr-1722 59 39 regulation regulation NOUN cblr-1722 59 40 , , PUNCT cblr-1722 59 41 or or CCONJ cblr-1722 59 42 whether whether SCONJ cblr-1722 59 43 non non NOUN cblr-1722 59 44 - - NOUN cblr-1722 59 45 regulation regulation ADJ cblr-1722 59 46 itself itself PRON cblr-1722 59 47 is be AUX cblr-1722 59 48 the the DET cblr-1722 59 49 best good ADJ cblr-1722 59 50 choice choice NOUN cblr-1722 59 51 . . PUNCT cblr-1722 60 1 these these DET cblr-1722 60 2 arguments argument NOUN cblr-1722 60 3 tend tend VERB cblr-1722 60 4 to to PART cblr-1722 60 5 point point VERB cblr-1722 60 6 out out ADP cblr-1722 60 7 that that SCONJ cblr-1722 60 8 there there PRON cblr-1722 60 9 are be VERB cblr-1722 60 10 only only ADV cblr-1722 60 11 three three NUM cblr-1722 60 12 outstanding outstanding ADJ cblr-1722 60 13 vulture vulture NOUN cblr-1722 60 14 fund fund NOUN cblr-1722 60 15 cases case NOUN cblr-1722 60 16 in in ADP cblr-1722 60 17 litigation litigation NOUN cblr-1722 60 18 right right ADV cblr-1722 60 19 now now ADV cblr-1722 60 20 , , PUNCT cblr-1722 60 21 and and CCONJ cblr-1722 60 22 the the DET cblr-1722 60 23 creation creation NOUN cblr-1722 60 24 of of ADP cblr-1722 60 25 legislation legislation NOUN cblr-1722 60 26 governing govern VERB cblr-1722 60 27 such such DET cblr-1722 60 28 a a DET cblr-1722 60 29 small small ADJ cblr-1722 60 30 number number NOUN cblr-1722 60 31 of of ADP cblr-1722 60 32 instances instance NOUN cblr-1722 60 33 is be AUX cblr-1722 60 34 exorbitantly exorbitantly ADV cblr-1722 60 35 costly costly ADJ cblr-1722 60 36 . . PUNCT cblr-1722 61 1 see see VERB cblr-1722 61 2 , , PUNCT cblr-1722 61 3 e.g. e.g. ADV cblr-1722 61 4 , , PUNCT cblr-1722 61 5 elizabeth elizabeth PROPN cblr-1722 61 6 broomfield broomfield PROPN cblr-1722 61 7 , , PUNCT cblr-1722 61 8 note note VERB cblr-1722 61 9 , , PUNCT cblr-1722 61 10 subduing subdue VERB cblr-1722 61 11 the the DET cblr-1722 61 12 vultures vulture NOUN cblr-1722 61 13 : : PUNCT cblr-1722 61 14 assessing assess VERB cblr-1722 61 15 government government NOUN cblr-1722 61 16 caps cap NOUN cblr-1722 61 17 on on ADP cblr-1722 61 18 recovery recovery NOUN cblr-1722 61 19 in in ADP cblr-1722 61 20 sovereign sovereign ADJ cblr-1722 61 21 debt debt NOUN cblr-1722 61 22 litigation litigation NOUN cblr-1722 61 23 , , PUNCT cblr-1722 61 24 2010 2010 NUM cblr-1722 61 25 colum colum NOUN cblr-1722 61 26 . . PUNCT cblr-1722 62 1 bus bus NOUN cblr-1722 62 2 . . PUNCT cblr-1722 63 1 l. l. PROPN cblr-1722 63 2 rev rev PROPN cblr-1722 63 3 . . PROPN cblr-1722 63 4 473 473 NUM cblr-1722 63 5 , , PUNCT cblr-1722 63 6 517 517 NUM cblr-1722 63 7 . . PUNCT cblr-1722 64 1 while while SCONJ cblr-1722 64 2 this this DET cblr-1722 64 3 note note NOUN cblr-1722 64 4 recognizes recognize VERB cblr-1722 64 5 the the DET cblr-1722 64 6 scholarly scholarly ADJ cblr-1722 64 7 debate debate NOUN cblr-1722 64 8 over over ADP cblr-1722 64 9 whether whether SCONJ cblr-1722 64 10 any any DET cblr-1722 64 11 regulation regulation NOUN cblr-1722 64 12 is be AUX cblr-1722 64 13 necessary necessary ADJ cblr-1722 64 14 , , PUNCT cblr-1722 64 15 engaging engage VERB cblr-1722 64 16 in in ADP cblr-1722 64 17 the the DET cblr-1722 64 18 debate debate NOUN cblr-1722 64 19 goes go VERB cblr-1722 64 20 beyond beyond ADP cblr-1722 64 21 the the DET cblr-1722 64 22 scope scope NOUN cblr-1722 64 23 of of ADP cblr-1722 64 24 this this DET cblr-1722 64 25 note note NOUN cblr-1722 64 26 . . 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PUNCT cblr-1722 67 1 part part NOUN cblr-1722 67 2 iv iv NUM cblr-1722 67 3 considers consider VERB cblr-1722 67 4 the the DET cblr-1722 67 5 belgian belgian ADJ cblr-1722 67 6 law law NOUN cblr-1722 67 7 in in ADP cblr-1722 67 8 the the DET cblr-1722 67 9 context context NOUN cblr-1722 67 10 of of ADP cblr-1722 67 11 the the DET cblr-1722 67 12 benefits benefit NOUN cblr-1722 67 13 and and CCONJ cblr-1722 67 14 costs cost NOUN cblr-1722 67 15 of of ADP cblr-1722 67 16 vulture vulture ADJ cblr-1722 67 17 funds fund NOUN cblr-1722 67 18 identified identify VERB cblr-1722 67 19 in in ADP cblr-1722 67 20 part part PROPN cblr-1722 67 21 ii ii PROPN cblr-1722 67 22 . . PUNCT cblr-1722 68 1 part part NOUN cblr-1722 68 2 v v ADP cblr-1722 68 3 offers offer VERB cblr-1722 68 4 concluding conclude VERB cblr-1722 68 5 remarks remark NOUN cblr-1722 68 6 . . PUNCT cblr-1722 69 1 ii ii PROPN cblr-1722 69 2 . . 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PUNCT cblr-1722 117 1 regardless regardless ADV cblr-1722 117 2 of of ADP cblr-1722 117 3 the the DET cblr-1722 117 4 exact exact ADJ cblr-1722 117 5 present present ADJ cblr-1722 117 6 amount amount NOUN cblr-1722 117 7 , , PUNCT cblr-1722 117 8 it it PRON cblr-1722 117 9 is be AUX cblr-1722 117 10 clear clear ADJ cblr-1722 117 11 that that SCONJ cblr-1722 117 12 any any DET cblr-1722 117 13 national national ADJ cblr-1722 117 14 or or CCONJ cblr-1722 117 15 international international ADJ cblr-1722 117 16 regulation regulation NOUN cblr-1722 117 17 of of ADP cblr-1722 117 18 vulture vulture ADJ cblr-1722 117 19 funds fund NOUN cblr-1722 117 20 would would AUX cblr-1722 117 21 affect affect VERB cblr-1722 117 22 an an DET cblr-1722 117 23 enormous enormous ADJ cblr-1722 117 24 amount amount NOUN cblr-1722 117 25 of of ADP cblr-1722 117 26 capital capital NOUN cblr-1722 117 27 . . PUNCT cblr-1722 118 1 b. b. PROPN cblr-1722 118 2 benefits benefit NOUN cblr-1722 118 3 brought bring VERB cblr-1722 118 4 by by ADP cblr-1722 118 5 vulture vulture ADJ cblr-1722 118 6 funds fund NOUN cblr-1722 118 7 any any DET cblr-1722 118 8 evaluation evaluation NOUN cblr-1722 118 9 of of ADP cblr-1722 118 10 the the DET cblr-1722 118 11 efficacy efficacy NOUN cblr-1722 118 12 of of ADP cblr-1722 118 13 national national ADJ cblr-1722 118 14 anti anti ADJ cblr-1722 118 15 - - ADJ cblr-1722 118 16 vulture vulture ADJ cblr-1722 118 17 fund fund NOUN cblr-1722 118 18 legislation legislation NOUN cblr-1722 118 19 first first ADV cblr-1722 118 20 requires require VERB cblr-1722 118 21 an an DET cblr-1722 118 22 understanding understanding NOUN cblr-1722 118 23 of of ADP cblr-1722 118 24 the the DET cblr-1722 118 25 benefits benefit NOUN cblr-1722 118 26 and and CCONJ cblr-1722 118 27 harms harm NOUN cblr-1722 118 28 of of ADP cblr-1722 118 29 vulture vulture ADJ cblr-1722 118 30 funds fund NOUN cblr-1722 118 31 . . PUNCT cblr-1722 119 1 because because SCONJ cblr-1722 119 2 public public ADJ cblr-1722 119 3 sentiment sentiment NOUN cblr-1722 119 4 and and CCONJ cblr-1722 119 5 media medium NOUN cblr-1722 119 6 coverage coverage NOUN cblr-1722 119 7 present present VERB cblr-1722 119 8 an an DET cblr-1722 119 9 overwhelmingly overwhelmingly ADV cblr-1722 119 10 negative negative ADJ cblr-1722 119 11 image image NOUN cblr-1722 119 12 of of ADP cblr-1722 119 13 vulture vulture NOUN cblr-1722 119 14 funds,21 funds,21 NOUN cblr-1722 119 15 it it PRON cblr-1722 119 16 is be AUX cblr-1722 119 17 particularly particularly ADV cblr-1722 119 18 important important ADJ cblr-1722 119 19 for for SCONJ cblr-1722 119 20 policymakers policymaker NOUN cblr-1722 119 21 to to PART cblr-1722 119 22 consider consider VERB cblr-1722 119 23 evidence evidence NOUN cblr-1722 119 24 that that SCONJ cblr-1722 119 25 vulture vulture ADJ cblr-1722 119 26 funds fund NOUN cblr-1722 119 27 do do AUX cblr-1722 119 28 make make VERB cblr-1722 119 29 markets market NOUN cblr-1722 119 30 more more ADV cblr-1722 119 31 efficient efficient ADJ cblr-1722 119 32 . . PUNCT cblr-1722 120 1 if if SCONJ cblr-1722 120 2 the the DET cblr-1722 120 3 advantages advantage NOUN cblr-1722 120 4 of of ADP cblr-1722 120 5 vulture vulture ADJ cblr-1722 120 6 funds fund NOUN cblr-1722 120 7 are be AUX cblr-1722 120 8 significant significant ADJ cblr-1722 120 9 enough enough ADV cblr-1722 120 10 , , PUNCT cblr-1722 120 11 national national ADJ cblr-1722 120 12 legislative legislative ADJ cblr-1722 120 13 action action NOUN cblr-1722 120 14 that that PRON cblr-1722 120 15 broadly broadly ADV cblr-1722 120 16 bans ban VERB cblr-1722 120 17 vulture vulture NOUN cblr-1722 120 18 funds fund NOUN cblr-1722 120 19 may may AUX cblr-1722 120 20 be be AUX cblr-1722 120 21 costly costly ADJ cblr-1722 120 22 . . PUNCT cblr-1722 121 1 this this DET cblr-1722 121 2 section section NOUN cblr-1722 121 3 argues argue VERB cblr-1722 121 4 that that SCONJ cblr-1722 121 5 vulture vulture ADJ cblr-1722 121 6 funds fund NOUN cblr-1722 121 7 create create VERB cblr-1722 121 8 numerous numerous ADJ cblr-1722 121 9 ex ex PRON cblr-1722 121 10 ante ante NOUN cblr-1722 121 11 benefits benefit NOUN cblr-1722 121 12 . . PUNCT cblr-1722 122 1 first first ADV cblr-1722 122 2 , , PUNCT cblr-1722 122 3 they they PRON cblr-1722 122 4 provide provide VERB cblr-1722 122 5 incentives incentive NOUN cblr-1722 122 6 for for ADP cblr-1722 122 7 corporations corporation NOUN cblr-1722 122 8 and and CCONJ cblr-1722 122 9 sovereign sovereign ADJ cblr-1722 122 10 states state NOUN cblr-1722 122 11 to to PART cblr-1722 122 12 promote promote VERB cblr-1722 122 13 more more ADV cblr-1722 122 14 efficient efficient ADJ cblr-1722 122 15 capital capital NOUN cblr-1722 122 16 structures structure NOUN cblr-1722 122 17 . . PUNCT cblr-1722 123 1 second second ADJ cblr-1722 123 2 , , PUNCT cblr-1722 123 3 they they PRON cblr-1722 123 4 serve serve VERB cblr-1722 123 5 as as ADP cblr-1722 123 6 a a DET cblr-1722 123 7 moral moral ADJ cblr-1722 123 8 hazard hazard NOUN cblr-1722 123 9 counterbalance counterbalance NOUN cblr-1722 123 10 . . PUNCT cblr-1722 124 1 third third ADJ cblr-1722 124 2 , , PUNCT cblr-1722 124 3 they they PRON cblr-1722 124 4 provide provide VERB cblr-1722 124 5 liquidity liquidity NOUN cblr-1722 124 6 on on ADP cblr-1722 124 7 the the DET cblr-1722 124 8 secondary secondary ADJ cblr-1722 124 9 distressed distressed ADJ cblr-1722 124 10 debt debt NOUN cblr-1722 124 11 market market NOUN cblr-1722 124 12 . . PUNCT cblr-1722 125 1 and and CCONJ cblr-1722 125 2 fourth fourth ADV cblr-1722 125 3 , , PUNCT cblr-1722 125 4 they they PRON cblr-1722 125 5 serve serve VERB cblr-1722 125 6 as as ADP cblr-1722 125 7 information information NOUN cblr-1722 125 8 - - PUNCT cblr-1722 125 9 providers provider NOUN cblr-1722 125 10 . . PUNCT cblr-1722 126 1 these these DET cblr-1722 126 2 functions function NOUN cblr-1722 126 3 are be AUX cblr-1722 126 4 highly highly ADV cblr-1722 126 5 valuable valuable ADJ cblr-1722 126 6 and and CCONJ cblr-1722 126 7 result result VERB cblr-1722 126 8 in in ADP cblr-1722 126 9 a a DET cblr-1722 126 10 more more ADV cblr-1722 126 11 efficient efficient ADJ cblr-1722 126 12 market market NOUN cblr-1722 126 13 . . PUNCT cblr-1722 127 1 1 1 X cblr-1722 127 2 . . X cblr-1722 127 3 more more ADV cblr-1722 127 4 efficient efficient ADJ cblr-1722 127 5 capital capital NOUN cblr-1722 127 6 structures structure NOUN cblr-1722 127 7 vulture vulture NOUN cblr-1722 127 8 funds fund NOUN cblr-1722 127 9 confer confer VERB cblr-1722 127 10 to to ADP cblr-1722 127 11 the the DET cblr-1722 127 12 sovereign sovereign ADJ cblr-1722 127 13 distressed distressed ADJ cblr-1722 127 14 debt debt NOUN cblr-1722 127 15 market market NOUN cblr-1722 127 16 many many ADJ cblr-1722 127 17 of of ADP cblr-1722 127 18 the the DET cblr-1722 127 19 same same ADJ cblr-1722 127 20 benefits benefit NOUN cblr-1722 127 21 that that PRON cblr-1722 127 22 corporate corporate ADJ cblr-1722 127 23 distressed distressed ADJ cblr-1722 127 24 debt debt NOUN cblr-1722 127 25 investors investor NOUN cblr-1722 127 26 bring bring VERB cblr-1722 127 27 to to ADP cblr-1722 127 28 the the DET cblr-1722 127 29 corporate corporate ADJ cblr-1722 127 30 distressed distressed ADJ cblr-1722 127 31 debt debt NOUN cblr-1722 127 32 markets market NOUN cblr-1722 127 33 . . PUNCT cblr-1722 128 1 for for ADP cblr-1722 128 2 example example NOUN cblr-1722 128 3 , , PUNCT cblr-1722 128 4 corporate corporate ADJ cblr-1722 128 5 distressed distressed ADJ cblr-1722 128 6 shareholders shareholder NOUN cblr-1722 128 7 can can AUX cblr-1722 128 8 sometimes sometimes ADV cblr-1722 128 9 obtain obtain VERB cblr-1722 128 10 financial financial ADJ cblr-1722 128 11 leverage leverage NOUN cblr-1722 128 12 more more ADV cblr-1722 128 13 cheaply cheaply ADV cblr-1722 128 14 themselves themselves PRON cblr-1722 128 15 than than ADP cblr-1722 128 16 the the DET cblr-1722 128 17 corporation corporation NOUN cblr-1722 128 18 , , PUNCT cblr-1722 128 19 such such ADJ cblr-1722 128 20 as as ADP cblr-1722 128 21 when when SCONJ cblr-1722 128 22 the the DET cblr-1722 128 23 corporation corporation NOUN cblr-1722 128 24 is be AUX cblr-1722 128 25 already already ADV cblr-1722 128 26 over over ADV cblr-1722 128 27 - - PUNCT cblr-1722 128 28 levered lever VERB cblr-1722 128 29 and and CCONJ cblr-1722 128 30 might might AUX cblr-1722 128 31 go go VERB cblr-1722 128 32 bankrupt bankrupt ADJ cblr-1722 128 33 . . PUNCT cblr-1722 129 1 in in ADP cblr-1722 129 2 such such ADJ cblr-1722 129 3 situations situation NOUN cblr-1722 129 4 , , PUNCT cblr-1722 129 5 the the DET cblr-1722 129 6 efficient efficient ADJ cblr-1722 129 7 choice choice NOUN cblr-1722 129 8 by by ADP cblr-1722 129 9 the the DET cblr-1722 129 10 managers manager NOUN cblr-1722 129 11 would would AUX cblr-1722 129 12 be be AUX cblr-1722 129 13 to to PART cblr-1722 129 14 issue issue VERB cblr-1722 129 15 a a DET cblr-1722 129 16 dividend dividend NOUN cblr-1722 129 17 or or CCONJ cblr-1722 129 18 buy buy VERB cblr-1722 129 19 back back ADP cblr-1722 129 20 stocks stock NOUN cblr-1722 129 21 . . PUNCT cblr-1722 130 1 if if SCONJ cblr-1722 130 2 the the DET cblr-1722 130 3 21 21 NUM cblr-1722 130 4 see see NOUN cblr-1722 130 5 supra supra PROPN cblr-1722 130 6 note note PROPN cblr-1722 130 7 14 14 NUM cblr-1722 130 8 and and CCONJ cblr-1722 130 9 accompanying accompany VERB cblr-1722 130 10 text text NOUN cblr-1722 130 11 . . PUNCT cblr-1722 131 1 wozny wozny ADJ cblr-1722 131 2 – – PUNCT cblr-1722 131 3 final final ADJ cblr-1722 131 4 706 706 NUM cblr-1722 131 5 columbia columbia PROPN cblr-1722 131 6 business business NOUN cblr-1722 131 7 law law PROPN cblr-1722 131 8 review review NOUN cblr-1722 131 9 [ [ X cblr-1722 131 10 vol vol NOUN cblr-1722 131 11 . . NOUN cblr-1722 131 12 2017 2017 NUM cblr-1722 131 13 corporation corporation NOUN cblr-1722 131 14 ’s ’s PART cblr-1722 131 15 creditors creditor NOUN cblr-1722 131 16 have have VERB cblr-1722 131 17 no no DET cblr-1722 131 18 bargaining bargaining NOUN cblr-1722 131 19 power power NOUN cblr-1722 131 20 or or CCONJ cblr-1722 131 21 are be AUX cblr-1722 131 22 not not PART cblr-1722 131 23 paying pay VERB cblr-1722 131 24 attention attention NOUN cblr-1722 131 25 , , PUNCT cblr-1722 131 26 the the DET cblr-1722 131 27 probability probability NOUN cblr-1722 131 28 and and CCONJ cblr-1722 131 29 costs cost NOUN cblr-1722 131 30 to to ADP cblr-1722 131 31 the the DET cblr-1722 131 32 corporation corporation NOUN cblr-1722 131 33 of of ADP cblr-1722 131 34 financial financial ADJ cblr-1722 131 35 distress distress NOUN cblr-1722 131 36 may may AUX cblr-1722 131 37 decrease,22 decrease,22 VERB cblr-1722 131 38 incentivizing incentivize VERB cblr-1722 131 39 managers manager NOUN cblr-1722 131 40 to to PART cblr-1722 131 41 inefficiently inefficiently ADV cblr-1722 131 42 issue issue VERB cblr-1722 131 43 additional additional ADJ cblr-1722 131 44 debt debt NOUN cblr-1722 131 45 . . PUNCT cblr-1722 132 1 sophisticated sophisticated ADJ cblr-1722 132 2 distressed distressed ADJ cblr-1722 132 3 debt debt NOUN cblr-1722 132 4 investors investor NOUN cblr-1722 132 5 , , PUNCT cblr-1722 132 6 however however ADV cblr-1722 132 7 , , PUNCT cblr-1722 132 8 pay pay VERB cblr-1722 132 9 attention attention NOUN cblr-1722 132 10 and and CCONJ cblr-1722 132 11 provide provide VERB cblr-1722 132 12 an an DET cblr-1722 132 13 incentive incentive NOUN cblr-1722 132 14 for for SCONJ cblr-1722 132 15 managers manager NOUN cblr-1722 132 16 to to PART cblr-1722 132 17 consider consider VERB cblr-1722 132 18 properly properly ADV cblr-1722 132 19 the the DET cblr-1722 132 20 efficiency efficiency NOUN cblr-1722 132 21 of of ADP cblr-1722 132 22 issuing issue VERB cblr-1722 132 23 corporate corporate ADJ cblr-1722 132 24 debt debt NOUN cblr-1722 132 25 . . PUNCT cblr-1722 133 1 similarly similarly ADV cblr-1722 133 2 , , PUNCT cblr-1722 133 3 vulture vulture NOUN cblr-1722 133 4 funds fund NOUN cblr-1722 133 5 provide provide VERB cblr-1722 133 6 incentives incentive NOUN cblr-1722 133 7 that that PRON cblr-1722 133 8 promote promote VERB cblr-1722 133 9 efficient efficient ADJ cblr-1722 133 10 capital capital NOUN cblr-1722 133 11 structures structure NOUN cblr-1722 133 12 and and CCONJ cblr-1722 133 13 responsible responsible ADJ cblr-1722 133 14 financial financial ADJ cblr-1722 133 15 behavior behavior NOUN cblr-1722 133 16 by by ADP cblr-1722 133 17 sovereigns sovereign NOUN cblr-1722 133 18 . . PUNCT cblr-1722 134 1 regardless regardless ADV cblr-1722 134 2 of of ADP cblr-1722 134 3 who who PRON cblr-1722 134 4 the the DET cblr-1722 134 5 other other ADJ cblr-1722 134 6 market market NOUN cblr-1722 134 7 actors actor NOUN cblr-1722 134 8 are be AUX cblr-1722 134 9 , , PUNCT cblr-1722 134 10 sovereigns sovereign NOUN cblr-1722 134 11 always always ADV cblr-1722 134 12 desire desire VERB cblr-1722 134 13 to to PART cblr-1722 134 14 raise raise VERB cblr-1722 134 15 money money NOUN cblr-1722 134 16 for for ADP cblr-1722 134 17 investments investment NOUN cblr-1722 134 18 in in ADP cblr-1722 134 19 health health NOUN cblr-1722 134 20 , , PUNCT cblr-1722 134 21 education education NOUN cblr-1722 134 22 , , PUNCT cblr-1722 134 23 infrastructure infrastructure NOUN cblr-1722 134 24 , , PUNCT cblr-1722 134 25 or or CCONJ cblr-1722 134 26 development development NOUN cblr-1722 134 27 . . PUNCT cblr-1722 135 1 to to PART cblr-1722 135 2 do do VERB cblr-1722 135 3 this this PRON cblr-1722 135 4 , , PUNCT cblr-1722 135 5 the the DET cblr-1722 135 6 sovereign sovereign NOUN cblr-1722 135 7 can can AUX cblr-1722 135 8 take take VERB cblr-1722 135 9 foreigncurrency foreigncurrency NOUN cblr-1722 135 10 denominated denominate VERB cblr-1722 135 11 debt debt NOUN cblr-1722 135 12 or or CCONJ cblr-1722 135 13 issue issue VERB cblr-1722 135 14 domestic domestic ADJ cblr-1722 135 15 - - PUNCT cblr-1722 135 16 currency currency NOUN cblr-1722 135 17 claims.23 claims.23 NOUN cblr-1722 135 18 the the DET cblr-1722 135 19 optimal optimal ADJ cblr-1722 135 20 capital capital NOUN cblr-1722 135 21 structure structure NOUN cblr-1722 135 22 seeks seek VERB cblr-1722 135 23 an an DET cblr-1722 135 24 equilibrium equilibrium NOUN cblr-1722 135 25 between between ADP cblr-1722 135 26 inflation inflation NOUN cblr-1722 135 27 costs cost NOUN cblr-1722 135 28 and and CCONJ cblr-1722 135 29 expected expect VERB cblr-1722 135 30 default default NOUN cblr-1722 135 31 costs cost NOUN cblr-1722 135 32 that that PRON cblr-1722 135 33 arise arise VERB cblr-1722 135 34 from from ADP cblr-1722 135 35 the the DET cblr-1722 135 36 proportion proportion NOUN cblr-1722 135 37 of of ADP cblr-1722 135 38 debt debt NOUN cblr-1722 135 39 incurred incur VERB cblr-1722 135 40 versus versus ADP cblr-1722 135 41 currency currency NOUN cblr-1722 135 42 issued.24 issued.24 NOUN cblr-1722 135 43 vulture vulture NOUN cblr-1722 135 44 funds fund NOUN cblr-1722 135 45 raise raise VERB cblr-1722 135 46 the the DET cblr-1722 135 47 expected expect VERB cblr-1722 135 48 costs cost NOUN cblr-1722 135 49 of of ADP cblr-1722 135 50 default default NOUN cblr-1722 135 51 . . PUNCT cblr-1722 136 1 their their PRON cblr-1722 136 2 absence absence NOUN cblr-1722 136 3 lowers lower VERB cblr-1722 136 4 such such ADJ cblr-1722 136 5 costs cost NOUN cblr-1722 136 6 . . PUNCT cblr-1722 137 1 thus thus ADV cblr-1722 137 2 , , PUNCT cblr-1722 137 3 without without ADP cblr-1722 137 4 these these DET cblr-1722 137 5 sophisticated sophisticated ADJ cblr-1722 137 6 activist activist ADJ cblr-1722 137 7 investors investor NOUN cblr-1722 137 8 who who PRON cblr-1722 137 9 seek seek VERB cblr-1722 137 10 to to PART cblr-1722 137 11 collect collect VERB cblr-1722 137 12 on on ADP cblr-1722 137 13 their their PRON cblr-1722 137 14 claims claim NOUN cblr-1722 137 15 , , PUNCT cblr-1722 137 16 the the DET cblr-1722 137 17 optimal optimal ADJ cblr-1722 137 18 ratio ratio NOUN cblr-1722 137 19 between between ADP cblr-1722 137 20 debt debt NOUN cblr-1722 137 21 incurred incur VERB cblr-1722 137 22 and and CCONJ cblr-1722 137 23 currency currency NOUN cblr-1722 137 24 22 22 NUM cblr-1722 137 25 see see VERB cblr-1722 137 26 generally generally ADV cblr-1722 137 27 richard richard PROPN cblr-1722 137 28 a. a. NOUN cblr-1722 137 29 brealey brealey PROPN cblr-1722 137 30 , , PUNCT cblr-1722 137 31 stewart stewart PROPN cblr-1722 137 32 c. c. PROPN cblr-1722 137 33 myers myers PROPN cblr-1722 137 34 & & CCONJ cblr-1722 137 35 franklin franklin PROPN cblr-1722 137 36 allen allen PROPN cblr-1722 137 37 , , PUNCT cblr-1722 137 38 principles principle NOUN cblr-1722 137 39 of of ADP cblr-1722 137 40 corporate corporate ADJ cblr-1722 137 41 finance finance NOUN cblr-1722 137 42 455–72 455–72 NOUN cblr-1722 137 43 ( ( PUNCT cblr-1722 137 44 11th 11th ADJ cblr-1722 137 45 ed ed NOUN cblr-1722 137 46 . . PROPN cblr-1722 137 47 2014 2014 NUM cblr-1722 137 48 ) ) PUNCT cblr-1722 137 49 . . PUNCT cblr-1722 138 1 23 23 NUM cblr-1722 138 2 see see VERB cblr-1722 138 3 patrick patrick PROPN cblr-1722 138 4 bolton bolton PROPN cblr-1722 138 5 & & CCONJ cblr-1722 138 6 haizhou haizhou PROPN cblr-1722 138 7 huang huang PROPN cblr-1722 138 8 , , PUNCT cblr-1722 138 9 the the DET cblr-1722 138 10 capital capital NOUN cblr-1722 138 11 structure structure NOUN cblr-1722 138 12 of of ADP cblr-1722 138 13 nations nation NOUN cblr-1722 138 14 2 2 NUM cblr-1722 138 15 ( ( PUNCT cblr-1722 138 16 columbia columbia PROPN cblr-1722 138 17 business business PROPN cblr-1722 138 18 school school PROPN cblr-1722 138 19 research research NOUN cblr-1722 138 20 paper paper NOUN cblr-1722 138 21 no no NOUN cblr-1722 138 22 . . PROPN cblr-1722 138 23 16 16 NUM cblr-1722 138 24 - - SYM cblr-1722 138 25 44 44 NUM cblr-1722 138 26 , , PUNCT cblr-1722 138 27 2016 2016 NUM cblr-1722 138 28 ) ) PUNCT cblr-1722 138 29 , , PUNCT cblr-1722 138 30 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2787982 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2787982 PROPN cblr-1722 139 1 [ [ X cblr-1722 139 2 https://perma.cc/q9vh-lrrd https://perma.cc/q9vh-lrrd ADV cblr-1722 139 3 ] ] PUNCT cblr-1722 139 4 . . PUNCT cblr-1722 140 1 while while SCONJ cblr-1722 140 2 corporate corporate ADJ cblr-1722 140 3 finance finance NOUN cblr-1722 140 4 scholars scholar NOUN cblr-1722 140 5 have have AUX cblr-1722 140 6 explored explore VERB cblr-1722 140 7 what what PRON cblr-1722 140 8 constitutes constitute VERB cblr-1722 140 9 an an DET cblr-1722 140 10 efficient efficient ADJ cblr-1722 140 11 capital capital NOUN cblr-1722 140 12 structure structure NOUN cblr-1722 140 13 for for ADP cblr-1722 140 14 corporations corporation NOUN cblr-1722 140 15 , , PUNCT cblr-1722 140 16 bolton bolton PROPN cblr-1722 140 17 is be AUX cblr-1722 140 18 the the DET cblr-1722 140 19 first first ADJ cblr-1722 140 20 to to PART cblr-1722 140 21 explore explore VERB cblr-1722 140 22 what what PRON cblr-1722 140 23 such such DET cblr-1722 140 24 a a DET cblr-1722 140 25 structure structure NOUN cblr-1722 140 26 would would AUX cblr-1722 140 27 look look VERB cblr-1722 140 28 like like ADP cblr-1722 140 29 in in ADP cblr-1722 140 30 the the DET cblr-1722 140 31 sovereign sovereign ADJ cblr-1722 140 32 - - PUNCT cblr-1722 140 33 context context NOUN cblr-1722 140 34 . . PUNCT cblr-1722 141 1 bolton bolton PROPN cblr-1722 141 2 ’s ’s PART cblr-1722 141 3 insight insight NOUN cblr-1722 141 4 is be AUX cblr-1722 141 5 that that SCONJ cblr-1722 141 6 the the DET cblr-1722 141 7 “ " PUNCT cblr-1722 141 8 fiat fiat ADJ cblr-1722 141 9 money money NOUN cblr-1722 141 10 of of ADP cblr-1722 141 11 a a DET cblr-1722 141 12 nation nation NOUN cblr-1722 141 13 and and CCONJ cblr-1722 141 14 other other ADJ cblr-1722 141 15 money money NOUN cblr-1722 141 16 - - PUNCT cblr-1722 141 17 like like ADJ cblr-1722 141 18 debt debt NOUN cblr-1722 141 19 claims claim NOUN cblr-1722 141 20 may may AUX cblr-1722 141 21 be be AUX cblr-1722 141 22 seen see VERB cblr-1722 141 23 as as ADP cblr-1722 141 24 a a DET cblr-1722 141 25 close close ADJ cblr-1722 141 26 equivalent equivalent NOUN cblr-1722 141 27 to to ADP cblr-1722 141 28 the the DET cblr-1722 141 29 common common ADJ cblr-1722 141 30 stock stock NOUN cblr-1722 141 31 of of ADP cblr-1722 141 32 a a DET cblr-1722 141 33 corporation corporation NOUN cblr-1722 141 34 . . PUNCT cblr-1722 141 35 ” " PUNCT cblr-1722 142 1 i i PRON cblr-1722 142 2 d. d. PROPN cblr-1722 142 3 generally generally ADV cblr-1722 142 4 , , PUNCT cblr-1722 142 5 this this DET cblr-1722 142 6 static static ADJ cblr-1722 142 7 trade trade NOUN cblr-1722 142 8 - - PUNCT cblr-1722 142 9 off off ADP cblr-1722 142 10 theory theory NOUN cblr-1722 142 11 is be AUX cblr-1722 142 12 advanced advanced ADJ cblr-1722 142 13 for for ADP cblr-1722 142 14 corporations corporation NOUN cblr-1722 142 15 , , PUNCT cblr-1722 142 16 and and CCONJ cblr-1722 142 17 pits pit VERB cblr-1722 142 18 the the DET cblr-1722 142 19 tax tax NOUN cblr-1722 142 20 advantages advantage NOUN cblr-1722 142 21 of of ADP cblr-1722 142 22 debt debt NOUN cblr-1722 142 23 against against ADP cblr-1722 142 24 expected expect VERB cblr-1722 142 25 costs cost NOUN cblr-1722 142 26 of of ADP cblr-1722 142 27 financial financial ADJ cblr-1722 142 28 distress distress NOUN cblr-1722 142 29 . . PUNCT cblr-1722 143 1 because because SCONJ cblr-1722 143 2 debt debt NOUN cblr-1722 143 3 has have VERB cblr-1722 143 4 no no DET cblr-1722 143 5 tax tax NOUN cblr-1722 143 6 advantages advantage NOUN cblr-1722 143 7 for for ADP cblr-1722 143 8 nations nation NOUN cblr-1722 143 9 , , PUNCT cblr-1722 143 10 nations nation NOUN cblr-1722 143 11 would would AUX cblr-1722 143 12 never never ADV cblr-1722 143 13 use use VERB cblr-1722 143 14 debt debt NOUN cblr-1722 143 15 under under ADP cblr-1722 143 16 this this DET cblr-1722 143 17 theory theory NOUN cblr-1722 143 18 . . PUNCT cblr-1722 144 1 thus thus ADV cblr-1722 144 2 , , PUNCT cblr-1722 144 3 the the DET cblr-1722 144 4 more more ADV cblr-1722 144 5 relevant relevant ADJ cblr-1722 144 6 corporate corporate ADJ cblr-1722 144 7 finance finance NOUN cblr-1722 144 8 theory theory NOUN cblr-1722 144 9 for for ADP cblr-1722 144 10 nations nation NOUN cblr-1722 144 11 is be AUX cblr-1722 144 12 the the DET cblr-1722 144 13 pecking pecking NOUN cblr-1722 144 14 order order NOUN cblr-1722 144 15 theory theory NOUN cblr-1722 144 16 , , PUNCT cblr-1722 144 17 which which PRON cblr-1722 144 18 states state VERB cblr-1722 144 19 nations nation NOUN cblr-1722 144 20 should should AUX cblr-1722 144 21 fund fund VERB cblr-1722 144 22 their their PRON cblr-1722 144 23 investments investment NOUN cblr-1722 144 24 first first ADV cblr-1722 144 25 with with ADP cblr-1722 144 26 internal internal ADJ cblr-1722 144 27 funds fund NOUN cblr-1722 144 28 such such ADJ cblr-1722 144 29 as as ADP cblr-1722 144 30 tax tax NOUN cblr-1722 144 31 revenues revenue NOUN cblr-1722 144 32 , , PUNCT cblr-1722 144 33 then then ADV cblr-1722 144 34 with with ADP cblr-1722 144 35 debt debt NOUN cblr-1722 144 36 , , PUNCT cblr-1722 144 37 and and CCONJ cblr-1722 144 38 finally finally ADV cblr-1722 144 39 with with ADP cblr-1722 144 40 equity equity NOUN cblr-1722 144 41 ( ( PUNCT cblr-1722 144 42 fiat fiat NOUN cblr-1722 144 43 money money NOUN cblr-1722 144 44 ) ) PUNCT cblr-1722 144 45 . . PUNCT cblr-1722 145 1 i i PRON cblr-1722 145 2 d. d. PROPN cblr-1722 145 3 at at ADP cblr-1722 145 4 1–3 1–3 PROPN cblr-1722 145 5 . . PROPN cblr-1722 145 6 24 24 NUM cblr-1722 146 1 i i PRON cblr-1722 146 2 d. d. PROPN cblr-1722 146 3 at at ADP cblr-1722 146 4 1–8 1–8 PROPN cblr-1722 146 5 . . PUNCT cblr-1722 146 6 wozny wozny ADJ cblr-1722 146 7 – – PUNCT cblr-1722 146 8 final final ADJ cblr-1722 146 9 no no NOUN cblr-1722 146 10 . . PUNCT cblr-1722 146 11 2:697 2:697 NUM cblr-1722 146 12 ] ] X cblr-1722 146 13 national national ADJ cblr-1722 146 14 anti anti ADJ cblr-1722 146 15 - - ADJ cblr-1722 146 16 vulture vulture ADJ cblr-1722 146 17 funds fund NOUN cblr-1722 146 18 legislation legislation NOUN cblr-1722 146 19 707 707 NUM cblr-1722 146 20 issued issue VERB cblr-1722 146 21 would would AUX cblr-1722 146 22 inefficiently inefficiently ADV cblr-1722 146 23 promote promote VERB cblr-1722 146 24 debt debt NOUN cblr-1722 146 25 , , PUNCT cblr-1722 146 26 over over ADP cblr-1722 146 27 - - PUNCT cblr-1722 146 28 borrowing borrowing NOUN cblr-1722 146 29 , , PUNCT cblr-1722 146 30 and and CCONJ cblr-1722 146 31 perhaps perhaps ADV cblr-1722 146 32 even even ADV cblr-1722 146 33 encourage encourage VERB cblr-1722 146 34 default default NOUN cblr-1722 146 35 . . PUNCT cblr-1722 147 1 this this PRON cblr-1722 147 2 is be AUX cblr-1722 147 3 because because SCONJ cblr-1722 147 4 “ " PUNCT cblr-1722 147 5 [ [ X cblr-1722 147 6 i]f i]f ADP cblr-1722 147 7 realized realize VERB cblr-1722 147 8 output output NOUN cblr-1722 147 9 [ [ X cblr-1722 147 10 from from ADP cblr-1722 147 11 the the DET cblr-1722 147 12 investment investment NOUN cblr-1722 147 13 ] ] PUNCT cblr-1722 147 14 is be AUX cblr-1722 147 15 too too ADV cblr-1722 147 16 low low ADJ cblr-1722 147 17 relative relative ADJ cblr-1722 147 18 to to ADP cblr-1722 147 19 the the DET cblr-1722 147 20 nation nation NOUN cblr-1722 147 21 ’s ’s PART cblr-1722 147 22 debt debt NOUN cblr-1722 147 23 burden burden NOUN cblr-1722 147 24 then then ADV cblr-1722 147 25 the the DET cblr-1722 147 26 nation nation NOUN cblr-1722 147 27 prefers prefer VERB cblr-1722 147 28 to to PART cblr-1722 147 29 default default VERB cblr-1722 147 30 on on ADP cblr-1722 147 31 its its PRON cblr-1722 147 32 debt debt NOUN cblr-1722 147 33 obligations obligation NOUN cblr-1722 147 34 even even ADV cblr-1722 147 35 if if SCONJ cblr-1722 147 36 it it PRON cblr-1722 147 37 incurs incur VERB cblr-1722 147 38 a a DET cblr-1722 147 39 deadweight deadweight NOUN cblr-1722 147 40 output output NOUN cblr-1722 147 41 loss loss NOUN cblr-1722 147 42 as as ADP cblr-1722 147 43 a a DET cblr-1722 147 44 result result NOUN cblr-1722 147 45 of of ADP cblr-1722 147 46 the the DET cblr-1722 147 47 default default NOUN cblr-1722 147 48 . . PUNCT cblr-1722 148 1 ”25 ”25 ADJ cblr-1722 148 2 moreover moreover ADV cblr-1722 148 3 , , PUNCT cblr-1722 148 4 default default NOUN cblr-1722 148 5 is be AUX cblr-1722 148 6 even even ADV cblr-1722 148 7 more more ADV cblr-1722 148 8 desirable desirable ADJ cblr-1722 148 9 if if SCONJ cblr-1722 148 10 the the DET cblr-1722 148 11 sovereign sovereign NOUN cblr-1722 148 12 ’s ’s PART cblr-1722 148 13 bondholders bondholder NOUN cblr-1722 148 14 do do AUX cblr-1722 148 15 not not PART cblr-1722 148 16 reside reside VERB cblr-1722 148 17 within within ADP cblr-1722 148 18 the the DET cblr-1722 148 19 sovereign sovereign NOUN cblr-1722 148 20 itself itself PRON cblr-1722 148 21 because because SCONJ cblr-1722 148 22 the the DET cblr-1722 148 23 sovereign sovereign NOUN cblr-1722 148 24 will will AUX cblr-1722 148 25 not not PART cblr-1722 148 26 have have VERB cblr-1722 148 27 to to PART cblr-1722 148 28 bear bear VERB cblr-1722 148 29 all all DET cblr-1722 148 30 the the DET cblr-1722 148 31 costs cost NOUN cblr-1722 148 32 of of ADP cblr-1722 148 33 default.26 default.26 ADJ cblr-1722 148 34 historical historical ADJ cblr-1722 148 35 examples example NOUN cblr-1722 148 36 of of ADP cblr-1722 148 37 sovereigns sovereign NOUN cblr-1722 148 38 using use VERB cblr-1722 148 39 irresponsible irresponsible ADJ cblr-1722 148 40 capital capital NOUN cblr-1722 148 41 structures structure NOUN cblr-1722 148 42 that that PRON cblr-1722 148 43 are be AUX cblr-1722 148 44 unchecked unchecked ADJ cblr-1722 148 45 by by ADP cblr-1722 148 46 or or CCONJ cblr-1722 148 47 immune immune ADJ cblr-1722 148 48 from from ADP cblr-1722 148 49 the the DET cblr-1722 148 50 sovereigns sovereign NOUN cblr-1722 148 51 ’ ' PUNCT cblr-1722 148 52 collectors collector NOUN cblr-1722 148 53 date date VERB cblr-1722 148 54 back back ADV cblr-1722 148 55 to to ADP cblr-1722 148 56 at at ADP cblr-1722 148 57 least least ADJ cblr-1722 148 58 the the DET cblr-1722 148 59 sixteenth sixteenth ADJ cblr-1722 148 60 century century NOUN cblr-1722 148 61 . . PUNCT cblr-1722 149 1 for for ADP cblr-1722 149 2 example example NOUN cblr-1722 149 3 , , PUNCT cblr-1722 149 4 spain spain PROPN cblr-1722 149 5 did do AUX cblr-1722 149 6 not not PART cblr-1722 149 7 have have VERB cblr-1722 149 8 locally locally ADV cblr-1722 149 9 - - PUNCT cblr-1722 149 10 held hold VERB cblr-1722 149 11 debts debt NOUN cblr-1722 149 12 and and CCONJ cblr-1722 149 13 became become VERB cblr-1722 149 14 a a DET cblr-1722 149 15 serial serial ADJ cblr-1722 149 16 defaulter defaulter NOUN cblr-1722 149 17 in in ADP cblr-1722 149 18 the the DET cblr-1722 149 19 late late ADJ cblr-1722 149 20 sixteenth sixteenth NOUN cblr-1722 149 21 and and CCONJ cblr-1722 149 22 seventeenth seventeenth ADJ cblr-1722 149 23 centuries century NOUN cblr-1722 149 24 , , PUNCT cblr-1722 149 25 suspending suspend VERB cblr-1722 149 26 payments payment NOUN cblr-1722 149 27 to to ADP cblr-1722 149 28 creditors creditor NOUN cblr-1722 149 29 nine nine NUM cblr-1722 149 30 times time NOUN cblr-1722 149 31 in in ADP cblr-1722 149 32 one one NUM cblr-1722 149 33 hundred hundred NUM cblr-1722 149 34 years.27 years.27 NOUN cblr-1722 149 35 in in ADP cblr-1722 149 36 the the DET cblr-1722 149 37 nineteenth nineteenth ADJ cblr-1722 149 38 century century NOUN cblr-1722 149 39 , , PUNCT cblr-1722 149 40 latin latin ADJ cblr-1722 149 41 american american ADJ cblr-1722 149 42 republics republic NOUN cblr-1722 149 43 discovered discover VERB cblr-1722 149 44 that that SCONJ cblr-1722 149 45 it it PRON cblr-1722 149 46 was be AUX cblr-1722 149 47 “ " PUNCT cblr-1722 149 48 relatively relatively ADV cblr-1722 149 49 painless painless ADJ cblr-1722 149 50 to to PART cblr-1722 149 51 default default VERB cblr-1722 149 52 when when SCONJ cblr-1722 149 53 a a DET cblr-1722 149 54 substantial substantial ADJ cblr-1722 149 55 proportion proportion NOUN cblr-1722 149 56 of of ADP cblr-1722 149 57 bondholders bondholder NOUN cblr-1722 149 58 were be AUX cblr-1722 149 59 foreign foreign ADJ cblr-1722 149 60 . . PUNCT cblr-1722 149 61 . . PUNCT cblr-1722 149 62 . . PUNCT cblr-1722 150 1 [ [ X cblr-1722 150 2 and and CCONJ cblr-1722 150 3 ] ] X cblr-1722 150 4 the the DET cblr-1722 150 5 first first ADJ cblr-1722 150 6 great great ADJ cblr-1722 150 7 latin latin ADJ cblr-1722 150 8 american american ADJ cblr-1722 150 9 debt debt NOUN cblr-1722 150 10 crisis crisis NOUN cblr-1722 150 11 happened happen VERB cblr-1722 150 12 [ [ PUNCT cblr-1722 150 13 between between ADP cblr-1722 150 14 ] ] PUNCT cblr-1722 150 15 1826–9 1826–9 NUM cblr-1722 150 16 , , PUNCT cblr-1722 150 17 when when SCONJ cblr-1722 150 18 peru peru PROPN cblr-1722 150 19 , , PUNCT cblr-1722 150 20 colombia colombia PROPN cblr-1722 150 21 , , PUNCT cblr-1722 150 22 chile chile PROPN cblr-1722 150 23 , , PUNCT cblr-1722 150 24 mexico mexico PROPN cblr-1722 150 25 , , PUNCT cblr-1722 150 26 guatemala guatemala PROPN cblr-1722 150 27 and and CCONJ cblr-1722 150 28 argentina argentina PROPN cblr-1722 150 29 all all PRON cblr-1722 150 30 defaulted default VERB cblr-1722 150 31 on on ADP cblr-1722 150 32 loans loan NOUN cblr-1722 150 33 issued issue VERB cblr-1722 150 34 in in ADP cblr-1722 150 35 london london PROPN cblr-1722 150 36 just just ADV cblr-1722 150 37 a a DET cblr-1722 150 38 few few ADJ cblr-1722 150 39 years year NOUN cblr-1722 150 40 before before ADV cblr-1722 150 41 . . PUNCT cblr-1722 151 1 ”28 ”28 NOUN cblr-1722 151 2 some some PRON cblr-1722 151 3 have have AUX cblr-1722 151 4 argued argue VERB cblr-1722 151 5 that that SCONJ cblr-1722 151 6 reputational reputational ADJ cblr-1722 151 7 harm harm NOUN cblr-1722 151 8 and and CCONJ cblr-1722 151 9 increasingly increasingly ADV cblr-1722 151 10 limited limited ADJ cblr-1722 151 11 access access NOUN cblr-1722 151 12 to to ADP cblr-1722 151 13 global global ADJ cblr-1722 151 14 capital capital NOUN cblr-1722 151 15 markets market NOUN cblr-1722 151 16 may may AUX cblr-1722 151 17 25 25 NUM cblr-1722 151 18 i i PRON cblr-1722 151 19 d. d. NOUN cblr-1722 151 20 at at ADP cblr-1722 151 21 6 6 NUM cblr-1722 151 22 . . SYM cblr-1722 151 23 26 26 NUM cblr-1722 151 24 see see VERB cblr-1722 151 25 generally generally ADV cblr-1722 151 26 niall niall PROPN cblr-1722 151 27 ferguson ferguson PROPN cblr-1722 151 28 , , PUNCT cblr-1722 151 29 the the DET cblr-1722 151 30 ascent ascent NOUN cblr-1722 151 31 of of ADP cblr-1722 151 32 money money NOUN cblr-1722 151 33 : : PUNCT cblr-1722 151 34 a a DET cblr-1722 151 35 financial financial ADJ cblr-1722 151 36 history history NOUN cblr-1722 151 37 of of ADP cblr-1722 151 38 the the DET cblr-1722 151 39 world world NOUN cblr-1722 151 40 99 99 NUM cblr-1722 151 41 ( ( PUNCT cblr-1722 151 42 2008 2008 NUM cblr-1722 151 43 ) ) PUNCT cblr-1722 151 44 . . PUNCT cblr-1722 152 1 in in ADP cblr-1722 152 2 this this DET cblr-1722 152 3 scenario scenario NOUN cblr-1722 152 4 , , PUNCT cblr-1722 152 5 the the DET cblr-1722 152 6 defaulting default VERB cblr-1722 152 7 sovereign sovereign NOUN cblr-1722 152 8 would would AUX cblr-1722 152 9 not not PART cblr-1722 152 10 bear bear VERB cblr-1722 152 11 all all DET cblr-1722 152 12 the the DET cblr-1722 152 13 costs cost NOUN cblr-1722 152 14 because because SCONJ cblr-1722 152 15 the the DET cblr-1722 152 16 sovereign sovereign NOUN cblr-1722 152 17 in in ADP cblr-1722 152 18 which which PRON cblr-1722 152 19 the the DET cblr-1722 152 20 bondholders bondholder NOUN cblr-1722 152 21 reside reside VERB cblr-1722 152 22 would would AUX cblr-1722 152 23 be be AUX cblr-1722 152 24 partially partially ADV cblr-1722 152 25 responsible responsible ADJ cblr-1722 152 26 for for ADP cblr-1722 152 27 the the DET cblr-1722 152 28 economic economic ADJ cblr-1722 152 29 externalities externality NOUN cblr-1722 152 30 of of ADP cblr-1722 152 31 the the DET cblr-1722 152 32 defaulting default VERB cblr-1722 152 33 sovereign sovereign NOUN cblr-1722 152 34 ’s ’s PART cblr-1722 152 35 default default NOUN cblr-1722 152 36 . . PUNCT cblr-1722 153 1 on on ADP cblr-1722 153 2 the the DET cblr-1722 153 3 other other ADJ cblr-1722 153 4 hand hand NOUN cblr-1722 153 5 , , PUNCT cblr-1722 153 6 of of ADP cblr-1722 153 7 course course NOUN cblr-1722 153 8 , , PUNCT cblr-1722 153 9 if if SCONJ cblr-1722 153 10 the the DET cblr-1722 153 11 bondholders bondholder NOUN cblr-1722 153 12 had have AUX cblr-1722 153 13 resided reside VERB cblr-1722 153 14 in in ADP cblr-1722 153 15 the the DET cblr-1722 153 16 defaulting default VERB cblr-1722 153 17 sovereign sovereign NOUN cblr-1722 153 18 , , PUNCT cblr-1722 153 19 the the DET cblr-1722 153 20 defaulting default VERB cblr-1722 153 21 sovereign sovereign NOUN cblr-1722 153 22 would would AUX cblr-1722 153 23 not not PART cblr-1722 153 24 only only ADV cblr-1722 153 25 have have VERB cblr-1722 153 26 to to PART cblr-1722 153 27 deal deal VERB cblr-1722 153 28 with with ADP cblr-1722 153 29 its its PRON cblr-1722 153 30 own own ADJ cblr-1722 153 31 financial financial ADJ cblr-1722 153 32 position position NOUN cblr-1722 153 33 but but CCONJ cblr-1722 153 34 also also ADV cblr-1722 153 35 with with ADP cblr-1722 153 36 that that PRON cblr-1722 153 37 of of ADP cblr-1722 153 38 its its PRON cblr-1722 153 39 own own ADJ cblr-1722 153 40 citizens citizen NOUN cblr-1722 153 41 . . PUNCT cblr-1722 154 1 27 27 NUM cblr-1722 155 1 i i PRON cblr-1722 155 2 d. d. PROPN cblr-1722 155 3 at at ADP cblr-1722 155 4 74 74 NUM cblr-1722 155 5 . . PUNCT cblr-1722 156 1 payments payment NOUN cblr-1722 156 2 were be AUX cblr-1722 156 3 suspended suspend VERB cblr-1722 156 4 in in ADP cblr-1722 156 5 the the DET cblr-1722 156 6 following following ADJ cblr-1722 156 7 years year NOUN cblr-1722 156 8 : : PUNCT cblr-1722 156 9 1557 1557 NUM cblr-1722 156 10 , , PUNCT cblr-1722 156 11 1560 1560 NUM cblr-1722 156 12 , , PUNCT cblr-1722 156 13 1575 1575 NUM cblr-1722 156 14 , , PUNCT cblr-1722 156 15 1596 1596 NUM cblr-1722 156 16 , , PUNCT cblr-1722 156 17 1607 1607 NUM cblr-1722 156 18 , , PUNCT cblr-1722 156 19 1627 1627 NUM cblr-1722 156 20 , , PUNCT cblr-1722 156 21 1647 1647 NUM cblr-1722 156 22 , , PUNCT cblr-1722 156 23 1652 1652 NUM cblr-1722 156 24 , , PUNCT cblr-1722 156 25 and and CCONJ cblr-1722 156 26 1662 1662 NUM cblr-1722 156 27 . . PUNCT cblr-1722 157 1 i i PRON cblr-1722 157 2 d. d. PROPN cblr-1722 157 3 28 28 NUM cblr-1722 158 1 i i PRON cblr-1722 158 2 d. d. PROPN cblr-1722 158 3 at at ADP cblr-1722 158 4 98 98 NUM cblr-1722 158 5 . . PUNCT cblr-1722 159 1 wozny wozny ADJ cblr-1722 159 2 – – PUNCT cblr-1722 159 3 final final ADJ cblr-1722 159 4 708 708 NUM cblr-1722 159 5 columbia columbia PROPN cblr-1722 159 6 business business NOUN cblr-1722 159 7 law law PROPN cblr-1722 159 8 review review NOUN cblr-1722 159 9 [ [ X cblr-1722 159 10 vol vol NOUN cblr-1722 159 11 . . NOUN cblr-1722 159 12 2017 2017 NUM cblr-1722 159 13 discourage discourage VERB cblr-1722 159 14 sovereigns sovereign NOUN cblr-1722 159 15 from from ADP cblr-1722 159 16 defaulting.29 defaulting.29 NOUN cblr-1722 159 17 however however ADV cblr-1722 159 18 , , PUNCT cblr-1722 159 19 reputational reputational ADJ cblr-1722 159 20 harm harm NOUN cblr-1722 159 21 is be AUX cblr-1722 159 22 an an DET cblr-1722 159 23 inadequate inadequate ADJ cblr-1722 159 24 constraint constraint NOUN cblr-1722 159 25 . . PUNCT cblr-1722 160 1 first first ADJ cblr-1722 160 2 , , PUNCT cblr-1722 160 3 reputational reputational ADJ cblr-1722 160 4 harm harm NOUN cblr-1722 160 5 from from ADP cblr-1722 160 6 default default NOUN cblr-1722 160 7 has have AUX cblr-1722 160 8 not not PART cblr-1722 160 9 sufficiently sufficiently ADV cblr-1722 160 10 deterred deter VERB cblr-1722 160 11 opportunistic opportunistic ADJ cblr-1722 160 12 defaults default NOUN cblr-1722 160 13 historically.30 historically.30 X cblr-1722 160 14 second second ADV cblr-1722 160 15 , , PUNCT cblr-1722 160 16 sovereigns sovereign NOUN cblr-1722 160 17 that that PRON cblr-1722 160 18 serially serially ADV cblr-1722 160 19 default default NOUN cblr-1722 160 20 may may AUX cblr-1722 160 21 disregard disregard VERB cblr-1722 160 22 any any DET cblr-1722 160 23 marginal marginal ADJ cblr-1722 160 24 harm harm NOUN cblr-1722 160 25 an an DET cblr-1722 160 26 additional additional ADJ cblr-1722 160 27 default default NOUN cblr-1722 160 28 might might AUX cblr-1722 160 29 cause cause VERB cblr-1722 160 30 . . PUNCT cblr-1722 161 1 furthermore furthermore ADV cblr-1722 161 2 , , PUNCT cblr-1722 161 3 increasingly increasingly ADV cblr-1722 161 4 limited limited ADJ cblr-1722 161 5 access access NOUN cblr-1722 161 6 to to ADP cblr-1722 161 7 the the DET cblr-1722 161 8 global global ADJ cblr-1722 161 9 capital capital NOUN cblr-1722 161 10 market market NOUN cblr-1722 161 11 might might AUX cblr-1722 161 12 not not PART cblr-1722 161 13 properly properly ADV cblr-1722 161 14 incentivize incentivize VERB cblr-1722 161 15 a a DET cblr-1722 161 16 sovereign sovereign NOUN cblr-1722 161 17 where where SCONJ cblr-1722 161 18 the the DET cblr-1722 161 19 costs cost NOUN cblr-1722 161 20 of of ADP cblr-1722 161 21 domestic domestic ADJ cblr-1722 161 22 inflation inflation NOUN cblr-1722 161 23 outweigh outweigh VERB cblr-1722 161 24 the the DET cblr-1722 161 25 higher high ADJ cblr-1722 161 26 costs cost NOUN cblr-1722 161 27 of of ADP cblr-1722 161 28 raising raise VERB cblr-1722 161 29 debt debt NOUN cblr-1722 161 30 on on ADP cblr-1722 161 31 a a DET cblr-1722 161 32 limited limited ADJ cblr-1722 161 33 capital capital NOUN cblr-1722 161 34 market market NOUN cblr-1722 161 35 . . PUNCT cblr-1722 162 1 such such DET cblr-1722 162 2 a a DET cblr-1722 162 3 sovereign sovereign NOUN cblr-1722 162 4 will will AUX cblr-1722 162 5 try try VERB cblr-1722 162 6 to to PART cblr-1722 162 7 raise raise VERB cblr-1722 162 8 money money NOUN cblr-1722 162 9 but but CCONJ cblr-1722 162 10 will will AUX cblr-1722 162 11 avoid avoid VERB cblr-1722 162 12 doing do VERB cblr-1722 162 13 this this PRON cblr-1722 162 14 by by ADP cblr-1722 162 15 issuing issue VERB cblr-1722 162 16 currency currency NOUN cblr-1722 162 17 . . PUNCT cblr-1722 163 1 the the DET cblr-1722 163 2 sovereign sovereign NOUN cblr-1722 163 3 will will AUX cblr-1722 163 4 also also ADV cblr-1722 163 5 be be AUX cblr-1722 163 6 risk risk NOUN cblr-1722 163 7 - - PUNCT cblr-1722 163 8 tolerant tolerant ADJ cblr-1722 163 9 of of ADP cblr-1722 163 10 deleterious deleterious ADJ cblr-1722 163 11 consequences consequence NOUN cblr-1722 163 12 that that PRON cblr-1722 163 13 might might AUX cblr-1722 163 14 arise arise VERB cblr-1722 163 15 from from ADP cblr-1722 163 16 default default NOUN cblr-1722 163 17 , , PUNCT cblr-1722 163 18 like like ADP cblr-1722 163 19 limited limited ADJ cblr-1722 163 20 access access NOUN cblr-1722 163 21 to to ADP cblr-1722 163 22 the the DET cblr-1722 163 23 global global ADJ cblr-1722 163 24 capital capital NOUN cblr-1722 163 25 markets market NOUN cblr-1722 163 26 , , PUNCT cblr-1722 163 27 because because SCONJ cblr-1722 163 28 the the DET cblr-1722 163 29 alternative alternative NOUN cblr-1722 163 30 is be AUX cblr-1722 163 31 always always ADV cblr-1722 163 32 more more ADV cblr-1722 163 33 expensive expensive ADJ cblr-1722 163 34 . . PUNCT cblr-1722 164 1 sophisticated sophisticated ADJ cblr-1722 164 2 vulture vulture ADJ cblr-1722 164 3 funds fund NOUN cblr-1722 164 4 , , PUNCT cblr-1722 164 5 however however ADV cblr-1722 164 6 , , PUNCT cblr-1722 164 7 can can AUX cblr-1722 164 8 raise raise VERB cblr-1722 164 9 the the DET cblr-1722 164 10 costs cost NOUN cblr-1722 164 11 of of ADP cblr-1722 164 12 default default NOUN cblr-1722 164 13 exorbitantly exorbitantly ADV cblr-1722 164 14 by by ADP cblr-1722 164 15 holding hold VERB cblr-1722 164 16 out out ADP cblr-1722 164 17 , , PUNCT cblr-1722 164 18 thereby thereby ADV cblr-1722 164 19 adjusting adjust VERB cblr-1722 164 20 this this DET cblr-1722 164 21 equation equation NOUN cblr-1722 164 22 and and CCONJ cblr-1722 164 23 perhaps perhaps ADV cblr-1722 164 24 properly properly ADV cblr-1722 164 25 realigning realign VERB cblr-1722 164 26 the the DET cblr-1722 164 27 sovereign sovereign NOUN cblr-1722 164 28 ’s ’s PART cblr-1722 164 29 incentives.31 incentives.31 NOUN cblr-1722 164 30 finally finally ADV cblr-1722 164 31 , , PUNCT cblr-1722 164 32 another another DET cblr-1722 164 33 ex ex NOUN cblr-1722 164 34 ante ante NOUN cblr-1722 164 35 benefit benefit NOUN cblr-1722 164 36 provided provide VERB cblr-1722 164 37 by by ADP cblr-1722 164 38 vulture vulture ADJ cblr-1722 164 39 funds fund NOUN cblr-1722 164 40 on on ADP cblr-1722 164 41 sovereign sovereign ADJ cblr-1722 164 42 capital capital NOUN cblr-1722 164 43 structures structure NOUN cblr-1722 164 44 is be AUX cblr-1722 164 45 preventing prevent VERB cblr-1722 164 46 inefficient inefficient ADJ cblr-1722 164 47 restructurings restructuring NOUN cblr-1722 164 48 altogether altogether ADV cblr-1722 164 49 . . PUNCT cblr-1722 165 1 scholars scholar NOUN cblr-1722 165 2 scrutinize scrutinize VERB cblr-1722 165 3 the the DET cblr-1722 165 4 holdout holdout NOUN cblr-1722 165 5 and and CCONJ cblr-1722 165 6 free free ADJ cblr-1722 165 7 - - PUNCT cblr-1722 165 8 rider rider NOUN cblr-1722 165 9 problems problem NOUN cblr-1722 165 10 brought bring VERB cblr-1722 165 11 by by ADP cblr-1722 165 12 vulture vulture ADJ cblr-1722 165 13 funds fund NOUN cblr-1722 165 14 during during ADP cblr-1722 165 15 the the DET cblr-1722 165 16 restructuring.32 restructuring.32 NOUN cblr-1722 165 17 by by ADP cblr-1722 165 18 starting start VERB cblr-1722 165 19 the the DET cblr-1722 165 20 analysis analysis NOUN cblr-1722 165 21 at at ADP cblr-1722 165 22 the the DET cblr-1722 165 23 time time NOUN cblr-1722 165 24 of of ADP cblr-1722 165 25 the the DET cblr-1722 165 26 bankruptcy bankruptcy NOUN cblr-1722 165 27 , , PUNCT cblr-1722 165 28 however however ADV cblr-1722 165 29 , , PUNCT cblr-1722 165 30 one one PRON cblr-1722 165 31 potentially potentially ADV cblr-1722 165 32 overlooks overlook VERB cblr-1722 165 33 the the DET cblr-1722 165 34 fact fact NOUN cblr-1722 165 35 that that SCONJ cblr-1722 165 36 some some DET cblr-1722 165 37 sovereign sovereign ADJ cblr-1722 165 38 restructurings restructuring NOUN cblr-1722 165 39 may may AUX cblr-1722 165 40 never never ADV cblr-1722 165 41 have have AUX cblr-1722 165 42 occurred occur VERB cblr-1722 165 43 because because SCONJ cblr-1722 165 44 of of ADP cblr-1722 165 45 the the DET cblr-1722 165 46 vulture vulture ADJ cblr-1722 165 47 funds fund NOUN cblr-1722 165 48 ’ ' PUNCT cblr-1722 165 49 deterrent deterrent NOUN cblr-1722 165 50 - - PUNCT cblr-1722 165 51 effect effect NOUN cblr-1722 165 52 . . PUNCT cblr-1722 166 1 an an DET cblr-1722 166 2 international international ADJ cblr-1722 166 3 monetary monetary ADJ cblr-1722 166 4 fund fund NOUN cblr-1722 166 5 ( ( PUNCT cblr-1722 166 6 “ " PUNCT cblr-1722 166 7 imf imf PROPN cblr-1722 166 8 ” " PUNCT cblr-1722 166 9 ) ) PUNCT cblr-1722 166 10 article article NOUN cblr-1722 166 11 indicates indicate VERB cblr-1722 166 12 that that SCONJ cblr-1722 166 13 there there PRON cblr-1722 166 14 were be VERB cblr-1722 166 15 only only ADV cblr-1722 166 16 14 14 NUM cblr-1722 166 17 lawsuits lawsuit NOUN cblr-1722 166 18 by by ADP cblr-1722 166 19 vulture vulture ADJ cblr-1722 166 20 funds fund NOUN cblr-1722 166 21 against against ADP cblr-1722 166 22 sovereigns sovereign NOUN cblr-1722 166 23 of of ADP cblr-1722 166 24 heavily heavily ADV cblr-1722 166 25 indebted indebted ADJ cblr-1722 166 26 poor poor ADJ cblr-1722 166 27 countries country NOUN cblr-1722 166 28 ( ( PUNCT cblr-1722 166 29 hipc hipc PROPN cblr-1722 166 30 ) ) PUNCT cblr-1722 166 31 in in ADP cblr-1722 166 32 2008 2008 NUM cblr-1722 166 33 , , PUNCT cblr-1722 166 34 down down ADV cblr-1722 166 35 from from ADP cblr-1722 166 36 33 33 NUM cblr-1722 166 37 in in ADP cblr-1722 166 38 2007.33 2007.33 NUM cblr-1722 166 39 these these DET cblr-1722 166 40 relatively relatively ADV cblr-1722 166 41 low low ADJ cblr-1722 166 42 numbers number NOUN cblr-1722 166 43 29 29 NUM cblr-1722 166 44 molly molly ADV cblr-1722 166 45 ryan ryan NOUN cblr-1722 166 46 , , PUNCT cblr-1722 166 47 note note NOUN cblr-1722 166 48 , , PUNCT cblr-1722 166 49 sovereign sovereign ADJ cblr-1722 166 50 bankruptcy bankruptcy NOUN cblr-1722 166 51 : : PUNCT cblr-1722 166 52 why why SCONJ cblr-1722 166 53 now now ADV cblr-1722 166 54 and and CCONJ cblr-1722 166 55 why why SCONJ cblr-1722 166 56 not not PART cblr-1722 166 57 in in ADP cblr-1722 166 58 the the DET cblr-1722 166 59 imf imf PROPN cblr-1722 166 60 , , PUNCT cblr-1722 166 61 82 82 NUM cblr-1722 166 62 fordham fordham PROPN cblr-1722 166 63 l. l. PROPN cblr-1722 166 64 rev rev PROPN cblr-1722 166 65 . . PROPN cblr-1722 166 66 2473 2473 NUM cblr-1722 166 67 , , PUNCT cblr-1722 166 68 2486–87 2486–87 NUM cblr-1722 166 69 ( ( PUNCT cblr-1722 166 70 2014 2014 NUM cblr-1722 166 71 ) ) PUNCT cblr-1722 166 72 . . PUNCT cblr-1722 167 1 30 30 NUM cblr-1722 167 2 broomfield broomfield NOUN cblr-1722 167 3 , , PUNCT cblr-1722 167 4 supra supra PROPN cblr-1722 167 5 note note PROPN cblr-1722 167 6 10 10 NUM cblr-1722 167 7 , , PUNCT cblr-1722 167 8 at at ADP cblr-1722 167 9 514 514 NUM cblr-1722 167 10 ; ; PUNCT cblr-1722 167 11 see see VERB cblr-1722 167 12 also also ADV cblr-1722 167 13 supra supra PROPN cblr-1722 167 14 notes note VERB cblr-1722 167 15 26–27 26–27 NUM cblr-1722 167 16 and and CCONJ cblr-1722 167 17 accompanying accompany VERB cblr-1722 167 18 text text NOUN cblr-1722 167 19 . . PUNCT cblr-1722 168 1 31 31 NUM cblr-1722 168 2 see see VERB cblr-1722 168 3 infra infra NOUN cblr-1722 168 4 note note VERB cblr-1722 168 5 61 61 NUM cblr-1722 168 6 and and CCONJ cblr-1722 168 7 accompanying accompany VERB cblr-1722 168 8 text text NOUN cblr-1722 168 9 . . PUNCT cblr-1722 169 1 32 32 NUM cblr-1722 169 2 see see VERB cblr-1722 169 3 infra infra NOUN cblr-1722 169 4 section section NOUN cblr-1722 169 5 ii.c.1 ii.c.1 NOUN cblr-1722 169 6 . . PUNCT cblr-1722 170 1 33 33 NUM cblr-1722 170 2 int’l int’l NUM cblr-1722 170 3 dev dev PROPN cblr-1722 170 4 . . PUNCT cblr-1722 171 1 ass’n ass’n PROPN cblr-1722 171 2 & & CCONJ cblr-1722 171 3 imf imf PROPN cblr-1722 171 4 , , PUNCT cblr-1722 171 5 heavily heavily ADV cblr-1722 171 6 indebted indebted ADJ cblr-1722 171 7 poor poor ADJ cblr-1722 171 8 countries country NOUN cblr-1722 171 9 ( ( PUNCT cblr-1722 171 10 hipc hipc NOUN cblr-1722 171 11 ) ) PUNCT cblr-1722 171 12 initiative initiative NOUN cblr-1722 171 13 and and CCONJ cblr-1722 171 14 multilateral multilateral ADJ cblr-1722 171 15 debt debt NOUN cblr-1722 171 16 relief relief NOUN cblr-1722 171 17 initiative initiative NOUN cblr-1722 171 18 ( ( PUNCT cblr-1722 171 19 mdri)—status mdri)—status NOUN cblr-1722 171 20 of of ADP cblr-1722 171 21 wozny wozny NOUN cblr-1722 171 22 – – PUNCT cblr-1722 171 23 final final ADJ cblr-1722 171 24 no no NOUN cblr-1722 171 25 . . PUNCT cblr-1722 172 1 2:697 2:697 NUM cblr-1722 172 2 ] ] X cblr-1722 172 3 national national ADJ cblr-1722 172 4 anti anti ADJ cblr-1722 172 5 - - ADJ cblr-1722 172 6 vulture vulture ADJ cblr-1722 172 7 funds fund NOUN cblr-1722 172 8 legislation legislation NOUN cblr-1722 172 9 709 709 NUM cblr-1722 172 10 might might AUX cblr-1722 172 11 be be AUX cblr-1722 172 12 explained explain VERB cblr-1722 172 13 by by ADP cblr-1722 172 14 ex ex PRON cblr-1722 172 15 ante ante NOUN cblr-1722 172 16 deterrent deterrent NOUN cblr-1722 172 17 effects effect NOUN cblr-1722 172 18 . . PUNCT cblr-1722 173 1 if if SCONJ cblr-1722 173 2 countries country NOUN cblr-1722 173 3 know know VERB cblr-1722 173 4 ex ex PUNCT cblr-1722 173 5 ante ante VERB cblr-1722 173 6 that that SCONJ cblr-1722 173 7 a a DET cblr-1722 173 8 sophisticated sophisticated ADJ cblr-1722 173 9 creditor creditor NOUN cblr-1722 173 10 may may AUX cblr-1722 173 11 litigate litigate VERB cblr-1722 173 12 its its PRON cblr-1722 173 13 claims claim NOUN cblr-1722 173 14 and and CCONJ cblr-1722 173 15 potentially potentially ADV cblr-1722 173 16 hold hold VERB cblr-1722 173 17 out out ADP cblr-1722 173 18 from from ADP cblr-1722 173 19 the the DET cblr-1722 173 20 restructuring restructuring NOUN cblr-1722 173 21 , , PUNCT cblr-1722 173 22 thereby thereby ADV cblr-1722 173 23 locking lock VERB cblr-1722 173 24 the the DET cblr-1722 173 25 sovereign sovereign NOUN cblr-1722 173 26 out out ADP cblr-1722 173 27 of of ADP cblr-1722 173 28 the the DET cblr-1722 173 29 global global ADJ cblr-1722 173 30 capital capital NOUN cblr-1722 173 31 market market NOUN cblr-1722 173 32 , , PUNCT cblr-1722 173 33 this this PRON cblr-1722 173 34 might might AUX cblr-1722 173 35 alone alone ADV cblr-1722 173 36 promote promote VERB cblr-1722 173 37 more more ADV cblr-1722 173 38 efficient efficient ADJ cblr-1722 173 39 capital capital NOUN cblr-1722 173 40 structures structure NOUN cblr-1722 173 41 . . PUNCT cblr-1722 174 1 2 2 X cblr-1722 174 2 . . X cblr-1722 174 3 moral moral ADJ cblr-1722 174 4 hazard hazard NOUN cblr-1722 174 5 counterbalance counterbalance NOUN cblr-1722 174 6 vulture vulture NOUN cblr-1722 174 7 funds fund NOUN cblr-1722 174 8 ’ ' PUNCT cblr-1722 174 9 actions action NOUN cblr-1722 174 10 may may AUX cblr-1722 174 11 resolve resolve VERB cblr-1722 174 12 another another DET cblr-1722 174 13 market market NOUN cblr-1722 174 14 problem problem NOUN cblr-1722 174 15 by by ADP cblr-1722 174 16 positively positively ADV cblr-1722 174 17 serving serve VERB cblr-1722 174 18 as as ADP cblr-1722 174 19 a a DET cblr-1722 174 20 moral moral ADJ cblr-1722 174 21 hazard hazard NOUN cblr-1722 174 22 counterbalance counterbalance NOUN cblr-1722 174 23 with with ADP cblr-1722 174 24 respect respect NOUN cblr-1722 174 25 to to ADP cblr-1722 174 26 sovereign sovereign ADJ cblr-1722 174 27 default default NOUN cblr-1722 174 28 . . PUNCT cblr-1722 175 1 moral moral ADJ cblr-1722 175 2 hazard hazard NOUN cblr-1722 175 3 refers refer VERB cblr-1722 175 4 to to ADP cblr-1722 175 5 any any DET cblr-1722 175 6 situation situation NOUN cblr-1722 175 7 in in ADP cblr-1722 175 8 which which PRON cblr-1722 175 9 one one NUM cblr-1722 175 10 party party NOUN cblr-1722 175 11 makes make VERB cblr-1722 175 12 decisions decision NOUN cblr-1722 175 13 about about ADP cblr-1722 175 14 how how SCONJ cblr-1722 175 15 much much ADJ cblr-1722 175 16 risk risk NOUN cblr-1722 175 17 to to PART cblr-1722 175 18 take take VERB cblr-1722 175 19 while while SCONJ cblr-1722 175 20 another another DET cblr-1722 175 21 party party NOUN cblr-1722 175 22 bears bear VERB cblr-1722 175 23 the the DET cblr-1722 175 24 cost cost NOUN cblr-1722 175 25 of of ADP cblr-1722 175 26 that that DET cblr-1722 175 27 decision.34 decision.34 NOUN cblr-1722 175 28 the the DET cblr-1722 175 29 classic classic ADJ cblr-1722 175 30 example example NOUN cblr-1722 175 31 is be AUX cblr-1722 175 32 a a DET cblr-1722 175 33 toobig toobig ADJ cblr-1722 175 34 - - PUNCT cblr-1722 175 35 to to ADP cblr-1722 175 36 - - PUNCT cblr-1722 175 37 fail fail VERB cblr-1722 175 38 bank bank NOUN cblr-1722 175 39 that that PRON cblr-1722 175 40 takes take VERB cblr-1722 175 41 unwarranted unwarranted ADJ cblr-1722 175 42 risks risk NOUN cblr-1722 175 43 because because SCONJ cblr-1722 175 44 it it PRON cblr-1722 175 45 knows know VERB cblr-1722 175 46 or or CCONJ cblr-1722 175 47 expects expect VERB cblr-1722 175 48 a a DET cblr-1722 175 49 bailout bailout NOUN cblr-1722 175 50 to to PART cblr-1722 175 51 prevent prevent VERB cblr-1722 175 52 the the DET cblr-1722 175 53 consequences consequence NOUN cblr-1722 175 54 of of ADP cblr-1722 175 55 its its PRON cblr-1722 175 56 risk risk NOUN cblr-1722 175 57 - - PUNCT cblr-1722 175 58 taking taking NOUN cblr-1722 175 59 from from ADP cblr-1722 175 60 affecting affect VERB cblr-1722 175 61 the the DET cblr-1722 175 62 global global ADJ cblr-1722 175 63 economy economy NOUN cblr-1722 175 64 . . PUNCT cblr-1722 176 1 sovereign sovereign ADJ cblr-1722 176 2 states state NOUN cblr-1722 176 3 that that PRON cblr-1722 176 4 expect expect VERB cblr-1722 176 5 a a DET cblr-1722 176 6 bailout bailout NOUN cblr-1722 176 7 in in ADP cblr-1722 176 8 the the DET cblr-1722 176 9 form form NOUN cblr-1722 176 10 of of ADP cblr-1722 176 11 debt debt NOUN cblr-1722 176 12 relief relief NOUN cblr-1722 176 13 from from ADP cblr-1722 176 14 the the DET cblr-1722 176 15 imf imf PROPN cblr-1722 176 16 or or CCONJ cblr-1722 176 17 other other ADJ cblr-1722 176 18 sources source NOUN cblr-1722 176 19 also also ADV cblr-1722 176 20 suffer suffer VERB cblr-1722 176 21 from from ADP cblr-1722 176 22 problems problem NOUN cblr-1722 176 23 of of ADP cblr-1722 176 24 moral moral ADJ cblr-1722 176 25 hazard hazard NOUN cblr-1722 176 26 . . PUNCT cblr-1722 177 1 the the DET cblr-1722 177 2 moral moral ADJ cblr-1722 177 3 hazard hazard NOUN cblr-1722 177 4 of of ADP cblr-1722 177 5 default default NOUN cblr-1722 177 6 stalks stalk NOUN cblr-1722 177 7 markets market NOUN cblr-1722 177 8 and and CCONJ cblr-1722 177 9 burdens burden NOUN cblr-1722 177 10 every every DET cblr-1722 177 11 contract contract NOUN cblr-1722 177 12 with with ADP cblr-1722 177 13 unnecessary unnecessary ADJ cblr-1722 177 14 uncertainty uncertainty NOUN cblr-1722 177 15 , , PUNCT cblr-1722 177 16 which which PRON cblr-1722 177 17 raises raise VERB cblr-1722 177 18 the the DET cblr-1722 177 19 cost cost NOUN cblr-1722 177 20 of of ADP cblr-1722 177 21 capital.35 capital.35 NOUN cblr-1722 177 22 even even ADV cblr-1722 177 23 financially financially ADV cblr-1722 177 24 responsible responsible ADJ cblr-1722 177 25 sovereigns sovereign NOUN cblr-1722 177 26 will will AUX cblr-1722 177 27 suffer suffer VERB cblr-1722 177 28 higher high ADJ cblr-1722 177 29 borrowing borrowing NOUN cblr-1722 177 30 costs cost NOUN cblr-1722 177 31 simply simply ADV cblr-1722 177 32 if if SCONJ cblr-1722 177 33 they they PRON cblr-1722 177 34 choose choose VERB cblr-1722 177 35 to to PART cblr-1722 177 36 raise raise VERB cblr-1722 177 37 debt debt NOUN cblr-1722 177 38 , , PUNCT cblr-1722 177 39 regardless regardless ADV cblr-1722 177 40 of of ADP cblr-1722 177 41 whether whether SCONJ cblr-1722 177 42 or or CCONJ cblr-1722 177 43 not not PART cblr-1722 177 44 the the DET cblr-1722 177 45 sovereign sovereign NOUN cblr-1722 177 46 had have AUX cblr-1722 177 47 a a DET cblr-1722 177 48 low low ADJ cblr-1722 177 49 risk risk NOUN cblr-1722 177 50 of of ADP cblr-1722 177 51 default.36 default.36 NOUN cblr-1722 177 52 implementation implementation NOUN cblr-1722 177 53 20 20 NUM cblr-1722 177 54 ( ( PUNCT cblr-1722 177 55 sept sept PROPN cblr-1722 177 56 . . PROPN cblr-1722 177 57 14 14 NUM cblr-1722 177 58 , , PUNCT cblr-1722 177 59 2010 2010 NUM cblr-1722 177 60 ) ) PUNCT cblr-1722 177 61 , , PUNCT cblr-1722 177 62 http://www.imf.org/external/np/pp/eng/2010/091410.pdf http://www.imf.org/external/np/pp/eng/2010/091410.pdf X cblr-1722 178 1 [ [ X cblr-1722 178 2 https://perma.cc/za8u-cx7u https://perma.cc/za8u-cx7u X cblr-1722 178 3 ] ] X cblr-1722 178 4 . . PUNCT cblr-1722 179 1 34 34 NUM cblr-1722 179 2 see see VERB cblr-1722 179 3 paul paul PROPN cblr-1722 179 4 krugman krugman PROPN cblr-1722 179 5 , , PUNCT cblr-1722 179 6 return return VERB cblr-1722 179 7 to to ADP cblr-1722 179 8 depression depression NOUN cblr-1722 179 9 economics economic NOUN cblr-1722 179 10 and and CCONJ cblr-1722 179 11 the the DET cblr-1722 179 12 crisis crisis NOUN cblr-1722 179 13 of of ADP cblr-1722 179 14 2008 2008 NUM cblr-1722 179 15 , , PUNCT cblr-1722 179 16 at at ADP cblr-1722 179 17 63 63 NUM cblr-1722 179 18 ( ( PUNCT cblr-1722 179 19 2009 2009 NUM cblr-1722 179 20 ) ) PUNCT cblr-1722 179 21 . . PUNCT cblr-1722 180 1 35 35 NUM cblr-1722 180 2 review review NOUN cblr-1722 180 3 and and CCONJ cblr-1722 180 4 outlook outlook NOUN cblr-1722 180 5 , , PUNCT cblr-1722 180 6 decade decade NOUN cblr-1722 180 7 of of ADP cblr-1722 180 8 moral moral ADJ cblr-1722 180 9 hazard hazard NOUN cblr-1722 180 10 , , PUNCT cblr-1722 180 11 wall wall PROPN cblr-1722 180 12 st st PROPN cblr-1722 180 13 . . PROPN cblr-1722 180 14 j. j. PROPN cblr-1722 180 15 ( ( PUNCT cblr-1722 180 16 sept sept PROPN cblr-1722 180 17 . . PROPN cblr-1722 180 18 25 25 NUM cblr-1722 180 19 , , PUNCT cblr-1722 180 20 1998 1998 NUM cblr-1722 180 21 , , PUNCT cblr-1722 180 22 12:01 12:01 NUM cblr-1722 180 23 am am NOUN cblr-1722 180 24 ) ) PUNCT cblr-1722 180 25 http://www.wsj.com/articles/sb906674661676514000 http://www.wsj.com/articles/sb906674661676514000 PROPN cblr-1722 181 1 [ [ X cblr-1722 181 2 https://perma.cc/9ta4-wqls https://perma.cc/9ta4-wql NOUN cblr-1722 181 3 ] ] PUNCT cblr-1722 181 4 . . PUNCT cblr-1722 182 1 36 36 NUM cblr-1722 182 2 robin robin PROPN cblr-1722 182 3 moroney moroney PROPN cblr-1722 182 4 , , PUNCT cblr-1722 182 5 the the DET cblr-1722 182 6 debate debate NOUN cblr-1722 182 7 over over ADP cblr-1722 182 8 vulture vulture ADJ cblr-1722 182 9 funds fund NOUN cblr-1722 182 10 , , PUNCT cblr-1722 182 11 wall wall PROPN cblr-1722 182 12 st st PROPN cblr-1722 182 13 . . PROPN cblr-1722 182 14 j. j. PROPN cblr-1722 182 15 : : PUNCT cblr-1722 182 16 the the DET cblr-1722 182 17 informed informed ADJ cblr-1722 182 18 reader reader NOUN cblr-1722 182 19 ( ( PUNCT cblr-1722 182 20 june june PROPN cblr-1722 182 21 19 19 NUM cblr-1722 182 22 , , PUNCT cblr-1722 182 23 2007 2007 NUM cblr-1722 182 24 , , PUNCT cblr-1722 182 25 5:03 5:03 NUM cblr-1722 182 26 pm pm NOUN cblr-1722 182 27 ) ) PUNCT cblr-1722 182 28 , , PUNCT cblr-1722 182 29 http://blogs.wsj.com/ http://blogs.wsj.com/ PROPN cblr-1722 182 30 informedreader/2007/06/19 informedreader/2007/06/19 NOUN cblr-1722 182 31 / / SYM cblr-1722 182 32 vulture vulture NOUN cblr-1722 182 33 - - PUNCT cblr-1722 182 34 funds fund NOUN cblr-1722 182 35 - - PUNCT cblr-1722 182 36 do do NOUN cblr-1722 182 37 - - PUNCT cblr-1722 182 38 some some PRON cblr-1722 182 39 - - PUNCT cblr-1722 182 40 good good NOUN cblr-1722 182 41 - - PUNCT cblr-1722 182 42 work/ work/ NUM cblr-1722 182 43 [ [ NOUN cblr-1722 182 44 https://perma.cc/cx6j-aj6s https://perma.cc/cx6j-aj6s X cblr-1722 182 45 ] ] X cblr-1722 182 46 . . PUNCT cblr-1722 183 1 wozny wozny ADJ cblr-1722 183 2 – – PUNCT cblr-1722 183 3 final final ADJ cblr-1722 183 4 710 710 NUM cblr-1722 183 5 columbia columbia PROPN cblr-1722 183 6 business business NOUN cblr-1722 183 7 law law NOUN cblr-1722 183 8 review review NOUN cblr-1722 183 9 [ [ X cblr-1722 183 10 vol vol NOUN cblr-1722 183 11 . . NOUN cblr-1722 183 12 2017 2017 NUM cblr-1722 183 13 vulture vulture NOUN cblr-1722 183 14 funds fund NOUN cblr-1722 183 15 counter counter VERB cblr-1722 183 16 the the DET cblr-1722 183 17 moral moral ADJ cblr-1722 183 18 hazard hazard NOUN cblr-1722 183 19 of of ADP cblr-1722 183 20 default default NOUN cblr-1722 183 21 by by ADP cblr-1722 183 22 vigorously vigorously ADV cblr-1722 183 23 pursuing pursue VERB cblr-1722 183 24 their their PRON cblr-1722 183 25 claims claim NOUN cblr-1722 183 26 against against ADP cblr-1722 183 27 sovereigns sovereign NOUN cblr-1722 183 28 , , PUNCT cblr-1722 183 29 even even ADV cblr-1722 183 30 going go VERB cblr-1722 183 31 so so ADV cblr-1722 183 32 far far ADV cblr-1722 183 33 as as SCONJ cblr-1722 183 34 to to PART cblr-1722 183 35 block block VERB cblr-1722 183 36 sovereigns sovereign NOUN cblr-1722 183 37 out out ADP cblr-1722 183 38 of of ADP cblr-1722 183 39 capital capital NOUN cblr-1722 183 40 markets market NOUN cblr-1722 183 41 . . PUNCT cblr-1722 184 1 knowing know VERB cblr-1722 184 2 ex ex PRON cblr-1722 184 3 ante ante NOUN cblr-1722 184 4 that that SCONJ cblr-1722 184 5 vulture vulture NOUN cblr-1722 184 6 funds fund NOUN cblr-1722 184 7 will will AUX cblr-1722 184 8 litigate litigate VERB cblr-1722 184 9 their their PRON cblr-1722 184 10 claims claim NOUN cblr-1722 184 11 and and CCONJ cblr-1722 184 12 cause cause VERB cblr-1722 184 13 significant significant ADJ cblr-1722 184 14 damage damage NOUN cblr-1722 184 15 to to ADP cblr-1722 184 16 the the DET cblr-1722 184 17 sovereign sovereign NOUN cblr-1722 184 18 and and CCONJ cblr-1722 184 19 its its PRON cblr-1722 184 20 citizens citizen NOUN cblr-1722 184 21 changes change VERB cblr-1722 184 22 the the DET cblr-1722 184 23 incentive incentive NOUN cblr-1722 184 24 structure structure NOUN cblr-1722 184 25 and and CCONJ cblr-1722 184 26 behavior behavior NOUN cblr-1722 184 27 of of ADP cblr-1722 184 28 the the DET cblr-1722 184 29 sovereign.37 sovereign.37 NOUN cblr-1722 184 30 without without ADP cblr-1722 184 31 vulture vulture ADJ cblr-1722 184 32 funds fund NOUN cblr-1722 184 33 , , PUNCT cblr-1722 184 34 for for ADP cblr-1722 184 35 example example NOUN cblr-1722 184 36 , , PUNCT cblr-1722 184 37 sovereigns sovereign NOUN cblr-1722 184 38 may may AUX cblr-1722 184 39 implement implement VERB cblr-1722 184 40 reckless reckless ADJ cblr-1722 184 41 fiscal fiscal ADJ cblr-1722 184 42 policies policy NOUN cblr-1722 184 43 that that PRON cblr-1722 184 44 are be AUX cblr-1722 184 45 dependent dependent ADJ cblr-1722 184 46 upon upon SCONJ cblr-1722 184 47 an an DET cblr-1722 184 48 expectation expectation NOUN cblr-1722 184 49 of of ADP cblr-1722 184 50 some some DET cblr-1722 184 51 bailout bailout NOUN cblr-1722 184 52 in in ADP cblr-1722 184 53 the the DET cblr-1722 184 54 form form NOUN cblr-1722 184 55 of of ADP cblr-1722 184 56 debt debt NOUN cblr-1722 184 57 relief relief NOUN cblr-1722 184 58 from from ADP cblr-1722 184 59 the the DET cblr-1722 184 60 imf imf PROPN cblr-1722 184 61 . . PUNCT cblr-1722 185 1 but but CCONJ cblr-1722 185 2 knowing know VERB cblr-1722 185 3 that that SCONJ cblr-1722 185 4 vulture vulture ADJ cblr-1722 185 5 funds fund NOUN cblr-1722 185 6 will will AUX cblr-1722 185 7 litigate litigate VERB cblr-1722 185 8 their their PRON cblr-1722 185 9 claims claim NOUN cblr-1722 185 10 and and CCONJ cblr-1722 185 11 potentially potentially ADV cblr-1722 185 12 recover recover VERB cblr-1722 185 13 such such DET cblr-1722 185 14 a a DET cblr-1722 185 15 bailout bailout NOUN cblr-1722 185 16 , , PUNCT cblr-1722 185 17 or or CCONJ cblr-1722 185 18 prevent prevent VERB cblr-1722 185 19 the the DET cblr-1722 185 20 feasibility feasibility NOUN cblr-1722 185 21 of of ADP cblr-1722 185 22 such such DET cblr-1722 185 23 a a DET cblr-1722 185 24 bailout bailout NOUN cblr-1722 185 25 , , PUNCT cblr-1722 185 26 sovereigns sovereign NOUN cblr-1722 185 27 may may AUX cblr-1722 185 28 exercise exercise VERB cblr-1722 185 29 restraint restraint NOUN cblr-1722 185 30 and and CCONJ cblr-1722 185 31 implement implement VERB cblr-1722 185 32 long long ADJ cblr-1722 185 33 - - PUNCT cblr-1722 185 34 term term NOUN cblr-1722 185 35 solutions solution NOUN cblr-1722 185 36 . . PUNCT cblr-1722 186 1 therefore therefore ADV cblr-1722 186 2 , , PUNCT cblr-1722 186 3 the the DET cblr-1722 186 4 ex ex PROPN cblr-1722 186 5 ante ante NOUN cblr-1722 186 6 incentives incentive VERB cblr-1722 186 7 vulture vulture NOUN cblr-1722 186 8 funds fund NOUN cblr-1722 186 9 create create VERB cblr-1722 186 10 by by ADP cblr-1722 186 11 functioning function VERB cblr-1722 186 12 properly properly ADV cblr-1722 186 13 generate generate VERB cblr-1722 186 14 a a DET cblr-1722 186 15 moral moral ADJ cblr-1722 186 16 hazard hazard NOUN cblr-1722 186 17 counterbalance counterbalance NOUN cblr-1722 186 18 that that PRON cblr-1722 186 19 prevents prevent VERB cblr-1722 186 20 the the DET cblr-1722 186 21 cost cost NOUN cblr-1722 186 22 of of ADP cblr-1722 186 23 borrowing borrowing NOUN cblr-1722 186 24 from from ADP cblr-1722 186 25 rising rise VERB cblr-1722 186 26 unnecessarily unnecessarily ADV cblr-1722 186 27 , , PUNCT cblr-1722 186 28 which which PRON cblr-1722 186 29 allows allow VERB cblr-1722 186 30 sovereigns sovereign NOUN cblr-1722 186 31 to to PART cblr-1722 186 32 invest invest VERB cblr-1722 186 33 in in ADP cblr-1722 186 34 development development NOUN cblr-1722 186 35 more more ADV cblr-1722 186 36 cheaply cheaply ADV cblr-1722 186 37 . . PUNCT cblr-1722 187 1 3 3 X cblr-1722 187 2 . . X cblr-1722 187 3 liquidity liquidity NOUN cblr-1722 187 4 - - PUNCT cblr-1722 187 5 providers provider NOUN cblr-1722 187 6 on on ADP cblr-1722 187 7 the the DET cblr-1722 187 8 secondary secondary ADJ cblr-1722 187 9 distressed distressed ADJ cblr-1722 187 10 debt debt NOUN cblr-1722 187 11 market market NOUN cblr-1722 187 12 vulture vulture NOUN cblr-1722 187 13 funds fund NOUN cblr-1722 187 14 also also ADV cblr-1722 187 15 serve serve VERB cblr-1722 187 16 as as ADP cblr-1722 187 17 an an DET cblr-1722 187 18 important important ADJ cblr-1722 187 19 source source NOUN cblr-1722 187 20 of of ADP cblr-1722 187 21 liquidity liquidity NOUN cblr-1722 187 22 on on ADP cblr-1722 187 23 the the DET cblr-1722 187 24 secondary secondary ADJ cblr-1722 187 25 market market NOUN cblr-1722 187 26 for for ADP cblr-1722 187 27 distressed distressed ADJ cblr-1722 187 28 sovereign sovereign ADJ cblr-1722 187 29 debt,38 debt,38 NOUN cblr-1722 187 30 which which PRON cblr-1722 187 31 developed develop VERB cblr-1722 187 32 during during ADP cblr-1722 187 33 the the DET cblr-1722 187 34 late late ADJ cblr-1722 187 35 1980s 1980 NOUN cblr-1722 187 36 and and CCONJ cblr-1722 187 37 early early ADJ cblr-1722 187 38 1990s 1990 NOUN cblr-1722 187 39 due due ADP cblr-1722 187 40 to to ADP cblr-1722 187 41 an an DET cblr-1722 187 42 international international ADJ cblr-1722 187 43 debt debt NOUN cblr-1722 187 44 crisis.39 crisis.39 NOUN cblr-1722 187 45 this this DET cblr-1722 187 46 crisis crisis NOUN cblr-1722 187 47 was be AUX cblr-1722 187 48 rooted root VERB cblr-1722 187 49 in in ADP cblr-1722 187 50 the the DET cblr-1722 187 51 late late ADJ cblr-1722 187 52 1970s 1970 NOUN cblr-1722 187 53 and and CCONJ cblr-1722 187 54 early early ADJ cblr-1722 187 55 1980s 1980 NOUN cblr-1722 187 56 when when SCONJ cblr-1722 187 57 banks bank NOUN cblr-1722 187 58 lent lend VERB cblr-1722 187 59 unprecedented unprecedented ADJ cblr-1722 187 60 amounts amount NOUN cblr-1722 187 61 of of ADP cblr-1722 187 62 money money NOUN cblr-1722 187 63 to to ADP cblr-1722 187 64 latin latin PROPN cblr-1722 187 65 american american PROPN cblr-1722 187 66 nations.40 nations.40 PROPN cblr-1722 187 67 believing believe VERB cblr-1722 187 68 that that SCONJ cblr-1722 187 69 sovereigns sovereign NOUN cblr-1722 187 70 were be AUX cblr-1722 187 71 experiencing experience VERB cblr-1722 187 72 only only ADV cblr-1722 187 73 a a DET cblr-1722 187 74 temporary temporary ADJ cblr-1722 187 75 liquidity liquidity NOUN cblr-1722 187 76 crunch crunch NOUN cblr-1722 187 77 , , PUNCT cblr-1722 187 78 these these DET cblr-1722 187 79 banks bank NOUN cblr-1722 187 80 then then ADV cblr-1722 187 81 rescheduled reschedule VERB cblr-1722 187 82 these these DET cblr-1722 187 83 loans loan NOUN cblr-1722 187 84 at at ADP cblr-1722 187 85 least least ADV cblr-1722 187 86 four four NUM cblr-1722 187 87 times time NOUN cblr-1722 187 88 during during ADP cblr-1722 187 89 the the DET cblr-1722 187 90 1980s 1980 NOUN cblr-1722 187 91 as as SCONJ cblr-1722 187 92 37 37 NUM cblr-1722 187 93 see see VERB cblr-1722 187 94 i i PRON cblr-1722 187 95 d. d. PROPN cblr-1722 187 96 38 38 NUM cblr-1722 188 1 i i PRON cblr-1722 188 2 d. d. PROPN cblr-1722 188 3 39 39 NUM cblr-1722 188 4 see see VERB cblr-1722 188 5 jill jill PROPN cblr-1722 188 6 e. e. PROPN cblr-1722 188 7 fisch fisch PROPN cblr-1722 188 8 & & CCONJ cblr-1722 188 9 caroline caroline PROPN cblr-1722 188 10 m. m. PROPN cblr-1722 188 11 gentile gentile NOUN cblr-1722 188 12 , , PUNCT cblr-1722 188 13 vultures vulture NOUN cblr-1722 188 14 or or CCONJ cblr-1722 188 15 vanguards vanguard NOUN cblr-1722 188 16 ? ? PUNCT cblr-1722 188 17 : : PUNCT cblr-1722 188 18 the the DET cblr-1722 188 19 role role NOUN cblr-1722 188 20 of of ADP cblr-1722 188 21 litigation litigation NOUN cblr-1722 188 22 in in ADP cblr-1722 188 23 sovereign sovereign ADJ cblr-1722 188 24 debt debt NOUN cblr-1722 188 25 restructuring restructuring NOUN cblr-1722 188 26 , , PUNCT cblr-1722 188 27 53 53 NUM cblr-1722 188 28 emory emory PROPN cblr-1722 188 29 l.j l.j PROPN cblr-1722 188 30 . . PROPN cblr-1722 188 31 1043 1043 NUM cblr-1722 188 32 , , PUNCT cblr-1722 188 33 1064–65 1064–65 NUM cblr-1722 188 34 ( ( PUNCT cblr-1722 188 35 2004 2004 NUM cblr-1722 188 36 ) ) PUNCT cblr-1722 188 37 . . PUNCT cblr-1722 189 1 40 40 NUM cblr-1722 189 2 see see VERB cblr-1722 189 3 phillip phillip PROPN cblr-1722 189 4 j. j. PROPN cblr-1722 189 5 power power PROPN cblr-1722 189 6 , , PUNCT cblr-1722 189 7 sovereign sovereign ADJ cblr-1722 189 8 debt debt NOUN cblr-1722 189 9 : : PUNCT cblr-1722 189 10 the the DET cblr-1722 189 11 rise rise NOUN cblr-1722 189 12 of of ADP cblr-1722 189 13 the the DET cblr-1722 189 14 secondary secondary ADJ cblr-1722 189 15 market market NOUN cblr-1722 189 16 and and CCONJ cblr-1722 189 17 its its PRON cblr-1722 189 18 implications implication NOUN cblr-1722 189 19 for for ADP cblr-1722 189 20 future future ADJ cblr-1722 189 21 restructurings restructuring NOUN cblr-1722 189 22 , , PUNCT cblr-1722 189 23 64 64 NUM cblr-1722 189 24 fordham fordham PROPN cblr-1722 189 25 l. l. PROPN cblr-1722 189 26 rev rev PROPN cblr-1722 189 27 . . PROPN cblr-1722 189 28 2701 2701 NUM cblr-1722 189 29 , , PUNCT cblr-1722 189 30 2707 2707 NUM cblr-1722 189 31 ( ( PUNCT cblr-1722 189 32 1996 1996 NUM cblr-1722 189 33 ) ) PUNCT cblr-1722 189 34 . . PUNCT cblr-1722 190 1 wozny wozny ADJ cblr-1722 190 2 – – PUNCT cblr-1722 190 3 final final ADJ cblr-1722 190 4 no no NOUN cblr-1722 190 5 . . PUNCT cblr-1722 191 1 2:697 2:697 NUM cblr-1722 191 2 ] ] X cblr-1722 191 3 national national ADJ cblr-1722 191 4 anti anti ADJ cblr-1722 191 5 - - ADJ cblr-1722 191 6 vulture vulture ADJ cblr-1722 191 7 funds fund NOUN cblr-1722 191 8 legislation legislation NOUN cblr-1722 191 9 711 711 NUM cblr-1722 191 10 sovereigns sovereign NOUN cblr-1722 191 11 failed fail VERB cblr-1722 191 12 to to PART cblr-1722 191 13 pay pay VERB cblr-1722 191 14 the the DET cblr-1722 191 15 interest.41 interest.41 NOUN cblr-1722 191 16 by by ADP cblr-1722 191 17 the the DET cblr-1722 191 18 late late ADJ cblr-1722 191 19 1980s 1980 NOUN cblr-1722 191 20 , , PUNCT cblr-1722 191 21 the the DET cblr-1722 191 22 banks bank NOUN cblr-1722 191 23 realized realize VERB cblr-1722 191 24 that that SCONJ cblr-1722 191 25 the the DET cblr-1722 191 26 sovereigns sovereign NOUN cblr-1722 191 27 would would AUX cblr-1722 191 28 never never ADV cblr-1722 191 29 be be AUX cblr-1722 191 30 able able ADJ cblr-1722 191 31 to to PART cblr-1722 191 32 repay repay VERB cblr-1722 191 33 their their PRON cblr-1722 191 34 debt debt NOUN cblr-1722 191 35 fully fully ADV cblr-1722 191 36 . . PUNCT cblr-1722 192 1 42 42 NUM cblr-1722 192 2 however however ADV cblr-1722 192 3 , , PUNCT cblr-1722 192 4 the the DET cblr-1722 192 5 banks bank NOUN cblr-1722 192 6 could could AUX cblr-1722 192 7 not not PART cblr-1722 192 8 afford afford VERB cblr-1722 192 9 to to PART cblr-1722 192 10 write write VERB cblr-1722 192 11 off off ADP cblr-1722 192 12 the the DET cblr-1722 192 13 losses loss NOUN cblr-1722 192 14 because because SCONJ cblr-1722 192 15 they they PRON cblr-1722 192 16 lacked lack VERB cblr-1722 192 17 sufficient sufficient ADJ cblr-1722 192 18 reserves reserve NOUN cblr-1722 192 19 to to PART cblr-1722 192 20 cover cover VERB cblr-1722 192 21 their their PRON cblr-1722 192 22 losses.43 losses.43 NOUN cblr-1722 192 23 to to PART cblr-1722 192 24 avoid avoid VERB cblr-1722 192 25 financial financial ADJ cblr-1722 192 26 ruin ruin NOUN cblr-1722 192 27 and and CCONJ cblr-1722 192 28 to to PART cblr-1722 192 29 reduce reduce VERB cblr-1722 192 30 their their PRON cblr-1722 192 31 exposure exposure NOUN cblr-1722 192 32 , , PUNCT cblr-1722 192 33 banks bank NOUN cblr-1722 192 34 sold sell VERB cblr-1722 192 35 sovereign sovereign ADJ cblr-1722 192 36 debt debt NOUN cblr-1722 192 37 at at ADP cblr-1722 192 38 significantly significantly ADV cblr-1722 192 39 discounted discount VERB cblr-1722 192 40 prices.44 prices.44 NOUN cblr-1722 192 41 the the DET cblr-1722 192 42 market market NOUN cblr-1722 192 43 actors actor NOUN cblr-1722 192 44 who who PRON cblr-1722 192 45 bought buy VERB cblr-1722 192 46 the the DET cblr-1722 192 47 banks bank NOUN cblr-1722 192 48 ’ ’ PART cblr-1722 192 49 sovereign sovereign ADJ cblr-1722 192 50 debt debt NOUN cblr-1722 192 51 and and CCONJ cblr-1722 192 52 helped help VERB cblr-1722 192 53 prevent prevent VERB cblr-1722 192 54 their their PRON cblr-1722 192 55 failure failure NOUN cblr-1722 192 56 were be AUX cblr-1722 192 57 the the DET cblr-1722 192 58 vulture vulture NOUN cblr-1722 192 59 funds.45 funds.45 NOUN cblr-1722 192 60 without without ADP cblr-1722 192 61 a a DET cblr-1722 192 62 sophisticated sophisticated ADJ cblr-1722 192 63 market market NOUN cblr-1722 192 64 actor actor NOUN cblr-1722 192 65 for for ADP cblr-1722 192 66 whom whom PRON cblr-1722 192 67 the the DET cblr-1722 192 68 claims claim NOUN cblr-1722 192 69 had have VERB cblr-1722 192 70 higher high ADJ cblr-1722 192 71 value value NOUN cblr-1722 192 72 than than ADP cblr-1722 192 73 for for ADP cblr-1722 192 74 the the DET cblr-1722 192 75 banks bank NOUN cblr-1722 192 76 , , PUNCT cblr-1722 192 77 the the DET cblr-1722 192 78 international international ADJ cblr-1722 192 79 debt debt NOUN cblr-1722 192 80 crisis crisis NOUN cblr-1722 192 81 may may AUX cblr-1722 192 82 have have AUX cblr-1722 192 83 amplified amplify VERB cblr-1722 192 84 . . PUNCT cblr-1722 193 1 the the DET cblr-1722 193 2 flexibility flexibility NOUN cblr-1722 193 3 afforded afford VERB cblr-1722 193 4 by by ADP cblr-1722 193 5 vulture vulture ADJ cblr-1722 193 6 funds fund NOUN cblr-1722 193 7 to to ADP cblr-1722 193 8 financial financial ADJ cblr-1722 193 9 institutions institution NOUN cblr-1722 193 10 and and CCONJ cblr-1722 193 11 to to ADP cblr-1722 193 12 other other ADJ cblr-1722 193 13 sovereign sovereign ADJ cblr-1722 193 14 states state NOUN cblr-1722 193 15 continues continue VERB cblr-1722 193 16 to to ADP cblr-1722 193 17 this this DET cblr-1722 193 18 day day NOUN cblr-1722 193 19 . . PUNCT cblr-1722 194 1 indeed indeed ADV cblr-1722 194 2 , , PUNCT cblr-1722 194 3 the the DET cblr-1722 194 4 continued continue VERB cblr-1722 194 5 utility utility NOUN cblr-1722 194 6 of of ADP cblr-1722 194 7 vulture vulture ADJ cblr-1722 194 8 funds fund NOUN cblr-1722 194 9 as as ADP cblr-1722 194 10 liquidity liquidity NOUN cblr-1722 194 11 - - PUNCT cblr-1722 194 12 providers provider NOUN cblr-1722 194 13 on on ADP cblr-1722 194 14 the the DET cblr-1722 194 15 secondary secondary ADJ cblr-1722 194 16 distressed distressed ADJ cblr-1722 194 17 sovereign sovereign ADJ cblr-1722 194 18 debt debt NOUN cblr-1722 194 19 market market NOUN cblr-1722 194 20 should should AUX cblr-1722 194 21 be be AUX cblr-1722 194 22 carefully carefully ADV cblr-1722 194 23 considered consider VERB cblr-1722 194 24 before before SCONJ cblr-1722 194 25 any any DET cblr-1722 194 26 policies policy NOUN cblr-1722 194 27 are be AUX cblr-1722 194 28 implemented implement VERB cblr-1722 194 29 . . PUNCT cblr-1722 195 1 even even ADV cblr-1722 195 2 in in ADP cblr-1722 195 3 markets market NOUN cblr-1722 195 4 where where SCONJ cblr-1722 195 5 a a DET cblr-1722 195 6 fragmented fragmented ADJ cblr-1722 195 7 creditor creditor NOUN cblr-1722 195 8 structure structure NOUN cblr-1722 195 9 already already ADV cblr-1722 195 10 existed exist VERB cblr-1722 195 11 before before ADP cblr-1722 195 12 the the DET cblr-1722 195 13 entrance entrance NOUN cblr-1722 195 14 of of ADP cblr-1722 195 15 vulture vulture ADJ cblr-1722 195 16 funds fund NOUN cblr-1722 195 17 , , PUNCT cblr-1722 195 18 vulture vulture NOUN cblr-1722 195 19 funds fund NOUN cblr-1722 195 20 still still ADV cblr-1722 195 21 provide provide VERB cblr-1722 195 22 liquidity liquidity NOUN cblr-1722 195 23 for for ADP cblr-1722 195 24 distressed distressed ADJ cblr-1722 195 25 debt.46 debt.46 NOUN cblr-1722 195 26 the the DET cblr-1722 195 27 original original ADJ cblr-1722 195 28 creditors creditor NOUN cblr-1722 195 29 may may AUX cblr-1722 195 30 not not PART cblr-1722 195 31 have have VERB cblr-1722 195 32 the the DET cblr-1722 195 33 financial financial ADJ cblr-1722 195 34 backing backing NOUN cblr-1722 195 35 to to PART cblr-1722 195 36 defend defend VERB cblr-1722 195 37 their their PRON cblr-1722 195 38 legal legal ADJ cblr-1722 195 39 rights right NOUN cblr-1722 195 40 in in ADP cblr-1722 195 41 the the DET cblr-1722 195 42 bond bond NOUN cblr-1722 195 43 . . PUNCT cblr-1722 196 1 without without ADP cblr-1722 196 2 a a DET cblr-1722 196 3 distressed distressed ADJ cblr-1722 196 4 debt debt NOUN cblr-1722 196 5 market market NOUN cblr-1722 196 6 , , PUNCT cblr-1722 196 7 they they PRON cblr-1722 196 8 may may AUX cblr-1722 196 9 lose lose VERB cblr-1722 196 10 their their PRON cblr-1722 196 11 entire entire ADJ cblr-1722 196 12 investment investment NOUN cblr-1722 196 13 , , PUNCT cblr-1722 196 14 and and CCONJ cblr-1722 196 15 the the DET cblr-1722 196 16 sovereign sovereign NOUN cblr-1722 196 17 would would AUX cblr-1722 196 18 automatically automatically ADV cblr-1722 196 19 receive receive VERB cblr-1722 196 20 a a DET cblr-1722 196 21 windfall.47 windfall.47 NOUN cblr-1722 196 22 because because SCONJ cblr-1722 196 23 of of ADP cblr-1722 196 24 their their PRON cblr-1722 196 25 sophistication sophistication NOUN cblr-1722 196 26 and and CCONJ cblr-1722 196 27 ability ability NOUN cblr-1722 196 28 to to PART cblr-1722 196 29 litigate litigate VERB cblr-1722 196 30 , , PUNCT cblr-1722 196 31 vulture vulture NOUN cblr-1722 196 32 funds fund NOUN cblr-1722 196 33 value value VERB cblr-1722 196 34 distressed distressed ADJ cblr-1722 196 35 debt debt NOUN cblr-1722 196 36 more more ADJ cblr-1722 196 37 than than SCONJ cblr-1722 196 38 individuals individual NOUN cblr-1722 196 39 do do VERB cblr-1722 196 40 , , PUNCT cblr-1722 196 41 and and CCONJ cblr-1722 196 42 the the DET cblr-1722 196 43 prices price NOUN cblr-1722 196 44 vulture vulture NOUN cblr-1722 196 45 funds fund NOUN cblr-1722 196 46 pay pay VERB cblr-1722 196 47 creditors creditor NOUN cblr-1722 196 48 may may AUX cblr-1722 196 49 be be AUX cblr-1722 196 50 higher high ADJ cblr-1722 196 51 than than ADP cblr-1722 196 52 creditors creditor NOUN cblr-1722 196 53 41 41 NUM cblr-1722 197 1 i i PRON cblr-1722 197 2 d. d. PROPN cblr-1722 197 3 at at ADP cblr-1722 197 4 2713–14 2713–14 NUM cblr-1722 197 5 . . PUNCT cblr-1722 198 1 42 42 NUM cblr-1722 199 1 i i PRON cblr-1722 199 2 d. d. PROPN cblr-1722 199 3 at at ADP cblr-1722 199 4 2715–16 2715–16 PROPN cblr-1722 199 5 . . PUNCT cblr-1722 200 1 43 43 NUM cblr-1722 201 1 i i PRON cblr-1722 201 2 d. d. VERB cblr-1722 201 3 at at ADP cblr-1722 201 4 2710–11 2710–11 NUM cblr-1722 201 5 . . PUNCT cblr-1722 202 1 44 44 NUM cblr-1722 202 2 fisch fisch PROPN cblr-1722 202 3 & & CCONJ cblr-1722 202 4 gentile gentile NOUN cblr-1722 202 5 , , PUNCT cblr-1722 202 6 supra supra PROPN cblr-1722 202 7 note note NOUN cblr-1722 202 8 39 39 NUM cblr-1722 202 9 , , PUNCT cblr-1722 202 10 at at ADP cblr-1722 202 11 1067 1067 NUM cblr-1722 202 12 ; ; PUNCT cblr-1722 202 13 see see VERB cblr-1722 202 14 also also ADV cblr-1722 202 15 power power NOUN cblr-1722 202 16 , , PUNCT cblr-1722 202 17 supra supra PROPN cblr-1722 202 18 note note NOUN cblr-1722 202 19 40 40 NUM cblr-1722 202 20 , , PUNCT cblr-1722 202 21 at at ADP cblr-1722 202 22 2716 2716 NUM cblr-1722 202 23 . . PUNCT cblr-1722 203 1 45 45 NUM cblr-1722 203 2 power power NOUN cblr-1722 203 3 , , PUNCT cblr-1722 203 4 supra supra PROPN cblr-1722 203 5 note note NOUN cblr-1722 203 6 40 40 NUM cblr-1722 203 7 , , PUNCT cblr-1722 203 8 at at ADP cblr-1722 203 9 2702 2702 NUM cblr-1722 203 10 . . PUNCT cblr-1722 204 1 46 46 NUM cblr-1722 204 2 fisch fisch PROPN cblr-1722 204 3 & & CCONJ cblr-1722 204 4 gentile gentile NOUN cblr-1722 204 5 , , PUNCT cblr-1722 204 6 supra supra PROPN cblr-1722 204 7 note note NOUN cblr-1722 204 8 39 39 NUM cblr-1722 204 9 , , PUNCT cblr-1722 204 10 at at ADP cblr-1722 204 11 1047 1047 NUM cblr-1722 204 12 ( ( PUNCT cblr-1722 204 13 “ " PUNCT cblr-1722 204 14 holdout holdout NOUN cblr-1722 204 15 creditors creditor NOUN cblr-1722 204 16 also also ADV cblr-1722 204 17 provide provide VERB cblr-1722 204 18 value value NOUN cblr-1722 204 19 independent independent ADJ cblr-1722 204 20 of of ADP cblr-1722 204 21 the the DET cblr-1722 204 22 restructuring restructuring NOUN cblr-1722 204 23 process process NOUN cblr-1722 204 24 by by ADP cblr-1722 204 25 increasing increase VERB cblr-1722 204 26 liquidity liquidity NOUN cblr-1722 204 27 in in ADP cblr-1722 204 28 the the DET cblr-1722 204 29 market market NOUN cblr-1722 204 30 for for ADP cblr-1722 204 31 sovereign sovereign ADJ cblr-1722 204 32 debt debt NOUN cblr-1722 204 33 , , PUNCT cblr-1722 204 34 especially especially ADV cblr-1722 204 35 distressed distressed ADJ cblr-1722 204 36 debt debt NOUN cblr-1722 204 37 . . PUNCT cblr-1722 204 38 ” " PUNCT cblr-1722 204 39 ) ) PUNCT cblr-1722 204 40 . . PUNCT cblr-1722 205 1 47 47 NUM cblr-1722 205 2 felix felix PROPN cblr-1722 205 3 salmon salmon NOUN cblr-1722 205 4 , , PUNCT cblr-1722 205 5 in in ADP cblr-1722 205 6 defense defense NOUN cblr-1722 205 7 of of ADP cblr-1722 205 8 vulture vulture ADJ cblr-1722 205 9 funds fund NOUN cblr-1722 205 10 , , PUNCT cblr-1722 205 11 felix felix PROPN cblr-1722 205 12 salmon salmon PROPN cblr-1722 205 13 ( ( PUNCT cblr-1722 205 14 feb feb PROPN cblr-1722 205 15 . . PROPN cblr-1722 205 16 24 24 NUM cblr-1722 205 17 , , PUNCT cblr-1722 205 18 2007 2007 NUM cblr-1722 205 19 ) ) PUNCT cblr-1722 205 20 , , PUNCT cblr-1722 205 21 http://www.felixsalmon.com/2007/02/in-defense-of-vulture-funds/ http://www.felixsalmon.com/2007/02/in-defense-of-vulture-funds/ X cblr-1722 205 22 [ [ X cblr-1722 205 23 https://perma.cc/7zhe-wnbr https://perma.cc/7zhe-wnbr X cblr-1722 205 24 ] ] X cblr-1722 205 25 . . PUNCT cblr-1722 206 1 wozny wozny ADJ cblr-1722 206 2 – – PUNCT cblr-1722 206 3 final final ADJ cblr-1722 206 4 712 712 NUM cblr-1722 206 5 columbia columbia PROPN cblr-1722 206 6 business business NOUN cblr-1722 206 7 law law NOUN cblr-1722 206 8 review review NOUN cblr-1722 206 9 [ [ X cblr-1722 206 10 vol vol NOUN cblr-1722 206 11 . . PUNCT cblr-1722 206 12 2017 2017 NUM cblr-1722 206 13 expect expect VERB cblr-1722 206 14 to to PART cblr-1722 206 15 recover.48 recover.48 VERB cblr-1722 206 16 this this PRON cblr-1722 206 17 makes make VERB cblr-1722 206 18 individual individual ADJ cblr-1722 206 19 creditors creditor NOUN cblr-1722 206 20 willing willing ADJ cblr-1722 206 21 sellers seller NOUN cblr-1722 206 22 and and CCONJ cblr-1722 206 23 vultures vulture VERB cblr-1722 206 24 willing willing ADJ cblr-1722 206 25 buyers buyer NOUN cblr-1722 206 26 of of ADP cblr-1722 206 27 distressed distressed ADJ cblr-1722 206 28 debt debt NOUN cblr-1722 206 29 , , PUNCT cblr-1722 206 30 allowing allow VERB cblr-1722 206 31 “ " PUNCT cblr-1722 206 32 investors investor NOUN cblr-1722 206 33 in in ADP cblr-1722 206 34 a a DET cblr-1722 206 35 country country NOUN cblr-1722 206 36 to to PART cblr-1722 206 37 make make VERB cblr-1722 206 38 back back ADP cblr-1722 206 39 some some PRON cblr-1722 206 40 of of ADP cblr-1722 206 41 their their PRON cblr-1722 206 42 investments investment NOUN cblr-1722 206 43 at at ADP cblr-1722 206 44 times time NOUN cblr-1722 206 45 of of ADP cblr-1722 206 46 crisis crisis NOUN cblr-1722 206 47 . . PUNCT cblr-1722 207 1 ”49 ”49 ADP cblr-1722 207 2 vulture vulture ADJ cblr-1722 207 3 funds fund NOUN cblr-1722 207 4 allow allow VERB cblr-1722 207 5 bondholders bondholder NOUN cblr-1722 207 6 expecting expect VERB cblr-1722 207 7 no no DET cblr-1722 207 8 recovery recovery NOUN cblr-1722 207 9 to to PART cblr-1722 207 10 receive receive VERB cblr-1722 207 11 a a DET cblr-1722 207 12 “ " PUNCT cblr-1722 207 13 nonnegligible nonnegligible ADJ cblr-1722 207 14 recovery recovery NOUN cblr-1722 207 15 value value NOUN cblr-1722 207 16 on on ADP cblr-1722 207 17 their their PRON cblr-1722 207 18 defaulted defaulted ADJ cblr-1722 207 19 paper paper NOUN cblr-1722 207 20 . . PUNCT cblr-1722 208 1 ”50 ”50 PROPN cblr-1722 208 2 holdout holdout PROPN cblr-1722 208 3 vulture vulture NOUN cblr-1722 208 4 funds fund NOUN cblr-1722 208 5 help help VERB cblr-1722 208 6 maintain maintain VERB cblr-1722 208 7 the the DET cblr-1722 208 8 viability viability NOUN cblr-1722 208 9 of of ADP cblr-1722 208 10 sovereign sovereign ADJ cblr-1722 208 11 debt debt NOUN cblr-1722 208 12 markets market NOUN cblr-1722 208 13 by by ADP cblr-1722 208 14 providing provide VERB cblr-1722 208 15 a a DET cblr-1722 208 16 check check NOUN cblr-1722 208 17 on on ADP cblr-1722 208 18 opportunistic opportunistic ADJ cblr-1722 208 19 defaults default NOUN cblr-1722 208 20 and and CCONJ cblr-1722 208 21 coercive coercive ADJ cblr-1722 208 22 restructuring restructuring NOUN cblr-1722 208 23 offers.51 offers.51 NOUN cblr-1722 208 24 by by ADP cblr-1722 208 25 holding hold VERB cblr-1722 208 26 corrupt corrupt ADJ cblr-1722 208 27 and and CCONJ cblr-1722 208 28 irresponsible irresponsible ADJ cblr-1722 208 29 sovereigns sovereign NOUN cblr-1722 208 30 accountable accountable ADJ cblr-1722 208 31 , , PUNCT cblr-1722 208 32 vulture vulture ADJ cblr-1722 208 33 funds fund NOUN cblr-1722 208 34 enable enable VERB cblr-1722 208 35 the the DET cblr-1722 208 36 distressed distressed ADJ cblr-1722 208 37 debt debt NOUN cblr-1722 208 38 market market NOUN cblr-1722 208 39 to to PART cblr-1722 208 40 work work VERB cblr-1722 208 41 more more ADV cblr-1722 208 42 efficiently.52 efficiently.52 ADJ cblr-1722 208 43 4 4 NUM cblr-1722 208 44 . . PUNCT cblr-1722 208 45 information information NOUN cblr-1722 208 46 - - PUNCT cblr-1722 208 47 providers provider NOUN cblr-1722 208 48 vulture vulture NOUN cblr-1722 208 49 funds fund NOUN cblr-1722 208 50 also also ADV cblr-1722 208 51 help help VERB cblr-1722 208 52 financial financial ADJ cblr-1722 208 53 markets market NOUN cblr-1722 208 54 operate operate VERB cblr-1722 208 55 more more ADV cblr-1722 208 56 efficiently efficiently ADV cblr-1722 208 57 by by ADP cblr-1722 208 58 providing provide VERB cblr-1722 208 59 information information NOUN cblr-1722 208 60 that that PRON cblr-1722 208 61 would would AUX cblr-1722 208 62 otherwise otherwise ADV cblr-1722 208 63 go go VERB cblr-1722 208 64 unnoticed unnoticed ADJ cblr-1722 208 65 . . PUNCT cblr-1722 209 1 individual individual ADJ cblr-1722 209 2 creditors creditor NOUN cblr-1722 209 3 with with ADP cblr-1722 209 4 small small ADJ cblr-1722 209 5 claims claim NOUN cblr-1722 209 6 lack lack VERB cblr-1722 209 7 the the DET cblr-1722 209 8 means mean NOUN cblr-1722 209 9 or or CCONJ cblr-1722 209 10 incentives incentive NOUN cblr-1722 209 11 to to PART cblr-1722 209 12 conduct conduct VERB cblr-1722 209 13 their their PRON cblr-1722 209 14 own own ADJ cblr-1722 209 15 independent independent ADJ cblr-1722 209 16 research research NOUN cblr-1722 209 17 on on ADP cblr-1722 209 18 a a DET cblr-1722 209 19 sovereign sovereign ADJ cblr-1722 209 20 ’s ’s PART cblr-1722 209 21 capital capital NOUN cblr-1722 209 22 structure structure NOUN cblr-1722 209 23 and and CCONJ cblr-1722 209 24 spending spending NOUN cblr-1722 209 25 habits habit NOUN cblr-1722 209 26 prior prior ADV cblr-1722 209 27 to to ADP cblr-1722 209 28 their their PRON cblr-1722 209 29 investment investment NOUN cblr-1722 209 30 . . PUNCT cblr-1722 210 1 after after ADP cblr-1722 210 2 their their PRON cblr-1722 210 3 investment investment NOUN cblr-1722 210 4 , , PUNCT cblr-1722 210 5 individual individual ADJ cblr-1722 210 6 creditors creditor NOUN cblr-1722 210 7 might might AUX cblr-1722 210 8 find find VERB cblr-1722 210 9 this this DET cblr-1722 210 10 type type NOUN cblr-1722 210 11 of of ADP cblr-1722 210 12 analysis analysis NOUN cblr-1722 210 13 particularly particularly ADV cblr-1722 210 14 inefficient inefficient ADJ cblr-1722 210 15 because because SCONJ cblr-1722 210 16 their their PRON cblr-1722 210 17 position position NOUN cblr-1722 210 18 and and CCONJ cblr-1722 210 19 options option NOUN cblr-1722 210 20 will will AUX cblr-1722 210 21 not not PART cblr-1722 210 22 be be AUX cblr-1722 210 23 affected affect VERB cblr-1722 210 24 by by ADP cblr-1722 210 25 the the DET cblr-1722 210 26 news news NOUN cblr-1722 210 27 . . PUNCT cblr-1722 211 1 if if SCONJ cblr-1722 211 2 the the DET cblr-1722 211 3 sovereign sovereign NOUN cblr-1722 211 4 does do AUX cblr-1722 211 5 not not PART cblr-1722 211 6 default default VERB cblr-1722 211 7 , , PUNCT cblr-1722 211 8 these these DET cblr-1722 211 9 fragmented fragmented ADJ cblr-1722 211 10 creditors creditor NOUN cblr-1722 211 11 ’ ' PUNCT cblr-1722 211 12 claims claim NOUN cblr-1722 211 13 will will AUX cblr-1722 211 14 not not PART cblr-1722 211 15 suffer suffer VERB cblr-1722 211 16 . . PUNCT cblr-1722 212 1 if if SCONJ cblr-1722 212 2 the the DET cblr-1722 212 3 sovereign sovereign NOUN cblr-1722 212 4 does do VERB cblr-1722 212 5 default default NOUN cblr-1722 212 6 , , PUNCT cblr-1722 212 7 such such ADJ cblr-1722 212 8 creditors creditor NOUN cblr-1722 212 9 often often ADV cblr-1722 212 10 lack lack VERB cblr-1722 212 11 adequate adequate ADJ cblr-1722 212 12 resources resource NOUN cblr-1722 212 13 to to PART cblr-1722 212 14 litigate litigate VERB cblr-1722 212 15 their their PRON cblr-1722 212 16 rights.53 rights.53 NOUN cblr-1722 212 17 by by ADP cblr-1722 212 18 contrast contrast NOUN cblr-1722 212 19 , , PUNCT cblr-1722 212 20 sophisticated sophisticated ADJ cblr-1722 212 21 institutional institutional ADJ cblr-1722 212 22 distressed distressed ADJ cblr-1722 212 23 debt debt NOUN cblr-1722 212 24 investors investor NOUN cblr-1722 212 25 , , PUNCT cblr-1722 212 26 like like ADP cblr-1722 212 27 vulture vulture ADJ cblr-1722 212 28 funds fund NOUN cblr-1722 212 29 , , PUNCT cblr-1722 212 30 invest invest VERB cblr-1722 212 31 huge huge ADJ cblr-1722 212 32 amounts amount NOUN cblr-1722 212 33 in in ADP cblr-1722 212 34 distressed distressed ADJ cblr-1722 212 35 debt debt NOUN cblr-1722 212 36 and and CCONJ cblr-1722 212 37 wield wield VERB cblr-1722 212 38 massive massive ADJ cblr-1722 212 39 litigation litigation NOUN cblr-1722 212 40 coffers coffer NOUN cblr-1722 212 41 and and CCONJ cblr-1722 212 42 48 48 NUM cblr-1722 212 43 see see VERB cblr-1722 212 44 generally generally ADV cblr-1722 212 45 i i PRON cblr-1722 212 46 d. d. PROPN cblr-1722 212 47 49 49 NUM cblr-1722 212 48 see see VERB cblr-1722 212 49 moroney moroney PROPN cblr-1722 212 50 , , PUNCT cblr-1722 212 51 supra supra PROPN cblr-1722 212 52 note note PROPN cblr-1722 212 53 36 36 NUM cblr-1722 212 54 . . NOUN cblr-1722 212 55 50 50 NUM cblr-1722 212 56 see see VERB cblr-1722 212 57 salmon salmon NOUN cblr-1722 212 58 , , PUNCT cblr-1722 212 59 supra supra PROPN cblr-1722 212 60 note note NOUN cblr-1722 212 61 47 47 NUM cblr-1722 212 62 . . PUNCT cblr-1722 213 1 51 51 NUM cblr-1722 213 2 broomfield broomfield PROPN cblr-1722 213 3 , , PUNCT cblr-1722 213 4 supra supra PROPN cblr-1722 213 5 note note PROPN cblr-1722 213 6 10 10 NUM cblr-1722 213 7 , , PUNCT cblr-1722 213 8 at at ADP cblr-1722 213 9 514 514 NUM cblr-1722 213 10 . . PUNCT cblr-1722 213 11 52 52 NUM cblr-1722 213 12 see see VERB cblr-1722 213 13 generally generally ADV cblr-1722 213 14 david david PROPN cblr-1722 213 15 bosco bosco PROPN cblr-1722 213 16 , , PUNCT cblr-1722 213 17 the the DET cblr-1722 213 18 debt debt NOUN cblr-1722 213 19 frenzy frenzy NOUN cblr-1722 213 20 , , PUNCT cblr-1722 213 21 foreign foreign ADJ cblr-1722 213 22 pol’y pol’y NOUN cblr-1722 213 23 ( ( PUNCT cblr-1722 213 24 june june PROPN cblr-1722 213 25 11 11 NUM cblr-1722 213 26 , , PUNCT cblr-1722 213 27 2007 2007 NUM cblr-1722 213 28 ) ) PUNCT cblr-1722 213 29 , , PUNCT cblr-1722 213 30 http://foreignpolicy.com/2009/10/13/the-debt-frenzy/ http://foreignpolicy.com/2009/10/13/the-debt-frenzy/ VERB cblr-1722 214 1 [ [ X cblr-1722 214 2 https:// https:// PROPN cblr-1722 214 3 perma.cc/k6ws-un8r perma.cc/k6ws-un8r PROPN cblr-1722 214 4 ] ] PUNCT cblr-1722 214 5 ; ; PUNCT cblr-1722 214 6 see see VERB cblr-1722 214 7 also also ADV cblr-1722 214 8 supra supra PROPN cblr-1722 214 9 section section PROPN cblr-1722 214 10 ii.b.1 ii.b.1 PROPN cblr-1722 214 11 . . PUNCT cblr-1722 215 1 53 53 NUM cblr-1722 215 2 see see VERB cblr-1722 215 3 supra supra PROPN cblr-1722 215 4 section section PROPN cblr-1722 215 5 ii.b.3 ii.b.3 PROPN cblr-1722 215 6 . . PUNCT cblr-1722 216 1 wozny wozny ADJ cblr-1722 216 2 – – PUNCT cblr-1722 216 3 final final ADJ cblr-1722 216 4 no no NOUN cblr-1722 216 5 . . PUNCT cblr-1722 217 1 2:697 2:697 NUM cblr-1722 217 2 ] ] X cblr-1722 217 3 national national ADJ cblr-1722 217 4 anti anti ADJ cblr-1722 217 5 - - ADJ cblr-1722 217 6 vulture vulture ADJ cblr-1722 217 7 funds fund NOUN cblr-1722 217 8 legislation legislation NOUN cblr-1722 217 9 713 713 NUM cblr-1722 217 10 experience experience VERB cblr-1722 217 11 holding hold VERB cblr-1722 217 12 sovereigns sovereign NOUN cblr-1722 217 13 accountable accountable ADJ cblr-1722 217 14 . . PUNCT cblr-1722 218 1 because because SCONJ cblr-1722 218 2 of of ADP cblr-1722 218 3 their their PRON cblr-1722 218 4 sizable sizable ADJ cblr-1722 218 5 positions position NOUN cblr-1722 218 6 , , PUNCT cblr-1722 218 7 vulture vulture NOUN cblr-1722 218 8 funds fund NOUN cblr-1722 218 9 have have VERB cblr-1722 218 10 an an DET cblr-1722 218 11 incentive incentive NOUN cblr-1722 218 12 to to PART cblr-1722 218 13 conduct conduct VERB cblr-1722 218 14 extensive extensive ADJ cblr-1722 218 15 pre pre ADJ cblr-1722 218 16 - - ADJ cblr-1722 218 17 investment investment ADJ cblr-1722 218 18 research research NOUN cblr-1722 218 19 to to PART cblr-1722 218 20 determine determine VERB cblr-1722 218 21 that that SCONJ cblr-1722 218 22 they they PRON cblr-1722 218 23 are be AUX cblr-1722 218 24 acquiring acquire VERB cblr-1722 218 25 debt debt NOUN cblr-1722 218 26 that that PRON cblr-1722 218 27 can can AUX cblr-1722 218 28 actually actually ADV cblr-1722 218 29 be be AUX cblr-1722 218 30 repaid.54 repaid.54 NOUN cblr-1722 218 31 even even ADV cblr-1722 218 32 after after ADP cblr-1722 218 33 the the DET cblr-1722 218 34 initial initial ADJ cblr-1722 218 35 investment investment NOUN cblr-1722 218 36 , , PUNCT cblr-1722 218 37 vulture vulture NOUN cblr-1722 218 38 funds fund NOUN cblr-1722 218 39 remain remain VERB cblr-1722 218 40 committed committed ADJ cblr-1722 218 41 to to ADP cblr-1722 218 42 investigating investigate VERB cblr-1722 218 43 the the DET cblr-1722 218 44 sovereign sovereign NOUN cblr-1722 218 45 ’s ’s PART cblr-1722 218 46 spending spending NOUN cblr-1722 218 47 patterns pattern NOUN cblr-1722 218 48 , , PUNCT cblr-1722 218 49 locating locate VERB cblr-1722 218 50 all all DET cblr-1722 218 51 seizable seizable ADJ cblr-1722 218 52 assets asset NOUN cblr-1722 218 53 , , PUNCT cblr-1722 218 54 and and CCONJ cblr-1722 218 55 valuing value VERB cblr-1722 218 56 the the DET cblr-1722 218 57 expected expect VERB cblr-1722 218 58 payoff payoff NOUN cblr-1722 218 59 . . PUNCT cblr-1722 219 1 thus thus ADV cblr-1722 219 2 , , PUNCT cblr-1722 219 3 unlike unlike ADP cblr-1722 219 4 the the DET cblr-1722 219 5 individual individual ADJ cblr-1722 219 6 creditors creditor NOUN cblr-1722 219 7 , , PUNCT cblr-1722 219 8 vulture vulture ADJ cblr-1722 219 9 funds fund NOUN cblr-1722 219 10 have have VERB cblr-1722 219 11 the the DET cblr-1722 219 12 financial financial ADJ cblr-1722 219 13 means mean NOUN cblr-1722 219 14 to to PART cblr-1722 219 15 litigate litigate VERB cblr-1722 219 16 their their PRON cblr-1722 219 17 claims claim NOUN cblr-1722 219 18 in in ADP cblr-1722 219 19 exchange exchange NOUN cblr-1722 219 20 for for ADP cblr-1722 219 21 higher high ADJ cblr-1722 219 22 returns return NOUN cblr-1722 219 23 . . PUNCT cblr-1722 220 1 in in ADP cblr-1722 220 2 conducting conduct VERB cblr-1722 220 3 their their PRON cblr-1722 220 4 research research NOUN cblr-1722 220 5 , , PUNCT cblr-1722 220 6 vulture vulture NOUN cblr-1722 220 7 funds fund NOUN cblr-1722 220 8 provide provide VERB cblr-1722 220 9 valuable valuable ADJ cblr-1722 220 10 information information NOUN cblr-1722 220 11 to to ADP cblr-1722 220 12 investors investor NOUN cblr-1722 220 13 by by ADP cblr-1722 220 14 signaling signal VERB cblr-1722 220 15 which which DET cblr-1722 220 16 claims claim NOUN cblr-1722 220 17 are be AUX cblr-1722 220 18 recoverable recoverable ADJ cblr-1722 220 19 and and CCONJ cblr-1722 220 20 which which PRON cblr-1722 220 21 are be AUX cblr-1722 220 22 not not PART cblr-1722 220 23 . . PUNCT cblr-1722 221 1 their their PRON cblr-1722 221 2 departure departure NOUN cblr-1722 221 3 from from ADP cblr-1722 221 4 a a DET cblr-1722 221 5 market market NOUN cblr-1722 221 6 might might AUX cblr-1722 221 7 also also ADV cblr-1722 221 8 signal signal VERB cblr-1722 221 9 the the DET cblr-1722 221 10 strength strength NOUN cblr-1722 221 11 of of ADP cblr-1722 221 12 the the DET cblr-1722 221 13 sovereign sovereign NOUN cblr-1722 221 14 ’s ’s PART cblr-1722 221 15 economy.55 economy.55 PROPN cblr-1722 221 16 vulture vulture NOUN cblr-1722 221 17 funds fund NOUN cblr-1722 221 18 may may AUX cblr-1722 221 19 also also ADV cblr-1722 221 20 expose expose VERB cblr-1722 221 21 clandestine clandestine ADJ cblr-1722 221 22 corruption corruption NOUN cblr-1722 221 23 in in ADP cblr-1722 221 24 sovereigns sovereign NOUN cblr-1722 221 25 that that PRON cblr-1722 221 26 abuse abuse VERB cblr-1722 221 27 international international ADJ cblr-1722 221 28 debt debt NOUN cblr-1722 221 29 relief relief NOUN cblr-1722 221 30 efforts effort NOUN cblr-1722 221 31 for for ADP cblr-1722 221 32 their their PRON cblr-1722 221 33 personal personal ADJ cblr-1722 221 34 benefit benefit NOUN cblr-1722 221 35 . . PUNCT cblr-1722 222 1 elliott elliott PROPN cblr-1722 222 2 associates associates PROPN cblr-1722 222 3 ’ ' PUNCT cblr-1722 222 4 team team NOUN cblr-1722 222 5 of of ADP cblr-1722 222 6 private private ADJ cblr-1722 222 7 detectives detective NOUN cblr-1722 222 8 and and CCONJ cblr-1722 222 9 forensic forensic ADJ cblr-1722 222 10 accountants accountant NOUN cblr-1722 222 11 , , PUNCT cblr-1722 222 12 for for ADP cblr-1722 222 13 example example NOUN cblr-1722 222 14 , , PUNCT cblr-1722 222 15 discovered discover VERB cblr-1722 222 16 massive massive ADJ cblr-1722 222 17 corruption corruption NOUN cblr-1722 222 18 by by ADP cblr-1722 222 19 the the DET cblr-1722 222 20 brazzaville brazzaville PROPN cblr-1722 222 21 - - PUNCT cblr-1722 222 22 congo congo NOUN cblr-1722 222 23 government government NOUN cblr-1722 222 24 that that PRON cblr-1722 222 25 included include VERB cblr-1722 222 26 spending spend VERB cblr-1722 222 27 more more ADJ cblr-1722 222 28 than than ADP cblr-1722 222 29 £ £ SYM cblr-1722 222 30 112,000 112,000 NUM cblr-1722 222 31 total total NOUN cblr-1722 222 32 by by ADP cblr-1722 222 33 denis denis PROPN cblr-1722 222 34 christel christel PROPN cblr-1722 222 35 sassou sassou PROPN cblr-1722 222 36 - - PUNCT cblr-1722 222 37 nguesso nguesso NOUN cblr-1722 222 38 , , PUNCT cblr-1722 222 39 the the DET cblr-1722 222 40 son son NOUN cblr-1722 222 41 of of ADP cblr-1722 222 42 the the DET cblr-1722 222 43 previous previous ADJ cblr-1722 222 44 dictator dictator NOUN cblr-1722 222 45 of of ADP cblr-1722 222 46 brazzaville brazzaville PROPN cblr-1722 222 47 , , PUNCT cblr-1722 222 48 including include VERB cblr-1722 222 49 £ £ SYM cblr-1722 222 50 1,600 1,600 NUM cblr-1722 222 51 at at ADP cblr-1722 222 52 escada escada PROPN cblr-1722 222 53 , , PUNCT cblr-1722 222 54 £ £ SYM cblr-1722 222 55 3,700 3,700 NUM cblr-1722 222 56 at at ADP cblr-1722 222 57 christian christian PROPN cblr-1722 222 58 lacroix lacroix PROPN cblr-1722 222 59 , , PUNCT cblr-1722 222 60 £ £ SYM cblr-1722 222 61 4,000 4,000 NUM cblr-1722 222 62 at at ADP cblr-1722 222 63 ermenegildo ermenegildo ADJ cblr-1722 222 64 zegna zegna PROPN cblr-1722 222 65 , , PUNCT cblr-1722 222 66 and and CCONJ cblr-1722 222 67 £ £ SYM cblr-1722 222 68 3,200 3,200 NUM cblr-1722 222 69 at at ADP cblr-1722 222 70 louis louis PROPN cblr-1722 222 71 vuitton.56 vuitton.56 PROPN cblr-1722 222 72 vulture vulture ADJ cblr-1722 222 73 funds fund NOUN cblr-1722 222 74 also also ADV cblr-1722 222 75 uncovered uncover VERB cblr-1722 222 76 that that SCONJ cblr-1722 222 77 sassou sassou NOUN cblr-1722 222 78 - - PUNCT cblr-1722 222 79 nguesso nguesso NOUN cblr-1722 222 80 illicitly illicitly ADV cblr-1722 222 81 purchased purchase VERB cblr-1722 222 82 multiple multiple ADJ cblr-1722 222 83 flats flat NOUN cblr-1722 222 84 in in ADP cblr-1722 222 85 downtown downtown NOUN cblr-1722 222 86 paris paris PROPN cblr-1722 222 87 totaling total VERB cblr-1722 222 88 £ £ SYM cblr-1722 222 89 3.6 3.6 NUM cblr-1722 222 90 million million NUM cblr-1722 222 91 and and CCONJ cblr-1722 222 92 ran run VERB cblr-1722 222 93 up up ADP cblr-1722 222 94 a a DET cblr-1722 222 95 hotel hotel NOUN cblr-1722 222 96 bill bill NOUN cblr-1722 222 97 of of ADP cblr-1722 222 98 £ £ SYM cblr-1722 222 99 169,000—£100,000 169,000—£100,000 NUM cblr-1722 222 100 of of ADP cblr-1722 222 101 which which PRON cblr-1722 222 102 was be AUX cblr-1722 222 103 paid pay VERB cblr-1722 222 104 in in ADP cblr-1722 222 105 cash cash NOUN cblr-1722 222 106 — — PUNCT cblr-1722 222 107 during during ADP cblr-1722 222 108 a a DET cblr-1722 222 109 recent recent ADJ cblr-1722 222 110 visit visit NOUN cblr-1722 222 111 to to ADP cblr-1722 222 112 the the DET cblr-1722 222 113 united united PROPN cblr-1722 222 114 nations nations PROPN cblr-1722 222 115 , , PUNCT cblr-1722 222 116 all all PRON cblr-1722 222 117 while while SCONJ cblr-1722 222 118 repeatedly repeatedly ADV cblr-1722 222 119 claiming claim VERB cblr-1722 222 120 his his PRON cblr-1722 222 121 country country NOUN cblr-1722 222 122 lacked lack VERB cblr-1722 222 123 any any DET cblr-1722 222 124 resources resource NOUN cblr-1722 222 125 to to PART cblr-1722 222 126 repay repay VERB cblr-1722 222 127 its its PRON cblr-1722 222 128 54 54 NUM cblr-1722 222 129 see see NOUN cblr-1722 222 130 tony tony ADJ cblr-1722 222 131 allen allen PROPN cblr-1722 222 132 - - PUNCT cblr-1722 222 133 mills mill NOUN cblr-1722 222 134 , , PUNCT cblr-1722 222 135 hedge hedge NOUN cblr-1722 222 136 funds fund NOUN cblr-1722 222 137 lift lift VERB cblr-1722 222 138 the the DET cblr-1722 222 139 lid lid NOUN cblr-1722 222 140 on on ADP cblr-1722 222 141 african african ADJ cblr-1722 222 142 deception deception NOUN cblr-1722 222 143 , , PUNCT cblr-1722 222 144 alexander alexander PROPN cblr-1722 222 145 ’s ’s PART cblr-1722 222 146 gas gas PROPN cblr-1722 222 147 & & CCONJ cblr-1722 222 148 oil oil NOUN cblr-1722 222 149 connections connection NOUN cblr-1722 222 150 ( ( PUNCT cblr-1722 222 151 june june PROPN cblr-1722 222 152 15 15 NUM cblr-1722 222 153 , , PUNCT cblr-1722 222 154 2008 2008 NUM cblr-1722 222 155 , , PUNCT cblr-1722 222 156 2:00 2:00 NUM cblr-1722 222 157 am am NOUN cblr-1722 222 158 ) ) PUNCT cblr-1722 222 159 , , PUNCT cblr-1722 222 160 http://www.gasandoil.com/news/africa/67c4ba36f57496c01738bf41816f68e6 http://www.gasandoil.com/news/africa/67c4ba36f57496c01738bf41816f68e6 NOUN cblr-1722 223 1 [ [ X cblr-1722 223 2 https://perma.cc/wcr5-kqvb https://perma.cc/wcr5-kqvb PROPN cblr-1722 223 3 ] ] X cblr-1722 223 4 . . PUNCT cblr-1722 224 1 55 55 NUM cblr-1722 224 2 see see VERB cblr-1722 224 3 fernando fernando PROPN cblr-1722 224 4 barciela barciela PROPN cblr-1722 224 5 , , PUNCT cblr-1722 224 6 vulture vulture NOUN cblr-1722 224 7 funds fund NOUN cblr-1722 224 8 leave leave VERB cblr-1722 224 9 spain spain PROPN cblr-1722 224 10 in in ADP cblr-1722 224 11 search search NOUN cblr-1722 224 12 of of ADP cblr-1722 224 13 fresh fresh ADJ cblr-1722 224 14 game game NOUN cblr-1722 224 15 , , PUNCT cblr-1722 224 16 the the DET cblr-1722 224 17 corner corner NOUN cblr-1722 224 18 ( ( PUNCT cblr-1722 224 19 aug aug PROPN cblr-1722 224 20 . . PROPN cblr-1722 224 21 17 17 NUM cblr-1722 224 22 , , PUNCT cblr-1722 224 23 2016 2016 NUM cblr-1722 224 24 ) ) PUNCT cblr-1722 224 25 , , PUNCT cblr-1722 224 26 http://thecorner.eu/spaineconomy/vulture-funds-leave-spain-in-search-of-fresh-game/57062/ http://thecorner.eu/spaineconomy/vulture-funds-leave-spain-in-search-of-fresh-game/57062/ VERB cblr-1722 224 27 [ [ X cblr-1722 224 28 https://perma.cc/3h95-2ur6 https://perma.cc/3h95-2ur6 X cblr-1722 224 29 ] ] X cblr-1722 224 30 ( ( PUNCT cblr-1722 224 31 interpreting interpret VERB cblr-1722 224 32 vulture vulture ADJ cblr-1722 224 33 funds fund NOUN cblr-1722 224 34 ’ ' PUNCT cblr-1722 224 35 departure departure NOUN cblr-1722 224 36 from from ADP cblr-1722 224 37 spain spain PROPN cblr-1722 224 38 as as ADP cblr-1722 224 39 an an DET cblr-1722 224 40 indication indication NOUN cblr-1722 224 41 of of ADP cblr-1722 224 42 spain spain PROPN cblr-1722 224 43 ’s ’s PART cblr-1722 224 44 road road NOUN cblr-1722 224 45 to to ADP cblr-1722 224 46 recovery recovery NOUN cblr-1722 224 47 ) ) PUNCT cblr-1722 224 48 . . PUNCT cblr-1722 225 1 56 56 NUM cblr-1722 225 2 see see VERB cblr-1722 225 3 allen allen PROPN cblr-1722 225 4 - - PUNCT cblr-1722 225 5 mills mill NOUN cblr-1722 225 6 , , PUNCT cblr-1722 225 7 supra supra PROPN cblr-1722 225 8 note note NOUN cblr-1722 225 9 54 54 NUM cblr-1722 225 10 . . PUNCT cblr-1722 225 11 wozny wozny ADJ cblr-1722 225 12 – – PUNCT cblr-1722 225 13 final final ADJ cblr-1722 225 14 714 714 NUM cblr-1722 225 15 columbia columbia PROPN cblr-1722 225 16 business business NOUN cblr-1722 225 17 law law PROPN cblr-1722 225 18 review review NOUN cblr-1722 225 19 [ [ X cblr-1722 225 20 vol vol NOUN cblr-1722 225 21 . . NOUN cblr-1722 225 22 2017 2017 NUM cblr-1722 225 23 debts.57 debts.57 NOUN cblr-1722 225 24 furthermore furthermore ADV cblr-1722 225 25 , , PUNCT cblr-1722 225 26 vulture vulture ADJ cblr-1722 225 27 funds fund NOUN cblr-1722 225 28 determined determine VERB cblr-1722 225 29 that that SCONJ cblr-1722 225 30 brazzaville brazzaville NOUN cblr-1722 225 31 - - PUNCT cblr-1722 225 32 congo congo PROPN cblr-1722 225 33 “ " PUNCT cblr-1722 225 34 had have AUX cblr-1722 225 35 established establish VERB cblr-1722 225 36 a a DET cblr-1722 225 37 network network NOUN cblr-1722 225 38 of of ADP cblr-1722 225 39 sham sham ADJ cblr-1722 225 40 companies company NOUN cblr-1722 225 41 and and CCONJ cblr-1722 225 42 bogus bogus ADJ cblr-1722 225 43 executives executive NOUN cblr-1722 225 44 ” " PUNCT cblr-1722 225 45 to to PART cblr-1722 225 46 conceal conceal VERB cblr-1722 225 47 oil oil NOUN cblr-1722 225 48 transactions transaction NOUN cblr-1722 225 49 that that PRON cblr-1722 225 50 implicated implicate VERB cblr-1722 225 51 both both CCONJ cblr-1722 225 52 the the DET cblr-1722 225 53 president president NOUN cblr-1722 225 54 and and CCONJ cblr-1722 225 55 his his PRON cblr-1722 225 56 son.58 son.58 NOUN cblr-1722 225 57 finally finally ADV cblr-1722 225 58 , , PUNCT cblr-1722 225 59 vulture vulture NOUN cblr-1722 225 60 funds fund NOUN cblr-1722 225 61 identified identify VERB cblr-1722 225 62 the the DET cblr-1722 225 63 middlemen middleman NOUN cblr-1722 225 64 who who PRON cblr-1722 225 65 facilitated facilitate VERB cblr-1722 225 66 corrupt corrupt ADJ cblr-1722 225 67 payments payment NOUN cblr-1722 225 68 and and CCONJ cblr-1722 225 69 traced trace VERB cblr-1722 225 70 the the DET cblr-1722 225 71 money money NOUN cblr-1722 225 72 trail trail NOUN cblr-1722 225 73 from from ADP cblr-1722 225 74 british british ADJ cblr-1722 225 75 oil oil NOUN cblr-1722 225 76 traders trader NOUN cblr-1722 225 77 to to ADP cblr-1722 225 78 luxury luxury NOUN cblr-1722 225 79 boutiques boutique NOUN cblr-1722 225 80 in in ADP cblr-1722 225 81 paris.59 paris.59 NOUN cblr-1722 225 82 in in ADP cblr-1722 225 83 doing do VERB cblr-1722 225 84 so so ADV cblr-1722 225 85 , , PUNCT cblr-1722 225 86 elliott elliott PROPN cblr-1722 225 87 arguably arguably ADV cblr-1722 225 88 did do VERB cblr-1722 225 89 more more ADJ cblr-1722 225 90 to to PART cblr-1722 225 91 expose expose VERB cblr-1722 225 92 corruption corruption NOUN cblr-1722 225 93 in in ADP cblr-1722 225 94 africa africa PROPN cblr-1722 225 95 than than ADP cblr-1722 225 96 any any DET cblr-1722 225 97 other other ADJ cblr-1722 225 98 organization.60 organization.60 PROPN cblr-1722 225 99 c. c. NOUN cblr-1722 225 100 how how SCONJ cblr-1722 225 101 the the DET cblr-1722 225 102 uniqueness uniqueness NOUN cblr-1722 225 103 of of ADP cblr-1722 225 104 sovereign sovereign ADJ cblr-1722 225 105 debt debt NOUN cblr-1722 225 106 introduces introduce VERB cblr-1722 225 107 potential potential ADJ cblr-1722 225 108 inefficiencies inefficiency NOUN cblr-1722 225 109 based base VERB cblr-1722 225 110 on on ADP cblr-1722 225 111 these these DET cblr-1722 225 112 salutary salutary ADJ cblr-1722 225 113 effects effect NOUN cblr-1722 225 114 , , PUNCT cblr-1722 225 115 it it PRON cblr-1722 225 116 is be AUX cblr-1722 225 117 not not PART cblr-1722 225 118 a a DET cblr-1722 225 119 foregone foregone NOUN cblr-1722 225 120 conclusion conclusion NOUN cblr-1722 225 121 that that SCONJ cblr-1722 225 122 vulture vulture ADJ cblr-1722 225 123 funds fund NOUN cblr-1722 225 124 should should AUX cblr-1722 225 125 be be AUX cblr-1722 225 126 targeted target VERB cblr-1722 225 127 by by ADP cblr-1722 225 128 specific specific ADJ cblr-1722 225 129 regulations regulation NOUN cblr-1722 225 130 . . PUNCT cblr-1722 226 1 however however ADV cblr-1722 226 2 , , PUNCT cblr-1722 226 3 legislatures legislature NOUN cblr-1722 226 4 that that PRON cblr-1722 226 5 regulate regulate VERB cblr-1722 226 6 vulture vulture ADJ cblr-1722 226 7 funds fund NOUN cblr-1722 226 8 are be AUX cblr-1722 226 9 not not PART cblr-1722 226 10 just just ADV cblr-1722 226 11 responding respond VERB cblr-1722 226 12 to to ADP cblr-1722 226 13 public public ADJ cblr-1722 226 14 outcry outcry NOUN cblr-1722 226 15 ; ; PUNCT cblr-1722 226 16 their their PRON cblr-1722 226 17 decisions decision NOUN cblr-1722 226 18 are be AUX cblr-1722 226 19 also also ADV cblr-1722 226 20 founded found VERB cblr-1722 226 21 upon upon SCONJ cblr-1722 226 22 legitimate legitimate ADJ cblr-1722 226 23 concerns concern NOUN cblr-1722 226 24 about about ADP cblr-1722 226 25 market market NOUN cblr-1722 226 26 inefficiencies inefficiency NOUN cblr-1722 226 27 created create VERB cblr-1722 226 28 by by ADP cblr-1722 226 29 vulture vulture ADJ cblr-1722 226 30 funds fund NOUN cblr-1722 226 31 . . PUNCT cblr-1722 227 1 many many ADJ cblr-1722 227 2 of of ADP cblr-1722 227 3 these these DET cblr-1722 227 4 concerns concern NOUN cblr-1722 227 5 arise arise VERB cblr-1722 227 6 from from ADP cblr-1722 227 7 the the DET cblr-1722 227 8 uniqueness uniqueness NOUN cblr-1722 227 9 of of ADP cblr-1722 227 10 sovereign sovereign ADJ cblr-1722 227 11 debt debt NOUN cblr-1722 227 12 . . PUNCT cblr-1722 228 1 for for ADP cblr-1722 228 2 example example NOUN cblr-1722 228 3 , , PUNCT cblr-1722 228 4 both both PRON cblr-1722 228 5 sovereign sovereign ADJ cblr-1722 228 6 states state NOUN cblr-1722 228 7 and and CCONJ cblr-1722 228 8 corporations corporation NOUN cblr-1722 228 9 issue issue VERB cblr-1722 228 10 debt debt NOUN cblr-1722 228 11 to to PART cblr-1722 228 12 finance finance VERB cblr-1722 228 13 ongoing ongoing ADJ cblr-1722 228 14 expenses expense NOUN cblr-1722 228 15 and and CCONJ cblr-1722 228 16 new new ADJ cblr-1722 228 17 capital capital NOUN cblr-1722 228 18 projects project NOUN cblr-1722 228 19 . . PUNCT cblr-1722 229 1 but but CCONJ cblr-1722 229 2 if if SCONJ cblr-1722 229 3 corporations corporation NOUN cblr-1722 229 4 over over ADV cblr-1722 229 5 - - PUNCT cblr-1722 229 6 borrow borrow VERB cblr-1722 229 7 and and CCONJ cblr-1722 229 8 need need VERB cblr-1722 229 9 to to PART cblr-1722 229 10 restructure restructure VERB cblr-1722 229 11 , , PUNCT cblr-1722 229 12 bankruptcy bankruptcy NOUN cblr-1722 229 13 codes code NOUN cblr-1722 229 14 create create VERB cblr-1722 229 15 a a DET cblr-1722 229 16 mandatory mandatory ADJ cblr-1722 229 17 process process NOUN cblr-1722 229 18 for for ADP cblr-1722 229 19 their their PRON cblr-1722 229 20 creditors creditor NOUN cblr-1722 229 21 to to PART cblr-1722 229 22 prevent prevent VERB cblr-1722 229 23 collective collective ADJ cblr-1722 229 24 action action NOUN cblr-1722 229 25 and and CCONJ cblr-1722 229 26 holdout holdout NOUN cblr-1722 229 27 problems problem NOUN cblr-1722 229 28 . . PUNCT cblr-1722 230 1 if if SCONJ cblr-1722 230 2 a a DET cblr-1722 230 3 sovereign sovereign ADJ cblr-1722 230 4 state state NOUN cblr-1722 230 5 gets get VERB cblr-1722 230 6 into into ADP cblr-1722 230 7 a a DET cblr-1722 230 8 financial financial ADJ cblr-1722 230 9 debacle debacle NOUN cblr-1722 230 10 , , PUNCT cblr-1722 230 11 however however ADV cblr-1722 230 12 , , PUNCT cblr-1722 230 13 no no DET cblr-1722 230 14 global global ADJ cblr-1722 230 15 bankruptcy bankruptcy NOUN cblr-1722 230 16 code code NOUN cblr-1722 230 17 exists exist VERB cblr-1722 230 18 to to PART cblr-1722 230 19 standardize standardize VERB cblr-1722 230 20 the the DET cblr-1722 230 21 legal legal ADJ cblr-1722 230 22 process process NOUN cblr-1722 230 23 for for ADP cblr-1722 230 24 its its PRON cblr-1722 230 25 restructuring restructuring NOUN cblr-1722 230 26 . . PUNCT cblr-1722 231 1 thus thus ADV cblr-1722 231 2 , , PUNCT cblr-1722 231 3 a a DET cblr-1722 231 4 sovereign sovereign NOUN cblr-1722 231 5 ’s ’s PART cblr-1722 231 6 ability ability NOUN cblr-1722 231 7 to to PART cblr-1722 231 8 restructure restructure VERB cblr-1722 231 9 its its PRON cblr-1722 231 10 obligations obligation NOUN cblr-1722 231 11 depends depend VERB cblr-1722 231 12 upon upon SCONJ cblr-1722 231 13 the the DET cblr-1722 231 14 voluntary voluntary ADJ cblr-1722 231 15 participation participation NOUN cblr-1722 231 16 of of ADP cblr-1722 231 17 its its PRON cblr-1722 231 18 creditors creditor NOUN cblr-1722 231 19 . . PUNCT cblr-1722 232 1 57 57 NUM cblr-1722 233 1 i i PRON cblr-1722 233 2 d. d. PROPN cblr-1722 233 3 58 58 NUM cblr-1722 233 4 broomfield broomfield PROPN cblr-1722 233 5 , , PUNCT cblr-1722 233 6 supra supra PROPN cblr-1722 233 7 note note PROPN cblr-1722 233 8 10 10 NUM cblr-1722 233 9 , , PUNCT cblr-1722 233 10 at at ADP cblr-1722 233 11 517 517 NUM cblr-1722 233 12 . . PUNCT cblr-1722 234 1 59 59 NUM cblr-1722 234 2 see see VERB cblr-1722 234 3 allen allen PROPN cblr-1722 234 4 - - PUNCT cblr-1722 234 5 mills mill NOUN cblr-1722 234 6 , , PUNCT cblr-1722 234 7 supra supra PROPN cblr-1722 234 8 note note NOUN cblr-1722 234 9 54 54 NUM cblr-1722 234 10 . . PUNCT cblr-1722 235 1 60 60 NUM cblr-1722 235 2 broomfield broomfield NOUN cblr-1722 235 3 , , PUNCT cblr-1722 235 4 supra supra PROPN cblr-1722 235 5 note note PROPN cblr-1722 235 6 10 10 NUM cblr-1722 235 7 , , PUNCT cblr-1722 235 8 at at ADP cblr-1722 235 9 517 517 NUM cblr-1722 235 10 . . PUNCT cblr-1722 235 11 wozny wozny ADJ cblr-1722 235 12 – – PUNCT cblr-1722 235 13 final final ADJ cblr-1722 235 14 no no NOUN cblr-1722 235 15 . . PUNCT cblr-1722 235 16 2:697 2:697 NUM cblr-1722 235 17 ] ] X cblr-1722 235 18 national national ADJ cblr-1722 235 19 anti anti ADJ cblr-1722 235 20 - - ADJ cblr-1722 235 21 vulture vulture ADJ cblr-1722 235 22 funds fund NOUN cblr-1722 235 23 legislation legislation NOUN cblr-1722 235 24 715 715 NUM cblr-1722 235 25 1 1 NUM cblr-1722 235 26 . . PUNCT cblr-1722 236 1 holdout holdout NOUN cblr-1722 236 2 problem problem NOUN cblr-1722 236 3 vulture vulture NOUN cblr-1722 236 4 funds fund NOUN cblr-1722 236 5 have have VERB cblr-1722 236 6 strong strong ADJ cblr-1722 236 7 incentives incentive NOUN cblr-1722 236 8 to to PART cblr-1722 236 9 refuse refuse VERB cblr-1722 236 10 to to PART cblr-1722 236 11 participate participate VERB cblr-1722 236 12 in in ADP cblr-1722 236 13 the the DET cblr-1722 236 14 sovereign sovereign ADJ cblr-1722 236 15 debt debt NOUN cblr-1722 236 16 restructuring restructuring NOUN cblr-1722 236 17 . . PUNCT cblr-1722 237 1 first first ADV cblr-1722 237 2 , , PUNCT cblr-1722 237 3 vulture vulture NOUN cblr-1722 237 4 funds fund NOUN cblr-1722 237 5 understand understand VERB cblr-1722 237 6 that that SCONJ cblr-1722 237 7 by by ADP cblr-1722 237 8 withholding withhold VERB cblr-1722 237 9 their their PRON cblr-1722 237 10 consent consent NOUN cblr-1722 237 11 , , PUNCT cblr-1722 237 12 they they PRON cblr-1722 237 13 will will AUX cblr-1722 237 14 disrupt disrupt VERB cblr-1722 237 15 the the DET cblr-1722 237 16 restructuring restructuring NOUN cblr-1722 237 17 and and CCONJ cblr-1722 237 18 prevent prevent VERB cblr-1722 237 19 the the DET cblr-1722 237 20 sovereign sovereign ADJ cblr-1722 237 21 state state NOUN cblr-1722 237 22 from from ADP cblr-1722 237 23 accessing access VERB cblr-1722 237 24 international international ADJ cblr-1722 237 25 capital capital NOUN cblr-1722 237 26 markets market NOUN cblr-1722 237 27 to to PART cblr-1722 237 28 obtain obtain VERB cblr-1722 237 29 the the DET cblr-1722 237 30 financing financing NOUN cblr-1722 237 31 necessary necessary ADJ cblr-1722 237 32 for for ADP cblr-1722 237 33 development.61 development.61 NOUN cblr-1722 237 34 as as ADP cblr-1722 237 35 a a DET cblr-1722 237 36 result result NOUN cblr-1722 237 37 , , PUNCT cblr-1722 237 38 these these DET cblr-1722 237 39 61 61 NUM cblr-1722 237 40 argentina argentina NOUN cblr-1722 237 41 was be AUX cblr-1722 237 42 locked lock VERB cblr-1722 237 43 out out ADP cblr-1722 237 44 of of ADP cblr-1722 237 45 the the DET cblr-1722 237 46 capital capital NOUN cblr-1722 237 47 markets market NOUN cblr-1722 237 48 for for ADP cblr-1722 237 49 15 15 NUM cblr-1722 237 50 years year NOUN cblr-1722 237 51 while while SCONJ cblr-1722 237 52 it it PRON cblr-1722 237 53 publicly publicly ADV cblr-1722 237 54 fought fight VERB cblr-1722 237 55 with with ADP cblr-1722 237 56 approximately approximately ADV cblr-1722 237 57 200 200 NUM cblr-1722 237 58 holdout holdout NOUN cblr-1722 237 59 vultures vulture NOUN cblr-1722 237 60 , , PUNCT cblr-1722 237 61 or or CCONJ cblr-1722 237 62 about about ADP cblr-1722 237 63 only only ADV cblr-1722 237 64 7 7 NUM cblr-1722 237 65 % % NOUN cblr-1722 237 66 of of ADP cblr-1722 237 67 the the DET cblr-1722 237 68 creditors creditor NOUN cblr-1722 237 69 . . PUNCT cblr-1722 238 1 see see VERB cblr-1722 238 2 julie julie PROPN cblr-1722 238 3 wernau wernau PROPN cblr-1722 238 4 , , PUNCT cblr-1722 238 5 argentina argentina PROPN cblr-1722 238 6 ’s ’s PART cblr-1722 238 7 debt debt NOUN cblr-1722 238 8 drama drama NOUN cblr-1722 238 9 : : PUNCT cblr-1722 238 10 how how SCONJ cblr-1722 238 11 we we PRON cblr-1722 238 12 got get VERB cblr-1722 238 13 here here ADV cblr-1722 238 14 , , PUNCT cblr-1722 239 1 wall wall PROPN cblr-1722 239 2 st st PROPN cblr-1722 239 3 . . PROPN cblr-1722 239 4 j. j. PROPN cblr-1722 239 5 : : PUNCT cblr-1722 239 6 moneybeat moneybeat PROPN cblr-1722 239 7 ( ( PUNCT cblr-1722 239 8 feb feb PROPN cblr-1722 239 9 . . PROPN cblr-1722 239 10 29 29 NUM cblr-1722 239 11 , , PUNCT cblr-1722 239 12 2016 2016 NUM cblr-1722 239 13 , , PUNCT cblr-1722 239 14 5:55 5:55 NUM cblr-1722 239 15 pm pm NOUN cblr-1722 239 16 ) ) PUNCT cblr-1722 239 17 , , PUNCT cblr-1722 239 18 http://blogs.wsj.com/moneybeat/2016/02/29/argentinas-debt-drama-howwe-got-here/ http://blogs.wsj.com/moneybeat/2016/02/29/argentinas-debt-drama-howwe-got-here/ PROPN cblr-1722 240 1 [ [ X cblr-1722 240 2 https://perma.cc/9fyy-qmpy https://perma.cc/9fyy-qmpy X cblr-1722 240 3 ] ] X cblr-1722 240 4 . . PUNCT cblr-1722 241 1 immediately immediately ADV cblr-1722 241 2 after after ADP cblr-1722 241 3 negotiations negotiation NOUN cblr-1722 241 4 , , PUNCT cblr-1722 241 5 argentina argentina PROPN cblr-1722 241 6 sold sell VERB cblr-1722 241 7 $ $ SYM cblr-1722 241 8 16.5 16.5 NUM cblr-1722 241 9 billion billion NUM cblr-1722 241 10 in in ADP cblr-1722 241 11 debt debt NOUN cblr-1722 241 12 , , PUNCT cblr-1722 241 13 of of ADP cblr-1722 241 14 which which PRON cblr-1722 241 15 $ $ SYM cblr-1722 241 16 7.1 7.1 NUM cblr-1722 241 17 billion billion NUM cblr-1722 241 18 will will AUX cblr-1722 241 19 be be AUX cblr-1722 241 20 invested invest VERB cblr-1722 241 21 directly directly ADV cblr-1722 241 22 in in ADP cblr-1722 241 23 construction construction NOUN cblr-1722 241 24 of of ADP cblr-1722 241 25 roads road NOUN cblr-1722 241 26 , , PUNCT cblr-1722 241 27 ports port NOUN cblr-1722 241 28 , , PUNCT cblr-1722 241 29 and and CCONJ cblr-1722 241 30 other other ADJ cblr-1722 241 31 public public ADJ cblr-1722 241 32 infrastructure infrastructure NOUN cblr-1722 241 33 . . PUNCT cblr-1722 242 1 andres andres PROPN cblr-1722 242 2 d’alessandro d’alessandro PROPN cblr-1722 242 3 & & CCONJ cblr-1722 242 4 chris chris PROPN cblr-1722 242 5 kraul kraul PROPN cblr-1722 242 6 , , PUNCT cblr-1722 242 7 argentina argentina PROPN cblr-1722 242 8 pays pay VERB cblr-1722 242 9 off off ADP cblr-1722 242 10 ‘ ' PUNCT cblr-1722 242 11 holdout holdout NOUN cblr-1722 242 12 ’ ' PUNCT cblr-1722 242 13 bondholders bondholder NOUN cblr-1722 242 14 , , PUNCT cblr-1722 242 15 elevating elevate VERB cblr-1722 242 16 hopes hope NOUN cblr-1722 242 17 for for ADP cblr-1722 242 18 economy economy NOUN cblr-1722 242 19 , , PUNCT cblr-1722 242 20 l.a l.a PROPN cblr-1722 242 21 . . PROPN cblr-1722 242 22 times times PROPN cblr-1722 242 23 ( ( PUNCT cblr-1722 242 24 apr apr PROPN cblr-1722 242 25 . . PROPN cblr-1722 242 26 23 23 NUM cblr-1722 242 27 , , PUNCT cblr-1722 242 28 2016 2016 NUM cblr-1722 242 29 , , PUNCT cblr-1722 242 30 3:00 3:00 NUM cblr-1722 242 31 am am NOUN cblr-1722 242 32 ) ) PUNCT cblr-1722 242 33 , , PUNCT cblr-1722 242 34 http://www.latimes.com/world/mexico-americas/la-fgargentina-economy-20160424-story.html http://www.latimes.com/world/mexico-americas/la-fgargentina-economy-20160424-story.html X cblr-1722 243 1 [ [ X cblr-1722 243 2 https://perma.cc/8gp6-eab9 https://perma.cc/8gp6-eab9 X cblr-1722 243 3 ] ] PUNCT cblr-1722 243 4 . . PUNCT cblr-1722 244 1 this this PRON cblr-1722 244 2 indicates indicate VERB cblr-1722 244 3 a a DET cblr-1722 244 4 certain certain ADJ cblr-1722 244 5 level level NOUN cblr-1722 244 6 of of ADP cblr-1722 244 7 demand demand NOUN cblr-1722 244 8 and and CCONJ cblr-1722 244 9 need need NOUN cblr-1722 244 10 in in ADP cblr-1722 244 11 the the DET cblr-1722 244 12 argentinian argentinian ADJ cblr-1722 244 13 economy economy NOUN cblr-1722 244 14 to to PART cblr-1722 244 15 access access VERB cblr-1722 244 16 capital capital NOUN cblr-1722 244 17 markets market NOUN cblr-1722 244 18 . . PUNCT cblr-1722 245 1 indeed indeed ADV cblr-1722 245 2 , , PUNCT cblr-1722 245 3 alfonso alfonso PROPN cblr-1722 245 4 prat prat PROPN cblr-1722 245 5 - - PUNCT cblr-1722 245 6 gay gay ADJ cblr-1722 245 7 , , PUNCT cblr-1722 245 8 argentina argentina PROPN cblr-1722 245 9 ’s ’s PART cblr-1722 245 10 new new ADJ cblr-1722 245 11 finance finance NOUN cblr-1722 245 12 minister minister NOUN cblr-1722 245 13 , , PUNCT cblr-1722 245 14 estimated estimate VERB cblr-1722 245 15 that that SCONJ cblr-1722 245 16 the the DET cblr-1722 245 17 15 15 NUM cblr-1722 245 18 - - PUNCT cblr-1722 245 19 year year NOUN cblr-1722 245 20 litigation litigation NOUN cblr-1722 245 21 and and CCONJ cblr-1722 245 22 lock lock NOUN cblr-1722 245 23 - - PUNCT cblr-1722 245 24 out out NOUN cblr-1722 245 25 of of ADP cblr-1722 245 26 capital capital NOUN cblr-1722 245 27 markets market NOUN cblr-1722 245 28 meant mean VERB cblr-1722 245 29 “ " PUNCT cblr-1722 245 30 $ $ SYM cblr-1722 245 31 120bn 120bn ADJ cblr-1722 245 32 worth worth NOUN cblr-1722 245 33 of of ADP cblr-1722 245 34 savings saving NOUN cblr-1722 245 35 that that PRON cblr-1722 245 36 did do AUX cblr-1722 245 37 not not PART cblr-1722 245 38 save save VERB cblr-1722 245 39 , , PUNCT cblr-1722 245 40 and and CCONJ cblr-1722 245 41 investments investment NOUN cblr-1722 245 42 that that PRON cblr-1722 245 43 did do AUX cblr-1722 245 44 not not PART cblr-1722 245 45 come come VERB cblr-1722 245 46 ” " PUNCT cblr-1722 245 47 and and CCONJ cblr-1722 245 48 that that DET cblr-1722 245 49 argentina argentina PROPN cblr-1722 245 50 lost lose VERB cblr-1722 245 51 2 2 NUM cblr-1722 245 52 million million NUM cblr-1722 245 53 jobs job NOUN cblr-1722 245 54 . . PUNCT cblr-1722 246 1 john john PROPN cblr-1722 246 2 authers auther NOUN cblr-1722 246 3 , , PUNCT cblr-1722 246 4 oh oh INTJ cblr-1722 246 5 what what DET cblr-1722 246 6 a a DET cblr-1722 246 7 circus circus NOUN cblr-1722 246 8 , , PUNCT cblr-1722 246 9 oh oh INTJ cblr-1722 246 10 what what PRON cblr-1722 246 11 a a DET cblr-1722 246 12 show show NOUN cblr-1722 246 13 , , PUNCT cblr-1722 246 14 drama drama NOUN cblr-1722 246 15 not not PART cblr-1722 246 16 over over ADV cblr-1722 246 17 for for ADP cblr-1722 246 18 argentina argentina PROPN cblr-1722 246 19 , , PUNCT cblr-1722 246 20 fin fin PROPN cblr-1722 246 21 . . PUNCT cblr-1722 247 1 times time NOUN cblr-1722 247 2 : : PUNCT cblr-1722 247 3 the the DET cblr-1722 247 4 long long ADJ cblr-1722 247 5 view view NOUN cblr-1722 247 6 ( ( PUNCT cblr-1722 247 7 apr apr NOUN cblr-1722 247 8 . . PROPN cblr-1722 247 9 15 15 NUM cblr-1722 247 10 , , PUNCT cblr-1722 247 11 2016 2016 NUM cblr-1722 247 12 ) ) PUNCT cblr-1722 247 13 , , PUNCT cblr-1722 247 14 https://www.ft.com/content/57e3131c-030a-11e6-99cb-83242733f755 https://www.ft.com/content/57e3131c-030a-11e6-99cb-83242733f755 PROPN cblr-1722 247 15 . . PUNCT cblr-1722 248 1 moreover moreover ADV cblr-1722 248 2 , , PUNCT cblr-1722 248 3 while while SCONJ cblr-1722 248 4 argentina argentina PROPN cblr-1722 248 5 was be AUX cblr-1722 248 6 locked lock VERB cblr-1722 248 7 out out ADP cblr-1722 248 8 of of ADP cblr-1722 248 9 capital capital NOUN cblr-1722 248 10 markets market NOUN cblr-1722 248 11 , , PUNCT cblr-1722 248 12 “ " PUNCT cblr-1722 248 13 the the DET cblr-1722 248 14 administration administration NOUN cblr-1722 248 15 . . PUNCT cblr-1722 248 16 . . PUNCT cblr-1722 248 17 . . PUNCT cblr-1722 249 1 finance[d finance[d PROPN cblr-1722 249 2 ] ] PUNCT cblr-1722 249 3 its its PRON cblr-1722 249 4 fiscal fiscal ADJ cblr-1722 249 5 deficit deficit NOUN cblr-1722 249 6 by by ADP cblr-1722 249 7 printing print VERB cblr-1722 249 8 money money NOUN cblr-1722 249 9 , , PUNCT cblr-1722 249 10 which which PRON cblr-1722 249 11 has have AUX cblr-1722 249 12 continued continue VERB cblr-1722 249 13 to to PART cblr-1722 249 14 stoke stoke VERB cblr-1722 249 15 inflation inflation NOUN cblr-1722 249 16 and and CCONJ cblr-1722 249 17 inflationary inflationary ADJ cblr-1722 249 18 expectations expectation NOUN cblr-1722 249 19 . . PUNCT cblr-1722 249 20 ” " PUNCT cblr-1722 250 1 david david PROPN cblr-1722 250 2 francis francis PROPN cblr-1722 250 3 , , PUNCT cblr-1722 250 4 after after ADP cblr-1722 250 5 15 15 NUM cblr-1722 250 6 years year NOUN cblr-1722 250 7 , , PUNCT cblr-1722 250 8 argentina argentina PROPN cblr-1722 250 9 agrees agree VERB cblr-1722 250 10 to to PART cblr-1722 250 11 pay pay VERB cblr-1722 250 12 back back ADP cblr-1722 250 13 u.s u.s PROPN cblr-1722 250 14 . . PROPN cblr-1722 250 15 creditors creditor NOUN cblr-1722 250 16 , , PUNCT cblr-1722 250 17 foreign foreign ADJ cblr-1722 250 18 pol’y pol’y NOUN cblr-1722 250 19 : : PUNCT cblr-1722 250 20 the the DET cblr-1722 250 21 cable cable NOUN cblr-1722 250 22 ( ( PUNCT cblr-1722 250 23 mar mar PROPN cblr-1722 250 24 . . PROPN cblr-1722 250 25 31 31 NUM cblr-1722 250 26 , , PUNCT cblr-1722 250 27 2016 2016 NUM cblr-1722 250 28 , , PUNCT cblr-1722 250 29 11:37 11:37 NUM cblr-1722 250 30 am am NOUN cblr-1722 250 31 ) ) PUNCT cblr-1722 250 32 , , PUNCT cblr-1722 250 33 http://foreignpolicy.com/2016/03/31/after-15-years-argentina-agrees-to-payback-u-s-creditors/ http://foreignpolicy.com/2016/03/31/after-15-years-argentina-agrees-to-payback-u-s-creditors/ PROPN cblr-1722 250 34 [ [ X cblr-1722 250 35 https://perma.cc/une7-7grc https://perma.cc/une7-7grc NOUN cblr-1722 250 36 ] ] X cblr-1722 250 37 . . PUNCT cblr-1722 251 1 other other ADJ cblr-1722 251 2 empirical empirical ADJ cblr-1722 251 3 studies study NOUN cblr-1722 251 4 indicate indicate VERB cblr-1722 251 5 that that SCONJ cblr-1722 251 6 debt debt NOUN cblr-1722 251 7 restructuring restructuring NOUN cblr-1722 251 8 decreases decrease VERB cblr-1722 251 9 gdp gdp NOUN cblr-1722 251 10 growth growth NOUN cblr-1722 251 11 after after ADP cblr-1722 251 12 default default NOUN cblr-1722 251 13 . . PUNCT cblr-1722 252 1 federico federico PROPN cblr-1722 252 2 sturzenegger sturzenegger PROPN cblr-1722 252 3 & & CCONJ cblr-1722 252 4 jeromin jeromin PROPN cblr-1722 252 5 zettelmeyer zettelmeyer PROPN cblr-1722 252 6 , , PUNCT cblr-1722 252 7 debt debt NOUN cblr-1722 252 8 defaults default NOUN cblr-1722 252 9 and and CCONJ cblr-1722 252 10 lessons lesson NOUN cblr-1722 252 11 from from ADP cblr-1722 252 12 a a DET cblr-1722 252 13 decade decade NOUN cblr-1722 252 14 of of ADP cblr-1722 252 15 crisis crisis NOUN cblr-1722 252 16 51–52 51–52 NUM cblr-1722 252 17 ( ( PUNCT cblr-1722 252 18 2006 2006 NUM cblr-1722 252 19 ) ) PUNCT cblr-1722 252 20 , , PUNCT cblr-1722 252 21 for for ADP cblr-1722 252 22 example example NOUN cblr-1722 252 23 , , PUNCT cblr-1722 252 24 finds find VERB cblr-1722 252 25 gdp gdp NOUN cblr-1722 252 26 grows grow VERB cblr-1722 252 27 at at ADP cblr-1722 252 28 -0.6 -0.6 NOUN cblr-1722 252 29 % % NOUN cblr-1722 252 30 because because SCONJ cblr-1722 252 31 of of ADP cblr-1722 252 32 debt debt NOUN cblr-1722 252 33 restructuring restructuring NOUN cblr-1722 252 34 due due ADP cblr-1722 252 35 to to ADP cblr-1722 252 36 default default NOUN cblr-1722 252 37 . . PUNCT cblr-1722 253 1 guido guido NOUN cblr-1722 253 2 sandleris sandleris PROPN cblr-1722 253 3 approximates approximate VERB cblr-1722 253 4 the the DET cblr-1722 253 5 impact impact NOUN cblr-1722 253 6 at at ADP cblr-1722 253 7 -1.5 -1.5 ADJ cblr-1722 253 8 % % NOUN cblr-1722 253 9 . . PUNCT cblr-1722 254 1 guido guido PROPN cblr-1722 254 2 sandleris sandleris PROPN cblr-1722 254 3 , , PUNCT cblr-1722 254 4 the the DET cblr-1722 254 5 costs cost NOUN cblr-1722 254 6 of of ADP cblr-1722 254 7 sovereign sovereign ADJ cblr-1722 254 8 defaults default NOUN cblr-1722 254 9 : : PUNCT cblr-1722 254 10 theory theory NOUN cblr-1722 254 11 and and CCONJ cblr-1722 254 12 empirical empirical ADJ cblr-1722 254 13 evidence evidence NOUN cblr-1722 254 14 16–17 16–17 PROPN cblr-1722 254 15 ( ( PUNCT cblr-1722 254 16 escuela escuela PROPN cblr-1722 254 17 de de PROPN cblr-1722 254 18 negocios negocios PROPN cblr-1722 254 19 , , PUNCT cblr-1722 254 20 universidad universidad PROPN cblr-1722 254 21 torcuato torcuato PROPN cblr-1722 254 22 di di PROPN cblr-1722 254 23 tella tella PROPN cblr-1722 254 24 , , PUNCT cblr-1722 254 25 working work VERB cblr-1722 254 26 wozny wozny ADJ cblr-1722 254 27 – – PUNCT cblr-1722 254 28 final final ADJ cblr-1722 254 29 716 716 NUM cblr-1722 254 30 columbia columbia PROPN cblr-1722 254 31 business business NOUN cblr-1722 254 32 law law NOUN cblr-1722 254 33 review review NOUN cblr-1722 254 34 [ [ X cblr-1722 254 35 vol vol NOUN cblr-1722 254 36 . . NOUN cblr-1722 254 37 2017 2017 NUM cblr-1722 254 38 profit profit NOUN cblr-1722 254 39 - - PUNCT cblr-1722 254 40 maximizing maximize VERB cblr-1722 254 41 funds fund NOUN cblr-1722 254 42 gain gain VERB cblr-1722 254 43 significant significant ADJ cblr-1722 254 44 leverage leverage NOUN cblr-1722 254 45 to to PART cblr-1722 254 46 seek seek VERB cblr-1722 254 47 full full ADJ cblr-1722 254 48 repayment repayment NOUN cblr-1722 254 49 of of ADP cblr-1722 254 50 the the DET cblr-1722 254 51 principal principal NOUN cblr-1722 254 52 on on ADP cblr-1722 254 53 their their PRON cblr-1722 254 54 bond bond NOUN cblr-1722 254 55 plus plus CCONJ cblr-1722 254 56 interest interest NOUN cblr-1722 254 57 . . PUNCT cblr-1722 255 1 second second ADJ cblr-1722 255 2 , , PUNCT cblr-1722 255 3 to to ADP cblr-1722 255 4 the the DET cblr-1722 255 5 extent extent NOUN cblr-1722 255 6 vulture vulture NOUN cblr-1722 255 7 funds fund NOUN cblr-1722 255 8 buy buy VERB cblr-1722 255 9 the the DET cblr-1722 255 10 distressed distressed ADJ cblr-1722 255 11 debt debt NOUN cblr-1722 255 12 after after SCONJ cblr-1722 255 13 negotiations negotiation NOUN cblr-1722 255 14 have have AUX cblr-1722 255 15 already already ADV cblr-1722 255 16 reached reach VERB cblr-1722 255 17 their their PRON cblr-1722 255 18 final final ADJ cblr-1722 255 19 stages stage NOUN cblr-1722 255 20 with with ADP cblr-1722 255 21 other other ADJ cblr-1722 255 22 non non ADJ cblr-1722 255 23 - - ADJ cblr-1722 255 24 vulture vulture ADJ cblr-1722 255 25 fund fund NOUN cblr-1722 255 26 creditors creditor NOUN cblr-1722 255 27 , , PUNCT cblr-1722 255 28 they they PRON cblr-1722 255 29 will will AUX cblr-1722 255 30 hold hold VERB cblr-1722 255 31 out out ADP cblr-1722 255 32 to to PART cblr-1722 255 33 seek seek VERB cblr-1722 255 34 even even ADV cblr-1722 255 35 higher high ADJ cblr-1722 255 36 returns return NOUN cblr-1722 255 37 than than ADP cblr-1722 255 38 the the DET cblr-1722 255 39 amount amount NOUN cblr-1722 255 40 upon upon SCONJ cblr-1722 255 41 which which PRON cblr-1722 255 42 the the DET cblr-1722 255 43 non non ADJ cblr-1722 255 44 - - ADJ cblr-1722 255 45 vulture vulture ADJ cblr-1722 255 46 fund fund NOUN cblr-1722 255 47 creditors creditor NOUN cblr-1722 255 48 had have AUX cblr-1722 255 49 just just ADV cblr-1722 255 50 agreed agree VERB cblr-1722 255 51 to to PART cblr-1722 255 52 compensate compensate VERB cblr-1722 255 53 for for ADP cblr-1722 255 54 the the DET cblr-1722 255 55 transaction transaction NOUN cblr-1722 255 56 costs cost NOUN cblr-1722 255 57 and and CCONJ cblr-1722 255 58 risk risk NOUN cblr-1722 255 59 undertaken.62 undertaken.62 NOUN cblr-1722 255 60 furthermore furthermore ADV cblr-1722 255 61 , , PUNCT cblr-1722 255 62 the the DET cblr-1722 255 63 tactics tactic NOUN cblr-1722 255 64 of of ADP cblr-1722 255 65 a a DET cblr-1722 255 66 small small ADJ cblr-1722 255 67 handful handful NOUN cblr-1722 255 68 of of ADP cblr-1722 255 69 vulture vulture ADJ cblr-1722 255 70 funds fund NOUN cblr-1722 255 71 can can AUX cblr-1722 255 72 create create VERB cblr-1722 255 73 this this DET cblr-1722 255 74 same same ADJ cblr-1722 255 75 holdout holdout NOUN cblr-1722 255 76 incentive incentive NOUN cblr-1722 255 77 in in ADP cblr-1722 255 78 other other ADJ cblr-1722 255 79 creditors creditor NOUN cblr-1722 255 80 . . PUNCT cblr-1722 256 1 bondholders bondholder NOUN cblr-1722 256 2 may may AUX cblr-1722 256 3 become become VERB cblr-1722 256 4 less less ADV cblr-1722 256 5 willing willing ADJ cblr-1722 256 6 to to PART cblr-1722 256 7 negotiate negotiate VERB cblr-1722 256 8 if if SCONJ cblr-1722 256 9 they they PRON cblr-1722 256 10 believe believe VERB cblr-1722 256 11 vulture vulture ADJ cblr-1722 256 12 funds fund NOUN cblr-1722 256 13 will will AUX cblr-1722 256 14 receive receive VERB cblr-1722 256 15 higher high ADJ cblr-1722 256 16 benefits benefit NOUN cblr-1722 256 17 and and CCONJ cblr-1722 256 18 may may AUX cblr-1722 256 19 hold hold VERB cblr-1722 256 20 out out ADP cblr-1722 256 21 themselves themselves PRON cblr-1722 256 22 , , PUNCT cblr-1722 256 23 free free ADJ cblr-1722 256 24 - - PUNCT cblr-1722 256 25 riding riding NOUN cblr-1722 256 26 on on ADP cblr-1722 256 27 the the DET cblr-1722 256 28 resources resource NOUN cblr-1722 256 29 of of ADP cblr-1722 256 30 the the DET cblr-1722 256 31 vulture vulture ADJ cblr-1722 256 32 funds fund NOUN cblr-1722 256 33 to to PART cblr-1722 256 34 litigate litigate VERB cblr-1722 256 35 further far ADV cblr-1722 256 36 . . PUNCT cblr-1722 257 1 the the DET cblr-1722 257 2 result result NOUN cblr-1722 257 3 might might AUX cblr-1722 257 4 be be AUX cblr-1722 257 5 a a DET cblr-1722 257 6 pareto pareto ADJ cblr-1722 257 7 inefficient inefficient ADJ cblr-1722 257 8 negotiation negotiation NOUN cblr-1722 257 9 and and CCONJ cblr-1722 257 10 restructuring.63 restructuring.63 NOUN cblr-1722 257 11 in in ADP cblr-1722 257 12 fact fact NOUN cblr-1722 257 13 , , PUNCT cblr-1722 257 14 such such ADJ cblr-1722 257 15 tactics tactic NOUN cblr-1722 257 16 inherently inherently ADV cblr-1722 257 17 prevent prevent VERB cblr-1722 257 18 sovereigns sovereign NOUN cblr-1722 257 19 from from ADP cblr-1722 257 20 accomplishing accomplish VERB cblr-1722 257 21 the the DET cblr-1722 257 22 fundamental fundamental ADJ cblr-1722 257 23 goal goal NOUN cblr-1722 257 24 of of ADP cblr-1722 257 25 restructuring restructuring NOUN cblr-1722 257 26 . . 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PUNCT cblr-1722 261 1 in in ADP cblr-1722 261 2 2008 2008 NUM cblr-1722 261 3 , , PUNCT cblr-1722 261 4 more more ADJ cblr-1722 261 5 than than ADP cblr-1722 261 6 three three NUM cblr-1722 261 7 years year NOUN cblr-1722 261 8 after after SCONJ cblr-1722 261 9 negotiations negotiation NOUN cblr-1722 261 10 with with ADP cblr-1722 261 11 creditors creditor NOUN cblr-1722 261 12 had have AUX cblr-1722 261 13 already already ADV cblr-1722 261 14 begun begin VERB cblr-1722 261 15 , , PUNCT cblr-1722 261 16 elliott elliott PROPN cblr-1722 261 17 management management PROPN cblr-1722 261 18 , , PUNCT cblr-1722 261 19 a a DET cblr-1722 261 20 vulture vulture ADJ cblr-1722 261 21 fund fund NOUN cblr-1722 261 22 , , PUNCT cblr-1722 261 23 purchased purchase VERB cblr-1722 261 24 a a DET cblr-1722 261 25 substantial substantial ADJ cblr-1722 261 26 amount amount NOUN cblr-1722 261 27 of of ADP cblr-1722 261 28 argentina argentina PROPN cblr-1722 261 29 debt debt NOUN cblr-1722 261 30 on on ADP cblr-1722 261 31 the the DET cblr-1722 261 32 secondary secondary ADJ cblr-1722 261 33 distressed distressed ADJ cblr-1722 261 34 debt debt NOUN cblr-1722 261 35 market market NOUN cblr-1722 261 36 . . PUNCT cblr-1722 262 1 see see VERB cblr-1722 262 2 arthur arthur PROPN cblr-1722 262 3 phillips phillips PROPN cblr-1722 262 4 & & CCONJ cblr-1722 262 5 jake jake PROPN cblr-1722 262 6 johnston johnston PROPN cblr-1722 262 7 , , PUNCT cblr-1722 262 8 argentina argentina PROPN cblr-1722 262 9 vs. vs. ADP cblr-1722 262 10 the the DET cblr-1722 262 11 vultures vulture NOUN cblr-1722 262 12 : : PUNCT cblr-1722 262 13 what what PRON cblr-1722 262 14 you you PRON cblr-1722 262 15 need need VERB cblr-1722 262 16 to to PART cblr-1722 262 17 know know VERB cblr-1722 262 18 , , PUNCT cblr-1722 262 19 ctr ctr PROPN cblr-1722 262 20 . . PROPN cblr-1722 263 1 for for ADP cblr-1722 263 2 econ econ PROPN cblr-1722 263 3 . . PUNCT cblr-1722 264 1 and and CCONJ cblr-1722 264 2 pol’y pol’y NOUN cblr-1722 264 3 res re NOUN cblr-1722 264 4 . . PUNCT cblr-1722 264 5 : : PUNCT cblr-1722 265 1 the the DET cblr-1722 265 2 am am NOUN cblr-1722 265 3 . . PUNCT cblr-1722 266 1 blog blog NOUN cblr-1722 266 2 ( ( PUNCT cblr-1722 266 3 apr apr PROPN cblr-1722 266 4 . . PROPN cblr-1722 266 5 2 2 NUM cblr-1722 266 6 , , PUNCT cblr-1722 266 7 2013 2013 NUM cblr-1722 266 8 ) ) PUNCT cblr-1722 266 9 , , PUNCT cblr-1722 266 10 http://cepr.net/blogs/the-americas-blog/argentina-vs-the-vultures-whatyou-need-to-know http://cepr.net/blogs/the-americas-blog/argentina-vs-the-vultures-whatyou-need-to-know PROPN cblr-1722 267 1 [ [ X cblr-1722 267 2 https://perma.cc/wkm6-7fsn https://perma.cc/wkm6-7fsn X cblr-1722 267 3 ] ] X cblr-1722 267 4 . . PUNCT cblr-1722 268 1 63 63 NUM cblr-1722 268 2 pareto pareto ADJ cblr-1722 268 3 efficiency efficiency NOUN cblr-1722 268 4 refers refer VERB cblr-1722 268 5 to to ADP cblr-1722 268 6 the the DET cblr-1722 268 7 economic economic ADJ cblr-1722 268 8 state state NOUN cblr-1722 268 9 of of ADP cblr-1722 268 10 allocating allocate VERB cblr-1722 268 11 resources resource NOUN cblr-1722 268 12 such such ADJ cblr-1722 268 13 that that SCONJ cblr-1722 268 14 no no DET cblr-1722 268 15 single single ADJ cblr-1722 268 16 party party NOUN cblr-1722 268 17 ’s ’s PART cblr-1722 268 18 situation situation NOUN cblr-1722 268 19 can can AUX cblr-1722 268 20 be be AUX cblr-1722 268 21 improved improve VERB cblr-1722 268 22 without without ADP cblr-1722 268 23 worsening worsen VERB cblr-1722 268 24 some some DET cblr-1722 268 25 other other ADJ cblr-1722 268 26 party party NOUN cblr-1722 268 27 ’s ’s PART cblr-1722 268 28 situation situation NOUN cblr-1722 268 29 . . PUNCT cblr-1722 269 1 64 64 NUM cblr-1722 269 2 see see VERB cblr-1722 269 3 sturzenegger sturzenegger NOUN cblr-1722 269 4 & & CCONJ cblr-1722 269 5 zettelmeyer zettelmeyer PROPN cblr-1722 269 6 , , PUNCT cblr-1722 269 7 supra supra PROPN cblr-1722 269 8 note note PROPN cblr-1722 269 9 61 61 NUM cblr-1722 269 10 , , PUNCT cblr-1722 269 11 at at ADP cblr-1722 269 12 64 64 NUM cblr-1722 269 13 . . PUNCT cblr-1722 270 1 65 65 NUM cblr-1722 270 2 see see VERB cblr-1722 270 3 joanna joanna PROPN cblr-1722 270 4 dreger dreger NOUN cblr-1722 270 5 , , PUNCT cblr-1722 270 6 bruges bruge VERB cblr-1722 270 7 eur eur PROPN cblr-1722 270 8 . . PUNCT cblr-1722 270 9 econ econ PROPN cblr-1722 270 10 . . PUNCT cblr-1722 271 1 pol’y pol’y NOUN cblr-1722 271 2 , , PUNCT cblr-1722 271 3 why why SCONJ cblr-1722 271 4 is be AUX cblr-1722 271 5 sovereign sovereign ADJ cblr-1722 271 6 debt debt NOUN cblr-1722 271 7 restructuring restructure VERB cblr-1722 271 8 a a DET cblr-1722 271 9 challenge challenge NOUN cblr-1722 271 10 ? ? PUNCT cblr-1722 272 1 the the DET cblr-1722 272 2 case case NOUN cblr-1722 272 3 for for ADP cblr-1722 272 4 greece greece PROPN cblr-1722 272 5 7 7 NUM cblr-1722 272 6 ( ( PUNCT cblr-1722 272 7 2012 2012 NUM cblr-1722 272 8 ) ) PUNCT cblr-1722 272 9 , , PUNCT cblr-1722 272 10 https://www.coleurope.eu/system/files_force/researchpaper/beep24.pdf?download=1 https://www.coleurope.eu/system/files_force/researchpaper/beep24.pdf?download=1 NOUN cblr-1722 272 11 [ [ X cblr-1722 272 12 https://perma.cc/xw5m-ynqr https://perma.cc/xw5m-ynqr PROPN cblr-1722 272 13 ] ] PUNCT cblr-1722 272 14 . . PUNCT cblr-1722 273 1 wozny wozny ADJ cblr-1722 273 2 – – PUNCT cblr-1722 273 3 final final ADJ cblr-1722 273 4 no no NOUN cblr-1722 273 5 . . PUNCT cblr-1722 274 1 2:697 2:697 NUM cblr-1722 274 2 ] ] X cblr-1722 274 3 national national ADJ cblr-1722 274 4 anti anti ADJ cblr-1722 274 5 - - ADJ cblr-1722 274 6 vulture vulture ADJ cblr-1722 274 7 funds fund NOUN cblr-1722 274 8 legislation legislation NOUN cblr-1722 274 9 717 717 NUM cblr-1722 274 10 holdouts holdout NOUN cblr-1722 274 11 raise raise VERB cblr-1722 274 12 the the DET cblr-1722 274 13 costs cost NOUN cblr-1722 274 14 of of ADP cblr-1722 274 15 litigation litigation NOUN cblr-1722 274 16 , , PUNCT cblr-1722 274 17 incentivize incentivize VERB cblr-1722 274 18 standby standby ADJ cblr-1722 274 19 creditors creditor NOUN cblr-1722 274 20 to to PART cblr-1722 274 21 similarly similarly ADV cblr-1722 274 22 hold hold VERB cblr-1722 274 23 out out ADP cblr-1722 274 24 , , PUNCT cblr-1722 274 25 and and CCONJ cblr-1722 274 26 postpone postpone VERB cblr-1722 274 27 the the DET cblr-1722 274 28 sovereign sovereign NOUN cblr-1722 274 29 ’s ’s PART cblr-1722 274 30 decision decision NOUN cblr-1722 274 31 to to PART cblr-1722 274 32 restructure restructure VERB cblr-1722 274 33 unsustainable unsustainable ADJ cblr-1722 274 34 debt debt NOUN cblr-1722 274 35 , , PUNCT cblr-1722 274 36 leading lead VERB cblr-1722 274 37 to to ADP cblr-1722 274 38 avoidable avoidable ADJ cblr-1722 274 39 higher high ADJ cblr-1722 274 40 costs.66 costs.66 NOUN cblr-1722 274 41 in in ADP cblr-1722 274 42 addition addition NOUN cblr-1722 274 43 to to ADP cblr-1722 274 44 creating create VERB cblr-1722 274 45 the the DET cblr-1722 274 46 issues issue NOUN cblr-1722 274 47 during during ADP cblr-1722 274 48 the the DET cblr-1722 274 49 restructuring restructuring NOUN cblr-1722 274 50 identified identify VERB cblr-1722 274 51 above above ADV cblr-1722 274 52 , , PUNCT cblr-1722 274 53 holdout holdout VERB cblr-1722 274 54 vulture vulture ADJ cblr-1722 274 55 funds fund NOUN cblr-1722 274 56 can can AUX cblr-1722 274 57 create create VERB cblr-1722 274 58 incentives incentive NOUN cblr-1722 274 59 for for ADP cblr-1722 274 60 the the DET cblr-1722 274 61 sovereign sovereign NOUN cblr-1722 274 62 that that PRON cblr-1722 274 63 lead lead VERB cblr-1722 274 64 to to ADP cblr-1722 274 65 an an DET cblr-1722 274 66 inefficient inefficient ADJ cblr-1722 274 67 economic economic ADJ cblr-1722 274 68 policy policy NOUN cblr-1722 274 69 and and CCONJ cblr-1722 274 70 the the DET cblr-1722 274 71 moral moral ADJ cblr-1722 274 72 hazard hazard NOUN cblr-1722 274 73 problem.67 problem.67 NOUN cblr-1722 274 74 if if SCONJ cblr-1722 274 75 a a DET cblr-1722 274 76 sovereign sovereign ADJ cblr-1722 274 77 nation nation NOUN cblr-1722 274 78 knows know VERB cblr-1722 274 79 that that SCONJ cblr-1722 274 80 any any PRON cblr-1722 274 81 of of ADP cblr-1722 274 82 its its PRON cblr-1722 274 83 surplus surplus ADJ cblr-1722 274 84 output output NOUN cblr-1722 274 85 will will AUX cblr-1722 274 86 immediately immediately ADV cblr-1722 274 87 go go VERB cblr-1722 274 88 into into ADP cblr-1722 274 89 the the DET cblr-1722 274 90 pockets pocket NOUN cblr-1722 274 91 of of ADP cblr-1722 274 92 holdout holdout NOUN cblr-1722 274 93 vulture vulture ADJ cblr-1722 274 94 funds fund NOUN cblr-1722 274 95 , , PUNCT cblr-1722 274 96 it it PRON cblr-1722 274 97 may may AUX cblr-1722 274 98 fail fail VERB cblr-1722 274 99 to to PART cblr-1722 274 100 exert exert VERB cblr-1722 274 101 sufficient sufficient ADJ cblr-1722 274 102 policy policy NOUN cblr-1722 274 103 effort effort NOUN cblr-1722 274 104 to to PART cblr-1722 274 105 run run VERB cblr-1722 274 106 an an DET cblr-1722 274 107 effective effective ADJ cblr-1722 274 108 economy.68 economy.68 NOUN cblr-1722 274 109 specifically specifically ADV cblr-1722 274 110 , , PUNCT cblr-1722 274 111 the the DET cblr-1722 274 112 sovereign sovereign NOUN cblr-1722 274 113 would would AUX cblr-1722 274 114 be be AUX cblr-1722 274 115 disincentivized disincentivize VERB cblr-1722 274 116 from from ADP cblr-1722 274 117 enacting enact VERB cblr-1722 274 118 reforms reform NOUN cblr-1722 274 119 required require VERB cblr-1722 274 120 to to PART cblr-1722 274 121 regain regain VERB cblr-1722 274 122 the the DET cblr-1722 274 123 ability ability NOUN cblr-1722 274 124 to to PART cblr-1722 274 125 repay repay VERB cblr-1722 274 126 its its PRON cblr-1722 274 127 debt.69 debt.69 NOUN cblr-1722 274 128 second second NOUN cblr-1722 274 129 , , PUNCT cblr-1722 274 130 this this DET cblr-1722 274 131 adjustment adjustment NOUN cblr-1722 274 132 inefficiency inefficiency NOUN cblr-1722 274 133 may may AUX cblr-1722 274 134 represent represent VERB cblr-1722 274 135 a a DET cblr-1722 274 136 moral moral ADJ cblr-1722 274 137 hazard hazard NOUN cblr-1722 274 138 if if SCONJ cblr-1722 274 139 the the DET cblr-1722 274 140 sovereign sovereign NOUN cblr-1722 274 141 is be AUX cblr-1722 274 142 too too ADV cblr-1722 274 143 significant significant ADJ cblr-1722 274 144 to to PART cblr-1722 274 145 fail fail VERB cblr-1722 274 146 and and CCONJ cblr-1722 274 147 can can AUX cblr-1722 274 148 expect expect VERB cblr-1722 274 149 to to PART cblr-1722 274 150 be be AUX cblr-1722 274 151 bailed bail VERB cblr-1722 274 152 out out ADP cblr-1722 274 153 by by ADP cblr-1722 274 154 lending lending NOUN cblr-1722 274 155 institutions institution NOUN cblr-1722 274 156 hoping hope VERB cblr-1722 274 157 to to PART cblr-1722 274 158 prevent prevent VERB cblr-1722 274 159 a a DET cblr-1722 274 160 wider wide ADJ cblr-1722 274 161 economic economic ADJ cblr-1722 274 162 downturn.70 downturn.70 NOUN cblr-1722 274 163 in in ADP cblr-1722 274 164 such such ADJ cblr-1722 274 165 cases case NOUN cblr-1722 274 166 , , PUNCT cblr-1722 274 167 the the DET cblr-1722 274 168 sovereign sovereign NOUN cblr-1722 274 169 ’s ’s PART cblr-1722 274 170 taxpayers taxpayer NOUN cblr-1722 274 171 bear bear VERB cblr-1722 274 172 the the DET cblr-1722 274 173 burden burden NOUN cblr-1722 274 174 of of ADP cblr-1722 274 175 these these DET cblr-1722 274 176 costs cost NOUN cblr-1722 274 177 brought bring VERB cblr-1722 274 178 on on ADP cblr-1722 274 179 by by ADP cblr-1722 274 180 holdout holdout NOUN cblr-1722 274 181 vulture vulture NOUN cblr-1722 274 182 funds.71 funds.71 PROPN cblr-1722 274 183 2 2 NUM cblr-1722 274 184 . . PUNCT cblr-1722 274 185 empty empty ADJ cblr-1722 274 186 creditor creditor NOUN cblr-1722 274 187 hypothesis hypothesis NOUN cblr-1722 274 188 these these DET cblr-1722 274 189 holdout holdout NOUN cblr-1722 274 190 problems problem NOUN cblr-1722 274 191 are be AUX cblr-1722 274 192 potentially potentially ADV cblr-1722 274 193 amplified amplify VERB cblr-1722 274 194 if if SCONJ cblr-1722 274 195 vulture vulture ADJ cblr-1722 274 196 funds fund NOUN cblr-1722 274 197 are be AUX cblr-1722 274 198 “ " PUNCT cblr-1722 274 199 empty empty ADJ cblr-1722 274 200 creditors creditor NOUN cblr-1722 274 201 . . PUNCT cblr-1722 274 202 ” " PUNCT cblr-1722 275 1 the the DET cblr-1722 275 2 empty empty ADJ cblr-1722 275 3 creditor creditor NOUN cblr-1722 275 4 problem problem NOUN cblr-1722 275 5 arises arise VERB cblr-1722 275 6 when when SCONJ cblr-1722 275 7 a a DET cblr-1722 275 8 debtholder debtholder NOUN cblr-1722 275 9 has have AUX cblr-1722 275 10 obtained obtain VERB cblr-1722 275 11 insurance insurance NOUN cblr-1722 275 12 in in ADP cblr-1722 275 13 66 66 NUM cblr-1722 275 14 i i PRON cblr-1722 275 15 d. d. PROPN cblr-1722 275 16 67 67 NUM cblr-1722 276 1 i i PRON cblr-1722 276 2 d. d. PROPN cblr-1722 276 3 at at ADP cblr-1722 276 4 7–8 7–8 PROPN cblr-1722 276 5 . . PROPN cblr-1722 276 6 68 68 NUM cblr-1722 276 7 see see VERB cblr-1722 276 8 andrew andrew PROPN cblr-1722 276 9 g. g. PROPN cblr-1722 276 10 haldane haldane PROPN cblr-1722 276 11 , , PUNCT cblr-1722 276 12 andrew andrew PROPN cblr-1722 276 13 penalver penalver PROPN cblr-1722 276 14 , , PUNCT cblr-1722 276 15 victoria victoria PROPN cblr-1722 276 16 saporta saporta PROPN cblr-1722 276 17 & & CCONJ cblr-1722 276 18 hyun hyun PROPN cblr-1722 276 19 song song PROPN cblr-1722 276 20 shin shin PROPN cblr-1722 276 21 , , PUNCT cblr-1722 276 22 analytics analytic NOUN cblr-1722 276 23 of of ADP cblr-1722 276 24 sovereign sovereign ADJ cblr-1722 276 25 debt debt NOUN cblr-1722 276 26 restructuring restructure VERB cblr-1722 276 27 23 23 NUM cblr-1722 276 28 ( ( PUNCT cblr-1722 276 29 bank bank NOUN cblr-1722 276 30 of of ADP cblr-1722 276 31 england england PROPN cblr-1722 276 32 , , PUNCT cblr-1722 276 33 working working NOUN cblr-1722 276 34 paper paper NOUN cblr-1722 276 35 no no INTJ cblr-1722 276 36 . . NOUN cblr-1722 276 37 203 203 NUM cblr-1722 276 38 , , PUNCT cblr-1722 276 39 2003 2003 NUM cblr-1722 276 40 ) ) PUNCT cblr-1722 276 41 , , PUNCT cblr-1722 276 42 http://www.bankofengland.co.uk/archive/documents/historicpubs/working http://www.bankofengland.co.uk/archive/documents/historicpubs/worke VERB cblr-1722 276 43 papers/2003 papers/2003 NOUN cblr-1722 276 44 / / SYM cblr-1722 276 45 wp203.pdf wp203.pdf PROPN cblr-1722 276 46 [ [ X cblr-1722 276 47 https://perma.cc/j74v-f54v https://perma.cc/j74v-f54v NOUN cblr-1722 276 48 ] ] PUNCT cblr-1722 276 49 . . PUNCT cblr-1722 277 1 69 69 NUM cblr-1722 277 2 see see NOUN cblr-1722 277 3 dreger dreger NOUN cblr-1722 277 4 , , PUNCT cblr-1722 277 5 supra supra PROPN cblr-1722 277 6 note note PROPN cblr-1722 277 7 65 65 NUM cblr-1722 277 8 , , PUNCT cblr-1722 277 9 at at ADP cblr-1722 277 10 7–8 7–8 NOUN cblr-1722 277 11 . . NOUN cblr-1722 277 12 70 70 NUM cblr-1722 278 1 i i PRON cblr-1722 278 2 d. d. PROPN cblr-1722 278 3 71 71 NUM cblr-1722 278 4 john john PROPN cblr-1722 278 5 a.e a.e PROPN cblr-1722 278 6 . . PROPN cblr-1722 278 7 pottow pottow PROPN cblr-1722 278 8 , , PUNCT cblr-1722 278 9 mitigating mitigate VERB cblr-1722 278 10 the the DET cblr-1722 278 11 problem problem NOUN cblr-1722 278 12 of of ADP cblr-1722 278 13 vulture vulture ADJ cblr-1722 278 14 holdout holdout NOUN cblr-1722 278 15 : : PUNCT cblr-1722 278 16 international international ADJ cblr-1722 278 17 certification certification NOUN cblr-1722 278 18 boards board NOUN cblr-1722 278 19 for for ADP cblr-1722 278 20 sovereign sovereign ADJ cblr-1722 278 21 - - PUNCT cblr-1722 278 22 debt debt NOUN cblr-1722 278 23 restructurings restructuring NOUN cblr-1722 278 24 , , PUNCT cblr-1722 278 25 49 49 NUM cblr-1722 278 26 tex tex NOUN cblr-1722 278 27 . . PROPN cblr-1722 278 28 int’l int’l PROPN cblr-1722 278 29 l. l. PROPN cblr-1722 278 30 j. j. PROPN cblr-1722 278 31 221 221 PROPN cblr-1722 278 32 , , PUNCT cblr-1722 278 33 222 222 NUM cblr-1722 278 34 , , PUNCT cblr-1722 278 35 225 225 NUM cblr-1722 278 36 ( ( PUNCT cblr-1722 278 37 2014 2014 NUM cblr-1722 278 38 ) ) PUNCT cblr-1722 278 39 . . PUNCT cblr-1722 279 1 wozny wozny ADJ cblr-1722 279 2 – – PUNCT cblr-1722 279 3 final final ADJ cblr-1722 279 4 718 718 NUM cblr-1722 279 5 columbia columbia PROPN cblr-1722 279 6 business business NOUN cblr-1722 279 7 law law PROPN cblr-1722 279 8 review review NOUN cblr-1722 279 9 [ [ X cblr-1722 279 10 vol vol NOUN cblr-1722 279 11 . . NOUN cblr-1722 279 12 2017 2017 NUM cblr-1722 279 13 the the DET cblr-1722 279 14 form form NOUN cblr-1722 279 15 of of ADP cblr-1722 279 16 a a DET cblr-1722 279 17 credit credit NOUN cblr-1722 279 18 default default NOUN cblr-1722 279 19 swap swap NOUN cblr-1722 279 20 ( ( PUNCT cblr-1722 279 21 “ " PUNCT cblr-1722 279 22 cds”)72 cds”)72 VERB cblr-1722 279 23 against against ADP cblr-1722 279 24 default default NOUN cblr-1722 279 25 but but CCONJ cblr-1722 279 26 otherwise otherwise ADV cblr-1722 279 27 retains retain VERB cblr-1722 279 28 control control NOUN cblr-1722 279 29 rights right NOUN cblr-1722 279 30 in in ADP cblr-1722 279 31 and and CCONJ cblr-1722 279 32 outside outside ADV cblr-1722 279 33 of of ADP cblr-1722 279 34 bankruptcy.73 bankruptcy.73 NOUN cblr-1722 279 35 under under ADP cblr-1722 279 36 limited limited ADJ cblr-1722 279 37 circumstances circumstance NOUN cblr-1722 279 38 , , PUNCT cblr-1722 279 39 cds cd NOUN cblr-1722 279 40 contracts contract NOUN cblr-1722 279 41 can can AUX cblr-1722 279 42 lead lead VERB cblr-1722 279 43 to to ADP cblr-1722 279 44 powerful powerful PROPN cblr-1722 279 45 ex ex PRON cblr-1722 279 46 ante ante NOUN cblr-1722 279 47 market market NOUN cblr-1722 279 48 benefits74 benefits74 NOUN cblr-1722 279 49 and and CCONJ cblr-1722 279 50 do do AUX cblr-1722 279 51 not not PART cblr-1722 279 52 72 72 NUM cblr-1722 279 53 the the DET cblr-1722 279 54 mechanics mechanic NOUN cblr-1722 279 55 of of ADP cblr-1722 279 56 a a DET cblr-1722 279 57 cds cd NOUN cblr-1722 279 58 must must AUX cblr-1722 279 59 be be AUX cblr-1722 279 60 understood understand VERB cblr-1722 279 61 to to PART cblr-1722 279 62 understand understand VERB cblr-1722 279 63 the the DET cblr-1722 279 64 empty empty ADJ cblr-1722 279 65 creditor creditor NOUN cblr-1722 279 66 problem problem NOUN cblr-1722 279 67 . . PUNCT cblr-1722 280 1 in in ADP cblr-1722 280 2 a a DET cblr-1722 280 3 cds cd NOUN cblr-1722 280 4 , , PUNCT cblr-1722 280 5 the the DET cblr-1722 280 6 protection protection NOUN cblr-1722 280 7 seller seller NOUN cblr-1722 280 8 agrees agree VERB cblr-1722 280 9 to to PART cblr-1722 280 10 make make VERB cblr-1722 280 11 a a DET cblr-1722 280 12 payment payment NOUN cblr-1722 280 13 to to ADP cblr-1722 280 14 the the DET cblr-1722 280 15 protection protection NOUN cblr-1722 280 16 buyer buyer NOUN cblr-1722 280 17 in in ADP cblr-1722 280 18 a a DET cblr-1722 280 19 credit credit NOUN cblr-1722 280 20 ( ( PUNCT cblr-1722 280 21 default default NOUN cblr-1722 280 22 ) ) PUNCT cblr-1722 280 23 event event NOUN cblr-1722 280 24 on on ADP cblr-1722 280 25 a a DET cblr-1722 280 26 prespecified prespecifie VERB cblr-1722 280 27 reference reference NOUN cblr-1722 280 28 asset asset NOUN cblr-1722 280 29 . . PUNCT cblr-1722 281 1 in in ADP cblr-1722 281 2 exchange exchange NOUN cblr-1722 281 3 for for ADP cblr-1722 281 4 this this DET cblr-1722 281 5 promised promise VERB cblr-1722 281 6 payment payment NOUN cblr-1722 281 7 , , PUNCT cblr-1722 281 8 the the DET cblr-1722 281 9 protection protection NOUN cblr-1722 281 10 seller seller NOUN cblr-1722 281 11 receives receive VERB cblr-1722 281 12 a a DET cblr-1722 281 13 periodic periodic ADJ cblr-1722 281 14 premium premium NOUN cblr-1722 281 15 payment payment NOUN cblr-1722 281 16 from from ADP cblr-1722 281 17 the the DET cblr-1722 281 18 buyer buyer NOUN cblr-1722 281 19 . . PUNCT cblr-1722 282 1 the the DET cblr-1722 282 2 credit credit NOUN cblr-1722 282 3 event event NOUN cblr-1722 282 4 may may AUX cblr-1722 282 5 be be AUX cblr-1722 282 6 the the DET cblr-1722 282 7 bankruptcy bankruptcy NOUN cblr-1722 282 8 filing filing NOUN cblr-1722 282 9 of of ADP cblr-1722 282 10 the the DET cblr-1722 282 11 debtor debtor NOUN cblr-1722 282 12 , , PUNCT cblr-1722 282 13 non non ADJ cblr-1722 282 14 - - NOUN cblr-1722 282 15 payment payment NOUN cblr-1722 282 16 of of ADP cblr-1722 282 17 the the DET cblr-1722 282 18 debt debt NOUN cblr-1722 282 19 , , PUNCT cblr-1722 282 20 and and CCONJ cblr-1722 282 21 , , PUNCT cblr-1722 282 22 in in ADP cblr-1722 282 23 some some DET cblr-1722 282 24 cds cd NOUN cblr-1722 282 25 contracts contract NOUN cblr-1722 282 26 , , PUNCT cblr-1722 282 27 debt debt NOUN cblr-1722 282 28 restructuring restructuring NOUN cblr-1722 282 29 or or CCONJ cblr-1722 282 30 a a DET cblr-1722 282 31 creditrating creditrate VERB cblr-1722 282 32 downgrade downgrade NOUN cblr-1722 282 33 . . PUNCT cblr-1722 283 1 in in ADP cblr-1722 283 2 most most ADJ cblr-1722 283 3 cases case NOUN cblr-1722 283 4 the the DET cblr-1722 283 5 default default NOUN cblr-1722 283 6 payment payment NOUN cblr-1722 283 7 is be AUX cblr-1722 283 8 given give VERB cblr-1722 283 9 by by ADP cblr-1722 283 10 the the DET cblr-1722 283 11 difference difference NOUN cblr-1722 283 12 between between ADP cblr-1722 283 13 the the DET cblr-1722 283 14 face face NOUN cblr-1722 283 15 value value NOUN cblr-1722 283 16 of of ADP cblr-1722 283 17 the the DET cblr-1722 283 18 debt debt NOUN cblr-1722 283 19 due due ADJ cblr-1722 283 20 and and CCONJ cblr-1722 283 21 the the DET cblr-1722 283 22 recovery recovery NOUN cblr-1722 283 23 value value NOUN cblr-1722 283 24 , , PUNCT cblr-1722 283 25 which which PRON cblr-1722 283 26 is be AUX cblr-1722 283 27 either either CCONJ cblr-1722 283 28 estimated estimate VERB cblr-1722 283 29 from from ADP cblr-1722 283 30 market market NOUN cblr-1722 283 31 prices price NOUN cblr-1722 283 32 over over ADP cblr-1722 283 33 a a DET cblr-1722 283 34 prespecified prespecified ADJ cblr-1722 283 35 period period NOUN cblr-1722 283 36 after after ADP cblr-1722 283 37 default default NOUN cblr-1722 283 38 has have AUX cblr-1722 283 39 occurred occur VERB cblr-1722 283 40 ( ( PUNCT cblr-1722 283 41 typically typically ADV cblr-1722 283 42 30 30 NUM cblr-1722 283 43 days day NOUN cblr-1722 283 44 ) ) PUNCT cblr-1722 283 45 , , PUNCT cblr-1722 283 46 or or CCONJ cblr-1722 283 47 based base VERB cblr-1722 283 48 on on ADP cblr-1722 283 49 a a DET cblr-1722 283 50 cds cd NOUN cblr-1722 283 51 settlement settlement NOUN cblr-1722 283 52 auction auction NOUN cblr-1722 283 53 . . PUNCT cblr-1722 284 1 settlement settlement NOUN cblr-1722 284 2 of of ADP cblr-1722 284 3 the the DET cblr-1722 284 4 contract contract NOUN cblr-1722 284 5 can can AUX cblr-1722 284 6 be be AUX cblr-1722 284 7 a a DET cblr-1722 284 8 simple simple ADJ cblr-1722 284 9 cash cash NOUN cblr-1722 284 10 payment payment NOUN cblr-1722 284 11 , , PUNCT cblr-1722 284 12 or or CCONJ cblr-1722 284 13 it it PRON cblr-1722 284 14 may may AUX cblr-1722 284 15 involve involve VERB cblr-1722 284 16 the the DET cblr-1722 284 17 exchange exchange NOUN cblr-1722 284 18 of of ADP cblr-1722 284 19 the the DET cblr-1722 284 20 defaulted defaulted ADJ cblr-1722 284 21 bond bond NOUN cblr-1722 284 22 for for ADP cblr-1722 284 23 cash cash NOUN cblr-1722 284 24 . . PUNCT cblr-1722 285 1 patrick patrick PROPN cblr-1722 285 2 bolton bolton PROPN cblr-1722 285 3 & & CCONJ cblr-1722 285 4 martin martin PROPN cblr-1722 285 5 oehmke oehmke PROPN cblr-1722 285 6 , , PUNCT cblr-1722 285 7 credit credit NOUN cblr-1722 285 8 default default NOUN cblr-1722 285 9 swaps swap NOUN cblr-1722 285 10 and and CCONJ cblr-1722 285 11 the the DET cblr-1722 285 12 empty empty ADJ cblr-1722 285 13 creditor creditor NOUN cblr-1722 285 14 problem problem NOUN cblr-1722 285 15 , , PUNCT cblr-1722 285 16 24 24 NUM cblr-1722 285 17 rev rev X cblr-1722 285 18 . . PROPN cblr-1722 285 19 fin fin NOUN cblr-1722 285 20 . . PUNCT cblr-1722 285 21 stud stud PROPN cblr-1722 285 22 . . PUNCT cblr-1722 286 1 2617 2617 NUM cblr-1722 286 2 , , PUNCT cblr-1722 286 3 2618 2618 NUM cblr-1722 286 4 ( ( PUNCT cblr-1722 286 5 2011 2011 NUM cblr-1722 286 6 ) ) PUNCT cblr-1722 286 7 . . PUNCT cblr-1722 287 1 73 73 NUM cblr-1722 287 2 see see VERB cblr-1722 287 3 i i PRON cblr-1722 287 4 d. d. PROPN cblr-1722 287 5 at at ADP cblr-1722 287 6 2617 2617 NUM cblr-1722 287 7 . . PUNCT cblr-1722 288 1 for for ADP cblr-1722 288 2 a a DET cblr-1722 288 3 discussion discussion NOUN cblr-1722 288 4 about about ADP cblr-1722 288 5 the the DET cblr-1722 288 6 specific specific ADJ cblr-1722 288 7 rights right NOUN cblr-1722 288 8 enjoyed enjoy VERB cblr-1722 288 9 by by ADP cblr-1722 288 10 creditors creditor NOUN cblr-1722 288 11 that that PRON cblr-1722 288 12 might might AUX cblr-1722 288 13 lead lead VERB cblr-1722 288 14 to to ADP cblr-1722 288 15 the the DET cblr-1722 288 16 empty empty ADJ cblr-1722 288 17 creditor creditor NOUN cblr-1722 288 18 problem problem NOUN cblr-1722 288 19 , , PUNCT cblr-1722 288 20 see see VERB cblr-1722 288 21 yesha yesha PROPN cblr-1722 288 22 yadav yadav PROPN cblr-1722 288 23 , , PUNCT cblr-1722 288 24 empty empty ADJ cblr-1722 288 25 creditors creditor NOUN cblr-1722 288 26 and and CCONJ cblr-1722 288 27 sovereign sovereign ADJ cblr-1722 288 28 debt debt NOUN cblr-1722 288 29 : : PUNCT cblr-1722 288 30 what what PRON cblr-1722 288 31 now now ADV cblr-1722 288 32 ? ? PUNCT cblr-1722 288 33 , , PUNCT cblr-1722 288 34 9 9 NUM cblr-1722 288 35 cap cap NOUN cblr-1722 288 36 . . PUNCT cblr-1722 289 1 mkts mkts NOUN cblr-1722 289 2 . . PUNCT cblr-1722 290 1 l.j l.j PROPN cblr-1722 290 2 . . PROPN cblr-1722 290 3 103 103 NUM cblr-1722 290 4 , , PUNCT cblr-1722 290 5 113 113 NUM cblr-1722 290 6 ( ( PUNCT cblr-1722 290 7 2014 2014 NUM cblr-1722 290 8 ) ) PUNCT cblr-1722 290 9 ( ( PUNCT cblr-1722 290 10 “ " PUNCT cblr-1722 290 11 [ [ X cblr-1722 290 12 s]overeign s]overeign ADJ cblr-1722 290 13 debt debt NOUN cblr-1722 290 14 instruments instrument NOUN cblr-1722 290 15 generally generally ADV cblr-1722 290 16 give give VERB cblr-1722 290 17 lenders lender NOUN cblr-1722 290 18 a a DET cblr-1722 290 19 handful handful NOUN cblr-1722 290 20 of of ADP cblr-1722 290 21 powers power NOUN cblr-1722 290 22 that that PRON cblr-1722 290 23 constrain constrain VERB cblr-1722 290 24 sovereign sovereign ADJ cblr-1722 290 25 behaviour behaviour NOUN cblr-1722 290 26 . . PUNCT cblr-1722 291 1 for for ADP cblr-1722 291 2 example example NOUN cblr-1722 291 3 , , PUNCT cblr-1722 291 4 lenders lender NOUN cblr-1722 291 5 can can AUX cblr-1722 291 6 stipulate stipulate VERB cblr-1722 291 7 negative negative ADJ cblr-1722 291 8 pledge pledge NOUN cblr-1722 291 9 and and CCONJ cblr-1722 291 10 pari pari ADJ cblr-1722 291 11 - - PUNCT cblr-1722 291 12 passu passu NOUN cblr-1722 291 13 clauses clause NOUN cblr-1722 291 14 to to PART cblr-1722 291 15 constrain constrain VERB cblr-1722 291 16 sovereign sovereign ADJ cblr-1722 291 17 borrowing borrowing NOUN cblr-1722 291 18 capacity capacity NOUN cblr-1722 291 19 . . PUNCT cblr-1722 292 1 they they PRON cblr-1722 292 2 can can AUX cblr-1722 292 3 accelerate accelerate VERB cblr-1722 292 4 repayment repayment NOUN cblr-1722 292 5 on on ADP cblr-1722 292 6 debt debt NOUN cblr-1722 292 7 where where SCONJ cblr-1722 292 8 an an DET cblr-1722 292 9 event event NOUN cblr-1722 292 10 of of ADP cblr-1722 292 11 default default NOUN cblr-1722 292 12 occurs occur VERB cblr-1722 292 13 such such ADJ cblr-1722 292 14 as as ADP cblr-1722 292 15 when when SCONJ cblr-1722 292 16 a a DET cblr-1722 292 17 sovereign sovereign ADJ cblr-1722 292 18 breaches breach NOUN cblr-1722 292 19 a a DET cblr-1722 292 20 negative negative ADJ cblr-1722 292 21 pledge pledge NOUN cblr-1722 292 22 . . PUNCT cblr-1722 293 1 this this DET cblr-1722 293 2 acceleration acceleration NOUN cblr-1722 293 3 might might AUX cblr-1722 293 4 trigger trigger VERB cblr-1722 293 5 a a DET cblr-1722 293 6 cross cross NOUN cblr-1722 293 7 - - NOUN cblr-1722 293 8 default default NOUN cblr-1722 293 9 across across ADP cblr-1722 293 10 all all DET cblr-1722 293 11 debts debt NOUN cblr-1722 293 12 owing owe VERB cblr-1722 293 13 to to ADP cblr-1722 293 14 the the DET cblr-1722 293 15 lender lender NOUN cblr-1722 293 16 . . PUNCT cblr-1722 294 1 invariably invariably ADV cblr-1722 294 2 , , PUNCT cblr-1722 294 3 the the DET cblr-1722 294 4 exercise exercise NOUN cblr-1722 294 5 of of ADP cblr-1722 294 6 such such ADJ cblr-1722 294 7 creditor creditor NOUN cblr-1722 294 8 rights right NOUN cblr-1722 294 9 can can AUX cblr-1722 294 10 place place VERB cblr-1722 294 11 stress stress NOUN cblr-1722 294 12 on on ADP cblr-1722 294 13 a a DET cblr-1722 294 14 sovereign sovereign ADJ cblr-1722 294 15 borrower borrower NOUN cblr-1722 294 16 , , PUNCT cblr-1722 294 17 diminishing diminish VERB cblr-1722 294 18 reputational reputational ADJ cblr-1722 294 19 standing standing NOUN cblr-1722 294 20 and and CCONJ cblr-1722 294 21 making make VERB cblr-1722 294 22 it it PRON cblr-1722 294 23 more more ADV cblr-1722 294 24 difficult difficult ADJ cblr-1722 294 25 for for SCONJ cblr-1722 294 26 the the DET cblr-1722 294 27 borrower borrower NOUN cblr-1722 294 28 to to PART cblr-1722 294 29 access access VERB cblr-1722 294 30 capital capital NOUN cblr-1722 294 31 markets market NOUN cblr-1722 294 32 . . PUNCT cblr-1722 294 33 ” " PUNCT cblr-1722 294 34 ) ) PUNCT cblr-1722 294 35 . . PUNCT cblr-1722 295 1 74 74 NUM cblr-1722 295 2 see see VERB cblr-1722 295 3 bolton bolton PROPN cblr-1722 295 4 & & CCONJ cblr-1722 295 5 oehmke oehmke PROPN cblr-1722 295 6 , , PUNCT cblr-1722 295 7 supra supra PROPN cblr-1722 295 8 note note NOUN cblr-1722 295 9 72 72 NUM cblr-1722 295 10 , , PUNCT cblr-1722 295 11 at at ADP cblr-1722 295 12 2619 2619 NUM cblr-1722 295 13 , , PUNCT cblr-1722 295 14 2622 2622 NUM cblr-1722 295 15 . . PUNCT cblr-1722 296 1 for for ADP cblr-1722 296 2 example example NOUN cblr-1722 296 3 , , PUNCT cblr-1722 296 4 creditors creditor NOUN cblr-1722 296 5 with with ADP cblr-1722 296 6 cds cd NOUN cblr-1722 296 7 may may AUX cblr-1722 296 8 have have VERB cblr-1722 296 9 a a DET cblr-1722 296 10 stronger strong ADJ cblr-1722 296 11 bargaining bargaining NOUN cblr-1722 296 12 power power NOUN cblr-1722 296 13 than than ADP cblr-1722 296 14 creditors creditor NOUN cblr-1722 296 15 without without ADP cblr-1722 296 16 cds cd NOUN cblr-1722 296 17 , , PUNCT cblr-1722 296 18 which which PRON cblr-1722 296 19 offsets offset VERB cblr-1722 296 20 the the DET cblr-1722 296 21 necessary necessary ADJ cblr-1722 296 22 risk risk NOUN cblr-1722 296 23 premium premium NOUN cblr-1722 296 24 in in ADP cblr-1722 296 25 the the DET cblr-1722 296 26 cost cost NOUN cblr-1722 296 27 of of ADP cblr-1722 296 28 borrowing borrowing NOUN cblr-1722 296 29 . . PUNCT cblr-1722 297 1 because because SCONJ cblr-1722 297 2 of of ADP cblr-1722 297 3 the the DET cblr-1722 297 4 existence existence NOUN cblr-1722 297 5 of of ADP cblr-1722 297 6 cds cd NOUN cblr-1722 297 7 creditors creditor NOUN cblr-1722 297 8 , , PUNCT cblr-1722 297 9 firms firm NOUN cblr-1722 297 10 are be AUX cblr-1722 297 11 able able ADJ cblr-1722 297 12 to to PART cblr-1722 297 13 “ " PUNCT cblr-1722 297 14 increase increase VERB cblr-1722 297 15 their their PRON cblr-1722 297 16 debt debt NOUN cblr-1722 297 17 capacity capacity NOUN cblr-1722 297 18 . . PUNCT cblr-1722 298 1 this this PRON cblr-1722 298 2 means mean VERB cblr-1722 298 3 that that SCONJ cblr-1722 298 4 in in ADP cblr-1722 298 5 the the DET cblr-1722 298 6 presence presence NOUN cblr-1722 298 7 of of ADP cblr-1722 298 8 cds cd NOUN cblr-1722 298 9 , , PUNCT cblr-1722 298 10 more more ADV cblr-1722 298 11 positive positive ADJ cblr-1722 298 12 net net ADJ cblr-1722 298 13 present present ADJ cblr-1722 298 14 value value NOUN cblr-1722 298 15 projects project NOUN cblr-1722 298 16 can can AUX cblr-1722 298 17 receive receive VERB cblr-1722 298 18 financing financing NOUN cblr-1722 298 19 ex ex PRON cblr-1722 298 20 ante ante NOUN cblr-1722 298 21 . . PUNCT cblr-1722 299 1 also also ADV cblr-1722 299 2 , , PUNCT cblr-1722 299 3 projects project NOUN cblr-1722 299 4 that that PRON cblr-1722 299 5 can can AUX cblr-1722 299 6 be be AUX cblr-1722 299 7 financed finance VERB cblr-1722 299 8 in in ADP cblr-1722 299 9 the the DET cblr-1722 299 10 absence absence NOUN cblr-1722 299 11 of of ADP cblr-1722 299 12 cds cd NOUN cblr-1722 299 13 may may AUX cblr-1722 299 14 get get VERB cblr-1722 299 15 more more ADV cblr-1722 299 16 wozny wozny ADJ cblr-1722 299 17 – – PUNCT cblr-1722 299 18 final final ADJ cblr-1722 299 19 no no NOUN cblr-1722 299 20 . . PUNCT cblr-1722 299 21 2:697 2:697 NUM cblr-1722 299 22 ] ] X cblr-1722 299 23 national national ADJ cblr-1722 299 24 anti anti ADJ cblr-1722 299 25 - - ADJ cblr-1722 299 26 vulture vulture ADJ cblr-1722 299 27 funds fund NOUN cblr-1722 299 28 legislation legislation NOUN cblr-1722 299 29 719 719 NUM cblr-1722 299 30 lead lead NOUN cblr-1722 299 31 to to ADP cblr-1722 299 32 gains gain NOUN cblr-1722 299 33 from from ADP cblr-1722 299 34 trade trade NOUN cblr-1722 299 35 if if SCONJ cblr-1722 299 36 the the DET cblr-1722 299 37 parties party NOUN cblr-1722 299 38 involved involve VERB cblr-1722 299 39 are be AUX cblr-1722 299 40 riskneutral.75 riskneutral.75 ADJ cblr-1722 299 41 however however ADV cblr-1722 299 42 , , PUNCT cblr-1722 299 43 in in ADP cblr-1722 299 44 the the DET cblr-1722 299 45 context context NOUN cblr-1722 299 46 of of ADP cblr-1722 299 47 a a DET cblr-1722 299 48 sovereign sovereign ADJ cblr-1722 299 49 restructuring,76 restructuring,76 NOUN cblr-1722 299 50 holding hold VERB cblr-1722 299 51 a a DET cblr-1722 299 52 cds cd NOUN cblr-1722 299 53 while while SCONJ cblr-1722 299 54 holding hold VERB cblr-1722 299 55 a a DET cblr-1722 299 56 claim claim NOUN cblr-1722 299 57 against against ADP cblr-1722 299 58 the the DET cblr-1722 299 59 sovereign sovereign NOUN cblr-1722 299 60 separates separate VERB cblr-1722 299 61 the the DET cblr-1722 299 62 creditor creditor NOUN cblr-1722 299 63 ’s ’s PART cblr-1722 299 64 control control NOUN cblr-1722 299 65 rights right NOUN cblr-1722 299 66 from from ADP cblr-1722 299 67 her her PRON cblr-1722 299 68 cash cash NOUN cblr-1722 299 69 - - PUNCT cblr-1722 299 70 flow flow NOUN cblr-1722 299 71 rights right NOUN cblr-1722 299 72 and and CCONJ cblr-1722 299 73 might might AUX cblr-1722 299 74 create create VERB cblr-1722 299 75 creditors creditor NOUN cblr-1722 299 76 who who PRON cblr-1722 299 77 over over AUX cblr-1722 299 78 - - PUNCT cblr-1722 299 79 insure insure VERB cblr-1722 299 80 to to ADP cblr-1722 299 81 over over ADV cblr-1722 299 82 - - PUNCT cblr-1722 299 83 cover cover VERB cblr-1722 299 84 their their PRON cblr-1722 299 85 downside downside ADJ cblr-1722 299 86 risk.77 risk.77 NOUN cblr-1722 299 87 this this DET cblr-1722 299 88 type type NOUN cblr-1722 299 89 of of ADP cblr-1722 299 90 creditor creditor NOUN cblr-1722 299 91 either either CCONJ cblr-1722 299 92 lacks lack VERB cblr-1722 299 93 an an DET cblr-1722 299 94 interest interest NOUN cblr-1722 299 95 in in ADP cblr-1722 299 96 the the DET cblr-1722 299 97 efficient efficient ADJ cblr-1722 299 98 continuation continuation NOUN cblr-1722 299 99 of of ADP cblr-1722 299 100 the the DET cblr-1722 299 101 debtor debtor NOUN cblr-1722 299 102 or or CCONJ cblr-1722 299 103 gains gain VERB cblr-1722 299 104 an an DET cblr-1722 299 105 incentive incentive NOUN cblr-1722 299 106 to to PART cblr-1722 299 107 intentionally intentionally ADV cblr-1722 299 108 push push VERB cblr-1722 299 109 the the DET cblr-1722 299 110 debtor debtor NOUN cblr-1722 299 111 through through ADP cblr-1722 299 112 an an DET cblr-1722 299 113 inefficient inefficient ADJ cblr-1722 299 114 restructuring.78 restructuring.78 NOUN cblr-1722 299 115 in in ADP cblr-1722 299 116 short short ADJ cblr-1722 299 117 , , PUNCT cblr-1722 299 118 if if SCONJ cblr-1722 299 119 creditors creditor NOUN cblr-1722 299 120 are be AUX cblr-1722 299 121 insured insure VERB cblr-1722 299 122 through through ADP cblr-1722 299 123 cds cd NOUN cblr-1722 299 124 , , PUNCT cblr-1722 299 125 they they PRON cblr-1722 299 126 stand stand VERB cblr-1722 299 127 to to PART cblr-1722 299 128 lose lose VERB cblr-1722 299 129 less less ADJ cblr-1722 299 130 in in ADP cblr-1722 299 131 default default NOUN cblr-1722 299 132 and and CCONJ cblr-1722 299 133 therefore therefore ADV cblr-1722 299 134 are be AUX cblr-1722 299 135 less less ADV cblr-1722 299 136 forgiving forgiving NOUN cblr-1722 299 137 in in ADP cblr-1722 299 138 debt debt NOUN cblr-1722 299 139 renegotiations.79 renegotiations.79 NOUN cblr-1722 299 140 in in ADP cblr-1722 299 141 the the DET cblr-1722 299 142 case case NOUN cblr-1722 299 143 of of ADP cblr-1722 299 144 holdout holdout NOUN cblr-1722 299 145 vulture vulture ADJ cblr-1722 299 146 funds fund NOUN cblr-1722 299 147 , , PUNCT cblr-1722 299 148 the the DET cblr-1722 299 149 ability ability NOUN cblr-1722 299 150 of of ADP cblr-1722 299 151 a a DET cblr-1722 299 152 creditor creditor NOUN cblr-1722 299 153 to to PART cblr-1722 299 154 profit profit VERB cblr-1722 299 155 on on ADP cblr-1722 299 156 cds cd NOUN cblr-1722 299 157 and and CCONJ cblr-1722 299 158 be be AUX cblr-1722 299 159 made make VERB cblr-1722 299 160 whole whole ADJ cblr-1722 299 161 on on ADP cblr-1722 299 162 the the DET cblr-1722 299 163 value value NOUN cblr-1722 299 164 of of ADP cblr-1722 299 165 the the DET cblr-1722 299 166 debt debt NOUN cblr-1722 299 167 by by ADP cblr-1722 299 168 encouraging encourage VERB cblr-1722 299 169 debtors debtor NOUN cblr-1722 299 170 to to PART cblr-1722 299 171 file file VERB cblr-1722 299 172 for for ADP cblr-1722 299 173 bankruptcy80 bankruptcy80 NOUN cblr-1722 299 174 is be AUX cblr-1722 299 175 efficient efficient ADJ cblr-1722 299 176 financing financing NOUN cblr-1722 299 177 , , PUNCT cblr-1722 299 178 as as SCONJ cblr-1722 299 179 the the DET cblr-1722 299 180 presence presence NOUN cblr-1722 299 181 of of ADP cblr-1722 299 182 cds cd NOUN cblr-1722 299 183 lowers lower VERB cblr-1722 299 184 the the DET cblr-1722 299 185 borrower borrower NOUN cblr-1722 299 186 ’s ’s PART cblr-1722 299 187 incentive incentive NOUN cblr-1722 299 188 to to PART cblr-1722 299 189 inefficiently inefficiently ADV cblr-1722 299 190 renegotiate renegotiate VERB cblr-1722 299 191 down down ADP cblr-1722 299 192 payments payment NOUN cblr-1722 299 193 for for ADP cblr-1722 299 194 strategic strategic ADJ cblr-1722 299 195 reasons reason NOUN cblr-1722 299 196 . . PUNCT cblr-1722 299 197 ” " PUNCT cblr-1722 300 1 i i PRON cblr-1722 300 2 d. d. PROPN cblr-1722 300 3 75 75 NUM cblr-1722 300 4 see see VERB cblr-1722 300 5 i i PRON cblr-1722 300 6 d. d. PROPN cblr-1722 300 7 at at ADP cblr-1722 300 8 2622 2622 NUM cblr-1722 300 9 . . PUNCT cblr-1722 301 1 76 76 NUM cblr-1722 301 2 the the DET cblr-1722 301 3 sovereign sovereign ADJ cblr-1722 301 4 cds cd NOUN cblr-1722 301 5 market market NOUN cblr-1722 301 6 is be AUX cblr-1722 301 7 about about ADV cblr-1722 301 8 20 20 NUM cblr-1722 301 9 % % NOUN cblr-1722 301 10 the the DET cblr-1722 301 11 size size NOUN cblr-1722 301 12 of of ADP cblr-1722 301 13 the the DET cblr-1722 301 14 overall overall ADJ cblr-1722 301 15 cds cd NOUN cblr-1722 301 16 market market NOUN cblr-1722 301 17 . . PUNCT cblr-1722 302 1 see see VERB cblr-1722 302 2 yadav yadav PROPN cblr-1722 302 3 , , PUNCT cblr-1722 302 4 supra supra PROPN cblr-1722 302 5 note note PROPN cblr-1722 302 6 73 73 NUM cblr-1722 302 7 , , PUNCT cblr-1722 302 8 at at ADP cblr-1722 302 9 103 103 NUM cblr-1722 302 10 , , PUNCT cblr-1722 302 11 n.1 n.1 NUM cblr-1722 302 12 . . PUNCT cblr-1722 303 1 77 77 NUM cblr-1722 303 2 see see VERB cblr-1722 303 3 yadav yadav NOUN cblr-1722 303 4 , , PUNCT cblr-1722 303 5 supra supra PROPN cblr-1722 303 6 note note PROPN cblr-1722 303 7 73 73 NUM cblr-1722 303 8 , , PUNCT cblr-1722 303 9 at at ADP cblr-1722 303 10 103 103 NUM cblr-1722 303 11 . . PUNCT cblr-1722 304 1 the the DET cblr-1722 304 2 entire entire ADJ cblr-1722 304 3 cds cd NOUN cblr-1722 304 4 market market NOUN cblr-1722 304 5 was be AUX cblr-1722 304 6 calculated calculate VERB cblr-1722 304 7 to to PART cblr-1722 304 8 be be AUX cblr-1722 304 9 approximately approximately ADV cblr-1722 304 10 $ $ SYM cblr-1722 304 11 24 24 NUM cblr-1722 304 12 trillion trillion NUM cblr-1722 304 13 in in ADP cblr-1722 304 14 notional notional ADJ cblr-1722 304 15 value value NOUN cblr-1722 304 16 in in ADP cblr-1722 304 17 june june PROPN cblr-1722 304 18 2013 2013 NUM cblr-1722 304 19 . . PUNCT cblr-1722 305 1 i i PRON cblr-1722 305 2 d. d. PROPN cblr-1722 305 3 at at ADP cblr-1722 305 4 109 109 NUM cblr-1722 305 5 . . PUNCT cblr-1722 306 1 for for ADP cblr-1722 306 2 a a DET cblr-1722 306 3 discussion discussion NOUN cblr-1722 306 4 on on ADP cblr-1722 306 5 the the DET cblr-1722 306 6 emergence emergence NOUN cblr-1722 306 7 of of ADP cblr-1722 306 8 the the DET cblr-1722 306 9 cds cd NOUN cblr-1722 306 10 market market NOUN cblr-1722 306 11 and and CCONJ cblr-1722 306 12 its its PRON cblr-1722 306 13 impact impact NOUN cblr-1722 306 14 on on ADP cblr-1722 306 15 sovereign sovereign ADJ cblr-1722 306 16 debt debt NOUN cblr-1722 306 17 , , PUNCT cblr-1722 306 18 see see VERB cblr-1722 306 19 i i PRON cblr-1722 306 20 d. d. PROPN cblr-1722 306 21 at at ADP cblr-1722 306 22 109–14 109–14 NUM cblr-1722 306 23 . . PUNCT cblr-1722 307 1 78 78 NUM cblr-1722 307 2 see see VERB cblr-1722 307 3 bolton bolton PROPN cblr-1722 307 4 & & CCONJ cblr-1722 307 5 oehmke oehmke PROPN cblr-1722 307 6 , , PUNCT cblr-1722 307 7 supra supra PROPN cblr-1722 307 8 note note NOUN cblr-1722 307 9 72 72 NUM cblr-1722 307 10 , , PUNCT cblr-1722 307 11 at at ADP cblr-1722 307 12 2617 2617 NUM cblr-1722 307 13 ; ; PUNCT cblr-1722 307 14 see see VERB cblr-1722 307 15 also also ADV cblr-1722 307 16 henry henry PROPN cblr-1722 307 17 t.c t.c PROPN cblr-1722 307 18 . . PROPN cblr-1722 307 19 hu hu PROPN cblr-1722 307 20 & & CCONJ cblr-1722 307 21 bernard bernard PROPN cblr-1722 307 22 black black PROPN cblr-1722 307 23 , , PUNCT cblr-1722 307 24 equity equity NOUN cblr-1722 307 25 and and CCONJ cblr-1722 307 26 debt debt NOUN cblr-1722 307 27 decoupling decoupling NOUN cblr-1722 307 28 and and CCONJ cblr-1722 307 29 empty empty ADJ cblr-1722 307 30 voting voting NOUN cblr-1722 307 31 ii ii NOUN cblr-1722 307 32 : : PUNCT cblr-1722 307 33 importance importance NOUN cblr-1722 307 34 and and CCONJ cblr-1722 307 35 extensions extension NOUN cblr-1722 307 36 , , PUNCT cblr-1722 307 37 153 153 NUM cblr-1722 307 38 u. u. PROPN cblr-1722 307 39 pa pa PROPN cblr-1722 307 40 . . PUNCT cblr-1722 307 41 l. l. PROPN cblr-1722 307 42 rev rev PROPN cblr-1722 307 43 . . PROPN cblr-1722 307 44 625 625 NUM cblr-1722 307 45 , , PUNCT cblr-1722 307 46 731–32 731–32 PROPN cblr-1722 307 47 ( ( PUNCT cblr-1722 307 48 2008 2008 NUM cblr-1722 307 49 ) ) PUNCT cblr-1722 307 50 ( ( PUNCT cblr-1722 307 51 offering offer VERB cblr-1722 307 52 legal legal ADJ cblr-1722 307 53 analysis analysis NOUN cblr-1722 307 54 of of ADP cblr-1722 307 55 the the DET cblr-1722 307 56 empty empty ADJ cblr-1722 307 57 creditor creditor NOUN cblr-1722 307 58 hypothesis hypothesis NOUN cblr-1722 307 59 ) ) PUNCT cblr-1722 307 60 ; ; PUNCT cblr-1722 307 61 imf imf PROPN cblr-1722 307 62 , , PUNCT cblr-1722 307 63 a a DET cblr-1722 307 64 survey survey NOUN cblr-1722 307 65 of of ADP cblr-1722 307 66 experiences experience NOUN cblr-1722 307 67 with with ADP cblr-1722 307 68 emerging emerge VERB cblr-1722 307 69 market market NOUN cblr-1722 307 70 sovereign sovereign ADJ cblr-1722 307 71 debt debt NOUN cblr-1722 307 72 restructurings restructuring NOUN cblr-1722 307 73 16 16 NUM cblr-1722 307 74 ( ( PUNCT cblr-1722 307 75 2012 2012 NUM cblr-1722 307 76 ) ) PUNCT cblr-1722 307 77 , , PUNCT cblr-1722 307 78 https://www.imf.org/external/np/pp/eng/2012/060512.pdf https://www.imf.org/external/np/pp/eng/2012/060512.pdf NOUN cblr-1722 308 1 [ [ X cblr-1722 308 2 https://perma.cc/5ujl-2gam https://perma.cc/5ujl-2gam X cblr-1722 308 3 ] ] X cblr-1722 308 4 ( ( PUNCT cblr-1722 308 5 “ " PUNCT cblr-1722 308 6 there there PRON cblr-1722 308 7 is be VERB cblr-1722 308 8 a a DET cblr-1722 308 9 view view NOUN cblr-1722 308 10 that that SCONJ cblr-1722 308 11 cds cds PROPN cblr-1722 308 12 holders holder NOUN cblr-1722 308 13 who who PRON cblr-1722 308 14 also also ADV cblr-1722 308 15 own own VERB cblr-1722 308 16 the the DET cblr-1722 308 17 underlying underlie VERB cblr-1722 308 18 bond bond NOUN cblr-1722 308 19 would would AUX cblr-1722 308 20 have have AUX cblr-1722 308 21 an an DET cblr-1722 308 22 incentive incentive NOUN cblr-1722 308 23 not not PART cblr-1722 308 24 to to PART cblr-1722 308 25 participate participate VERB cblr-1722 308 26 in in ADP cblr-1722 308 27 a a DET cblr-1722 308 28 pre pre ADJ cblr-1722 308 29 - - ADJ cblr-1722 308 30 default default ADJ cblr-1722 308 31 debt debt NOUN cblr-1722 308 32 exchange exchange NOUN cblr-1722 308 33 offer offer NOUN cblr-1722 308 34 but but CCONJ cblr-1722 308 35 would would AUX cblr-1722 308 36 prefer prefer VERB cblr-1722 308 37 to to PART cblr-1722 308 38 force force VERB cblr-1722 308 39 a a DET cblr-1722 308 40 default default NOUN cblr-1722 308 41 that that PRON cblr-1722 308 42 constitutes constitute VERB cblr-1722 308 43 a a DET cblr-1722 308 44 credit credit NOUN cblr-1722 308 45 event event NOUN cblr-1722 308 46 . . PUNCT cblr-1722 308 47 ” " PUNCT cblr-1722 308 48 ) ) PUNCT cblr-1722 308 49 . . PUNCT cblr-1722 309 1 79 79 NUM cblr-1722 309 2 see see VERB cblr-1722 309 3 bolton bolton PROPN cblr-1722 309 4 & & CCONJ cblr-1722 309 5 oehmke oehmke PROPN cblr-1722 309 6 , , PUNCT cblr-1722 309 7 supra supra PROPN cblr-1722 309 8 note note NOUN cblr-1722 309 9 72 72 NUM cblr-1722 309 10 , , PUNCT cblr-1722 309 11 at at ADP cblr-1722 309 12 2618 2618 NUM cblr-1722 309 13 ; ; PUNCT cblr-1722 309 14 see see VERB cblr-1722 309 15 also also ADV cblr-1722 309 16 yadav yadav PROPN cblr-1722 309 17 , , PUNCT cblr-1722 309 18 supra supra PROPN cblr-1722 309 19 note note PROPN cblr-1722 309 20 73 73 NUM cblr-1722 309 21 , , PUNCT cblr-1722 309 22 at at ADP cblr-1722 309 23 104 104 NUM cblr-1722 309 24 ( ( PUNCT cblr-1722 309 25 protection protection NOUN cblr-1722 309 26 sellers seller NOUN cblr-1722 309 27 , , PUNCT cblr-1722 309 28 i.e. i.e. X cblr-1722 309 29 the the DET cblr-1722 309 30 sell sell NOUN cblr-1722 309 31 side side NOUN cblr-1722 309 32 on on ADP cblr-1722 309 33 the the DET cblr-1722 309 34 cds cd NOUN cblr-1722 309 35 , , PUNCT cblr-1722 309 36 assume assume VERB cblr-1722 309 37 the the DET cblr-1722 309 38 economic economic ADJ cblr-1722 309 39 risk risk NOUN cblr-1722 309 40 of of ADP cblr-1722 309 41 the the DET cblr-1722 309 42 debtor debtor NOUN cblr-1722 309 43 ’s ’s PART cblr-1722 309 44 distress distress NOUN cblr-1722 309 45 and and CCONJ cblr-1722 309 46 acquire acquire VERB cblr-1722 309 47 incentives incentive NOUN cblr-1722 309 48 to to PART cblr-1722 309 49 promote promote VERB cblr-1722 309 50 debt debt NOUN cblr-1722 309 51 discipline discipline NOUN cblr-1722 309 52 . . PUNCT cblr-1722 310 1 thus thus ADV cblr-1722 310 2 , , PUNCT cblr-1722 310 3 these these DET cblr-1722 310 4 sellers seller NOUN cblr-1722 310 5 robustly robustly ADV cblr-1722 310 6 monitor monitor VERB cblr-1722 310 7 debtors debtor NOUN cblr-1722 310 8 and and CCONJ cblr-1722 310 9 reign reign NOUN cblr-1722 310 10 in in ADP cblr-1722 310 11 irresponsible irresponsible ADJ cblr-1722 310 12 lenders lender NOUN cblr-1722 310 13 . . PUNCT cblr-1722 310 14 ) ) PUNCT cblr-1722 310 15 . . PUNCT cblr-1722 311 1 80 80 NUM cblr-1722 311 2 is be AUX cblr-1722 311 3 the the DET cblr-1722 311 4 ‘ ' PUNCT cblr-1722 311 5 empty empty ADJ cblr-1722 311 6 creditor creditor NOUN cblr-1722 311 7 ’ ' PUNCT cblr-1722 311 8 theory theory NOUN cblr-1722 311 9 itself itself PRON cblr-1722 311 10 empty empty ADJ cblr-1722 311 11 ? ? PUNCT cblr-1722 311 12 , , PUNCT cblr-1722 311 13 n.y n.y PROPN cblr-1722 311 14 . . PROPN cblr-1722 311 15 times times PROPN cblr-1722 311 16 : : PUNCT cblr-1722 311 17 dealbook dealbook VERB cblr-1722 311 18 ( ( PUNCT cblr-1722 311 19 dec dec PROPN cblr-1722 311 20 . . PROPN cblr-1722 311 21 21 21 NUM cblr-1722 311 22 , , PUNCT cblr-1722 311 23 2009 2009 NUM cblr-1722 311 24 , , PUNCT cblr-1722 311 25 4:54 4:54 NUM cblr-1722 311 26 am am NOUN cblr-1722 311 27 ) ) PUNCT cblr-1722 311 28 , , PUNCT cblr-1722 311 29 https://dealbook.nytimes.com/2009/12/21/is-theempty-creditor-theory-just-empty/ https://dealbook.nytimes.com/2009/12/21/is-theempty-creditor-theory-just-empty/ X cblr-1722 312 1 [ [ X cblr-1722 312 2 https://perma.cc/4qhh-8nvk https://perma.cc/4qhh-8nvk X cblr-1722 312 3 ] ] X cblr-1722 312 4 . . PUNCT cblr-1722 313 1 wozny wozny ADJ cblr-1722 313 2 – – PUNCT cblr-1722 313 3 final final ADJ cblr-1722 313 4 720 720 NUM cblr-1722 313 5 columbia columbia PROPN cblr-1722 313 6 business business NOUN cblr-1722 313 7 law law PROPN cblr-1722 313 8 review review NOUN cblr-1722 313 9 [ [ X cblr-1722 313 10 vol vol NOUN cblr-1722 313 11 . . NOUN cblr-1722 313 12 2017 2017 NUM cblr-1722 313 13 doubly doubly ADV cblr-1722 313 14 problematic problematic ADJ cblr-1722 313 15 . . PUNCT cblr-1722 314 1 first first ADJ cblr-1722 314 2 , , PUNCT cblr-1722 314 3 empty empty ADJ cblr-1722 314 4 creditor creditor NOUN cblr-1722 314 5 vulture vulture NOUN cblr-1722 314 6 funds fund NOUN cblr-1722 314 7 holding hold VERB cblr-1722 314 8 cds cd NOUN cblr-1722 314 9 have have VERB cblr-1722 314 10 an an DET cblr-1722 314 11 additional additional ADJ cblr-1722 314 12 incentive incentive NOUN cblr-1722 314 13 to to PART cblr-1722 314 14 hold hold VERB cblr-1722 314 15 out out ADP cblr-1722 314 16 from from ADP cblr-1722 314 17 the the DET cblr-1722 314 18 negotiation negotiation NOUN cblr-1722 314 19 past past ADP cblr-1722 314 20 the the DET cblr-1722 314 21 market market NOUN cblr-1722 314 22 efficient efficient ADJ cblr-1722 314 23 point.81 point.81 PROPN cblr-1722 314 24 second second ADJ cblr-1722 314 25 , , PUNCT cblr-1722 314 26 one one PRON cblr-1722 314 27 can can AUX cblr-1722 314 28 imagine imagine VERB cblr-1722 314 29 a a DET cblr-1722 314 30 scenario scenario NOUN cblr-1722 314 31 — — PUNCT cblr-1722 314 32 though though SCONJ cblr-1722 314 33 one one NUM cblr-1722 314 34 that that PRON cblr-1722 314 35 is be AUX cblr-1722 314 36 impossible impossible ADJ cblr-1722 314 37 to to PART cblr-1722 314 38 verify verify VERB cblr-1722 314 39 — — PUNCT cblr-1722 314 40 in in ADP cblr-1722 314 41 which which PRON cblr-1722 314 42 vulture vulture NOUN cblr-1722 314 43 funds fund NOUN cblr-1722 314 44 receive receive VERB cblr-1722 314 45 full full ADJ cblr-1722 314 46 or or CCONJ cblr-1722 314 47 approximately approximately ADV cblr-1722 314 48 full full ADJ cblr-1722 314 49 repayment repayment NOUN cblr-1722 314 50 and and CCONJ cblr-1722 314 51 interest interest NOUN cblr-1722 314 52 on on ADP cblr-1722 314 53 their their PRON cblr-1722 314 54 claim claim NOUN cblr-1722 314 55 but but CCONJ cblr-1722 314 56 continue continue VERB cblr-1722 314 57 holding hold VERB cblr-1722 314 58 out out ADP cblr-1722 314 59 because because SCONJ cblr-1722 314 60 their their PRON cblr-1722 314 61 cds cd NOUN cblr-1722 314 62 recovery recovery NOUN cblr-1722 314 63 might might AUX cblr-1722 314 64 be be AUX cblr-1722 314 65 still still ADV cblr-1722 314 66 greater great ADJ cblr-1722 314 67 . . PUNCT cblr-1722 315 1 in in ADP cblr-1722 315 2 such such ADJ cblr-1722 315 3 situations situation NOUN cblr-1722 315 4 , , PUNCT cblr-1722 315 5 there there PRON cblr-1722 315 6 might might AUX cblr-1722 315 7 be be AUX cblr-1722 315 8 no no DET cblr-1722 315 9 vulture vulture ADJ cblr-1722 315 10 fund fund NOUN cblr-1722 315 11 to to PART cblr-1722 315 12 “ " PUNCT cblr-1722 315 13 make make VERB cblr-1722 315 14 whole whole ADJ cblr-1722 315 15 . . PUNCT cblr-1722 315 16 ” " PUNCT cblr-1722 316 1 scholars scholar NOUN cblr-1722 316 2 continue continue VERB cblr-1722 316 3 to to PART cblr-1722 316 4 debate debate VERB cblr-1722 316 5 to to ADP cblr-1722 316 6 what what DET cblr-1722 316 7 extent extent NOUN cblr-1722 316 8 empty empty ADJ cblr-1722 316 9 creditors creditor NOUN cblr-1722 316 10 damage damage NOUN cblr-1722 316 11 markets market NOUN cblr-1722 316 12 . . PUNCT cblr-1722 317 1 some some DET cblr-1722 317 2 research research NOUN cblr-1722 317 3 certainly certainly ADV cblr-1722 317 4 criticizes criticize VERB cblr-1722 317 5 the the DET cblr-1722 317 6 empty empty ADJ cblr-1722 317 7 creditors creditor NOUN cblr-1722 317 8 hypothesis hypothesis NOUN cblr-1722 317 9 in in ADP cblr-1722 317 10 the the DET cblr-1722 317 11 sovereign sovereign ADJ cblr-1722 317 12 debt debt NOUN cblr-1722 317 13 context context NOUN cblr-1722 317 14 both both CCONJ cblr-1722 317 15 generally generally ADV cblr-1722 317 16 and and CCONJ cblr-1722 317 17 as as SCONJ cblr-1722 317 18 they they PRON cblr-1722 317 19 apply apply VERB cblr-1722 317 20 to to ADP cblr-1722 317 21 vulture vulture ADJ cblr-1722 317 22 funds.82 funds.82 NOUN cblr-1722 317 23 these these DET cblr-1722 317 24 arguments argument NOUN cblr-1722 317 25 contend contend VERB cblr-1722 317 26 that that SCONJ cblr-1722 317 27 cds cds NOUN cblr-1722 317 28 - - PUNCT cblr-1722 317 29 holding hold VERB cblr-1722 317 30 vulture vulture NOUN cblr-1722 317 31 funds fund NOUN cblr-1722 317 32 , , PUNCT cblr-1722 317 33 for for ADP cblr-1722 317 34 example example NOUN cblr-1722 317 35 , , PUNCT cblr-1722 317 36 face face VERB cblr-1722 317 37 a a DET cblr-1722 317 38 very very ADV cblr-1722 317 39 uncertain uncertain ADJ cblr-1722 317 40 process process NOUN cblr-1722 317 41 and and CCONJ cblr-1722 317 42 have have VERB cblr-1722 317 43 no no DET cblr-1722 317 44 guarantee guarantee NOUN cblr-1722 317 45 that that SCONJ cblr-1722 317 46 their their PRON cblr-1722 317 47 actions action NOUN cblr-1722 317 48 to to PART cblr-1722 317 49 push push VERB cblr-1722 317 50 the the DET cblr-1722 317 51 sovereign sovereign ADJ cblr-1722 317 52 state state NOUN cblr-1722 317 53 will will AUX cblr-1722 317 54 be be AUX cblr-1722 317 55 successful.83 successful.83 VERB cblr-1722 317 56 moreover moreover ADV cblr-1722 317 57 , , PUNCT cblr-1722 317 58 vulture vulture ADJ cblr-1722 317 59 funds fund NOUN cblr-1722 317 60 do do AUX cblr-1722 317 61 not not PART cblr-1722 317 62 always always ADV cblr-1722 317 63 get get VERB cblr-1722 317 64 the the DET cblr-1722 317 65 full full ADJ cblr-1722 317 66 payment payment NOUN cblr-1722 317 67 . . PUNCT cblr-1722 318 1 sometimes sometimes ADV cblr-1722 318 2 , , PUNCT cblr-1722 318 3 vulture vulture ADJ cblr-1722 318 4 funds fund NOUN cblr-1722 318 5 may may AUX cblr-1722 318 6 insure insure VERB cblr-1722 318 7 only only ADV cblr-1722 318 8 against against ADP cblr-1722 318 9 partial partial ADJ cblr-1722 318 10 repayment repayment NOUN cblr-1722 318 11 and and CCONJ cblr-1722 318 12 receive receive VERB cblr-1722 318 13 only only ADV cblr-1722 318 14 partial partial ADJ cblr-1722 318 15 repayment repayment NOUN cblr-1722 318 16 . . PUNCT cblr-1722 319 1 while while SCONJ cblr-1722 319 2 the the DET cblr-1722 319 3 likelihood likelihood NOUN cblr-1722 319 4 of of ADP cblr-1722 319 5 empty empty ADJ cblr-1722 319 6 creditor creditor NOUN cblr-1722 319 7 vulture vulture NOUN cblr-1722 319 8 funds fund NOUN cblr-1722 319 9 exploiting exploit VERB cblr-1722 319 10 this this DET cblr-1722 319 11 imbalance imbalance NOUN cblr-1722 319 12 is be AUX cblr-1722 319 13 probably probably ADV cblr-1722 319 14 small small ADJ cblr-1722 319 15 , , PUNCT cblr-1722 319 16 it it PRON cblr-1722 319 17 does do AUX cblr-1722 319 18 happen happen VERB cblr-1722 319 19 . . PUNCT cblr-1722 320 1 81 81 NUM cblr-1722 320 2 yadav yadav NOUN cblr-1722 320 3 , , PUNCT cblr-1722 320 4 supra supra PROPN cblr-1722 320 5 note note PROPN cblr-1722 320 6 73 73 NUM cblr-1722 320 7 , , PUNCT cblr-1722 320 8 at at ADP cblr-1722 320 9 113 113 NUM cblr-1722 320 10 ( ( PUNCT cblr-1722 320 11 “ " PUNCT cblr-1722 320 12 empty empty ADJ cblr-1722 320 13 creditors creditor NOUN cblr-1722 320 14 can can AUX cblr-1722 320 15 also also ADV cblr-1722 320 16 harbour harbour VERB cblr-1722 320 17 perverse perverse ADJ cblr-1722 320 18 incentives incentive NOUN cblr-1722 320 19 regarding regard VERB cblr-1722 320 20 sovereign sovereign ADJ cblr-1722 320 21 restructuring restructuring NOUN cblr-1722 320 22 . . PUNCT cblr-1722 321 1 they they PRON cblr-1722 321 2 may may AUX cblr-1722 321 3 be be AUX cblr-1722 321 4 less less ADV cblr-1722 321 5 willing willing ADJ cblr-1722 321 6 to to PART cblr-1722 321 7 engage engage VERB cblr-1722 321 8 in in ADP cblr-1722 321 9 a a DET cblr-1722 321 10 voluntary voluntary ADJ cblr-1722 321 11 restructuring restructuring NOUN cblr-1722 321 12 plan plan NOUN cblr-1722 321 13 even even ADV cblr-1722 321 14 where where SCONJ cblr-1722 321 15 such such DET cblr-1722 321 16 a a DET cblr-1722 321 17 workout workout NOUN cblr-1722 321 18 is be AUX cblr-1722 321 19 beneficial beneficial ADJ cblr-1722 321 20 for for ADP cblr-1722 321 21 all all DET cblr-1722 321 22 parties party NOUN cblr-1722 321 23 as as SCONJ cblr-1722 321 24 informal informal ADJ cblr-1722 321 25 solutions solution NOUN cblr-1722 321 26 are be AUX cblr-1722 321 27 unlikely unlikely ADJ cblr-1722 321 28 to to PART cblr-1722 321 29 trigger trigger VERB cblr-1722 321 30 repayment repayment NOUN cblr-1722 321 31 on on ADP cblr-1722 321 32 cds cd NOUN cblr-1722 321 33 . . PUNCT cblr-1722 321 34 ” " PUNCT cblr-1722 321 35 ) ) PUNCT cblr-1722 321 36 . . PUNCT cblr-1722 322 1 82 82 NUM cblr-1722 322 2 see see VERB cblr-1722 322 3 generally generally ADV cblr-1722 322 4 i i PRON cblr-1722 322 5 d. d. PROPN cblr-1722 322 6 at at ADP cblr-1722 322 7 114–15 114–15 PROPN cblr-1722 322 8 ( ( PUNCT cblr-1722 322 9 reputational reputational ADJ cblr-1722 322 10 concerns concern NOUN cblr-1722 322 11 , , PUNCT cblr-1722 322 12 including include VERB cblr-1722 322 13 in in ADP cblr-1722 322 14 the the DET cblr-1722 322 15 form form NOUN cblr-1722 322 16 of of ADP cblr-1722 322 17 increased increase VERB cblr-1722 322 18 regulation regulation NOUN cblr-1722 322 19 , , PUNCT cblr-1722 322 20 constrain constrain VERB cblr-1722 322 21 empty empty ADJ cblr-1722 322 22 creditors creditor NOUN cblr-1722 322 23 ) ) PUNCT cblr-1722 322 24 . . PUNCT cblr-1722 323 1 but but CCONJ cblr-1722 323 2 vulture vulture NOUN cblr-1722 323 3 funds fund NOUN cblr-1722 323 4 have have AUX cblr-1722 323 5 hardly hardly ADV cblr-1722 323 6 changed change VERB cblr-1722 323 7 their their PRON cblr-1722 323 8 behavior behavior NOUN cblr-1722 323 9 as as SCONJ cblr-1722 323 10 their their PRON cblr-1722 323 11 reputations reputation NOUN cblr-1722 323 12 tank tank VERB cblr-1722 323 13 and and CCONJ cblr-1722 323 14 national national ADJ cblr-1722 323 15 regulations regulation NOUN cblr-1722 323 16 increase increase NOUN cblr-1722 323 17 ; ; PUNCT cblr-1722 323 18 if if SCONJ cblr-1722 323 19 anything anything PRON cblr-1722 323 20 , , PUNCT cblr-1722 323 21 the the DET cblr-1722 323 22 sovereign sovereign ADJ cblr-1722 323 23 relents relent NOUN cblr-1722 323 24 because because SCONJ cblr-1722 323 25 of of ADP cblr-1722 323 26 reputational reputational ADJ cblr-1722 323 27 concerns concern NOUN cblr-1722 323 28 . . PUNCT cblr-1722 324 1 see see VERB cblr-1722 324 2 ryan ryan PROPN cblr-1722 324 3 , , PUNCT cblr-1722 324 4 supra supra PROPN cblr-1722 324 5 note note PROPN cblr-1722 324 6 29 29 NUM cblr-1722 324 7 , , PUNCT cblr-1722 324 8 at at ADP cblr-1722 324 9 2488 2488 NUM cblr-1722 324 10 ( ( PUNCT cblr-1722 324 11 “ " PUNCT cblr-1722 324 12 much much ADJ cblr-1722 324 13 of of ADP cblr-1722 324 14 the the DET cblr-1722 324 15 academic academic ADJ cblr-1722 324 16 literature literature NOUN cblr-1722 324 17 on on ADP cblr-1722 324 18 sovereign sovereign ADJ cblr-1722 324 19 debt debt NOUN cblr-1722 324 20 emphasizes emphasize VERB cblr-1722 324 21 this this DET cblr-1722 324 22 fact fact NOUN cblr-1722 324 23 and and CCONJ cblr-1722 324 24 assumes assume VERB cblr-1722 324 25 that that SCONJ cblr-1722 324 26 creditors creditor NOUN cblr-1722 324 27 have have VERB cblr-1722 324 28 little little ADJ cblr-1722 324 29 or or CCONJ cblr-1722 324 30 no no DET cblr-1722 324 31 legal legal ADJ cblr-1722 324 32 recourse recourse NOUN cblr-1722 324 33 against against ADP cblr-1722 324 34 defaulting default VERB cblr-1722 324 35 sovereigns sovereign NOUN cblr-1722 324 36 and and CCONJ cblr-1722 324 37 that that SCONJ cblr-1722 324 38 the the DET cblr-1722 324 39 sovereign sovereign ADJ cblr-1722 324 40 debt debt NOUN cblr-1722 324 41 market market NOUN cblr-1722 324 42 only only ADV cblr-1722 324 43 works work VERB cblr-1722 324 44 at at ADV cblr-1722 324 45 all all ADV cblr-1722 324 46 because because SCONJ cblr-1722 324 47 of of ADP cblr-1722 324 48 various various ADJ cblr-1722 324 49 nonlegal nonlegal ADJ cblr-1722 324 50 mechanisms mechanism NOUN cblr-1722 324 51 ( ( PUNCT cblr-1722 324 52 including include VERB cblr-1722 324 53 reputational reputational ADJ cblr-1722 324 54 concerns concern NOUN cblr-1722 324 55 and and CCONJ cblr-1722 324 56 political political ADJ cblr-1722 324 57 pressures pressure NOUN cblr-1722 324 58 ) ) PUNCT cblr-1722 324 59 . . PUNCT cblr-1722 324 60 ” " PUNCT cblr-1722 324 61 ) ) PUNCT cblr-1722 324 62 ; ; PUNCT cblr-1722 324 63 see see VERB cblr-1722 324 64 also also ADV cblr-1722 324 65 david david PROPN cblr-1722 324 66 mengle mengle PROPN cblr-1722 324 67 , , PUNCT cblr-1722 324 68 the the DET cblr-1722 324 69 empty empty ADJ cblr-1722 324 70 creditor creditor NOUN cblr-1722 324 71 hypothesis hypothesis NOUN cblr-1722 324 72 , , PUNCT cblr-1722 324 73 isda isda PROPN cblr-1722 324 74 research research NOUN cblr-1722 324 75 notes note NOUN cblr-1722 324 76 , , PUNCT cblr-1722 324 77 nov nov PROPN cblr-1722 324 78 . . PROPN cblr-1722 324 79 3 3 NUM cblr-1722 324 80 , , PUNCT cblr-1722 324 81 2009 2009 NUM cblr-1722 324 82 , , PUNCT cblr-1722 324 83 at at ADP cblr-1722 324 84 1 1 NUM cblr-1722 324 85 , , PUNCT cblr-1722 324 86 4–13 4–13 PROPN cblr-1722 324 87 ( ( PUNCT cblr-1722 324 88 questions question NOUN cblr-1722 324 89 the the DET cblr-1722 324 90 plausibility plausibility NOUN cblr-1722 324 91 of of ADP cblr-1722 324 92 the the DET cblr-1722 324 93 empty empty ADJ cblr-1722 324 94 creditor creditor NOUN cblr-1722 324 95 hypothesis hypothesis NOUN cblr-1722 324 96 on on ADP cblr-1722 324 97 logical logical ADJ cblr-1722 324 98 , , PUNCT cblr-1722 324 99 not not PART cblr-1722 324 100 empirical empirical ADJ cblr-1722 324 101 grounds ground NOUN cblr-1722 324 102 ) ) PUNCT cblr-1722 324 103 . . PUNCT cblr-1722 325 1 83 83 NUM cblr-1722 325 2 yadav yadav PROPN cblr-1722 325 3 , , PUNCT cblr-1722 325 4 supra supra PROPN cblr-1722 325 5 note note PROPN cblr-1722 325 6 73 73 NUM cblr-1722 325 7 , , PUNCT cblr-1722 325 8 at at ADP cblr-1722 325 9 104 104 NUM cblr-1722 325 10 . . PUNCT cblr-1722 326 1 wozny wozny ADJ cblr-1722 326 2 – – PUNCT cblr-1722 326 3 final final ADJ cblr-1722 326 4 no no NOUN cblr-1722 326 5 . . PUNCT cblr-1722 327 1 2:697 2:697 NUM cblr-1722 327 2 ] ] X cblr-1722 327 3 national national ADJ cblr-1722 327 4 anti anti ADJ cblr-1722 327 5 - - ADJ cblr-1722 327 6 vulture vulture ADJ cblr-1722 327 7 funds fund NOUN cblr-1722 327 8 legislation legislation NOUN cblr-1722 327 9 721 721 NUM cblr-1722 327 10 for for ADP cblr-1722 327 11 example example NOUN cblr-1722 327 12 , , PUNCT cblr-1722 327 13 in in ADP cblr-1722 327 14 march march PROPN cblr-1722 327 15 2012 2012 NUM cblr-1722 327 16 , , PUNCT cblr-1722 327 17 cds cd NOUN cblr-1722 327 18 repayments repayment NOUN cblr-1722 327 19 were be AUX cblr-1722 327 20 triggered trigger VERB cblr-1722 327 21 in in ADP cblr-1722 327 22 greece greece PROPN cblr-1722 327 23 ’s ’s PART cblr-1722 327 24 restructuring.84 restructuring.84 PROPN cblr-1722 327 25 in in ADP cblr-1722 327 26 2014 2014 NUM cblr-1722 327 27 , , PUNCT cblr-1722 327 28 about about ADV cblr-1722 327 29 $ $ SYM cblr-1722 327 30 1 1 NUM cblr-1722 327 31 billion billion NUM cblr-1722 327 32 of of ADP cblr-1722 327 33 cds cd NOUN cblr-1722 327 34 on on ADP cblr-1722 327 35 argentina argentina PROPN cblr-1722 327 36 were be AUX cblr-1722 327 37 triggered trigger VERB cblr-1722 327 38 when when SCONJ cblr-1722 327 39 the the DET cblr-1722 327 40 nation nation NOUN cblr-1722 327 41 failed fail VERB cblr-1722 327 42 to to PART cblr-1722 327 43 pay pay VERB cblr-1722 327 44 its its PRON cblr-1722 327 45 debt.85 debt.85 PROPN cblr-1722 327 46 elliot elliot PROPN cblr-1722 327 47 management management PROPN cblr-1722 327 48 corp corp PROPN cblr-1722 327 49 . . PROPN cblr-1722 327 50 , , PUNCT cblr-1722 327 51 one one NUM cblr-1722 327 52 of of ADP cblr-1722 327 53 the the DET cblr-1722 327 54 vulture vulture ADJ cblr-1722 327 55 fund fund NOUN cblr-1722 327 56 holdouts holdout NOUN cblr-1722 327 57 , , PUNCT cblr-1722 327 58 was be AUX cblr-1722 327 59 rumored rumor VERB cblr-1722 327 60 to to PART cblr-1722 327 61 hold hold VERB cblr-1722 327 62 a a DET cblr-1722 327 63 substantial substantial ADJ cblr-1722 327 64 cds cd NOUN cblr-1722 327 65 portfolio portfolio NOUN cblr-1722 327 66 related relate VERB cblr-1722 327 67 to to ADP cblr-1722 327 68 the the DET cblr-1722 327 69 restructuring.86 restructuring.86 PROPN cblr-1722 328 1 3 3 X cblr-1722 328 2 . . PUNCT cblr-1722 328 3 odious odious ADJ cblr-1722 328 4 debt debt NOUN cblr-1722 328 5 when when SCONJ cblr-1722 328 6 vulture vulture NOUN cblr-1722 328 7 funds fund NOUN cblr-1722 328 8 trade trade VERB cblr-1722 328 9 the the DET cblr-1722 328 10 distressed distressed ADJ cblr-1722 328 11 sovereign sovereign ADJ cblr-1722 328 12 debt debt NOUN cblr-1722 328 13 of of ADP cblr-1722 328 14 impoverished impoverished ADJ cblr-1722 328 15 states state NOUN cblr-1722 328 16 , , PUNCT cblr-1722 328 17 they they PRON cblr-1722 328 18 may may AUX cblr-1722 328 19 exacerbate exacerbate VERB cblr-1722 328 20 another another DET cblr-1722 328 21 market market NOUN cblr-1722 328 22 inefficiency inefficiency NOUN cblr-1722 328 23 that that PRON cblr-1722 328 24 exists exist VERB cblr-1722 328 25 only only ADV cblr-1722 328 26 in in ADP cblr-1722 328 27 the the DET cblr-1722 328 28 sovereign sovereign ADJ cblr-1722 328 29 context context NOUN cblr-1722 328 30 . . PUNCT cblr-1722 329 1 corporations corporation NOUN cblr-1722 329 2 , , PUNCT cblr-1722 329 3 unlike unlike ADP cblr-1722 329 4 sovereign sovereign ADJ cblr-1722 329 5 states state NOUN cblr-1722 329 6 , , PUNCT cblr-1722 329 7 can can AUX cblr-1722 329 8 liquidate liquidate VERB cblr-1722 329 9 themselves themselves PRON cblr-1722 329 10 and and CCONJ cblr-1722 329 11 cease cease VERB cblr-1722 329 12 to to PART cblr-1722 329 13 exist exist VERB cblr-1722 329 14 as as ADP cblr-1722 329 15 a a DET cblr-1722 329 16 legal legal ADJ cblr-1722 329 17 entity entity NOUN cblr-1722 329 18 if if SCONJ cblr-1722 329 19 it it PRON cblr-1722 329 20 is be AUX cblr-1722 329 21 not not PART cblr-1722 329 22 feasible feasible ADJ cblr-1722 329 23 to to PART cblr-1722 329 24 continue continue VERB cblr-1722 329 25 existing.87 existing.87 NOUN cblr-1722 329 26 moreover moreover ADV cblr-1722 329 27 , , PUNCT cblr-1722 329 28 corporate corporate ADJ cblr-1722 329 29 law law NOUN cblr-1722 329 30 restricts restrict VERB cblr-1722 329 31 the the DET cblr-1722 329 32 range range NOUN cblr-1722 329 33 of of ADP cblr-1722 329 34 corporate corporate ADJ cblr-1722 329 35 governance governance NOUN cblr-1722 329 36 options option NOUN cblr-1722 329 37 , , PUNCT cblr-1722 329 38 providing provide VERB cblr-1722 329 39 a a DET cblr-1722 329 40 relatively relatively ADV cblr-1722 329 41 predictable predictable ADJ cblr-1722 329 42 and and CCONJ cblr-1722 329 43 stable stable ADJ cblr-1722 329 44 framework framework NOUN cblr-1722 329 45 . . PUNCT cblr-1722 330 1 by by ADP cblr-1722 330 2 comparison comparison NOUN cblr-1722 330 3 , , PUNCT cblr-1722 330 4 a a DET cblr-1722 330 5 sovereign sovereign ADJ cblr-1722 330 6 state state NOUN cblr-1722 330 7 ’s ’s PART cblr-1722 330 8 political political ADJ cblr-1722 330 9 system system NOUN cblr-1722 330 10 is be AUX cblr-1722 330 11 oftentimes oftentime NOUN cblr-1722 330 12 much much ADV cblr-1722 330 13 more more ADV cblr-1722 330 14 volatile volatile ADJ cblr-1722 330 15 . . PUNCT cblr-1722 331 1 furthermore furthermore ADV cblr-1722 331 2 , , PUNCT cblr-1722 331 3 not not PART cblr-1722 331 4 only only ADV cblr-1722 331 5 do do AUX cblr-1722 331 6 regimes regime NOUN cblr-1722 331 7 change change NOUN cblr-1722 331 8 , , PUNCT cblr-1722 331 9 but but CCONJ cblr-1722 331 10 entire entire ADJ cblr-1722 331 11 political political ADJ cblr-1722 331 12 systems system NOUN cblr-1722 331 13 can can AUX cblr-1722 331 14 change change VERB cblr-1722 331 15 along along ADP cblr-1722 331 16 with with ADP cblr-1722 331 17 them they PRON cblr-1722 331 18 as as ADV cblr-1722 331 19 well well ADV cblr-1722 331 20 . . PUNCT cblr-1722 332 1 thus thus ADV cblr-1722 332 2 , , PUNCT cblr-1722 332 3 a a DET cblr-1722 332 4 newly newly ADV cblr-1722 332 5 formed form VERB cblr-1722 332 6 democratic democratic ADJ cblr-1722 332 7 sovereign sovereign ADJ cblr-1722 332 8 84 84 NUM cblr-1722 332 9 i i PRON cblr-1722 332 10 d. d. PROPN cblr-1722 332 11 at at ADP cblr-1722 332 12 105 105 NUM cblr-1722 332 13 . . PROPN cblr-1722 332 14 85 85 NUM cblr-1722 332 15 matt matt PROPN cblr-1722 332 16 levine levine PROPN cblr-1722 332 17 , , PUNCT cblr-1722 332 18 today today NOUN cblr-1722 332 19 ’s ’ VERB cblr-1722 332 20 the the DET cblr-1722 332 21 day day NOUN cblr-1722 332 22 for for ADP cblr-1722 332 23 argentina argentina PROPN cblr-1722 332 24 and and CCONJ cblr-1722 332 25 its its PRON cblr-1722 332 26 vultures vulture NOUN cblr-1722 332 27 , , PUNCT cblr-1722 332 28 bloomberg bloomberg PROPN cblr-1722 332 29 ( ( PUNCT cblr-1722 332 30 july july PROPN cblr-1722 332 31 30 30 NUM cblr-1722 332 32 , , PUNCT cblr-1722 332 33 2014 2014 NUM cblr-1722 332 34 ) ) PUNCT cblr-1722 332 35 , , PUNCT cblr-1722 332 36 https://www.bloomberg.com/view/ https://www.bloomberg.com/view/ PRON cblr-1722 332 37 articles/2014 articles/2014 NOUN cblr-1722 332 38 - - PUNCT cblr-1722 332 39 07 07 NUM cblr-1722 332 40 - - PUNCT cblr-1722 332 41 30 30 NUM cblr-1722 332 42 / / SYM cblr-1722 332 43 today today NOUN cblr-1722 332 44 - - PUNCT cblr-1722 332 45 s s ADP cblr-1722 332 46 - - PUNCT cblr-1722 332 47 the the DET cblr-1722 332 48 - - PUNCT cblr-1722 332 49 day day NOUN cblr-1722 332 50 - - PUNCT cblr-1722 332 51 for for ADP cblr-1722 332 52 - - PUNCT cblr-1722 332 53 argentina argentina NOUN cblr-1722 332 54 - - PUNCT cblr-1722 332 55 and and CCONJ cblr-1722 332 56 - - PUNCT cblr-1722 332 57 its its PRON cblr-1722 332 58 - - PUNCT cblr-1722 332 59 vultures vultures NOUN cblr-1722 332 60 [ [ X cblr-1722 332 61 https://perma.cc/zt79-uksl https://perma.cc/zt79-uksl X cblr-1722 332 62 ] ] X cblr-1722 332 63 . . PUNCT cblr-1722 333 1 86 86 NUM cblr-1722 333 2 the the DET cblr-1722 333 3 payout payout NOUN cblr-1722 333 4 would would AUX cblr-1722 333 5 be be AUX cblr-1722 333 6 huge huge ADJ cblr-1722 333 7 for for ADP cblr-1722 333 8 elliot elliot NOUN cblr-1722 333 9 ; ; PUNCT cblr-1722 333 10 however however ADV cblr-1722 333 11 , , PUNCT cblr-1722 333 12 the the DET cblr-1722 333 13 mechanics mechanic NOUN cblr-1722 333 14 of of ADP cblr-1722 333 15 recovering recover VERB cblr-1722 333 16 on on ADP cblr-1722 333 17 cds cd NOUN cblr-1722 333 18 for for ADP cblr-1722 333 19 sovereign sovereign ADJ cblr-1722 333 20 debt debt NOUN cblr-1722 333 21 means mean VERB cblr-1722 333 22 recovery recovery NOUN cblr-1722 333 23 does do AUX cblr-1722 333 24 not not PART cblr-1722 333 25 translate translate VERB cblr-1722 333 26 neatly neatly ADV cblr-1722 333 27 in in ADP cblr-1722 333 28 a a DET cblr-1722 333 29 1:1 1:1 NUM cblr-1722 333 30 ratio ratio NOUN cblr-1722 333 31 . . PUNCT cblr-1722 334 1 rather rather ADV cblr-1722 334 2 , , PUNCT cblr-1722 334 3 only only ADV cblr-1722 334 4 about about ADV cblr-1722 334 5 70 70 NUM cblr-1722 334 6 % % NOUN cblr-1722 334 7 of of ADP cblr-1722 334 8 the the DET cblr-1722 334 9 value value NOUN cblr-1722 334 10 would would AUX cblr-1722 334 11 be be AUX cblr-1722 334 12 recovered recover VERB cblr-1722 334 13 . . PUNCT cblr-1722 335 1 i i PRON cblr-1722 335 2 d. d. PROPN cblr-1722 335 3 because because SCONJ cblr-1722 335 4 recovery recovery NOUN cblr-1722 335 5 is be AUX cblr-1722 335 6 less less ADJ cblr-1722 335 7 than than ADP cblr-1722 335 8 100 100 NUM cblr-1722 335 9 % % NOUN cblr-1722 335 10 , , PUNCT cblr-1722 335 11 it it PRON cblr-1722 335 12 is be AUX cblr-1722 335 13 unlikely unlikely ADJ cblr-1722 335 14 that that SCONJ cblr-1722 335 15 cds cd NOUN cblr-1722 335 16 would would AUX cblr-1722 335 17 be be AUX cblr-1722 335 18 used use VERB cblr-1722 335 19 purely purely ADV cblr-1722 335 20 for for ADP cblr-1722 335 21 insurance insurance NOUN cblr-1722 335 22 purposes purpose NOUN cblr-1722 335 23 with with ADP cblr-1722 335 24 respect respect NOUN cblr-1722 335 25 to to ADP cblr-1722 335 26 sovereign sovereign ADJ cblr-1722 335 27 debt debt NOUN cblr-1722 335 28 . . PUNCT cblr-1722 336 1 they they PRON cblr-1722 336 2 are be AUX cblr-1722 336 3 much much ADV cblr-1722 336 4 more more ADV cblr-1722 336 5 likely likely ADJ cblr-1722 336 6 to to PART cblr-1722 336 7 be be AUX cblr-1722 336 8 used use VERB cblr-1722 336 9 by by ADP cblr-1722 336 10 speculators speculator NOUN cblr-1722 336 11 / / SYM cblr-1722 336 12 vulture vulture NOUN cblr-1722 336 13 funds fund NOUN cblr-1722 336 14 . . PUNCT cblr-1722 337 1 moreover moreover ADV cblr-1722 337 2 , , PUNCT cblr-1722 337 3 “ " PUNCT cblr-1722 337 4 [ [ X cblr-1722 337 5 e]ven e]ven ADJ cblr-1722 337 6 when when SCONJ cblr-1722 337 7 insurance insurance NOUN cblr-1722 337 8 is be AUX cblr-1722 337 9 fairly fairly ADV cblr-1722 337 10 priced price VERB cblr-1722 337 11 and and CCONJ cblr-1722 337 12 correctly correctly ADV cblr-1722 337 13 anticipates anticipate VERB cblr-1722 337 14 the the DET cblr-1722 337 15 creditors creditor NOUN cblr-1722 337 16 ’ ’ PART cblr-1722 337 17 potential potential ADJ cblr-1722 337 18 value value NOUN cblr-1722 337 19 - - PUNCT cblr-1722 337 20 destroying destroy VERB cblr-1722 337 21 behavior behavior NOUN cblr-1722 337 22 in in ADP cblr-1722 337 23 renegotiation renegotiation NOUN cblr-1722 337 24 , , PUNCT cblr-1722 337 25 creditors creditor NOUN cblr-1722 337 26 have have VERB cblr-1722 337 27 an an DET cblr-1722 337 28 incentive incentive NOUN cblr-1722 337 29 to to AUX cblr-1722 337 30 over over ADV cblr-1722 337 31 - - PUNCT cblr-1722 337 32 insure insure VERB cblr-1722 337 33 . . PUNCT cblr-1722 337 34 ” " PUNCT cblr-1722 338 1 bolton bolton PROPN cblr-1722 338 2 & & CCONJ cblr-1722 338 3 oehmke oehmke PROPN cblr-1722 338 4 supra supra PROPN cblr-1722 338 5 note note PROPN cblr-1722 338 6 72 72 NUM cblr-1722 338 7 , , PUNCT cblr-1722 338 8 at at ADP cblr-1722 338 9 2622 2622 NUM cblr-1722 338 10 . . PUNCT cblr-1722 339 1 thus thus ADV cblr-1722 339 2 , , PUNCT cblr-1722 339 3 even even ADV cblr-1722 339 4 if if SCONJ cblr-1722 339 5 the the DET cblr-1722 339 6 debt debt NOUN cblr-1722 339 7 market market NOUN cblr-1722 339 8 prices price NOUN cblr-1722 339 9 the the DET cblr-1722 339 10 cds cd NOUN cblr-1722 339 11 accounting account VERB cblr-1722 339 12 for for ADP cblr-1722 339 13 the the DET cblr-1722 339 14 fact fact NOUN cblr-1722 339 15 that that SCONJ cblr-1722 339 16 debt debt NOUN cblr-1722 339 17 might might AUX cblr-1722 339 18 be be AUX cblr-1722 339 19 held hold VERB cblr-1722 339 20 by by ADP cblr-1722 339 21 empty empty ADJ cblr-1722 339 22 creditors creditor NOUN cblr-1722 339 23 , , PUNCT cblr-1722 339 24 creditors creditor NOUN cblr-1722 339 25 will will AUX cblr-1722 339 26 still still ADV cblr-1722 339 27 over over ADV cblr-1722 339 28 - - PUNCT cblr-1722 339 29 insure insure VERB cblr-1722 339 30 , , PUNCT cblr-1722 339 31 leading lead VERB cblr-1722 339 32 to to ADP cblr-1722 339 33 the the DET cblr-1722 339 34 same same ADJ cblr-1722 339 35 issue issue NOUN cblr-1722 339 36 . . PUNCT cblr-1722 340 1 87 87 NUM cblr-1722 340 2 see see VERB cblr-1722 340 3 , , PUNCT cblr-1722 340 4 e.g. e.g. ADV cblr-1722 340 5 , , PUNCT cblr-1722 340 6 11 11 NUM cblr-1722 340 7 u.s.c u.s.c NOUN cblr-1722 340 8 . . PUNCT cblr-1722 341 1 § § PROPN cblr-1722 341 2 § § PROPN cblr-1722 341 3 701–83 701–83 NOUN cblr-1722 341 4 ( ( PUNCT cblr-1722 341 5 2012 2012 NUM cblr-1722 341 6 ) ) PUNCT cblr-1722 341 7 ; ; PUNCT cblr-1722 341 8 insolvency insolvency NOUN cblr-1722 341 9 and and CCONJ cblr-1722 341 10 bankruptcy bankruptcy NOUN cblr-1722 341 11 code code PROPN cblr-1722 341 12 , , PUNCT cblr-1722 341 13 no no INTJ cblr-1722 341 14 . . NOUN cblr-1722 341 15 31 31 NUM cblr-1722 341 16 of of ADP cblr-1722 341 17 2016 2016 NUM cblr-1722 341 18 , , PUNCT cblr-1722 341 19 india india PROPN cblr-1722 341 20 code code PROPN cblr-1722 341 21 ( ( PUNCT cblr-1722 341 22 2016 2016 NUM cblr-1722 341 23 ) ) PUNCT cblr-1722 341 24 , , PUNCT cblr-1722 341 25 vol vol NOUN cblr-1722 341 26 . . PUNCT cblr-1722 341 27 37 37 NUM cblr-1722 341 28 . . PUNCT cblr-1722 342 1 wozny wozny ADJ cblr-1722 342 2 – – PUNCT cblr-1722 342 3 final final ADJ cblr-1722 342 4 722 722 NUM cblr-1722 342 5 columbia columbia PROPN cblr-1722 342 6 business business NOUN cblr-1722 342 7 law law PROPN cblr-1722 342 8 review review NOUN cblr-1722 343 1 [ [ X cblr-1722 343 2 vol vol NOUN cblr-1722 343 3 . . NOUN cblr-1722 343 4 2017 2017 NUM cblr-1722 343 5 state state NOUN cblr-1722 343 6 may may AUX cblr-1722 343 7 inherit inherit VERB cblr-1722 343 8 the the DET cblr-1722 343 9 self self NOUN cblr-1722 343 10 - - PUNCT cblr-1722 343 11 serving serve VERB cblr-1722 343 12 debts debt NOUN cblr-1722 343 13 incurred incur VERB cblr-1722 343 14 by by ADP cblr-1722 343 15 the the DET cblr-1722 343 16 preceding precede VERB cblr-1722 343 17 dictatorship dictatorship NOUN cblr-1722 343 18 . . PUNCT cblr-1722 344 1 this this DET cblr-1722 344 2 debt debt NOUN cblr-1722 344 3 , , PUNCT cblr-1722 344 4 known know VERB cblr-1722 344 5 as as ADP cblr-1722 344 6 odious odious ADJ cblr-1722 344 7 debt debt NOUN cblr-1722 344 8 , , PUNCT cblr-1722 344 9 at at ADP cblr-1722 344 10 best good ADJ cblr-1722 344 11 complicates complicate NOUN cblr-1722 344 12 and and CCONJ cblr-1722 344 13 at at ADP cblr-1722 344 14 worst bad ADJ cblr-1722 344 15 endangers endanger VERB cblr-1722 344 16 the the DET cblr-1722 344 17 new new ADJ cblr-1722 344 18 regime regime NOUN cblr-1722 344 19 ’s ’s PART cblr-1722 344 20 macroeconomic macroeconomic ADJ cblr-1722 344 21 policies.88 policies.88 PROPN cblr-1722 344 22 odious odious ADJ cblr-1722 344 23 debt debt NOUN cblr-1722 344 24 refers refer VERB cblr-1722 344 25 to to ADP cblr-1722 344 26 money money NOUN cblr-1722 344 27 borrowed borrow VERB cblr-1722 344 28 by by ADP cblr-1722 344 29 a a DET cblr-1722 344 30 regime regime NOUN cblr-1722 344 31 in in ADP cblr-1722 344 32 the the DET cblr-1722 344 33 name name NOUN cblr-1722 344 34 of of ADP cblr-1722 344 35 the the DET cblr-1722 344 36 state state NOUN cblr-1722 344 37 , , PUNCT cblr-1722 344 38 but but CCONJ cblr-1722 344 39 then then ADV cblr-1722 344 40 stolen steal VERB cblr-1722 344 41 or or CCONJ cblr-1722 344 42 squandered squander VERB cblr-1722 344 43 by by ADP cblr-1722 344 44 the the DET cblr-1722 344 45 regime regime NOUN cblr-1722 344 46 ’s ’s PART cblr-1722 344 47 dictator.89 dictator.89 NOUN cblr-1722 344 48 the the DET cblr-1722 344 49 conditions condition NOUN cblr-1722 344 50 sufficient sufficient ADJ cblr-1722 344 51 for for SCONJ cblr-1722 344 52 a a DET cblr-1722 344 53 debt debt NOUN cblr-1722 344 54 to to PART cblr-1722 344 55 be be AUX cblr-1722 344 56 considered consider VERB cblr-1722 344 57 odious odious ADJ cblr-1722 344 58 include include NOUN cblr-1722 344 59 : : PUNCT cblr-1722 344 60 the the DET cblr-1722 344 61 debt debt NOUN cblr-1722 344 62 is be AUX cblr-1722 344 63 incurred incur VERB cblr-1722 344 64 without without ADP cblr-1722 344 65 the the DET cblr-1722 344 66 consent consent NOUN cblr-1722 344 67 of of ADP cblr-1722 344 68 the the DET cblr-1722 344 69 people people NOUN cblr-1722 344 70 , , PUNCT cblr-1722 344 71 the the DET cblr-1722 344 72 debt debt NOUN cblr-1722 344 73 accrues accrue VERB cblr-1722 344 74 no no DET cblr-1722 344 75 benefit benefit NOUN cblr-1722 344 76 to to ADP cblr-1722 344 77 the the DET cblr-1722 344 78 people people NOUN cblr-1722 344 79 , , PUNCT cblr-1722 344 80 and and CCONJ cblr-1722 344 81 these these DET cblr-1722 344 82 facts fact NOUN cblr-1722 344 83 were be AUX cblr-1722 344 84 known know VERB cblr-1722 344 85 by by ADP cblr-1722 344 86 creditors creditor NOUN cblr-1722 344 87 at at ADP cblr-1722 344 88 the the DET cblr-1722 344 89 time time NOUN cblr-1722 344 90 the the DET cblr-1722 344 91 loan loan NOUN cblr-1722 344 92 was be AUX cblr-1722 344 93 made.90 made.90 PROPN cblr-1722 344 94 there there PRON cblr-1722 344 95 is be VERB cblr-1722 344 96 no no DET cblr-1722 344 97 legal legal ADJ cblr-1722 344 98 designation designation NOUN cblr-1722 344 99 known know VERB cblr-1722 344 100 as as ADP cblr-1722 344 101 odious odious ADJ cblr-1722 344 102 debt debt NOUN cblr-1722 344 103 nor nor CCONJ cblr-1722 344 104 currently currently ADV cblr-1722 344 105 any any DET cblr-1722 344 106 official official ADJ cblr-1722 344 107 mechanism mechanism NOUN cblr-1722 344 108 or or CCONJ cblr-1722 344 109 recognized recognize VERB cblr-1722 344 110 tribunal tribunal NOUN cblr-1722 344 111 that that PRON cblr-1722 344 112 could could AUX cblr-1722 344 113 designate designate VERB cblr-1722 344 114 certain certain ADJ cblr-1722 344 115 debt debt NOUN cblr-1722 344 116 as as ADP cblr-1722 344 117 odious.91 odious.91 NOUN cblr-1722 344 118 as as ADP cblr-1722 344 119 such such ADJ cblr-1722 344 120 , , PUNCT cblr-1722 344 121 “ " PUNCT cblr-1722 344 122 odious odious ADJ cblr-1722 344 123 debt debt NOUN cblr-1722 344 124 ” " PUNCT cblr-1722 344 125 refers refer VERB cblr-1722 344 126 to to ADP cblr-1722 344 127 a a DET cblr-1722 344 128 doctrine doctrine NOUN cblr-1722 344 129 that that PRON cblr-1722 344 130 seeks seek VERB cblr-1722 344 131 to to PART cblr-1722 344 132 excuse excuse VERB cblr-1722 344 133 these these DET cblr-1722 344 134 and and CCONJ cblr-1722 344 135 other other ADJ cblr-1722 344 136 illegitimate illegitimate ADJ cblr-1722 344 137 debts debt NOUN cblr-1722 344 138 from from ADP cblr-1722 344 139 sovereign sovereign ADJ cblr-1722 344 140 debt debt NOUN cblr-1722 344 141 litigation litigation NOUN cblr-1722 344 142 . . PUNCT cblr-1722 345 1 almost almost ADV cblr-1722 345 2 by by ADP cblr-1722 345 3 definition definition NOUN cblr-1722 345 4 , , PUNCT cblr-1722 345 5 odious odious ADJ cblr-1722 345 6 debt debt NOUN cblr-1722 345 7 is be AUX cblr-1722 345 8 not not PART cblr-1722 345 9 pareto pareto VERB cblr-1722 345 10 efficient efficient ADJ cblr-1722 345 11 , , PUNCT cblr-1722 345 12 and and CCONJ cblr-1722 345 13 it it PRON cblr-1722 345 14 is be AUX cblr-1722 345 15 hard hard ADJ cblr-1722 345 16 to to PART cblr-1722 345 17 imagine imagine VERB cblr-1722 345 18 any any DET cblr-1722 345 19 scenario scenario NOUN cblr-1722 345 20 in in ADP cblr-1722 345 21 which which PRON cblr-1722 345 22 odious odious ADJ cblr-1722 345 23 debt debt NOUN cblr-1722 345 24 is be AUX cblr-1722 345 25 kaldor kaldor ADJ cblr-1722 345 26 - - PUNCT cblr-1722 345 27 hicks hicks PROPN cblr-1722 345 28 efficient efficient ADJ cblr-1722 345 29 either.92 either.92 PROPN cblr-1722 345 30 yet yet ADV cblr-1722 345 31 , , PUNCT cblr-1722 345 32 vulture vulture ADJ cblr-1722 345 33 funds fund NOUN cblr-1722 345 34 do do VERB cblr-1722 345 35 not not PART cblr-1722 345 36 88 88 NUM cblr-1722 345 37 caroline caroline PROPN cblr-1722 345 38 m. m. NOUN cblr-1722 345 39 gentile gentile NOUN cblr-1722 345 40 , , PUNCT cblr-1722 345 41 market market NOUN cblr-1722 345 42 for for ADP cblr-1722 345 43 odious odious ADJ cblr-1722 345 44 debt debt NOUN cblr-1722 345 45 , , PUNCT cblr-1722 345 46 73 73 NUM cblr-1722 345 47 law law NOUN cblr-1722 345 48 & & CCONJ cblr-1722 345 49 contemp contemp NOUN cblr-1722 345 50 . . PUNCT cblr-1722 346 1 probs prob NOUN cblr-1722 346 2 . . PUNCT cblr-1722 347 1 151 151 NUM cblr-1722 347 2 , , PUNCT cblr-1722 347 3 151 151 NUM cblr-1722 347 4 ( ( PUNCT cblr-1722 347 5 2010 2010 NUM cblr-1722 347 6 ) ) PUNCT cblr-1722 347 7 . . PUNCT cblr-1722 348 1 89 89 NUM cblr-1722 348 2 lee lee PROPN cblr-1722 348 3 c. c. PROPN cblr-1722 348 4 buchheit buchheit PROPN cblr-1722 348 5 , , PUNCT cblr-1722 348 6 g. g. PROPN cblr-1722 348 7 mitu mitu PROPN cblr-1722 348 8 gulati gulati PROPN cblr-1722 348 9 & & CCONJ cblr-1722 348 10 robert robert PROPN cblr-1722 348 11 b. b. PROPN cblr-1722 348 12 thompson thompson PROPN cblr-1722 348 13 , , PUNCT cblr-1722 348 14 the the DET cblr-1722 348 15 dilemma dilemma NOUN cblr-1722 348 16 of of ADP cblr-1722 348 17 odious odious ADJ cblr-1722 348 18 debts debt NOUN cblr-1722 348 19 , , PUNCT cblr-1722 348 20 56 56 NUM cblr-1722 348 21 duke duke PROPN cblr-1722 348 22 l.j l.j PROPN cblr-1722 348 23 . . PROPN cblr-1722 348 24 1201 1201 NUM cblr-1722 348 25 , , PUNCT cblr-1722 348 26 1201 1201 NUM cblr-1722 348 27 ( ( PUNCT cblr-1722 348 28 2007 2007 NUM cblr-1722 348 29 ) ) PUNCT cblr-1722 348 30 . . PUNCT cblr-1722 349 1 90 90 NUM cblr-1722 349 2 see see VERB cblr-1722 349 3 patricia patricia PROPN cblr-1722 349 4 adams adams PROPN cblr-1722 349 5 , , PUNCT cblr-1722 349 6 odious odious ADJ cblr-1722 349 7 debts debt NOUN cblr-1722 349 8 : : PUNCT cblr-1722 349 9 loose loose ADJ cblr-1722 349 10 lending lending NOUN cblr-1722 349 11 , , PUNCT cblr-1722 349 12 corruption corruption NOUN cblr-1722 349 13 , , PUNCT cblr-1722 349 14 and and CCONJ cblr-1722 349 15 the the DET cblr-1722 349 16 third third ADJ cblr-1722 349 17 world world NOUN cblr-1722 349 18 ’s ’s PART cblr-1722 349 19 environmental environmental ADJ cblr-1722 349 20 legacy legacy NOUN cblr-1722 349 21 165–66 165–66 PROPN cblr-1722 349 22 ( ( PUNCT cblr-1722 349 23 1991 1991 NUM cblr-1722 349 24 ) ) PUNCT cblr-1722 349 25 ; ; PUNCT cblr-1722 349 26 ctr ctr PROPN cblr-1722 349 27 . . PUNCT cblr-1722 350 1 for for ADP cblr-1722 350 2 int’l int’l NUM cblr-1722 350 3 sustainable sustainable ADJ cblr-1722 350 4 dev dev PROPN cblr-1722 350 5 . . PUNCT cblr-1722 350 6 law law NOUN cblr-1722 350 7 , , PUNCT cblr-1722 350 8 advancing advance VERB cblr-1722 350 9 the the DET cblr-1722 350 10 odious odious ADJ cblr-1722 350 11 debt debt NOUN cblr-1722 350 12 doctrine doctrine NOUN cblr-1722 350 13 1 1 NUM cblr-1722 350 14 ( ( PUNCT cblr-1722 350 15 cisdl cisdl NOUN cblr-1722 350 16 working working PROPN cblr-1722 350 17 paper paper PROPN cblr-1722 350 18 no no INTJ cblr-1722 350 19 . . PUNCT cblr-1722 350 20 com com NOUN cblr-1722 350 21 / / SYM cblr-1722 350 22 res re NOUN cblr-1722 350 23 / / SYM cblr-1722 350 24 esj esj NOUN cblr-1722 350 25 , , PUNCT cblr-1722 350 26 2003 2003 NUM cblr-1722 350 27 ) ) PUNCT cblr-1722 350 28 , , PUNCT cblr-1722 350 29 http://cisdl.org/public/docs/pdf/odious_debt_study.pdf http://cisdl.org/public/docs/pdf/odious_debt_study.pdf VERB cblr-1722 351 1 [ [ X cblr-1722 351 2 https://perma.cc/vy2s-u7c7 https://perma.cc/vy2s-u7c7 X cblr-1722 351 3 ] ] X cblr-1722 351 4 ( ( PUNCT cblr-1722 351 5 odious odious ADJ cblr-1722 351 6 debt debt NOUN cblr-1722 351 7 as as SCONJ cblr-1722 351 8 “ " PUNCT cblr-1722 351 9 contracted contract VERB cblr-1722 351 10 against against ADP cblr-1722 351 11 the the DET cblr-1722 351 12 interest interest NOUN cblr-1722 351 13 of of ADP cblr-1722 351 14 the the DET cblr-1722 351 15 population population NOUN cblr-1722 351 16 of of ADP cblr-1722 351 17 a a DET cblr-1722 351 18 state state NOUN cblr-1722 351 19 , , PUNCT cblr-1722 351 20 without without ADP cblr-1722 351 21 its its PRON cblr-1722 351 22 consent consent NOUN cblr-1722 351 23 and and CCONJ cblr-1722 351 24 with with ADP cblr-1722 351 25 the the DET cblr-1722 351 26 full full ADJ cblr-1722 351 27 awareness awareness NOUN cblr-1722 351 28 of of ADP cblr-1722 351 29 the the DET cblr-1722 351 30 creditor creditor NOUN cblr-1722 351 31 ” " PUNCT cblr-1722 351 32 ) ) PUNCT cblr-1722 351 33 . . PUNCT cblr-1722 352 1 gentile gentile NOUN cblr-1722 352 2 traces trace VERB cblr-1722 352 3 these these DET cblr-1722 352 4 principles principle NOUN cblr-1722 352 5 to to ADP cblr-1722 352 6 the the DET cblr-1722 352 7 paris paris PROPN cblr-1722 352 8 conference conference PROPN cblr-1722 352 9 following follow VERB cblr-1722 352 10 the the DET cblr-1722 352 11 war war NOUN cblr-1722 352 12 of of ADP cblr-1722 352 13 1898 1898 NUM cblr-1722 352 14 and and CCONJ cblr-1722 352 15 argues argue VERB cblr-1722 352 16 the the DET cblr-1722 352 17 first first ADJ cblr-1722 352 18 application application NOUN cblr-1722 352 19 of of ADP cblr-1722 352 20 the the DET cblr-1722 352 21 odious odious ADJ cblr-1722 352 22 debt debt NOUN cblr-1722 352 23 doctrine doctrine NOUN cblr-1722 352 24 occurred occur VERB cblr-1722 352 25 in in ADP cblr-1722 352 26 1923 1923 NUM cblr-1722 352 27 by by ADP cblr-1722 352 28 chief chief ADJ cblr-1722 352 29 justice justice NOUN cblr-1722 352 30 taft taft NOUN cblr-1722 352 31 in in ADP cblr-1722 352 32 an an DET cblr-1722 352 33 arbitration arbitration NOUN cblr-1722 352 34 between between ADP cblr-1722 352 35 great great ADJ cblr-1722 352 36 britain britain PROPN cblr-1722 352 37 and and CCONJ cblr-1722 352 38 costa costa PROPN cblr-1722 352 39 rica rica PROPN cblr-1722 352 40 . . PUNCT cblr-1722 353 1 see see VERB cblr-1722 353 2 gentile gentile NOUN cblr-1722 353 3 , , PUNCT cblr-1722 353 4 supra supra PROPN cblr-1722 353 5 note note NOUN cblr-1722 353 6 88 88 NUM cblr-1722 353 7 , , PUNCT cblr-1722 353 8 at at ADP cblr-1722 353 9 155–56 155–56 PROPN cblr-1722 353 10 . . PUNCT cblr-1722 354 1 91 91 NUM cblr-1722 354 2 see see VERB cblr-1722 354 3 generally generally ADV cblr-1722 354 4 adam adam PROPN cblr-1722 354 5 feibelman feibelman PROPN cblr-1722 354 6 , , PUNCT cblr-1722 354 7 contract contract NOUN cblr-1722 354 8 , , PUNCT cblr-1722 354 9 priority priority NOUN cblr-1722 354 10 , , PUNCT cblr-1722 354 11 and and CCONJ cblr-1722 354 12 odious odious ADJ cblr-1722 354 13 debt debt NOUN cblr-1722 354 14 , , PUNCT cblr-1722 354 15 85 85 NUM cblr-1722 354 16 n.c.l n.c.l NOUN cblr-1722 354 17 . . PUNCT cblr-1722 355 1 rev rev PROPN cblr-1722 355 2 . . PROPN cblr-1722 356 1 727 727 NUM cblr-1722 356 2 , , PUNCT cblr-1722 356 3 729–30 729–30 NUM cblr-1722 356 4 ( ( PUNCT cblr-1722 356 5 2007 2007 NUM cblr-1722 356 6 ) ) PUNCT cblr-1722 356 7 . . PUNCT cblr-1722 357 1 92 92 NUM cblr-1722 357 2 kaldor kaldor PROPN cblr-1722 357 3 - - PUNCT cblr-1722 357 4 hicks hicks PROPN cblr-1722 357 5 efficiency efficiency NOUN cblr-1722 357 6 refers refer VERB cblr-1722 357 7 to to ADP cblr-1722 357 8 the the DET cblr-1722 357 9 economic economic ADJ cblr-1722 357 10 state state NOUN cblr-1722 357 11 of of ADP cblr-1722 357 12 allocating allocate VERB cblr-1722 357 13 resources resource NOUN cblr-1722 357 14 such such ADJ cblr-1722 357 15 that that SCONJ cblr-1722 357 16 at at ADV cblr-1722 357 17 least least ADV cblr-1722 357 18 one one NUM cblr-1722 357 19 party party NOUN cblr-1722 357 20 gains gain VERB cblr-1722 357 21 resources resource NOUN cblr-1722 357 22 after after SCONJ cblr-1722 357 23 all all DET cblr-1722 357 24 postreallocation postreallocation NOUN cblr-1722 357 25 losses loss NOUN cblr-1722 357 26 are be AUX cblr-1722 357 27 fully fully ADV cblr-1722 357 28 compensated compensate VERB cblr-1722 357 29 . . PUNCT cblr-1722 358 1 wozny wozny ADJ cblr-1722 358 2 – – PUNCT cblr-1722 358 3 final final ADJ cblr-1722 358 4 no no NOUN cblr-1722 358 5 . . PUNCT cblr-1722 359 1 2:697 2:697 NUM cblr-1722 359 2 ] ] X cblr-1722 359 3 national national ADJ cblr-1722 359 4 anti anti ADJ cblr-1722 359 5 - - ADJ cblr-1722 359 6 vulture vulture ADJ cblr-1722 359 7 funds fund NOUN cblr-1722 359 8 legislation legislation NOUN cblr-1722 359 9 723 723 NUM cblr-1722 359 10 discriminate discriminate VERB cblr-1722 359 11 against against ADP cblr-1722 359 12 odious odious ADJ cblr-1722 359 13 debt debt NOUN cblr-1722 359 14 and and CCONJ cblr-1722 359 15 trade trade NOUN cblr-1722 359 16 it it PRON cblr-1722 359 17 if if SCONJ cblr-1722 359 18 financially financially ADV cblr-1722 359 19 profitable profitable ADJ cblr-1722 359 20 to to PART cblr-1722 359 21 do do VERB cblr-1722 359 22 so.93 so.93 NOUN cblr-1722 359 23 these these DET cblr-1722 359 24 characteristics characteristic NOUN cblr-1722 359 25 make make VERB cblr-1722 359 26 it it PRON cblr-1722 359 27 highly highly ADV cblr-1722 359 28 unlikely unlikely ADJ cblr-1722 359 29 that that SCONJ cblr-1722 359 30 vulture vulture NOUN cblr-1722 359 31 funds fund NOUN cblr-1722 359 32 bring bring VERB cblr-1722 359 33 efficiency efficiency NOUN cblr-1722 359 34 into into ADP cblr-1722 359 35 the the DET cblr-1722 359 36 market market NOUN cblr-1722 359 37 by by ADP cblr-1722 359 38 trading trade VERB cblr-1722 359 39 odious odious ADJ cblr-1722 359 40 debt debt NOUN cblr-1722 359 41 . . PUNCT cblr-1722 360 1 generally generally ADV cblr-1722 360 2 , , PUNCT cblr-1722 360 3 vulture vulture ADJ cblr-1722 360 4 funds fund NOUN cblr-1722 360 5 provide provide VERB cblr-1722 360 6 ex ex PRON cblr-1722 360 7 ante ante NOUN cblr-1722 360 8 incentives incentive NOUN cblr-1722 360 9 for for ADP cblr-1722 360 10 sovereigns sovereign NOUN cblr-1722 360 11 to to PART cblr-1722 360 12 implement implement VERB cblr-1722 360 13 better well ADJ cblr-1722 360 14 capital capital NOUN cblr-1722 360 15 structures.94 structures.94 VERB cblr-1722 360 16 the the DET cblr-1722 360 17 very very ADJ cblr-1722 360 18 fact fact NOUN cblr-1722 360 19 that that SCONJ cblr-1722 360 20 odious odious ADJ cblr-1722 360 21 debt debt NOUN cblr-1722 360 22 is be AUX cblr-1722 360 23 incurred incur VERB cblr-1722 360 24 despite despite SCONJ cblr-1722 360 25 an an DET cblr-1722 360 26 active active ADJ cblr-1722 360 27 vulture vulture NOUN cblr-1722 360 28 fund fund NOUN cblr-1722 360 29 presence presence NOUN cblr-1722 360 30 in in ADP cblr-1722 360 31 the the DET cblr-1722 360 32 market market NOUN cblr-1722 360 33 evidences evidence VERB cblr-1722 360 34 that that SCONJ cblr-1722 360 35 these these DET cblr-1722 360 36 ex ex PROPN cblr-1722 360 37 ante ante NOUN cblr-1722 360 38 incentives incentive NOUN cblr-1722 360 39 do do AUX cblr-1722 360 40 not not PART cblr-1722 360 41 reach reach VERB cblr-1722 360 42 all all DET cblr-1722 360 43 dictatorships dictatorship NOUN cblr-1722 360 44 . . PUNCT cblr-1722 361 1 numerous numerous ADJ cblr-1722 361 2 reasons reason NOUN cblr-1722 361 3 might might AUX cblr-1722 361 4 explain explain VERB cblr-1722 361 5 this this DET cblr-1722 361 6 phenomenon phenomenon NOUN cblr-1722 361 7 . . PUNCT cblr-1722 362 1 overthrown overthrow VERB cblr-1722 362 2 dictatorships dictatorship NOUN cblr-1722 362 3 can can AUX cblr-1722 362 4 not not PART cblr-1722 362 5 be be AUX cblr-1722 362 6 incentivized incentivize VERB cblr-1722 362 7 to to PART cblr-1722 362 8 adopt adopt VERB cblr-1722 362 9 more more ADV cblr-1722 362 10 efficient efficient ADJ cblr-1722 362 11 capital capital NOUN cblr-1722 362 12 structures structure NOUN cblr-1722 362 13 because because SCONJ cblr-1722 362 14 they they PRON cblr-1722 362 15 no no ADV cblr-1722 362 16 longer long ADV cblr-1722 362 17 exist exist VERB cblr-1722 362 18 , , PUNCT cblr-1722 362 19 and and CCONJ cblr-1722 362 20 generally generally ADV cblr-1722 362 21 , , PUNCT cblr-1722 362 22 still still ADV cblr-1722 362 23 - - PUNCT cblr-1722 362 24 existing exist VERB cblr-1722 362 25 dictatorships dictatorship NOUN cblr-1722 362 26 can can AUX cblr-1722 362 27 not not PART cblr-1722 362 28 be be AUX cblr-1722 362 29 incentivized incentivize VERB cblr-1722 362 30 to to ADP cblr-1722 362 31 forego forego ADJ cblr-1722 362 32 bad bad ADJ cblr-1722 362 33 debt debt NOUN cblr-1722 362 34 for for ADP cblr-1722 362 35 personal personal ADJ cblr-1722 362 36 gain gain NOUN cblr-1722 362 37 because because SCONJ cblr-1722 362 38 their their PRON cblr-1722 362 39 legitimacy legitimacy NOUN cblr-1722 362 40 does do AUX cblr-1722 362 41 not not PART cblr-1722 362 42 depend depend VERB cblr-1722 362 43 upon upon SCONJ cblr-1722 362 44 citizen citizen NOUN cblr-1722 362 45 satisfaction satisfaction NOUN cblr-1722 362 46 . . PUNCT cblr-1722 363 1 second second ADJ cblr-1722 363 2 , , PUNCT cblr-1722 363 3 because because SCONJ cblr-1722 363 4 taxpayers taxpayer NOUN cblr-1722 363 5 bear bear VERB cblr-1722 363 6 the the DET cblr-1722 363 7 burden burden NOUN cblr-1722 363 8 of of ADP cblr-1722 363 9 any any DET cblr-1722 363 10 litigation,95 litigation,95 ADJ cblr-1722 363 11 and and CCONJ cblr-1722 363 12 the the DET cblr-1722 363 13 dictator dictator NOUN cblr-1722 363 14 yields yield VERB cblr-1722 363 15 all all DET cblr-1722 363 16 private private ADJ cblr-1722 363 17 benefits benefit NOUN cblr-1722 363 18 from from ADP cblr-1722 363 19 the the DET cblr-1722 363 20 debt debt NOUN cblr-1722 363 21 , , PUNCT cblr-1722 363 22 the the DET cblr-1722 363 23 dictator dictator NOUN cblr-1722 363 24 prefers prefer VERB cblr-1722 363 25 bad bad ADJ cblr-1722 363 26 debt debt NOUN cblr-1722 363 27 . . PUNCT cblr-1722 364 1 moreover moreover ADV cblr-1722 364 2 , , PUNCT cblr-1722 364 3 reputational reputational ADJ cblr-1722 364 4 harm harm NOUN cblr-1722 364 5 does do AUX cblr-1722 364 6 not not PART cblr-1722 364 7 deter deter VERB cblr-1722 364 8 dictatorships dictatorship NOUN cblr-1722 364 9 from from ADP cblr-1722 364 10 incurring incur VERB cblr-1722 364 11 debt debt NOUN cblr-1722 364 12 either either CCONJ cblr-1722 364 13 because because SCONJ cblr-1722 364 14 dictatorships dictatorship NOUN cblr-1722 364 15 do do AUX cblr-1722 364 16 not not PART cblr-1722 364 17 care care VERB cblr-1722 364 18 about about ADP cblr-1722 364 19 their their PRON cblr-1722 364 20 reputation reputation NOUN cblr-1722 364 21 . . PUNCT cblr-1722 365 1 finally finally ADV cblr-1722 365 2 , , PUNCT cblr-1722 365 3 the the DET cblr-1722 365 4 benefits benefit NOUN cblr-1722 365 5 of of ADP cblr-1722 365 6 vulture vulture ADJ cblr-1722 365 7 funds fund NOUN cblr-1722 365 8 exposing expose VERB cblr-1722 365 9 corruption96 corruption96 NOUN cblr-1722 365 10 are be AUX cblr-1722 365 11 limited limit VERB cblr-1722 365 12 in in ADP cblr-1722 365 13 the the DET cblr-1722 365 14 case case NOUN cblr-1722 365 15 of of ADP cblr-1722 365 16 dictatorships dictatorship NOUN cblr-1722 365 17 because because SCONJ cblr-1722 365 18 such such ADJ cblr-1722 365 19 corruption corruption NOUN cblr-1722 365 20 is be AUX cblr-1722 365 21 rarely rarely ADV cblr-1722 365 22 veiled veil VERB cblr-1722 365 23 in in ADP cblr-1722 365 24 disguise disguise NOUN cblr-1722 365 25 and and CCONJ cblr-1722 365 26 more more ADJ cblr-1722 365 27 probable.97 probable.97 NOUN cblr-1722 365 28 93 93 NUM cblr-1722 365 29 vulture vulture NOUN cblr-1722 365 30 funds fund NOUN cblr-1722 365 31 and and CCONJ cblr-1722 365 32 the the DET cblr-1722 365 33 threat threat NOUN cblr-1722 365 34 to to ADP cblr-1722 365 35 debt debt NOUN cblr-1722 365 36 relief relief NOUN cblr-1722 365 37 in in ADP cblr-1722 365 38 africa africa PROPN cblr-1722 365 39 : : PUNCT cblr-1722 365 40 a a DET cblr-1722 365 41 call call NOUN cblr-1722 365 42 to to ADP cblr-1722 365 43 action action NOUN cblr-1722 365 44 at at ADP cblr-1722 365 45 the the DET cblr-1722 365 46 g-8 g-8 NOUN cblr-1722 365 47 and and CCONJ cblr-1722 365 48 beyond beyond ADP cblr-1722 365 49 : : PUNCT cblr-1722 365 50 hearing hear VERB cblr-1722 365 51 before before ADP cblr-1722 365 52 the the DET cblr-1722 365 53 subcomm subcomm NOUN cblr-1722 365 54 . . PUNCT cblr-1722 366 1 on on ADP cblr-1722 366 2 africa africa PROPN cblr-1722 366 3 and and CCONJ cblr-1722 366 4 global global ADJ cblr-1722 366 5 health health NOUN cblr-1722 366 6 of of ADP cblr-1722 366 7 h. h. PROPN cblr-1722 366 8 comm comm NOUN cblr-1722 366 9 . . PUNCT cblr-1722 367 1 on on ADP cblr-1722 367 2 foreign foreign ADJ cblr-1722 367 3 affairs affair NOUN cblr-1722 367 4 , , PUNCT cblr-1722 367 5 110th 110th ADJ cblr-1722 367 6 cong cong NOUN cblr-1722 367 7 . . PUNCT cblr-1722 367 8 2 2 NUM cblr-1722 367 9 ( ( PUNCT cblr-1722 367 10 2007 2007 NUM cblr-1722 367 11 ) ) PUNCT cblr-1722 367 12 ( ( PUNCT cblr-1722 367 13 statement statement NOUN cblr-1722 367 14 of of ADP cblr-1722 367 15 donald donald PROPN cblr-1722 367 16 m. m. PROPN cblr-1722 367 17 payne payne PROPN cblr-1722 367 18 , , PUNCT cblr-1722 367 19 chairman chairman NOUN cblr-1722 367 20 , , PUNCT cblr-1722 367 21 subcomm subcomm NOUN cblr-1722 367 22 . . PUNCT cblr-1722 368 1 on on ADP cblr-1722 368 2 africa africa PROPN cblr-1722 368 3 and and CCONJ cblr-1722 368 4 global global ADJ cblr-1722 368 5 health health NOUN cblr-1722 368 6 of of ADP cblr-1722 368 7 h. h. PROPN cblr-1722 368 8 comm comm NOUN cblr-1722 368 9 . . PUNCT cblr-1722 369 1 on on ADP cblr-1722 369 2 foreign foreign ADJ cblr-1722 369 3 affairs affair NOUN cblr-1722 369 4 ) ) PUNCT cblr-1722 369 5 ( ( PUNCT cblr-1722 369 6 “ " PUNCT cblr-1722 369 7 vulture vulture ADJ cblr-1722 369 8 funds fund NOUN cblr-1722 369 9 take take VERB cblr-1722 369 10 advantage advantage NOUN cblr-1722 369 11 of of ADP cblr-1722 369 12 ambiguous ambiguous ADJ cblr-1722 369 13 international international ADJ cblr-1722 369 14 and and CCONJ cblr-1722 369 15 domestic domestic ADJ cblr-1722 369 16 laws law NOUN cblr-1722 369 17 to to PART cblr-1722 369 18 collect collect VERB cblr-1722 369 19 on on ADP cblr-1722 369 20 debts debt NOUN cblr-1722 369 21 that that PRON cblr-1722 369 22 were be AUX cblr-1722 369 23 acquired acquire VERB cblr-1722 369 24 by by ADP cblr-1722 369 25 authoritarian authoritarian ADJ cblr-1722 369 26 regimes regime NOUN cblr-1722 369 27 and and CCONJ cblr-1722 369 28 that that PRON cblr-1722 369 29 were be AUX cblr-1722 369 30 not not PART cblr-1722 369 31 used use VERB cblr-1722 369 32 in in ADP cblr-1722 369 33 the the DET cblr-1722 369 34 legitimate legitimate ADJ cblr-1722 369 35 interest interest NOUN cblr-1722 369 36 of of ADP cblr-1722 369 37 their their PRON cblr-1722 369 38 people people NOUN cblr-1722 369 39 . . PUNCT cblr-1722 369 40 ” " PUNCT cblr-1722 369 41 ) ) PUNCT cblr-1722 369 42 . . PUNCT cblr-1722 370 1 94 94 NUM cblr-1722 370 2 see see VERB cblr-1722 370 3 supra supra PROPN cblr-1722 370 4 section section PROPN cblr-1722 370 5 ii.b.1 ii.b.1 PROPN cblr-1722 370 6 . . PUNCT cblr-1722 371 1 95 95 NUM cblr-1722 371 2 see see VERB cblr-1722 371 3 pottow pottow NOUN cblr-1722 371 4 , , PUNCT cblr-1722 371 5 supra supra PROPN cblr-1722 371 6 note note NOUN cblr-1722 371 7 71 71 NUM cblr-1722 371 8 , , PUNCT cblr-1722 371 9 at at ADP cblr-1722 371 10 225–29 225–29 NUM cblr-1722 371 11 . . PUNCT cblr-1722 372 1 96 96 NUM cblr-1722 372 2 see see VERB cblr-1722 372 3 supra supra PROPN cblr-1722 372 4 section section PROPN cblr-1722 372 5 ii.b.4 ii.b.4 PROPN cblr-1722 372 6 . . PUNCT cblr-1722 373 1 97 97 NUM cblr-1722 373 2 see see VERB cblr-1722 373 3 generally generally ADV cblr-1722 373 4 william william PROPN cblr-1722 373 5 hallagan hallagan PROPN cblr-1722 373 6 , , PUNCT cblr-1722 373 7 corruption corruption NOUN cblr-1722 373 8 in in ADP cblr-1722 373 9 dictatorships dictatorship NOUN cblr-1722 373 10 , , PUNCT cblr-1722 373 11 11 11 NUM cblr-1722 373 12 econ econ X cblr-1722 373 13 . . PUNCT cblr-1722 374 1 government government NOUN cblr-1722 374 2 27 27 NUM cblr-1722 374 3 ( ( PUNCT cblr-1722 374 4 2010 2010 NUM cblr-1722 374 5 ) ) PUNCT cblr-1722 374 6 . . PUNCT cblr-1722 375 1 it it PRON cblr-1722 375 2 is be AUX cblr-1722 375 3 possible possible ADJ cblr-1722 375 4 that that SCONJ cblr-1722 375 5 the the DET cblr-1722 375 6 market market NOUN cblr-1722 375 7 prices price NOUN cblr-1722 375 8 in in ADP cblr-1722 375 9 these these DET cblr-1722 375 10 biases bias NOUN cblr-1722 375 11 accordingly accordingly ADV cblr-1722 375 12 when when SCONJ cblr-1722 375 13 dealing deal VERB cblr-1722 375 14 with with ADP cblr-1722 375 15 dictatorships dictatorship NOUN cblr-1722 375 16 and and CCONJ cblr-1722 375 17 assumes assume VERB cblr-1722 375 18 corruption corruption NOUN cblr-1722 375 19 , , PUNCT cblr-1722 375 20 thereby thereby ADV cblr-1722 375 21 eliminating eliminate VERB cblr-1722 375 22 the the DET cblr-1722 375 23 need need NOUN cblr-1722 375 24 for for ADP cblr-1722 375 25 evidence evidence NOUN cblr-1722 375 26 thereof thereof ADV cblr-1722 375 27 . . PUNCT cblr-1722 376 1 but but CCONJ cblr-1722 376 2 see see VERB cblr-1722 376 3 vineeta vineeta PROPN cblr-1722 376 4 yadev yadev PROPN cblr-1722 376 5 & & CCONJ cblr-1722 376 6 bumba bumba PROPN cblr-1722 376 7 mukherjee mukherjee PROPN cblr-1722 376 8 , , PUNCT cblr-1722 376 9 the the DET cblr-1722 376 10 politics politic NOUN cblr-1722 376 11 of of ADP cblr-1722 376 12 corruption corruption NOUN cblr-1722 376 13 in in ADP cblr-1722 376 14 wozny wozny ADJ cblr-1722 376 15 – – PUNCT cblr-1722 376 16 final final ADJ cblr-1722 376 17 724 724 NUM cblr-1722 376 18 columbia columbia PROPN cblr-1722 376 19 business business NOUN cblr-1722 376 20 law law PROPN cblr-1722 376 21 review review NOUN cblr-1722 377 1 [ [ X cblr-1722 377 2 vol vol NOUN cblr-1722 377 3 . . NOUN cblr-1722 377 4 2017 2017 NUM cblr-1722 377 5 in in ADP cblr-1722 377 6 addition addition NOUN cblr-1722 377 7 to to ADP cblr-1722 377 8 not not PART cblr-1722 377 9 contributing contribute VERB cblr-1722 377 10 to to ADP cblr-1722 377 11 a a DET cblr-1722 377 12 more more ADV cblr-1722 377 13 efficient efficient ADJ cblr-1722 377 14 market market NOUN cblr-1722 377 15 , , PUNCT cblr-1722 377 16 trading trade VERB cblr-1722 377 17 odious odious ADJ cblr-1722 377 18 debt debt NOUN cblr-1722 377 19 may may AUX cblr-1722 377 20 be be AUX cblr-1722 377 21 positively positively ADV cblr-1722 377 22 harmful harmful ADJ cblr-1722 377 23 . . PUNCT cblr-1722 378 1 for for ADP cblr-1722 378 2 example example NOUN cblr-1722 378 3 , , PUNCT cblr-1722 378 4 vulture vulture ADJ cblr-1722 378 5 funds fund NOUN cblr-1722 378 6 create create VERB cblr-1722 378 7 a a DET cblr-1722 378 8 secondary secondary ADJ cblr-1722 378 9 market market NOUN cblr-1722 378 10 for for ADP cblr-1722 378 11 odious odious ADJ cblr-1722 378 12 debt debt NOUN cblr-1722 378 13 , , PUNCT cblr-1722 378 14 which which PRON cblr-1722 378 15 may may AUX cblr-1722 378 16 have have VERB cblr-1722 378 17 implications implication NOUN cblr-1722 378 18 for for ADP cblr-1722 378 19 loans loan NOUN cblr-1722 378 20 issued issue VERB cblr-1722 378 21 by by ADP cblr-1722 378 22 governments government NOUN cblr-1722 378 23 that that PRON cblr-1722 378 24 are be AUX cblr-1722 378 25 structured structure VERB cblr-1722 378 26 as as ADP cblr-1722 378 27 loans loan NOUN cblr-1722 378 28 in in ADP cblr-1722 378 29 form form NOUN cblr-1722 378 30 but but CCONJ cblr-1722 378 31 not not PART cblr-1722 378 32 actually actually ADV cblr-1722 378 33 loans loan NOUN cblr-1722 378 34 in in ADP cblr-1722 378 35 substance.98 substance.98 ADJ cblr-1722 378 36 official official ADJ cblr-1722 378 37 lenders lender NOUN cblr-1722 378 38 may may AUX cblr-1722 378 39 issue issue VERB cblr-1722 378 40 grants grant NOUN cblr-1722 378 41 that that PRON cblr-1722 378 42 appear appear VERB cblr-1722 378 43 to to PART cblr-1722 378 44 be be AUX cblr-1722 378 45 loans loan NOUN cblr-1722 378 46 and and CCONJ cblr-1722 378 47 never never ADV cblr-1722 378 48 expect expect VERB cblr-1722 378 49 to to PART cblr-1722 378 50 recover recover VERB cblr-1722 378 51 on on ADP cblr-1722 378 52 this this DET cblr-1722 378 53 loan loan NOUN cblr-1722 378 54 . . PUNCT cblr-1722 379 1 if if SCONJ cblr-1722 379 2 this this DET cblr-1722 379 3 loan loan NOUN cblr-1722 379 4 is be AUX cblr-1722 379 5 traded trade VERB cblr-1722 379 6 on on ADP cblr-1722 379 7 the the DET cblr-1722 379 8 secondary secondary ADJ cblr-1722 379 9 market market NOUN cblr-1722 379 10 , , PUNCT cblr-1722 379 11 form form NOUN cblr-1722 379 12 may may AUX cblr-1722 379 13 win win VERB cblr-1722 379 14 over over ADP cblr-1722 379 15 substance substance NOUN cblr-1722 379 16 and and CCONJ cblr-1722 379 17 the the DET cblr-1722 379 18 intent intent NOUN cblr-1722 379 19 of of ADP cblr-1722 379 20 the the DET cblr-1722 379 21 original original ADJ cblr-1722 379 22 issuer issuer NOUN cblr-1722 379 23 will will AUX cblr-1722 379 24 not not PART cblr-1722 379 25 matter matter VERB cblr-1722 379 26 . . PUNCT cblr-1722 380 1 furthermore furthermore ADV cblr-1722 380 2 , , PUNCT cblr-1722 380 3 any any DET cblr-1722 380 4 capital capital NOUN cblr-1722 380 5 used use VERB cblr-1722 380 6 to to PART cblr-1722 380 7 repay repay VERB cblr-1722 380 8 distressed distressed ADJ cblr-1722 380 9 odious odious ADJ cblr-1722 380 10 debt debt NOUN cblr-1722 380 11 held hold VERB cblr-1722 380 12 by by ADP cblr-1722 380 13 vulture vulture ADJ cblr-1722 380 14 funds fund NOUN cblr-1722 380 15 is be AUX cblr-1722 380 16 capital capital NOUN cblr-1722 380 17 that that PRON cblr-1722 380 18 can can AUX cblr-1722 380 19 not not PART cblr-1722 380 20 be be AUX cblr-1722 380 21 invested invest VERB cblr-1722 380 22 in in ADP cblr-1722 380 23 infrastructure infrastructure NOUN cblr-1722 380 24 and and CCONJ cblr-1722 380 25 development development NOUN cblr-1722 380 26 in in ADP cblr-1722 380 27 the the DET cblr-1722 380 28 sovereign sovereign NOUN cblr-1722 380 29 , , PUNCT cblr-1722 380 30 which which PRON cblr-1722 380 31 will will AUX cblr-1722 380 32 stifle stifle VERB cblr-1722 380 33 progress progress NOUN cblr-1722 380 34 and and CCONJ cblr-1722 380 35 impact impact VERB cblr-1722 380 36 those those PRON cblr-1722 380 37 already already ADV cblr-1722 380 38 devastated devastate VERB cblr-1722 380 39 by by ADP cblr-1722 380 40 the the DET cblr-1722 380 41 previous previous ADJ cblr-1722 380 42 government government NOUN cblr-1722 380 43 ’s ’s PART cblr-1722 380 44 use use NOUN cblr-1722 380 45 of of ADP cblr-1722 380 46 odious odious ADJ cblr-1722 380 47 debt debt NOUN cblr-1722 380 48 . . PUNCT cblr-1722 381 1 this this PRON cblr-1722 381 2 is be AUX cblr-1722 381 3 especially especially ADV cblr-1722 381 4 troubling troubling ADJ cblr-1722 381 5 because because SCONJ cblr-1722 381 6 much much ADJ cblr-1722 381 7 odious odious ADJ cblr-1722 381 8 debt debt NOUN cblr-1722 381 9 originates originate NOUN cblr-1722 381 10 in in ADP cblr-1722 381 11 heavily heavily ADV cblr-1722 381 12 indebted indebted ADJ cblr-1722 381 13 poor poor ADJ cblr-1722 381 14 countries country NOUN cblr-1722 381 15 ( ( PUNCT cblr-1722 381 16 “ " PUNCT cblr-1722 381 17 hipc”).99 hipc”).99 PROPN cblr-1722 381 18 hipc hipc PROPN cblr-1722 381 19 are be AUX cblr-1722 381 20 a a DET cblr-1722 381 21 group group NOUN cblr-1722 381 22 of of ADP cblr-1722 381 23 36 36 NUM cblr-1722 381 24 countries country NOUN cblr-1722 381 25 with with ADP cblr-1722 381 26 high high ADJ cblr-1722 381 27 levels level NOUN cblr-1722 381 28 of of ADP cblr-1722 381 29 debt debt NOUN cblr-1722 381 30 and and CCONJ cblr-1722 381 31 poverty.100 poverty.100 NOUN cblr-1722 381 32 in in ADP cblr-1722 381 33 1996 1996 NUM cblr-1722 381 34 , , PUNCT cblr-1722 381 35 the the DET cblr-1722 381 36 world world PROPN cblr-1722 381 37 bank bank PROPN cblr-1722 381 38 and and CCONJ cblr-1722 381 39 imf imf PROPN cblr-1722 381 40 jointly jointly ADV cblr-1722 381 41 launched launch VERB cblr-1722 381 42 the the DET cblr-1722 381 43 hipc hipc PROPN cblr-1722 381 44 initiative initiative NOUN cblr-1722 381 45 , , PUNCT cblr-1722 381 46 which which PRON cblr-1722 381 47 provided provide VERB cblr-1722 381 48 debt debt NOUN cblr-1722 381 49 - - PUNCT cblr-1722 381 50 relief relief NOUN cblr-1722 381 51 in in ADP cblr-1722 381 52 order order NOUN cblr-1722 381 53 to to PART cblr-1722 381 54 free free VERB cblr-1722 381 55 up up ADP cblr-1722 381 56 resources resource NOUN cblr-1722 381 57 for for ADP cblr-1722 381 58 social social ADJ cblr-1722 381 59 spending spending NOUN cblr-1722 381 60 in in ADP cblr-1722 381 61 these these DET cblr-1722 381 62 impoverished impoverished ADJ cblr-1722 381 63 nations.101 nations.101 PROPN cblr-1722 381 64 in in ADP cblr-1722 381 65 many many ADJ cblr-1722 381 66 cases case NOUN cblr-1722 381 67 , , PUNCT cblr-1722 381 68 the the DET cblr-1722 381 69 hipc hipc PROPN cblr-1722 381 70 initiative initiative NOUN cblr-1722 381 71 has have AUX cblr-1722 381 72 been be AUX cblr-1722 381 73 highly highly ADV cblr-1722 381 74 successful successful ADJ cblr-1722 381 75 . . PUNCT cblr-1722 382 1 the the DET cblr-1722 382 2 world world PROPN cblr-1722 382 3 bank bank PROPN cblr-1722 382 4 , , PUNCT cblr-1722 382 5 the the DET cblr-1722 382 6 african african PROPN cblr-1722 382 7 development development PROPN cblr-1722 382 8 bank bank PROPN cblr-1722 382 9 , , PUNCT cblr-1722 382 10 the the DET cblr-1722 382 11 imf imf PROPN cblr-1722 382 12 , , PUNCT cblr-1722 382 13 the the DET cblr-1722 382 14 inter inter ADJ cblr-1722 382 15 - - ADJ cblr-1722 382 16 american american ADJ cblr-1722 382 17 dictatorships dictatorship NOUN cblr-1722 382 18 ( ( PUNCT cblr-1722 382 19 2015 2015 NUM cblr-1722 382 20 ) ) PUNCT cblr-1722 382 21 ( ( PUNCT cblr-1722 382 22 arguing argue VERB cblr-1722 382 23 that that SCONJ cblr-1722 382 24 dictatorships dictatorship NOUN cblr-1722 382 25 are be AUX cblr-1722 382 26 not not PART cblr-1722 382 27 necessarily necessarily ADV cblr-1722 382 28 synonymous synonymous ADJ cblr-1722 382 29 with with ADP cblr-1722 382 30 extreme extreme ADJ cblr-1722 382 31 corruption corruption NOUN cblr-1722 382 32 ) ) PUNCT cblr-1722 382 33 . . 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PUNCT cblr-1722 388 5 100 100 NUM cblr-1722 388 6 imf imf PROPN cblr-1722 388 7 , , PUNCT cblr-1722 388 8 debt debt NOUN cblr-1722 388 9 relief relief NOUN cblr-1722 388 10 under under ADP cblr-1722 388 11 the the DET cblr-1722 388 12 heavily heavily ADV cblr-1722 388 13 indebted indebted ADJ cblr-1722 388 14 poor poor ADJ cblr-1722 388 15 countries country NOUN cblr-1722 388 16 ( ( PUNCT cblr-1722 388 17 hipc hipc NOUN cblr-1722 388 18 ) ) PUNCT cblr-1722 388 19 initiative initiative NOUN cblr-1722 388 20 , , PUNCT cblr-1722 388 21 http://www.imf.org/about/factsheets/sheets/2016/ http://www.imf.org/about/factsheets/sheets/2016/ VERB cblr-1722 388 22 08/01/16/11 08/01/16/11 NUM cblr-1722 388 23 / / SYM cblr-1722 388 24 debt debt NOUN cblr-1722 388 25 - - PUNCT cblr-1722 388 26 relief relief NOUN cblr-1722 388 27 - - PUNCT cblr-1722 388 28 under under ADP cblr-1722 388 29 - - PUNCT cblr-1722 388 30 the the PRON cblr-1722 388 31 - - PUNCT cblr-1722 388 32 heavily heavily ADV cblr-1722 388 33 - - PUNCT cblr-1722 388 34 indebted indebte VERB cblr-1722 388 35 - - PUNCT cblr-1722 388 36 poor poor ADJ cblr-1722 388 37 - - PUNCT cblr-1722 388 38 countriesinitiative?pdf=1 countriesinitiative?pdf=1 PUNCT cblr-1722 388 39 [ [ X cblr-1722 388 40 https://perma.cc/lh5d-m6g3 https://perma.cc/lh5d-m6g3 X cblr-1722 388 41 ] ] X cblr-1722 388 42 ( ( PUNCT cblr-1722 388 43 apr apr PROPN cblr-1722 388 44 . . PROPN cblr-1722 388 45 17 17 NUM cblr-1722 388 46 , , PUNCT cblr-1722 388 47 2017 2017 NUM cblr-1722 388 48 ) ) PUNCT cblr-1722 388 49 . . PUNCT cblr-1722 389 1 101 101 NUM cblr-1722 390 1 i i PRON cblr-1722 390 2 d. d. VERB cblr-1722 390 3 the the DET cblr-1722 390 4 number number NOUN cblr-1722 390 5 of of ADP cblr-1722 390 6 hipc hipc NOUN cblr-1722 390 7 countries country NOUN cblr-1722 390 8 may may AUX cblr-1722 390 9 increase increase VERB cblr-1722 390 10 from from ADP cblr-1722 390 11 36 36 NUM cblr-1722 390 12 because because SCONJ cblr-1722 390 13 there there PRON cblr-1722 390 14 are be VERB cblr-1722 390 15 still still ADV cblr-1722 390 16 three three NUM cblr-1722 390 17 pre pre ADJ cblr-1722 390 18 - - ADJ cblr-1722 390 19 decision decision NOUN cblr-1722 390 20 - - PUNCT cblr-1722 390 21 point point NOUN cblr-1722 390 22 hipcs hipc NOUN cblr-1722 390 23 , , PUNCT cblr-1722 390 24 including include VERB cblr-1722 390 25 eritrea eritrea PROPN cblr-1722 390 26 , , PUNCT cblr-1722 390 27 somalia somalia PROPN cblr-1722 390 28 , , PUNCT cblr-1722 390 29 and and CCONJ cblr-1722 390 30 sudan sudan PROPN cblr-1722 390 31 . . PUNCT cblr-1722 391 1 i i PRON cblr-1722 391 2 d. d. PROPN cblr-1722 391 3 wozny wozny PUNCT cblr-1722 391 4 – – PUNCT cblr-1722 391 5 final final ADJ cblr-1722 391 6 no no NOUN cblr-1722 391 7 . . PUNCT cblr-1722 392 1 2:697 2:697 NUM cblr-1722 392 2 ] ] X cblr-1722 392 3 national national ADJ cblr-1722 392 4 anti anti ADJ cblr-1722 392 5 - - ADJ cblr-1722 392 6 vulture vulture ADJ cblr-1722 392 7 funds fund NOUN cblr-1722 392 8 legislation legislation NOUN cblr-1722 392 9 725 725 NUM cblr-1722 392 10 development development NOUN cblr-1722 392 11 bank bank NOUN cblr-1722 392 12 , , PUNCT cblr-1722 392 13 and and CCONJ cblr-1722 392 14 all all DET cblr-1722 392 15 paris paris PROPN cblr-1722 392 16 club club NOUN cblr-1722 392 17 creditors creditor NOUN cblr-1722 392 18 have have AUX cblr-1722 392 19 provided provide VERB cblr-1722 392 20 their their PRON cblr-1722 392 21 full full ADJ cblr-1722 392 22 share share NOUN cblr-1722 392 23 of of ADP cblr-1722 392 24 debt debt NOUN cblr-1722 392 25 relief relief NOUN cblr-1722 392 26 under under ADP cblr-1722 392 27 the the DET cblr-1722 392 28 hipc hipc NOUN cblr-1722 392 29 initiative,102 initiative,102 PRON cblr-1722 392 30 which which PRON cblr-1722 392 31 totals total VERB cblr-1722 392 32 over over ADP cblr-1722 392 33 $ $ SYM cblr-1722 392 34 76 76 NUM cblr-1722 392 35 billion billion NUM cblr-1722 392 36 in in ADP cblr-1722 392 37 debt debt NOUN cblr-1722 392 38 relief.103 relief.103 VERB cblr-1722 392 39 as as ADP cblr-1722 392 40 a a DET cblr-1722 392 41 result result NOUN cblr-1722 393 1 , , PUNCT cblr-1722 393 2 hipc hipc PROPN cblr-1722 393 3 countries country NOUN cblr-1722 393 4 increased increase VERB cblr-1722 393 5 their their PRON cblr-1722 393 6 poverty poverty NOUN cblr-1722 393 7 - - PUNCT cblr-1722 393 8 reducing reduce VERB cblr-1722 393 9 expenditures expenditure NOUN cblr-1722 393 10 by by ADP cblr-1722 393 11 more more ADJ cblr-1722 393 12 than than ADP cblr-1722 393 13 three three NUM cblr-1722 393 14 percentage percentage NOUN cblr-1722 393 15 points point NOUN cblr-1722 393 16 of of ADP cblr-1722 393 17 gdp gdp NOUN cblr-1722 393 18 between between ADP cblr-1722 393 19 2001 2001 NUM cblr-1722 393 20 and and CCONJ cblr-1722 393 21 2009.104 2009.104 NUM cblr-1722 393 22 while while SCONJ cblr-1722 393 23 the the DET cblr-1722 393 24 hipc hipc PROPN cblr-1722 393 25 initiative initiative NOUN cblr-1722 393 26 seeks seek VERB cblr-1722 393 27 voluntary voluntary ADJ cblr-1722 393 28 support support NOUN cblr-1722 393 29 and and CCONJ cblr-1722 393 30 most most ADJ cblr-1722 393 31 organizations organization NOUN cblr-1722 393 32 have have AUX cblr-1722 393 33 done do VERB cblr-1722 393 34 so so ADV cblr-1722 393 35 , , PUNCT cblr-1722 393 36 vulture vulture ADJ cblr-1722 393 37 funds fund NOUN cblr-1722 393 38 have have AUX cblr-1722 393 39 offered offer VERB cblr-1722 393 40 the the DET cblr-1722 393 41 hipc hipc PROPN cblr-1722 393 42 initiative initiative PROPN cblr-1722 393 43 limited limit VERB cblr-1722 393 44 support.105 support.105 PROPN cblr-1722 393 45 as as ADP cblr-1722 393 46 a a DET cblr-1722 393 47 result result NOUN cblr-1722 393 48 , , PUNCT cblr-1722 393 49 some some PRON cblr-1722 393 50 have have AUX cblr-1722 393 51 argued argue VERB cblr-1722 393 52 that that SCONJ cblr-1722 393 53 vulture vulture NOUN cblr-1722 393 54 funds fund NOUN cblr-1722 393 55 free free ADJ cblr-1722 393 56 - - PUNCT cblr-1722 393 57 ride ride NOUN cblr-1722 393 58 on on ADP cblr-1722 393 59 debt debt NOUN cblr-1722 393 60 relief relief NOUN cblr-1722 393 61 and and CCONJ cblr-1722 393 62 target target NOUN cblr-1722 393 63 nations nation NOUN cblr-1722 393 64 who who PRON cblr-1722 393 65 suddenly suddenly ADV cblr-1722 393 66 have have VERB cblr-1722 393 67 more more ADJ cblr-1722 393 68 access access NOUN cblr-1722 393 69 to to ADP cblr-1722 393 70 cash cash NOUN cblr-1722 393 71 because because SCONJ cblr-1722 393 72 of of ADP cblr-1722 393 73 the the DET cblr-1722 393 74 hipc hipc PROPN cblr-1722 393 75 initiative.106 initiative.106 NOUN cblr-1722 393 76 in in ADP cblr-1722 393 77 doing do VERB cblr-1722 393 78 so so ADV cblr-1722 393 79 , , PUNCT cblr-1722 393 80 vulture vulture NOUN cblr-1722 393 81 funds fund NOUN cblr-1722 393 82 convert convert VERB cblr-1722 393 83 the the DET cblr-1722 393 84 “ " PUNCT cblr-1722 393 85 benefits benefit NOUN cblr-1722 393 86 of of ADP cblr-1722 393 87 international international ADJ cblr-1722 393 88 relief relief NOUN cblr-1722 393 89 into into ADP cblr-1722 393 90 private private ADJ cblr-1722 393 91 corporate corporate ADJ cblr-1722 393 92 gain gain NOUN cblr-1722 393 93 , , PUNCT cblr-1722 393 94 obstructing obstruct VERB cblr-1722 393 95 the the DET cblr-1722 393 96 process process NOUN cblr-1722 393 97 of of ADP cblr-1722 393 98 securing secure VERB cblr-1722 393 99 debt debt NOUN cblr-1722 393 100 relief relief NOUN cblr-1722 393 101 for for ADP cblr-1722 393 102 some some DET cblr-1722 393 103 countries country NOUN cblr-1722 393 104 and and CCONJ cblr-1722 393 105 prohibiting prohibit VERB cblr-1722 393 106 others other NOUN cblr-1722 393 107 who who PRON cblr-1722 393 108 have have AUX cblr-1722 393 109 attained attain VERB cblr-1722 393 110 debt debt NOUN cblr-1722 393 111 relief relief NOUN cblr-1722 393 112 from from ADP cblr-1722 393 113 investing invest VERB cblr-1722 393 114 their their PRON cblr-1722 393 115 funds fund NOUN cblr-1722 393 116 in in ADP cblr-1722 393 117 much much ADJ cblr-1722 393 118 needed need VERB cblr-1722 393 119 development development NOUN cblr-1722 393 120 . . PUNCT cblr-1722 393 121 ”107 ”107 PUNCT cblr-1722 394 1 the the DET cblr-1722 394 2 world world PROPN cblr-1722 394 3 bank bank PROPN cblr-1722 394 4 estimates estimate VERB cblr-1722 394 5 that that SCONJ cblr-1722 394 6 more more ADJ cblr-1722 394 7 than than ADP cblr-1722 394 8 one one NUM cblr-1722 394 9 - - PUNCT cblr-1722 394 10 third third NOUN cblr-1722 394 11 of of ADP cblr-1722 394 12 the the DET cblr-1722 394 13 countries country NOUN cblr-1722 394 14 which which PRON cblr-1722 394 15 have have AUX cblr-1722 394 16 qualified qualify VERB cblr-1722 394 17 for for ADP cblr-1722 394 18 hipc hipc NOUN cblr-1722 394 19 debt debt NOUN cblr-1722 394 20 relief relief NOUN cblr-1722 394 21 have have AUX cblr-1722 394 22 been be AUX cblr-1722 394 23 targeted target VERB cblr-1722 394 24 by by ADP cblr-1722 394 25 vulture vulture ADJ cblr-1722 394 26 funds fund NOUN cblr-1722 394 27 with with ADP cblr-1722 394 28 judgments judgment NOUN cblr-1722 394 29 totaling total VERB cblr-1722 394 30 $ $ SYM cblr-1722 394 31 1 1 NUM cblr-1722 394 32 billion.108 billion.108 ADP cblr-1722 394 33 as as ADP cblr-1722 394 34 a a DET cblr-1722 394 35 result result NOUN cblr-1722 394 36 , , PUNCT cblr-1722 394 37 the the DET cblr-1722 394 38 hipcs hipc NOUN cblr-1722 394 39 have have AUX cblr-1722 394 40 been be AUX cblr-1722 394 41 forced force VERB cblr-1722 394 42 to to PART cblr-1722 394 43 pay pay VERB cblr-1722 394 44 for for ADP cblr-1722 394 45 costly costly ADJ cblr-1722 394 46 litigation litigation NOUN cblr-1722 394 47 . . PUNCT cblr-1722 395 1 such such ADJ cblr-1722 395 2 litigation litigation NOUN cblr-1722 395 3 has have AUX cblr-1722 395 4 been be AUX cblr-1722 395 5 said say VERB cblr-1722 395 6 to to ADP cblr-1722 395 7 102 102 NUM cblr-1722 395 8 i i PROPN cblr-1722 395 9 d. d. PROPN cblr-1722 395 10 103 103 NUM cblr-1722 395 11 int’l int’l NUM cblr-1722 395 12 dev dev PROPN cblr-1722 395 13 . . PUNCT cblr-1722 396 1 ass’n ass’n PROPN cblr-1722 396 2 & & CCONJ cblr-1722 396 3 imf imf PROPN cblr-1722 396 4 , , PUNCT cblr-1722 396 5 supra supra PROPN cblr-1722 396 6 note note PROPN cblr-1722 396 7 33 33 NUM cblr-1722 396 8 , , PUNCT cblr-1722 396 9 at at ADP cblr-1722 396 10 12 12 NUM cblr-1722 396 11 . . PUNCT cblr-1722 397 1 104 104 NUM cblr-1722 398 1 i i PRON cblr-1722 398 2 d. d. PROPN cblr-1722 398 3 at at ADP cblr-1722 398 4 11 11 NUM cblr-1722 398 5 . . PUNCT cblr-1722 399 1 by by ADP cblr-1722 399 2 reducing reduce VERB cblr-1722 399 3 expenditures expenditure NOUN cblr-1722 399 4 on on ADP cblr-1722 399 5 debt debt NOUN cblr-1722 399 6 service service NOUN cblr-1722 399 7 , , PUNCT cblr-1722 399 8 sovereign sovereign ADJ cblr-1722 399 9 states state NOUN cblr-1722 399 10 free free ADJ cblr-1722 399 11 up up ADP cblr-1722 399 12 capital capital NOUN cblr-1722 399 13 to to PART cblr-1722 399 14 invest invest VERB cblr-1722 399 15 in in ADP cblr-1722 399 16 development development NOUN cblr-1722 399 17 and and CCONJ cblr-1722 399 18 infrastructure infrastructure NOUN cblr-1722 399 19 . . PUNCT cblr-1722 400 1 see see VERB cblr-1722 400 2 vulture vulture ADJ cblr-1722 400 3 funds fund NOUN cblr-1722 400 4 and and CCONJ cblr-1722 400 5 the the DET cblr-1722 400 6 threat threat NOUN cblr-1722 400 7 to to ADP cblr-1722 400 8 debt debt NOUN cblr-1722 400 9 relief relief NOUN cblr-1722 400 10 in in ADP cblr-1722 400 11 africa africa PROPN cblr-1722 400 12 , , PUNCT cblr-1722 400 13 supra supra PROPN cblr-1722 400 14 note note PROPN cblr-1722 400 15 93 93 NUM cblr-1722 400 16 , , PUNCT cblr-1722 400 17 at at ADP cblr-1722 400 18 2 2 NUM cblr-1722 400 19 ( ( PUNCT cblr-1722 400 20 “ " PUNCT cblr-1722 400 21 [ [ X cblr-1722 400 22 i]nstead i]nstead X cblr-1722 400 23 of of ADP cblr-1722 400 24 servicing service VERB cblr-1722 400 25 millions million NOUN cblr-1722 400 26 of of ADP cblr-1722 400 27 dollars dollar NOUN cblr-1722 400 28 in in ADP cblr-1722 400 29 debt debt NOUN cblr-1722 400 30 annually annually ADV cblr-1722 400 31 , , PUNCT cblr-1722 400 32 these these DET cblr-1722 400 33 nations nation NOUN cblr-1722 400 34 could could AUX cblr-1722 400 35 finally finally ADV cblr-1722 400 36 begin begin VERB cblr-1722 400 37 to to PART cblr-1722 400 38 service service VERB cblr-1722 400 39 their their PRON cblr-1722 400 40 own own ADJ cblr-1722 400 41 people people NOUN cblr-1722 400 42 . . PUNCT cblr-1722 400 43 ” " PUNCT cblr-1722 400 44 ) ) PUNCT cblr-1722 400 45 . . PUNCT cblr-1722 401 1 105 105 NUM cblr-1722 401 2 see see VERB cblr-1722 401 3 imf imf PROPN cblr-1722 401 4 , , PUNCT cblr-1722 401 5 supra supra PROPN cblr-1722 401 6 note note PROPN cblr-1722 401 7 100 100 NUM cblr-1722 401 8 ( ( PUNCT cblr-1722 401 9 participation participation NOUN cblr-1722 401 10 from from ADP cblr-1722 401 11 non non ADJ cblr-1722 401 12 - - ADJ cblr-1722 401 13 paris paris ADJ cblr-1722 401 14 club club NOUN cblr-1722 401 15 and and CCONJ cblr-1722 401 16 multilateral multilateral ADJ cblr-1722 401 17 creditors creditor NOUN cblr-1722 401 18 needs need VERB cblr-1722 401 19 to to PART cblr-1722 401 20 improve improve VERB cblr-1722 401 21 ) ) PUNCT cblr-1722 401 22 . . PUNCT cblr-1722 402 1 106 106 NUM cblr-1722 402 2 see see VERB cblr-1722 402 3 vulture vulture NOUN cblr-1722 402 4 funds fund NOUN cblr-1722 402 5 and and CCONJ cblr-1722 402 6 the the DET cblr-1722 402 7 threat threat NOUN cblr-1722 402 8 to to ADP cblr-1722 402 9 debt debt NOUN cblr-1722 402 10 relief relief NOUN cblr-1722 402 11 in in ADP cblr-1722 402 12 africa africa PROPN cblr-1722 402 13 , , PUNCT cblr-1722 402 14 supra supra PROPN cblr-1722 402 15 note note PROPN cblr-1722 402 16 93 93 NUM cblr-1722 402 17 , , PUNCT cblr-1722 402 18 at at ADP cblr-1722 402 19 16 16 NUM cblr-1722 402 20 . . PUNCT cblr-1722 403 1 107 107 NUM cblr-1722 404 1 i i PRON cblr-1722 404 2 d. d. PROPN cblr-1722 404 3 at at ADP cblr-1722 404 4 4 4 NUM cblr-1722 404 5 . . NUM cblr-1722 404 6 108 108 NUM cblr-1722 404 7 i i PRON cblr-1722 404 8 d. d. PROPN cblr-1722 404 9 at at ADP cblr-1722 404 10 2 2 NUM cblr-1722 404 11 , , PUNCT cblr-1722 404 12 4 4 NUM cblr-1722 404 13 ( ( PUNCT cblr-1722 404 14 over over ADP cblr-1722 404 15 20 20 NUM cblr-1722 404 16 hipc hipc NOUN cblr-1722 404 17 countries country NOUN cblr-1722 404 18 have have AUX cblr-1722 404 19 been be AUX cblr-1722 404 20 the the DET cblr-1722 404 21 target target NOUN cblr-1722 404 22 of of ADP cblr-1722 404 23 these these DET cblr-1722 404 24 funds fund NOUN cblr-1722 404 25 since since SCONJ cblr-1722 404 26 1999 1999 NUM cblr-1722 404 27 ) ) PUNCT cblr-1722 405 1 ; ; PUNCT cblr-1722 405 2 see see VERB cblr-1722 405 3 also also ADV cblr-1722 405 4 vulture vulture ADJ cblr-1722 405 5 funds fund NOUN cblr-1722 405 6 in in ADP cblr-1722 405 7 the the DET cblr-1722 405 8 sovereign sovereign ADJ cblr-1722 405 9 debt debt NOUN cblr-1722 405 10 context context NOUN cblr-1722 405 11 , , PUNCT cblr-1722 405 12 african african PROPN cblr-1722 405 13 development development PROPN cblr-1722 405 14 bank bank PROPN cblr-1722 405 15 group group NOUN cblr-1722 405 16 ( ( PUNCT cblr-1722 405 17 last last ADV cblr-1722 405 18 visited visit VERB cblr-1722 405 19 june june PROPN cblr-1722 405 20 10 10 NUM cblr-1722 405 21 , , PUNCT cblr-1722 405 22 2017 2017 NUM cblr-1722 405 23 ) ) PUNCT cblr-1722 405 24 , , PUNCT cblr-1722 405 25 http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/africanlegal-support-facility/vulture-funds-in-the-sovereign-debt-context/ http://www.afdb.org/en/topics-and-sectors/initiatives-partnerships/africanlegal-support-facility/vulture-funds-in-the-sovereign-debt-context/ PROPN cblr-1722 406 1 [ [ X cblr-1722 406 2 https://perma.cc/4fqd-pl92 https://perma.cc/4fqd-pl92 X cblr-1722 406 3 ] ] PUNCT cblr-1722 406 4 . . PUNCT cblr-1722 407 1 wozny wozny ADJ cblr-1722 407 2 – – PUNCT cblr-1722 407 3 final final ADJ cblr-1722 407 4 726 726 NUM cblr-1722 407 5 columbia columbia PROPN cblr-1722 407 6 business business NOUN cblr-1722 407 7 law law PROPN cblr-1722 407 8 review review NOUN cblr-1722 407 9 [ [ X cblr-1722 407 10 vol vol NOUN cblr-1722 407 11 . . NOUN cblr-1722 407 12 2017 2017 NUM cblr-1722 407 13 “ " PUNCT cblr-1722 407 14 undermine undermine ADJ cblr-1722 407 15 international international ADJ cblr-1722 407 16 debt debt NOUN cblr-1722 407 17 relief relief NOUN cblr-1722 407 18 initiatives initiative NOUN cblr-1722 407 19 or or CCONJ cblr-1722 407 20 restructuring restructuring NOUN cblr-1722 407 21 mechanisms mechanism NOUN cblr-1722 407 22 ” " PUNCT cblr-1722 407 23 and and CCONJ cblr-1722 407 24 has have AUX cblr-1722 407 25 been be AUX cblr-1722 407 26 called call VERB cblr-1722 407 27 “ " PUNCT cblr-1722 407 28 predatory predatory NOUN cblr-1722 407 29 . . PUNCT cblr-1722 407 30 ”109 ”109 VERB cblr-1722 407 31 as as SCONJ cblr-1722 407 32 litigation litigation NOUN cblr-1722 407 33 costs cost NOUN cblr-1722 407 34 rise rise VERB cblr-1722 407 35 , , PUNCT cblr-1722 407 36 hipc hipc NOUN cblr-1722 407 37 countries country NOUN cblr-1722 407 38 miss miss VERB cblr-1722 407 39 goals goal NOUN cblr-1722 407 40 and and CCONJ cblr-1722 407 41 fail fail VERB cblr-1722 407 42 objectives objective NOUN cblr-1722 407 43 in in ADP cblr-1722 407 44 education education NOUN cblr-1722 407 45 and and CCONJ cblr-1722 407 46 health health NOUN cblr-1722 407 47 - - PUNCT cblr-1722 407 48 related relate VERB cblr-1722 407 49 sectors.110 sectors.110 NOUN cblr-1722 407 50 indeed indeed ADV cblr-1722 407 51 , , PUNCT cblr-1722 407 52 studies study NOUN cblr-1722 407 53 estimate estimate VERB cblr-1722 407 54 that that SCONJ cblr-1722 407 55 the the DET cblr-1722 407 56 lawsuits lawsuit NOUN cblr-1722 407 57 against against ADP cblr-1722 407 58 the the DET cblr-1722 407 59 hipc hipc NOUN cblr-1722 407 60 cost cost VERB cblr-1722 407 61 these these DET cblr-1722 407 62 countries country NOUN cblr-1722 407 63 the the DET cblr-1722 407 64 equivalent equivalent NOUN cblr-1722 407 65 of of ADP cblr-1722 407 66 18 18 NUM cblr-1722 407 67 % % NOUN cblr-1722 407 68 of of ADP cblr-1722 407 69 spending spending NOUN cblr-1722 407 70 on on ADP cblr-1722 407 71 health health NOUN cblr-1722 407 72 care care NOUN cblr-1722 407 73 and and CCONJ cblr-1722 407 74 education.111 education.111 PROPN cblr-1722 407 75 iii iii PROPN cblr-1722 407 76 . . PUNCT cblr-1722 408 1 summary summary NOUN cblr-1722 408 2 and and CCONJ cblr-1722 408 3 analysis analysis NOUN cblr-1722 408 4 of of ADP cblr-1722 408 5 national national ADJ cblr-1722 408 6 anti anti ADJ cblr-1722 408 7 - - ADJ cblr-1722 408 8 vulture vulture ADJ cblr-1722 408 9 fund fund NOUN cblr-1722 408 10 legislation legislation NOUN cblr-1722 408 11 a. a. NOUN cblr-1722 408 12 background background NOUN cblr-1722 408 13 to to ADP cblr-1722 408 14 the the DET cblr-1722 408 15 growing grow VERB cblr-1722 408 16 trend trend NOUN cblr-1722 408 17 of of ADP cblr-1722 408 18 using use VERB cblr-1722 408 19 national national ADJ cblr-1722 408 20 legislation legislation NOUN cblr-1722 408 21 as as ADP cblr-1722 408 22 the the DET cblr-1722 408 23 policy policy NOUN cblr-1722 408 24 solution solution NOUN cblr-1722 408 25 to to ADP cblr-1722 408 26 vulture vulture ADJ cblr-1722 408 27 funds fund NOUN cblr-1722 408 28 these these DET cblr-1722 408 29 unsavory unsavory ADJ cblr-1722 408 30 elements element NOUN cblr-1722 408 31 of of ADP cblr-1722 408 32 vulture vulture ADJ cblr-1722 408 33 funds fund NOUN cblr-1722 408 34 have have AUX cblr-1722 408 35 elicited elicit VERB cblr-1722 408 36 a a DET cblr-1722 408 37 public public ADJ cblr-1722 408 38 outcry outcry NOUN cblr-1722 408 39 , , PUNCT cblr-1722 408 40 which which PRON cblr-1722 408 41 has have AUX cblr-1722 408 42 created create VERB cblr-1722 408 43 an an DET cblr-1722 408 44 increasingly increasingly ADV cblr-1722 408 45 hostile hostile ADJ cblr-1722 408 46 legal legal ADJ cblr-1722 408 47 environment environment NOUN cblr-1722 408 48 that that PRON cblr-1722 408 49 burdens burden VERB cblr-1722 408 50 vulture vulture NOUN cblr-1722 408 51 funds fund NOUN cblr-1722 408 52 internationally internationally ADV cblr-1722 408 53 , , PUNCT cblr-1722 408 54 potentially potentially ADV cblr-1722 408 55 inhibiting inhibit VERB cblr-1722 408 56 their their PRON cblr-1722 408 57 roles role NOUN cblr-1722 408 58 as as SCONJ cblr-1722 408 59 market market NOUN cblr-1722 408 60 - - PUNCT cblr-1722 408 61 enforcers enforcer NOUN cblr-1722 408 62 , , PUNCT cblr-1722 408 63 liquidity liquidity NOUN cblr-1722 408 64 - - PUNCT cblr-1722 408 65 providers provider NOUN cblr-1722 408 66 , , PUNCT cblr-1722 408 67 and and CCONJ cblr-1722 408 68 information information NOUN cblr-1722 408 69 - - PUNCT cblr-1722 408 70 providers.112 providers.112 NUM cblr-1722 408 71 various various ADJ cblr-1722 408 72 methods method NOUN cblr-1722 408 73 have have AUX cblr-1722 408 74 been be AUX cblr-1722 408 75 proposed propose VERB cblr-1722 408 76 ( ( PUNCT cblr-1722 408 77 and and CCONJ cblr-1722 408 78 used use VERB cblr-1722 408 79 ) ) PUNCT cblr-1722 408 80 to to PART cblr-1722 408 81 constrain constrain VERB cblr-1722 408 82 vulture vulture ADJ cblr-1722 408 83 funds fund NOUN cblr-1722 408 84 , , PUNCT cblr-1722 408 85 including include VERB cblr-1722 408 86 special special ADJ cblr-1722 408 87 vulture vulture NOUN cblr-1722 408 88 fund fund NOUN cblr-1722 408 89 taxes,113 taxes,113 NOUN cblr-1722 408 90 return return NOUN cblr-1722 408 91 of of ADP cblr-1722 408 92 absolute absolute ADJ cblr-1722 408 93 sovereign sovereign ADJ cblr-1722 408 94 - - PUNCT cblr-1722 408 95 immunity immunity NOUN cblr-1722 408 96 rules,114 rules,114 NOUN cblr-1722 408 97 109 109 NUM cblr-1722 408 98 vulture vulture ADJ cblr-1722 408 99 funds fund NOUN cblr-1722 408 100 and and CCONJ cblr-1722 408 101 the the DET cblr-1722 408 102 threat threat NOUN cblr-1722 408 103 to to ADP cblr-1722 408 104 debt debt NOUN cblr-1722 408 105 relief relief NOUN cblr-1722 408 106 in in ADP cblr-1722 408 107 africa africa PROPN cblr-1722 408 108 , , PUNCT cblr-1722 408 109 supra supra PROPN cblr-1722 408 110 note note PROPN cblr-1722 408 111 93 93 NUM cblr-1722 408 112 , , PUNCT cblr-1722 408 113 at at ADP cblr-1722 408 114 12 12 NUM cblr-1722 408 115 . . PUNCT cblr-1722 409 1 110 110 NUM cblr-1722 409 2 see see VERB cblr-1722 409 3 imf imf PROPN cblr-1722 409 4 , , PUNCT cblr-1722 409 5 heavily heavily ADV cblr-1722 409 6 indebted indebted ADJ cblr-1722 409 7 poor poor ADJ cblr-1722 409 8 countries country NOUN cblr-1722 409 9 ( ( PUNCT cblr-1722 409 10 hipc hipc NOUN cblr-1722 409 11 ) ) PUNCT cblr-1722 409 12 initiative initiative NOUN cblr-1722 409 13 and and CCONJ cblr-1722 409 14 multilateral multilateral ADJ cblr-1722 409 15 debt debt NOUN cblr-1722 409 16 relief relief NOUN cblr-1722 409 17 initiative initiative NOUN cblr-1722 409 18 ( ( PUNCT cblr-1722 409 19 mdri)—statistical mdri)—statistical ADJ cblr-1722 409 20 update update NOUN cblr-1722 409 21 8 8 NUM cblr-1722 409 22 ( ( PUNCT cblr-1722 409 23 2014 2014 NUM cblr-1722 409 24 ) ) PUNCT cblr-1722 409 25 , , PUNCT cblr-1722 409 26 https://www.imf.org/external/np/pp/eng/2014/121214.pdf https://www.imf.org/external/np/pp/eng/2014/121214.pdf X cblr-1722 410 1 [ [ X cblr-1722 410 2 https://perma.cc/v3a8-mny4 https://perma.cc/v3a8-mny4 PROPN cblr-1722 410 3 ] ] X cblr-1722 410 4 . . PUNCT cblr-1722 410 5 111 111 NUM cblr-1722 410 6 stop stop VERB cblr-1722 410 7 debt debt NOUN cblr-1722 410 8 vultures vulture NOUN cblr-1722 410 9 , , PUNCT cblr-1722 410 10 jubilee jubilee PROPN cblr-1722 410 11 australia australia PROPN cblr-1722 410 12 ( ( PUNCT cblr-1722 410 13 last last ADV cblr-1722 410 14 visited visit VERB cblr-1722 410 15 june june PROPN cblr-1722 410 16 12 12 NUM cblr-1722 410 17 , , PUNCT cblr-1722 410 18 2017 2017 NUM cblr-1722 410 19 ) ) PUNCT cblr-1722 410 20 , , PUNCT cblr-1722 410 21 http://www.jubileeaustralia.org/page/work/stop-debt-vultures http://www.jubileeaustralia.org/page/work/stop-debt-vulture VERB cblr-1722 410 22 [ [ X cblr-1722 410 23 https://perma.cc/9jhp-hll9 https://perma.cc/9jhp-hll9 PROPN cblr-1722 410 24 ] ] PUNCT cblr-1722 410 25 . . PUNCT cblr-1722 411 1 112 112 NUM cblr-1722 411 2 see see VERB cblr-1722 411 3 supra supra PROPN cblr-1722 411 4 section section PROPN cblr-1722 411 5 ii.b ii.b PROPN cblr-1722 411 6 . . PROPN cblr-1722 412 1 113 113 NUM cblr-1722 413 1 the the DET cblr-1722 413 2 irish irish PROPN cblr-1722 413 3 department department PROPN cblr-1722 413 4 of of ADP cblr-1722 413 5 finance finance NOUN cblr-1722 413 6 has have AUX cblr-1722 413 7 recently recently ADV cblr-1722 413 8 closed close VERB cblr-1722 413 9 off off ADP cblr-1722 413 10 taxloopholes taxloophole NOUN cblr-1722 413 11 that that PRON cblr-1722 413 12 allowed allow VERB cblr-1722 413 13 vulture vulture ADJ cblr-1722 413 14 funds fund NOUN cblr-1722 413 15 to to PART cblr-1722 413 16 avoid avoid VERB cblr-1722 413 17 taxes taxis NOUN cblr-1722 413 18 on on ADP cblr-1722 413 19 profits profit NOUN cblr-1722 413 20 made make VERB cblr-1722 413 21 by by ADP cblr-1722 413 22 buying buy VERB cblr-1722 413 23 and and CCONJ cblr-1722 413 24 selling sell VERB cblr-1722 413 25 irish irish ADJ cblr-1722 413 26 property property NOUN cblr-1722 413 27 . . PUNCT cblr-1722 414 1 see see VERB cblr-1722 414 2 charlie charlie PROPN cblr-1722 414 3 taylor taylor PROPN cblr-1722 414 4 , , PUNCT cblr-1722 414 5 department department PROPN cblr-1722 414 6 of of ADP cblr-1722 414 7 finance finance NOUN cblr-1722 414 8 closes close VERB cblr-1722 414 9 vulture vulture ADJ cblr-1722 414 10 fund fund NOUN cblr-1722 414 11 loophole loophole NOUN cblr-1722 414 12 , , PUNCT cblr-1722 414 13 irish irish PROPN cblr-1722 414 14 times times PROPN cblr-1722 414 15 ( ( PUNCT cblr-1722 414 16 sept sept PROPN cblr-1722 414 17 . . PROPN cblr-1722 414 18 6 6 NUM cblr-1722 414 19 , , PUNCT cblr-1722 414 20 2016 2016 NUM cblr-1722 414 21 , , PUNCT cblr-1722 414 22 5:16 5:16 NUM cblr-1722 414 23 pm pm NOUN cblr-1722 414 24 ) ) PUNCT cblr-1722 414 25 , , PUNCT cblr-1722 414 26 http://www.irishtimes.com/business/economy/department-of-financecloses-vulture-fund-loophole-1.2781681 http://www.irishtimes.com/business/economy/department-of-financecloses-vulture-fund-loophole-1.2781681 VERB cblr-1722 415 1 [ [ X cblr-1722 415 2 https://perma.cc/mta8-gah8 https://perma.cc/mta8-gah8 X cblr-1722 415 3 ] ] PUNCT cblr-1722 415 4 . . PUNCT cblr-1722 416 1 in in ADP cblr-1722 416 2 addition addition NOUN cblr-1722 416 3 , , PUNCT cblr-1722 416 4 ireland ireland PROPN cblr-1722 416 5 introduced introduce VERB cblr-1722 416 6 a a DET cblr-1722 416 7 new new ADJ cblr-1722 416 8 20 20 NUM cblr-1722 416 9 % % NOUN cblr-1722 416 10 tax tax NOUN cblr-1722 416 11 on on ADP cblr-1722 416 12 vulture vulture ADJ cblr-1722 416 13 fund fund NOUN cblr-1722 416 14 profits profit VERB cblr-1722 416 15 off off ADP cblr-1722 416 16 the the DET cblr-1722 416 17 wozny wozny NOUN cblr-1722 416 18 – – PUNCT cblr-1722 416 19 final final ADJ cblr-1722 416 20 no no NOUN cblr-1722 416 21 . . PUNCT cblr-1722 416 22 2:697 2:697 NUM cblr-1722 416 23 ] ] X cblr-1722 416 24 national national ADJ cblr-1722 416 25 anti anti ADJ cblr-1722 416 26 - - ADJ cblr-1722 416 27 vulture vulture ADJ cblr-1722 416 28 funds fund NOUN cblr-1722 416 29 legislation legislation NOUN cblr-1722 416 30 727 727 NUM cblr-1722 416 31 return return NOUN cblr-1722 416 32 of of ADP cblr-1722 416 33 the the DET cblr-1722 416 34 comity comity NOUN cblr-1722 416 35 defense,115 defense,115 PROPN cblr-1722 416 36 expanding expand VERB cblr-1722 416 37 judicial judicial ADJ cblr-1722 416 38 discretion,116 discretion,116 ADP cblr-1722 416 39 an an DET cblr-1722 416 40 international international ADJ cblr-1722 416 41 multi multi ADJ cblr-1722 416 42 - - ADJ cblr-1722 416 43 lateral lateral ADJ cblr-1722 416 44 sovereign sovereign ADJ cblr-1722 416 45 restructuring restructure VERB cblr-1722 416 46 framework framework NOUN cblr-1722 416 47 independent independent ADJ cblr-1722 416 48 of of ADP cblr-1722 416 49 the the DET cblr-1722 416 50 imf,117 imf,117 PROPN cblr-1722 416 51 special special ADJ cblr-1722 416 52 clauses clause NOUN cblr-1722 416 53 in in ADP cblr-1722 416 54 bonds bond NOUN cblr-1722 416 55 that that PRON cblr-1722 416 56 counteract counteract VERB cblr-1722 416 57 holdouts,118 holdouts,118 PROPN cblr-1722 416 58 and and CCONJ cblr-1722 416 59 national national ADJ cblr-1722 416 60 anti anti ADJ cblr-1722 416 61 - - ADJ cblr-1722 416 62 vulture vulture ADJ cblr-1722 416 63 fund fund NOUN cblr-1722 416 64 legislation legislation NOUN cblr-1722 416 65 . . PUNCT cblr-1722 417 1 scholars scholar NOUN cblr-1722 417 2 have have AUX cblr-1722 417 3 not not PART cblr-1722 417 4 yet yet ADV cblr-1722 417 5 arrived arrive VERB cblr-1722 417 6 on on ADP cblr-1722 417 7 a a DET cblr-1722 417 8 consensus consensus NOUN cblr-1722 417 9 over over ADP cblr-1722 417 10 which which DET cblr-1722 417 11 method method NOUN cblr-1722 417 12 is be AUX cblr-1722 417 13 best.119 best.119 PROPN cblr-1722 417 14 countries country NOUN cblr-1722 417 15 , , PUNCT cblr-1722 417 16 on on ADP cblr-1722 417 17 the the DET cblr-1722 417 18 other other ADJ cblr-1722 417 19 hand hand NOUN cblr-1722 417 20 , , PUNCT cblr-1722 417 21 have have AUX cblr-1722 417 22 begun begin VERB cblr-1722 417 23 to to PART cblr-1722 417 24 indicate indicate VERB cblr-1722 417 25 a a DET cblr-1722 417 26 preference preference NOUN cblr-1722 417 27 for for ADP cblr-1722 417 28 national national ADJ cblr-1722 417 29 anti anti ADJ cblr-1722 417 30 - - ADJ cblr-1722 417 31 vulture vulture ADJ cblr-1722 417 32 fund fund NOUN cblr-1722 417 33 legislation.120 legislation.120 PROPN cblr-1722 417 34 the the DET cblr-1722 417 35 united united PROPN cblr-1722 417 36 nations nations PROPN cblr-1722 417 37 human human PROPN cblr-1722 417 38 rights right NOUN cblr-1722 417 39 council council NOUN cblr-1722 417 40 , , PUNCT cblr-1722 417 41 perhaps perhaps ADV cblr-1722 417 42 sensing sense VERB cblr-1722 417 43 this this DET cblr-1722 417 44 momentum momentum NOUN cblr-1722 417 45 , , PUNCT cblr-1722 417 46 issued issue VERB cblr-1722 417 47 a a DET cblr-1722 417 48 recommendation recommendation NOUN cblr-1722 417 49 dated date VERB cblr-1722 417 50 october october PROPN cblr-1722 417 51 3 3 NUM cblr-1722 417 52 , , PUNCT cblr-1722 417 53 2014 2014 NUM cblr-1722 417 54 that that SCONJ cblr-1722 417 55 irish irish ADJ cblr-1722 417 56 property property NOUN cblr-1722 417 57 market market NOUN cblr-1722 417 58 . . PUNCT cblr-1722 418 1 donal donal PROPN cblr-1722 418 2 o’donovan o’donovan PROPN cblr-1722 418 3 , , PUNCT cblr-1722 418 4 new new ADJ cblr-1722 418 5 20pc 20pc ADJ cblr-1722 418 6 tax tax NOUN cblr-1722 418 7 on on ADP cblr-1722 418 8 profits profit NOUN cblr-1722 418 9 will will AUX cblr-1722 418 10 hit hit VERB cblr-1722 418 11 vulture vulture ADJ cblr-1722 418 12 funds fund NOUN cblr-1722 418 13 and and CCONJ cblr-1722 418 14 investors investor NOUN cblr-1722 418 15 with with ADP cblr-1722 418 16 irish irish ADJ cblr-1722 418 17 property property NOUN cblr-1722 418 18 assets asset NOUN cblr-1722 418 19 , , PUNCT cblr-1722 418 20 independent independent ADJ cblr-1722 418 21 ( ( PUNCT cblr-1722 418 22 oct oct PROPN cblr-1722 418 23 . . PROPN cblr-1722 418 24 20 20 NUM cblr-1722 418 25 , , PUNCT cblr-1722 418 26 2016 2016 NUM cblr-1722 418 27 , , PUNCT cblr-1722 418 28 3:35 3:35 NUM cblr-1722 418 29 pm pm NOUN cblr-1722 418 30 ) ) PUNCT cblr-1722 418 31 , , PUNCT cblr-1722 418 32 http://www.independent.ie/business/new-20pctax-on-profits-will-hit-vulture-funds-and-investors-with-irish-propertyassets-35147317.html http://www.independent.ie/business/new-20pctax-on-profits-will-hit-vulture-funds-and-investors-with-irish-propertyassets-35147317.html X cblr-1722 419 1 [ [ X cblr-1722 419 2 https://perma.cc/s6j4-svt3 https://perma.cc/s6j4-svt3 X cblr-1722 419 3 ] ] PUNCT cblr-1722 419 4 . . PUNCT cblr-1722 420 1 114 114 NUM cblr-1722 420 2 see see VERB cblr-1722 420 3 generally generally ADV cblr-1722 420 4 jonathan jonathan PROPN cblr-1722 420 5 i. i. PROPN cblr-1722 420 6 blackmun blackmun PROPN cblr-1722 420 7 & & CCONJ cblr-1722 420 8 rahul rahul PROPN cblr-1722 420 9 mukhi mukhi PROPN cblr-1722 420 10 , , PUNCT cblr-1722 420 11 the the DET cblr-1722 420 12 evolution evolution NOUN cblr-1722 420 13 of of ADP cblr-1722 420 14 modern modern ADJ cblr-1722 420 15 sovereign sovereign ADJ cblr-1722 420 16 debt debt NOUN cblr-1722 420 17 litigation litigation NOUN cblr-1722 420 18 : : PUNCT cblr-1722 420 19 vultures vulture NOUN cblr-1722 420 20 , , PUNCT cblr-1722 420 21 alter alter VERB cblr-1722 420 22 egos ego NOUN cblr-1722 420 23 , , PUNCT cblr-1722 420 24 and and CCONJ cblr-1722 420 25 other other ADJ cblr-1722 420 26 legal legal ADJ cblr-1722 420 27 fauna fauna NOUN cblr-1722 420 28 , , PUNCT cblr-1722 420 29 73 73 NUM cblr-1722 420 30 law law NOUN cblr-1722 420 31 & & CCONJ cblr-1722 420 32 contemp contemp NOUN cblr-1722 420 33 . . PUNCT cblr-1722 421 1 probs prob NOUN cblr-1722 421 2 . . PUNCT cblr-1722 422 1 47 47 NUM cblr-1722 422 2 ( ( PUNCT cblr-1722 422 3 2010 2010 NUM cblr-1722 422 4 ) ) PUNCT cblr-1722 422 5 ; ; PUNCT cblr-1722 422 6 kevin kevin PROPN cblr-1722 422 7 chan chan PROPN cblr-1722 422 8 , , PUNCT cblr-1722 422 9 beijing beijing PROPN cblr-1722 422 10 oks oks PROPN cblr-1722 422 11 uk uk PROPN cblr-1722 422 12 ruling rule VERB cblr-1722 422 13 blocking block VERB cblr-1722 422 14 vulture vulture ADJ cblr-1722 422 15 fund fund NOUN cblr-1722 422 16 suit suit NOUN cblr-1722 422 17 , , PUNCT cblr-1722 422 18 san san PROPN cblr-1722 422 19 diego diego PROPN cblr-1722 422 20 union union PROPN cblr-1722 422 21 trib trib PROPN cblr-1722 422 22 . . PUNCT cblr-1722 423 1 ( ( PUNCT cblr-1722 423 2 aug aug PROPN cblr-1722 423 3 . . PROPN cblr-1722 423 4 26 26 NUM cblr-1722 423 5 , , PUNCT cblr-1722 423 6 2011 2011 NUM cblr-1722 423 7 , , PUNCT cblr-1722 423 8 4:47 4:47 NUM cblr-1722 423 9 am am NOUN cblr-1722 423 10 ) ) PUNCT cblr-1722 423 11 , , PUNCT cblr-1722 423 12 http://www.sandiegouniontribune.com/sdut-beijing-oks-hk-ruling-blockingvulture-fund-suit-2011aug26-story.html http://www.sandiegouniontribune.com/sdut-beijing-oks-hk-ruling-blockingvulture-fund-suit-2011aug26-story.html PROPN cblr-1722 424 1 [ [ X cblr-1722 424 2 https://perma.cc/b9r7-nwmc https://perma.cc/b9r7-nwmc X cblr-1722 424 3 ] ] PUNCT cblr-1722 424 4 . . PUNCT cblr-1722 425 1 115 115 NUM cblr-1722 425 2 see see VERB cblr-1722 425 3 christopher christopher PROPN cblr-1722 425 4 c. c. PROPN cblr-1722 425 5 wheeler wheeler PROPN cblr-1722 425 6 & & CCONJ cblr-1722 425 7 amir amir PROPN cblr-1722 425 8 attaran attaran PROPN cblr-1722 425 9 , , PUNCT cblr-1722 425 10 declawing declaw VERB cblr-1722 425 11 the the DET cblr-1722 425 12 vulture vulture ADJ cblr-1722 425 13 funds fund NOUN cblr-1722 425 14 : : PUNCT cblr-1722 425 15 rehabilitation rehabilitation NOUN cblr-1722 425 16 of of ADP cblr-1722 425 17 a a DET cblr-1722 425 18 comity comity NOUN cblr-1722 425 19 defense defense NOUN cblr-1722 425 20 in in ADP cblr-1722 425 21 sovereign sovereign ADJ cblr-1722 425 22 debt debt NOUN cblr-1722 425 23 litigation litigation NOUN cblr-1722 425 24 , , PUNCT cblr-1722 425 25 39 39 NUM cblr-1722 425 26 stan stan PROPN cblr-1722 425 27 . . PUNCT cblr-1722 426 1 j. j. PROPN cblr-1722 426 2 int’l int’l PROPN cblr-1722 426 3 l. l. PROPN cblr-1722 426 4 253 253 NUM cblr-1722 426 5 ( ( PUNCT cblr-1722 426 6 2003 2003 NUM cblr-1722 426 7 ) ) PUNCT cblr-1722 426 8 . . PUNCT cblr-1722 427 1 116 116 NUM cblr-1722 427 2 see see VERB cblr-1722 427 3 harvey harvey NOUN cblr-1722 427 4 asiedu asiedu PROPN cblr-1722 427 5 - - PUNCT cblr-1722 427 6 akrofi akrofi ADV cblr-1722 427 7 , , PUNCT cblr-1722 427 8 banks bank NOUN cblr-1722 427 9 , , PUNCT cblr-1722 427 10 bonds bond NOUN cblr-1722 427 11 and and CCONJ cblr-1722 427 12 the the DET cblr-1722 427 13 american american ADJ cblr-1722 427 14 bench bench NOUN cblr-1722 427 15 : : PUNCT cblr-1722 427 16 exercising exercise VERB cblr-1722 427 17 judicial judicial ADJ cblr-1722 427 18 discretion discretion NOUN cblr-1722 427 19 to to PART cblr-1722 427 20 discourage discourage VERB cblr-1722 427 21 rogue rogue ADJ cblr-1722 427 22 sovereign sovereign ADJ cblr-1722 427 23 bond bond NOUN cblr-1722 427 24 litigation litigation NOUN cblr-1722 427 25 claims claim NOUN cblr-1722 427 26 , , PUNCT cblr-1722 427 27 7 7 NUM cblr-1722 427 28 cambridge cambridge PROPN cblr-1722 427 29 student student PROPN cblr-1722 427 30 l. l. PROPN cblr-1722 427 31 rev rev PROPN cblr-1722 427 32 . . PROPN cblr-1722 427 33 42 42 NUM cblr-1722 427 34 ( ( PUNCT cblr-1722 427 35 2011 2011 NUM cblr-1722 427 36 ) ) PUNCT cblr-1722 427 37 . . PUNCT cblr-1722 428 1 117 117 NUM cblr-1722 428 2 see see NOUN cblr-1722 428 3 ryan ryan PROPN cblr-1722 428 4 , , PUNCT cblr-1722 428 5 supra supra PROPN cblr-1722 428 6 note note PROPN cblr-1722 428 7 29 29 NUM cblr-1722 428 8 , , PUNCT cblr-1722 428 9 at at ADP cblr-1722 428 10 2515–20 2515–20 NUM cblr-1722 428 11 . . PUNCT cblr-1722 429 1 118 118 NUM cblr-1722 429 2 among among ADP cblr-1722 429 3 these these DET cblr-1722 429 4 clauses clause NOUN cblr-1722 429 5 include include VERB cblr-1722 429 6 collective collective ADJ cblr-1722 429 7 - - PUNCT cblr-1722 429 8 action action NOUN cblr-1722 429 9 clauses clause NOUN cblr-1722 429 10 ( ( PUNCT cblr-1722 429 11 “ " PUNCT cblr-1722 429 12 cac cac PROPN cblr-1722 429 13 ” " PUNCT cblr-1722 429 14 ) ) PUNCT cblr-1722 429 15 in in ADP cblr-1722 429 16 bonds bond NOUN cblr-1722 429 17 , , PUNCT cblr-1722 429 18 which which PRON cblr-1722 429 19 the the DET cblr-1722 429 20 imf imf PROPN cblr-1722 429 21 endorsed endorse VERB cblr-1722 429 22 . . PUNCT cblr-1722 430 1 see see VERB cblr-1722 430 2 yan yan PROPN cblr-1722 430 3 liu liu PROPN cblr-1722 430 4 , , PUNCT cblr-1722 430 5 imf imf PROPN cblr-1722 430 6 , , PUNCT cblr-1722 430 7 collective collective ADJ cblr-1722 430 8 action action NOUN cblr-1722 430 9 clauses clause NOUN cblr-1722 430 10 in in ADP cblr-1722 430 11 international international ADJ cblr-1722 430 12 sovereign sovereign ADJ cblr-1722 430 13 bonds bond NOUN cblr-1722 430 14 ( ( PUNCT cblr-1722 430 15 aug aug PROPN cblr-1722 430 16 . . PROPN cblr-1722 430 17 30 30 NUM cblr-1722 430 18 , , PUNCT cblr-1722 430 19 2002 2002 NUM cblr-1722 430 20 ) ) PUNCT cblr-1722 430 21 , , PUNCT cblr-1722 430 22 http://www.imf.org/external/np/leg/sem/2002/cdmfl/eng/liu.pdf http://www.imf.org/external/np/leg/sem/2002/cdmfl/eng/liu.pdf PROPN cblr-1722 431 1 [ [ X cblr-1722 431 2 https://perma.cc/j295-avmz https://perma.cc/j295-avmz X cblr-1722 431 3 ] ] PUNCT cblr-1722 431 4 . . PUNCT cblr-1722 432 1 sovereigns sovereign NOUN cblr-1722 432 2 may may AUX cblr-1722 432 3 choose choose VERB cblr-1722 432 4 to to PART cblr-1722 432 5 exclude exclude VERB cblr-1722 432 6 these these DET cblr-1722 432 7 clauses clause NOUN cblr-1722 432 8 from from ADP cblr-1722 432 9 their their PRON cblr-1722 432 10 bonds bond NOUN cblr-1722 432 11 to to PART cblr-1722 432 12 lower lower VERB cblr-1722 432 13 the the DET cblr-1722 432 14 cost cost NOUN cblr-1722 432 15 of of ADP cblr-1722 432 16 debt debt NOUN cblr-1722 432 17 . . PUNCT cblr-1722 433 1 in in ADP cblr-1722 433 2 doing do VERB cblr-1722 433 3 so so ADV cblr-1722 433 4 , , PUNCT cblr-1722 433 5 however however ADV cblr-1722 433 6 , , PUNCT cblr-1722 433 7 they they PRON cblr-1722 433 8 expose expose VERB cblr-1722 433 9 themselves themselves PRON cblr-1722 433 10 to to ADP cblr-1722 433 11 potentially potentially ADV cblr-1722 433 12 damaging damage VERB cblr-1722 433 13 litigation litigation NOUN cblr-1722 433 14 with with ADP cblr-1722 433 15 holdouts holdout NOUN cblr-1722 433 16 . . PUNCT cblr-1722 434 1 for for ADP cblr-1722 434 2 a a DET cblr-1722 434 3 comprehensive comprehensive ADJ cblr-1722 434 4 history history NOUN cblr-1722 434 5 of of ADP cblr-1722 434 6 cacs cac NOUN cblr-1722 434 7 , , PUNCT cblr-1722 434 8 see see VERB cblr-1722 434 9 w. w. PROPN cblr-1722 434 10 mark mark PROPN cblr-1722 434 11 c. c. PROPN cblr-1722 434 12 weidemaier weidemaier PROPN cblr-1722 434 13 & & CCONJ cblr-1722 434 14 mitu mitu PROPN cblr-1722 434 15 gulati gulati PROPN cblr-1722 434 16 , , PUNCT cblr-1722 434 17 a a DET cblr-1722 434 18 people people NOUN cblr-1722 434 19 ’s ’s PART cblr-1722 434 20 history history NOUN cblr-1722 434 21 of of ADP cblr-1722 434 22 collective collective ADJ cblr-1722 434 23 action action NOUN cblr-1722 434 24 clauses clause NOUN cblr-1722 434 25 , , PUNCT cblr-1722 434 26 54 54 NUM cblr-1722 434 27 va va NOUN cblr-1722 434 28 . . PUNCT cblr-1722 435 1 j. j. PROPN cblr-1722 435 2 int’l int’l PROPN cblr-1722 435 3 l. l. PROPN cblr-1722 435 4 51 51 NUM cblr-1722 435 5 ( ( PUNCT cblr-1722 435 6 2013 2013 NUM cblr-1722 435 7 ) ) PUNCT cblr-1722 435 8 . . PUNCT cblr-1722 436 1 119 119 NUM cblr-1722 436 2 see see VERB cblr-1722 436 3 supra supra PROPN cblr-1722 436 4 notes note NOUN cblr-1722 436 5 113–118 113–118 NUM cblr-1722 436 6 and and CCONJ cblr-1722 436 7 accompanying accompany VERB cblr-1722 436 8 text text NOUN cblr-1722 436 9 . . PUNCT cblr-1722 437 1 120 120 NUM cblr-1722 437 2 see see VERB cblr-1722 437 3 infra infra NOUN cblr-1722 437 4 sections section NOUN cblr-1722 437 5 iii.b iii.b X cblr-1722 437 6 – – PUNCT cblr-1722 437 7 h. h. NOUN cblr-1722 437 8 wozny wozny ADJ cblr-1722 437 9 – – PUNCT cblr-1722 437 10 final final ADJ cblr-1722 437 11 728 728 NUM cblr-1722 437 12 columbia columbia PROPN cblr-1722 437 13 business business NOUN cblr-1722 437 14 law law PROPN cblr-1722 437 15 review review NOUN cblr-1722 437 16 [ [ X cblr-1722 437 17 vol vol NOUN cblr-1722 437 18 . . NOUN cblr-1722 437 19 2017 2017 NUM cblr-1722 437 20 countries country NOUN cblr-1722 437 21 adopt adopt VERB cblr-1722 437 22 national national ADJ cblr-1722 437 23 anti anti ADJ cblr-1722 437 24 - - ADJ cblr-1722 437 25 vulture vulture ADJ cblr-1722 437 26 fund fund NOUN cblr-1722 437 27 legislation.121 legislation.121 VERB cblr-1722 437 28 the the DET cblr-1722 437 29 united united PROPN cblr-1722 437 30 nations nations PROPN cblr-1722 437 31 human human PROPN cblr-1722 437 32 rights right NOUN cblr-1722 437 33 council council NOUN cblr-1722 437 34 condemned condemn VERB cblr-1722 437 35 the the DET cblr-1722 437 36 activity activity NOUN cblr-1722 437 37 of of ADP cblr-1722 437 38 vulture vulture ADJ cblr-1722 437 39 funds fund NOUN cblr-1722 437 40 because because SCONJ cblr-1722 437 41 they they PRON cblr-1722 437 42 ( ( PUNCT cblr-1722 437 43 1 1 X cblr-1722 437 44 ) ) PUNCT cblr-1722 437 45 paralyze paralyze VERB cblr-1722 437 46 debt debt NOUN cblr-1722 437 47 restructuring restructuring NOUN cblr-1722 437 48 efforts effort NOUN cblr-1722 437 49 of of ADP cblr-1722 437 50 developing develop VERB cblr-1722 437 51 countries country NOUN cblr-1722 437 52 ; ; PUNCT cblr-1722 437 53 ( ( PUNCT cblr-1722 437 54 2 2 X cblr-1722 437 55 ) ) PUNCT cblr-1722 437 56 frustrate frustrate VERB cblr-1722 437 57 the the DET cblr-1722 437 58 sovereign sovereign ADJ cblr-1722 437 59 state state NOUN cblr-1722 437 60 ’s ’s PART cblr-1722 437 61 right right NOUN cblr-1722 437 62 to to PART cblr-1722 437 63 protect protect VERB cblr-1722 437 64 its its PRON cblr-1722 437 65 citizens citizen NOUN cblr-1722 437 66 under under ADP cblr-1722 437 67 international international ADJ cblr-1722 437 68 law law NOUN cblr-1722 437 69 ; ; PUNCT cblr-1722 437 70 ( ( PUNCT cblr-1722 437 71 3 3 X cblr-1722 437 72 ) ) PUNCT cblr-1722 437 73 increase increase VERB cblr-1722 437 74 the the DET cblr-1722 437 75 debt debt NOUN cblr-1722 437 76 burden burden NOUN cblr-1722 437 77 of of ADP cblr-1722 437 78 extreme extreme ADJ cblr-1722 437 79 poverty poverty NOUN cblr-1722 437 80 countries country NOUN cblr-1722 437 81 ; ; PUNCT cblr-1722 437 82 and and CCONJ cblr-1722 437 83 ( ( PUNCT cblr-1722 437 84 4 4 X cblr-1722 437 85 ) ) PUNCT cblr-1722 437 86 diminish diminish VERB cblr-1722 437 87 the the DET cblr-1722 437 88 impact impact NOUN cblr-1722 437 89 of of ADP cblr-1722 437 90 debt debt NOUN cblr-1722 437 91 relief.122 relief.122 NOUN cblr-1722 437 92 the the DET cblr-1722 437 93 author author NOUN cblr-1722 437 94 is be AUX cblr-1722 437 95 sensitive sensitive ADJ cblr-1722 437 96 to to ADP cblr-1722 437 97 the the DET cblr-1722 437 98 distributive distributive ADJ cblr-1722 437 99 justice justice NOUN cblr-1722 437 100 concerns concern NOUN cblr-1722 437 101 from from ADP cblr-1722 437 102 which which PRON cblr-1722 437 103 these these DET cblr-1722 437 104 national national ADJ cblr-1722 437 105 legislative legislative ADJ cblr-1722 437 106 acts act NOUN cblr-1722 437 107 may may AUX cblr-1722 437 108 arise arise VERB cblr-1722 437 109 ; ; PUNCT cblr-1722 437 110 national national ADJ cblr-1722 437 111 legislative legislative ADJ cblr-1722 437 112 acts act NOUN cblr-1722 437 113 may may AUX cblr-1722 437 114 nevertheless nevertheless ADV cblr-1722 437 115 not not PART cblr-1722 437 116 be be AUX cblr-1722 437 117 the the DET cblr-1722 437 118 optimal optimal ADJ cblr-1722 437 119 choice choice NOUN cblr-1722 437 120 for for ADP cblr-1722 437 121 dealing deal VERB cblr-1722 437 122 with with ADP cblr-1722 437 123 these these DET cblr-1722 437 124 concerns concern NOUN cblr-1722 437 125 . . PUNCT cblr-1722 438 1 legislation legislation NOUN cblr-1722 438 2 across across ADP cblr-1722 438 3 countries country NOUN cblr-1722 438 4 is be AUX cblr-1722 438 5 not not PART cblr-1722 438 6 always always ADV cblr-1722 438 7 consistent consistent ADJ cblr-1722 438 8 . . PUNCT cblr-1722 439 1 indeed indeed ADV cblr-1722 439 2 , , PUNCT cblr-1722 439 3 these these DET cblr-1722 439 4 national national ADJ cblr-1722 439 5 regulations regulation NOUN cblr-1722 439 6 vary vary VERB cblr-1722 439 7 widely widely ADV cblr-1722 439 8 and and CCONJ cblr-1722 439 9 shape shape VERB cblr-1722 439 10 different different ADJ cblr-1722 439 11 regulatory regulatory ADJ cblr-1722 439 12 standards standard NOUN cblr-1722 439 13 for for ADP cblr-1722 439 14 vulture vulture ADJ cblr-1722 439 15 funds fund NOUN cblr-1722 439 16 . . PUNCT cblr-1722 440 1 this this PRON cblr-1722 440 2 creates create VERB cblr-1722 440 3 forum forum NOUN cblr-1722 440 4 shopping shop VERB cblr-1722 440 5 between between ADP cblr-1722 440 6 jurisdictions jurisdiction NOUN cblr-1722 440 7 . . PUNCT cblr-1722 441 1 the the DET cblr-1722 441 2 remainder remainder NOUN cblr-1722 441 3 of of ADP cblr-1722 441 4 this this DET cblr-1722 441 5 part part NOUN cblr-1722 441 6 will will AUX cblr-1722 441 7 review review VERB cblr-1722 441 8 the the DET cblr-1722 441 9 legislative legislative ADJ cblr-1722 441 10 responses response NOUN cblr-1722 441 11 of of ADP cblr-1722 441 12 the the DET cblr-1722 441 13 united united ADJ cblr-1722 441 14 kingdom kingdom PROPN cblr-1722 441 15 , , PUNCT cblr-1722 441 16 isle isle PROPN cblr-1722 441 17 of of ADP cblr-1722 441 18 man man PROPN cblr-1722 441 19 , , PUNCT cblr-1722 441 20 jersey jersey PROPN cblr-1722 441 21 , , PUNCT cblr-1722 441 22 australia australia PROPN cblr-1722 441 23 , , PUNCT cblr-1722 441 24 united united PROPN cblr-1722 441 25 states states PROPN cblr-1722 441 26 , , PUNCT cblr-1722 441 27 france france PROPN cblr-1722 441 28 , , PUNCT cblr-1722 441 29 and and CCONJ cblr-1722 441 30 belgium belgium PROPN cblr-1722 441 31 . . PUNCT cblr-1722 442 1 b. b. PROPN cblr-1722 442 2 united united PROPN cblr-1722 442 3 kingdom kingdom PROPN cblr-1722 442 4 on on ADP cblr-1722 442 5 april april PROPN cblr-1722 442 6 8 8 NUM cblr-1722 442 7 , , PUNCT cblr-1722 442 8 2010 2010 NUM cblr-1722 442 9 , , PUNCT cblr-1722 442 10 the the DET cblr-1722 442 11 united united PROPN cblr-1722 442 12 kingdom kingdom PROPN cblr-1722 442 13 parliament parliament NOUN cblr-1722 442 14 enacted enact VERB cblr-1722 442 15 the the DET cblr-1722 442 16 debt debt NOUN cblr-1722 442 17 relief relief NOUN cblr-1722 442 18 ( ( PUNCT cblr-1722 442 19 developing develop VERB cblr-1722 442 20 countries country NOUN cblr-1722 442 21 ) ) PUNCT cblr-1722 442 22 act123 act123 NOUN cblr-1722 442 23 ( ( PUNCT cblr-1722 442 24 “ " PUNCT cblr-1722 442 25 dra dra PROPN cblr-1722 442 26 ” " PUNCT cblr-1722 442 27 ) ) PUNCT cblr-1722 442 28 , , PUNCT cblr-1722 442 29 which which PRON cblr-1722 442 30 went go VERB cblr-1722 442 31 into into ADP cblr-1722 442 32 force force NOUN cblr-1722 442 33 on on ADP cblr-1722 442 34 june june PROPN cblr-1722 442 35 8 8 NUM cblr-1722 442 36 , , PUNCT cblr-1722 442 37 2010.124 2010.124 NUM cblr-1722 442 38 on on ADP cblr-1722 442 39 may may PROPN cblr-1722 442 40 16 16 NUM cblr-1722 442 41 , , PUNCT cblr-1722 442 42 2011 2011 NUM cblr-1722 442 43 , , PUNCT cblr-1722 442 44 the the DET cblr-1722 442 45 united united PROPN cblr-1722 442 46 kingdom kingdom PROPN cblr-1722 442 47 took take VERB cblr-1722 442 48 legislative legislative ADJ cblr-1722 442 49 action action NOUN cblr-1722 442 50 to to PART cblr-1722 442 51 make make VERB cblr-1722 442 52 the the DET cblr-1722 442 53 law law NOUN cblr-1722 442 54 permanent.125 permanent.125 ADP cblr-1722 442 55 the the DET cblr-1722 442 56 united united PROPN cblr-1722 442 57 kingdom kingdom PROPN cblr-1722 442 58 enacted enact VERB cblr-1722 442 59 the the DET cblr-1722 442 60 dra dra PROPN cblr-1722 442 61 in in ADP cblr-1722 442 62 response response NOUN cblr-1722 442 63 to to ADP cblr-1722 442 64 a a DET cblr-1722 442 65 lawsuit lawsuit NOUN cblr-1722 442 66 brought bring VERB cblr-1722 442 67 by by ADP cblr-1722 442 68 vulture vulture ADJ cblr-1722 442 69 funds fund NOUN cblr-1722 442 70 seeking seek VERB cblr-1722 442 71 to to ADP cblr-1722 442 72 121 121 NUM cblr-1722 442 73 human human ADJ cblr-1722 442 74 rights right NOUN cblr-1722 442 75 council council NOUN cblr-1722 442 76 res re NOUN cblr-1722 442 77 . . PUNCT cblr-1722 443 1 27/30 27/30 NUM cblr-1722 443 2 , , PUNCT cblr-1722 443 3 u.n u.n PROPN cblr-1722 443 4 . . PROPN cblr-1722 443 5 doc doc PROPN cblr-1722 443 6 . . PROPN cblr-1722 444 1 a a PRON cblr-1722 444 2 / / SYM cblr-1722 444 3 hrc hrc PROPN cblr-1722 444 4 / / SYM cblr-1722 444 5 res/27/30 res/27/30 PROPN cblr-1722 444 6 ( ( PUNCT cblr-1722 444 7 oct oct PROPN cblr-1722 444 8 . . PROPN cblr-1722 444 9 3 3 NUM cblr-1722 444 10 , , PUNCT cblr-1722 444 11 2014 2014 NUM cblr-1722 444 12 ) ) PUNCT cblr-1722 444 13 . . PUNCT cblr-1722 445 1 122 122 NUM cblr-1722 446 1 i i PRON cblr-1722 446 2 d. d. NOUN cblr-1722 446 3 123 123 NUM cblr-1722 446 4 debt debt NOUN cblr-1722 446 5 relief relief NOUN cblr-1722 446 6 ( ( PUNCT cblr-1722 446 7 developing develop VERB cblr-1722 446 8 countries country NOUN cblr-1722 446 9 ) ) PUNCT cblr-1722 446 10 act act NOUN cblr-1722 446 11 2010 2010 NUM cblr-1722 446 12 , , PUNCT cblr-1722 446 13 c. c. PROPN cblr-1722 446 14 22 22 NUM cblr-1722 446 15 ( ( PUNCT cblr-1722 446 16 uk uk PROPN cblr-1722 446 17 ) ) PUNCT cblr-1722 446 18 . . PUNCT cblr-1722 447 1 124 124 NUM cblr-1722 448 1 i i PRON cblr-1722 448 2 d. d. PROPN cblr-1722 448 3 at at ADP cblr-1722 448 4 § § PROPN cblr-1722 448 5 10 10 NUM cblr-1722 448 6 . . NOUN cblr-1722 448 7 125 125 NUM cblr-1722 448 8 debt debt NOUN cblr-1722 448 9 relief relief NOUN cblr-1722 448 10 ( ( PUNCT cblr-1722 448 11 developing develop VERB cblr-1722 448 12 countries country NOUN cblr-1722 448 13 ) ) PUNCT cblr-1722 448 14 act act NOUN cblr-1722 448 15 2010 2010 NUM cblr-1722 448 16 ( ( PUNCT cblr-1722 448 17 permanent permanent ADJ cblr-1722 448 18 effect effect NOUN cblr-1722 448 19 ) ) PUNCT cblr-1722 448 20 order order NOUN cblr-1722 448 21 2011 2011 NUM cblr-1722 449 1 s12011/1336 s12011/1336 PROPN cblr-1722 449 2 ( ( PUNCT cblr-1722 449 3 uk uk PROPN cblr-1722 449 4 ) ) PUNCT cblr-1722 449 5 ; ; PUNCT cblr-1722 449 6 see see VERB cblr-1722 449 7 also also ADV cblr-1722 449 8 press press NOUN cblr-1722 449 9 release release NOUN cblr-1722 449 10 , , PUNCT cblr-1722 449 11 her her PRON cblr-1722 449 12 majesty majesty NOUN cblr-1722 449 13 ’s ’s PART cblr-1722 449 14 treasury treasury NOUN cblr-1722 449 15 , , PUNCT cblr-1722 449 16 government government NOUN cblr-1722 449 17 acts act VERB cblr-1722 449 18 to to PART cblr-1722 449 19 halt halt VERB cblr-1722 449 20 profiteering profiteer VERB cblr-1722 449 21 on on ADP cblr-1722 449 22 third third ADJ cblr-1722 449 23 world world NOUN cblr-1722 449 24 debt debt NOUN cblr-1722 449 25 within within ADP cblr-1722 449 26 the the DET cblr-1722 449 27 uk uk PROPN cblr-1722 449 28 ( ( PUNCT cblr-1722 449 29 may may PROPN cblr-1722 449 30 16 16 NUM cblr-1722 449 31 , , PUNCT cblr-1722 449 32 2011 2011 NUM cblr-1722 449 33 ) ) PUNCT cblr-1722 449 34 , , PUNCT cblr-1722 449 35 https://www.gov.uk/government/news/ https://www.gov.uk/government/news/ PROPN cblr-1722 449 36 government government NOUN cblr-1722 449 37 - - PUNCT cblr-1722 449 38 acts act NOUN cblr-1722 449 39 - - PUNCT cblr-1722 449 40 to to ADP cblr-1722 449 41 - - PUNCT cblr-1722 449 42 halt halt NOUN cblr-1722 449 43 - - PUNCT cblr-1722 449 44 profiteering profiteer VERB cblr-1722 449 45 - - PUNCT cblr-1722 449 46 on on ADP cblr-1722 449 47 - - PUNCT cblr-1722 449 48 third third ADJ cblr-1722 449 49 - - PUNCT cblr-1722 449 50 world world NOUN cblr-1722 449 51 - - PUNCT cblr-1722 449 52 debt debt NOUN cblr-1722 449 53 - - PUNCT cblr-1722 449 54 within within ADP cblr-1722 449 55 - - PUNCT cblr-1722 449 56 the the DET cblr-1722 449 57 - - PUNCT cblr-1722 449 58 uk uk PROPN cblr-1722 449 59 [ [ X cblr-1722 449 60 https://perma.cc/7z2y-zqs6 https://perma.cc/7z2y-zqs6 NOUN cblr-1722 449 61 ] ] X cblr-1722 450 1 [ [ X cblr-1722 450 2 hereinafter hereinafter NOUN cblr-1722 450 3 press press NOUN cblr-1722 450 4 release release NOUN cblr-1722 450 5 , , PUNCT cblr-1722 450 6 her her PRON cblr-1722 450 7 majesty majesty NOUN cblr-1722 450 8 ’s ’s PART cblr-1722 450 9 treasury treasury NOUN cblr-1722 450 10 ] ] PUNCT cblr-1722 450 11 . . PUNCT cblr-1722 451 1 wozny wozny ADJ cblr-1722 451 2 – – PUNCT cblr-1722 451 3 final final ADJ cblr-1722 451 4 no no NOUN cblr-1722 451 5 . . PUNCT cblr-1722 452 1 2:697 2:697 NUM cblr-1722 452 2 ] ] X cblr-1722 452 3 national national ADJ cblr-1722 452 4 anti anti ADJ cblr-1722 452 5 - - ADJ cblr-1722 452 6 vulture vulture ADJ cblr-1722 452 7 funds fund NOUN cblr-1722 452 8 legislation legislation NOUN cblr-1722 452 9 729 729 NUM cblr-1722 452 10 recover recover VERB cblr-1722 452 11 claims claim NOUN cblr-1722 452 12 on on ADP cblr-1722 452 13 zambian zambian ADJ cblr-1722 452 14 and and CCONJ cblr-1722 452 15 liberian liberian PROPN cblr-1722 452 16 debt.126 debt.126 PROPN cblr-1722 452 17 prior prior ADV cblr-1722 452 18 to to ADP cblr-1722 452 19 passing pass VERB cblr-1722 452 20 the the DET cblr-1722 452 21 law law NOUN cblr-1722 452 22 , , PUNCT cblr-1722 452 23 parliament parliament NOUN cblr-1722 452 24 sought seek VERB cblr-1722 452 25 extensive extensive ADJ cblr-1722 452 26 public public ADJ cblr-1722 452 27 consultation consultation NOUN cblr-1722 452 28 on on ADP cblr-1722 452 29 limiting limit VERB cblr-1722 452 30 sovereign sovereign ADJ cblr-1722 452 31 debt debt NOUN cblr-1722 452 32 recovery recovery NOUN cblr-1722 452 33 and and CCONJ cblr-1722 452 34 achieved achieve VERB cblr-1722 452 35 bipartisan bipartisan ADJ cblr-1722 452 36 support support NOUN cblr-1722 452 37 for for ADP cblr-1722 452 38 the the DET cblr-1722 452 39 bill bill NOUN cblr-1722 452 40 as as ADP cblr-1722 452 41 a a DET cblr-1722 452 42 result.127 result.127 NOUN cblr-1722 452 43 the the DET cblr-1722 452 44 hipc hipc PROPN cblr-1722 452 45 initiative initiative NOUN cblr-1722 452 46 set set VERB cblr-1722 452 47 a a DET cblr-1722 452 48 country country NOUN cblr-1722 452 49 - - PUNCT cblr-1722 452 50 by by ADP cblr-1722 452 51 - - PUNCT cblr-1722 452 52 country country NOUN cblr-1722 452 53 debt debt NOUN cblr-1722 452 54 reduction reduction NOUN cblr-1722 452 55 factor factor NOUN cblr-1722 452 56 required require VERB cblr-1722 452 57 of of ADP cblr-1722 452 58 all all DET cblr-1722 452 59 creditors creditor NOUN cblr-1722 452 60 to to PART cblr-1722 452 61 reduce reduce VERB cblr-1722 452 62 a a DET cblr-1722 452 63 sovereign sovereign ADJ cblr-1722 452 64 ’s ’s PART cblr-1722 452 65 debt debt NOUN cblr-1722 452 66 to to ADP cblr-1722 452 67 sustainable sustainable VERB cblr-1722 452 68 levels.128 levels.128 ADJ cblr-1722 452 69 whereas whereas SCONJ cblr-1722 452 70 major major ADJ cblr-1722 452 71 institutions institution NOUN cblr-1722 452 72 had have AUX cblr-1722 452 73 already already ADV cblr-1722 452 74 provided provide VERB cblr-1722 452 75 their their PRON cblr-1722 452 76 full full ADJ cblr-1722 452 77 share share NOUN cblr-1722 452 78 of of ADP cblr-1722 452 79 the the DET cblr-1722 452 80 debt debt NOUN cblr-1722 452 81 relief relief NOUN cblr-1722 452 82 , , PUNCT cblr-1722 452 83 commercial commercial ADJ cblr-1722 452 84 creditors creditor NOUN cblr-1722 452 85 like like ADP cblr-1722 452 86 vulture vulture NOUN cblr-1722 452 87 funds fund NOUN cblr-1722 452 88 lagged lag VERB cblr-1722 452 89 behind.129 behind.129 PROPN cblr-1722 452 90 the the DET cblr-1722 452 91 dra dra PROPN cblr-1722 452 92 enhanced enhance VERB cblr-1722 452 93 the the DET cblr-1722 452 94 imf imf PROPN cblr-1722 452 95 and and CCONJ cblr-1722 452 96 world world PROPN cblr-1722 452 97 bank bank PROPN cblr-1722 452 98 ’s ’s PART cblr-1722 452 99 hipc hipc PROPN cblr-1722 452 100 initiative130 initiative130 PROPN cblr-1722 452 101 by by ADP cblr-1722 452 102 introducing introduce VERB cblr-1722 452 103 a a DET cblr-1722 452 104 compulsory compulsory ADJ cblr-1722 452 105 reduction reduction NOUN cblr-1722 452 106 of of ADP cblr-1722 452 107 debt debt NOUN cblr-1722 452 108 that that PRON cblr-1722 452 109 forced force VERB cblr-1722 452 110 private private ADJ cblr-1722 452 111 - - PUNCT cblr-1722 452 112 sector sector NOUN cblr-1722 452 113 creditors creditor NOUN cblr-1722 452 114 to to PART cblr-1722 452 115 accept accept VERB cblr-1722 452 116 deals deal NOUN cblr-1722 452 117 agreed agree VERB cblr-1722 452 118 under under ADP cblr-1722 452 119 the the DET cblr-1722 452 120 hipc hipc PROPN cblr-1722 452 121 initiative initiative NOUN cblr-1722 452 122 by by ADP cblr-1722 452 123 the the DET cblr-1722 452 124 international international ADJ cblr-1722 452 125 public public NOUN cblr-1722 452 126 sector.131 sector.131 VERB cblr-1722 452 127 the the DET cblr-1722 452 128 dra dra PROPN cblr-1722 452 129 sought seek VERB cblr-1722 452 130 to to PART cblr-1722 452 131 accomplish accomplish VERB cblr-1722 452 132 this this PRON cblr-1722 452 133 by by ADP cblr-1722 452 134 restricting restrict VERB cblr-1722 452 135 the the DET cblr-1722 452 136 amount amount NOUN cblr-1722 452 137 commercial commercial ADJ cblr-1722 452 138 creditors creditor NOUN cblr-1722 452 139 could could AUX cblr-1722 452 140 recover recover VERB cblr-1722 452 141 on on ADP cblr-1722 452 142 their their PRON cblr-1722 452 143 sovereign sovereign ADJ cblr-1722 452 144 debt debt NOUN cblr-1722 452 145 to to ADP cblr-1722 452 146 33 33 NUM cblr-1722 452 147 % % NOUN cblr-1722 452 148 for for ADP cblr-1722 452 149 potentially potentially ADV cblr-1722 452 150 eligible eligible ADJ cblr-1722 452 151 , , PUNCT cblr-1722 452 152 but but CCONJ cblr-1722 452 153 not not PART cblr-1722 452 154 - - PUNCT cblr-1722 452 155 yetapproved yetapprove VERB cblr-1722 452 156 hipc.132 hipc.132 NOUN cblr-1722 452 157 for for ADP cblr-1722 452 158 countries country NOUN cblr-1722 452 159 that that PRON cblr-1722 452 160 had have AUX cblr-1722 452 161 already already ADV cblr-1722 452 162 been be AUX cblr-1722 452 163 approved approve VERB cblr-1722 452 164 , , PUNCT cblr-1722 452 165 the the DET cblr-1722 452 166 dra dra PROPN cblr-1722 452 167 limited limited ADJ cblr-1722 452 168 recovery recovery NOUN cblr-1722 452 169 to to ADP cblr-1722 452 170 a a DET cblr-1722 452 171 small small ADJ cblr-1722 452 172 proportion proportion NOUN cblr-1722 452 173 of of ADP cblr-1722 452 174 the the DET cblr-1722 452 175 sovereign sovereign ADJ cblr-1722 452 176 debt debt NOUN cblr-1722 452 177 consistent consistent ADJ cblr-1722 452 178 with with ADP cblr-1722 452 179 the the DET cblr-1722 452 180 reduction reduction NOUN cblr-1722 452 181 factor factor NOUN cblr-1722 452 182 set set VERB cblr-1722 452 183 forth forth ADP cblr-1722 452 184 by by ADP cblr-1722 452 185 the the DET cblr-1722 452 186 hipc hipc PROPN cblr-1722 452 187 initiative.133 initiative.133 PROPN cblr-1722 452 188 because because SCONJ cblr-1722 452 189 vulture vulture ADJ cblr-1722 452 190 funds fund NOUN cblr-1722 452 191 can can AUX cblr-1722 452 192 never never ADV cblr-1722 452 193 recover recover VERB cblr-1722 452 194 more more ADJ cblr-1722 452 195 than than ADP cblr-1722 452 196 the the DET cblr-1722 452 197 hipc hipc NOUN cblr-1722 452 198 initiative initiative NOUN cblr-1722 452 199 , , PUNCT cblr-1722 452 200 they they PRON cblr-1722 452 201 have have VERB cblr-1722 452 202 no no DET cblr-1722 452 203 incentive incentive NOUN cblr-1722 452 204 to to PART cblr-1722 452 205 engage engage VERB cblr-1722 452 206 in in ADP cblr-1722 452 207 prolonged prolonged ADJ cblr-1722 452 208 , , PUNCT cblr-1722 452 209 value value NOUN cblr-1722 452 210 - - PUNCT cblr-1722 452 211 destructive destructive ADJ cblr-1722 452 212 litigation litigation NOUN cblr-1722 452 213 in in ADP cblr-1722 452 214 the the DET cblr-1722 452 215 united united PROPN cblr-1722 452 216 kingdom kingdom PROPN cblr-1722 452 217 ’s ’s PART cblr-1722 452 218 courts court NOUN cblr-1722 452 219 . . PUNCT cblr-1722 453 1 moreover moreover ADV cblr-1722 453 2 , , PUNCT cblr-1722 453 3 because because SCONJ cblr-1722 453 4 the the DET cblr-1722 453 5 dra dra PROPN cblr-1722 453 6 applies apply VERB cblr-1722 453 7 to to ADP cblr-1722 453 8 foreign foreign ADJ cblr-1722 453 9 judgments judgment NOUN cblr-1722 453 10 or or CCONJ cblr-1722 453 11 arbitration arbitration NOUN cblr-1722 453 12 awards award NOUN cblr-1722 453 13 on on ADP cblr-1722 453 14 qualifying qualify VERB cblr-1722 453 15 debt debt NOUN cblr-1722 453 16 , , PUNCT cblr-1722 453 17 vulture vulture NOUN cblr-1722 453 18 funds fund NOUN cblr-1722 453 19 can can AUX cblr-1722 453 20 not not PART cblr-1722 453 21 easily easily ADV cblr-1722 453 22 shop shop VERB cblr-1722 453 23 for for ADP cblr-1722 453 24 more more ADJ cblr-1722 453 25 126 126 NUM cblr-1722 453 26 see see VERB cblr-1722 453 27 john john PROPN cblr-1722 453 28 muse muse PROPN cblr-1722 453 29 - - PUNCT cblr-1722 453 30 fisher fisher PROPN cblr-1722 453 31 , , PUNCT cblr-1722 453 32 starving starve VERB cblr-1722 453 33 the the DET cblr-1722 453 34 vultures vulture NOUN cblr-1722 453 35 : : PUNCT cblr-1722 453 36 nml nml PROPN cblr-1722 453 37 capital capital PROPN cblr-1722 453 38 v. v. PROPN cblr-1722 453 39 republic republic PROPN cblr-1722 453 40 of of ADP cblr-1722 453 41 argentina argentina PROPN cblr-1722 453 42 and and CCONJ cblr-1722 453 43 solutions solution NOUN cblr-1722 453 44 to to ADP cblr-1722 453 45 the the DET cblr-1722 453 46 problem problem NOUN cblr-1722 453 47 of of ADP cblr-1722 453 48 distressed distressed ADJ cblr-1722 453 49 - - PUNCT cblr-1722 453 50 debt debt NOUN cblr-1722 453 51 funds fund NOUN cblr-1722 453 52 , , PUNCT cblr-1722 453 53 102 102 NUM cblr-1722 453 54 cal cal NOUN cblr-1722 453 55 . . PUNCT cblr-1722 454 1 l. l. PROPN cblr-1722 454 2 rev rev PROPN cblr-1722 454 3 . . PROPN cblr-1722 454 4 1671 1671 NUM cblr-1722 454 5 , , PUNCT cblr-1722 454 6 1696 1696 NUM cblr-1722 454 7 ( ( PUNCT cblr-1722 454 8 2014 2014 NUM cblr-1722 454 9 ) ) PUNCT cblr-1722 454 10 . . PUNCT cblr-1722 455 1 127 127 NUM cblr-1722 455 2 james james PROPN cblr-1722 455 3 bai bai PROPN cblr-1722 455 4 , , PUNCT cblr-1722 455 5 stop stop VERB cblr-1722 455 6 them they PRON cblr-1722 455 7 circling circle VERB cblr-1722 455 8 : : PUNCT cblr-1722 455 9 addressing address VERB cblr-1722 455 10 vulture vulture ADJ cblr-1722 455 11 funds fund NOUN cblr-1722 455 12 in in ADP cblr-1722 455 13 australian australian ADJ cblr-1722 455 14 law law NOUN cblr-1722 455 15 , , PUNCT cblr-1722 455 16 35 35 NUM cblr-1722 455 17 sydney sydney PROPN cblr-1722 455 18 l. l. PROPN cblr-1722 455 19 rev rev PROPN cblr-1722 455 20 . . PROPN cblr-1722 455 21 703 703 NUM cblr-1722 455 22 , , PUNCT cblr-1722 455 23 725 725 NUM cblr-1722 455 24 ( ( PUNCT cblr-1722 455 25 2013 2013 NUM cblr-1722 455 26 ) ) PUNCT cblr-1722 455 27 . . PUNCT cblr-1722 456 1 128 128 NUM cblr-1722 456 2 sophie sophie NOUN cblr-1722 456 3 hughes hughe NOUN cblr-1722 456 4 , , PUNCT cblr-1722 456 5 simon simon PROPN cblr-1722 456 6 james james PROPN cblr-1722 456 7 , , PUNCT cblr-1722 456 8 andrew andrew PROPN cblr-1722 456 9 yianni yianni PROPN cblr-1722 456 10 & & CCONJ cblr-1722 456 11 deborah deborah PROPN cblr-1722 456 12 zandstra zandstra PROPN cblr-1722 456 13 , , PUNCT cblr-1722 456 14 the the DET cblr-1722 456 15 hipc hipc NOUN cblr-1722 456 16 debt debt NOUN cblr-1722 456 17 relief relief NOUN cblr-1722 456 18 bill bill NOUN cblr-1722 456 19 : : PUNCT cblr-1722 456 20 making make VERB cblr-1722 456 21 forgiveness forgiveness NOUN cblr-1722 456 22 compulsory compulsory NOUN cblr-1722 456 23 , , PUNCT cblr-1722 456 24 4 4 NUM cblr-1722 456 25 law law NOUN cblr-1722 456 26 & & CCONJ cblr-1722 456 27 fin fin PROPN cblr-1722 456 28 . . PUNCT cblr-1722 457 1 mkt mkt AUX cblr-1722 457 2 . . PROPN cblr-1722 457 3 rev rev PROPN cblr-1722 457 4 . . PROPN cblr-1722 457 5 269 269 NUM cblr-1722 457 6 , , PUNCT cblr-1722 457 7 269 269 NUM cblr-1722 457 8 ( ( PUNCT cblr-1722 457 9 2010 2010 NUM cblr-1722 457 10 ) ) PUNCT cblr-1722 457 11 . . PUNCT cblr-1722 458 1 129 129 NUM cblr-1722 458 2 see see VERB cblr-1722 458 3 imf imf PROPN cblr-1722 458 4 , , PUNCT cblr-1722 458 5 supra supra PROPN cblr-1722 458 6 note note NOUN cblr-1722 458 7 100 100 NUM cblr-1722 458 8 . . X cblr-1722 458 9 130 130 NUM cblr-1722 458 10 debt debt NOUN cblr-1722 458 11 relief relief NOUN cblr-1722 458 12 ( ( PUNCT cblr-1722 458 13 developing develop VERB cblr-1722 458 14 countries country NOUN cblr-1722 458 15 ) ) PUNCT cblr-1722 458 16 act act NOUN cblr-1722 458 17 2010 2010 NUM cblr-1722 458 18 , , PUNCT cblr-1722 458 19 c. c. PROPN cblr-1722 458 20 22 22 NUM cblr-1722 458 21 § § PROPN cblr-1722 458 22 1(2 1(2 NUM cblr-1722 458 23 ) ) PUNCT cblr-1722 458 24 ; ; PUNCT cblr-1722 458 25 see see VERB cblr-1722 458 26 also also ADV cblr-1722 458 27 press press NOUN cblr-1722 458 28 release release NOUN cblr-1722 458 29 , , PUNCT cblr-1722 458 30 her her PRON cblr-1722 458 31 majesty majesty NOUN cblr-1722 458 32 ’s ’s PART cblr-1722 458 33 treasury treasury PROPN cblr-1722 458 34 , , PUNCT cblr-1722 458 35 supra supra PROPN cblr-1722 458 36 note note NOUN cblr-1722 458 37 125 125 NUM cblr-1722 458 38 . . PUNCT cblr-1722 459 1 131 131 NUM cblr-1722 459 2 hughes hughe NOUN cblr-1722 459 3 et et PROPN cblr-1722 459 4 al al PROPN cblr-1722 459 5 . . PROPN cblr-1722 459 6 , , PUNCT cblr-1722 459 7 supra supra PROPN cblr-1722 459 8 note note PROPN cblr-1722 459 9 128 128 NUM cblr-1722 459 10 , , PUNCT cblr-1722 459 11 at at ADP cblr-1722 459 12 269 269 NUM cblr-1722 459 13 . . NOUN cblr-1722 459 14 132 132 NUM cblr-1722 459 15 debt debt NOUN cblr-1722 459 16 relief relief NOUN cblr-1722 459 17 ( ( PUNCT cblr-1722 459 18 developing develop VERB cblr-1722 459 19 countries country NOUN cblr-1722 459 20 ) ) PUNCT cblr-1722 459 21 act act NOUN cblr-1722 459 22 2010 2010 NUM cblr-1722 459 23 , , PUNCT cblr-1722 459 24 c. c. PROPN cblr-1722 459 25 22 22 NUM cblr-1722 459 26 § § PROPN cblr-1722 459 27 4(3 4(3 NUM cblr-1722 459 28 ) ) PUNCT cblr-1722 459 29 . . PUNCT cblr-1722 460 1 133 133 NUM cblr-1722 461 1 i i PRON cblr-1722 461 2 d. d. PROPN cblr-1722 461 3 § § PROPN cblr-1722 461 4 4(2 4(2 PROPN cblr-1722 461 5 ) ) PUNCT cblr-1722 461 6 . . PUNCT cblr-1722 462 1 wozny wozny ADJ cblr-1722 462 2 – – PUNCT cblr-1722 462 3 final final ADJ cblr-1722 462 4 730 730 NUM cblr-1722 462 5 columbia columbia PROPN cblr-1722 462 6 business business NOUN cblr-1722 462 7 law law PROPN cblr-1722 462 8 review review NOUN cblr-1722 462 9 [ [ X cblr-1722 462 10 vol vol NOUN cblr-1722 462 11 . . PUNCT cblr-1722 462 12 2017 2017 NUM cblr-1722 462 13 favorable favorable ADJ cblr-1722 462 14 laws law NOUN cblr-1722 462 15 and and CCONJ cblr-1722 462 16 ask ask VERB cblr-1722 462 17 u.k u.k PROPN cblr-1722 462 18 . . PROPN cblr-1722 462 19 courts court NOUN cblr-1722 462 20 to to PART cblr-1722 462 21 enforce enforce VERB cblr-1722 462 22 the the DET cblr-1722 462 23 judgment.134 judgment.134 PROPN cblr-1722 462 24 the the DET cblr-1722 462 25 dra dra PROPN cblr-1722 462 26 reinforces reinforce VERB cblr-1722 462 27 the the DET cblr-1722 462 28 importance importance NOUN cblr-1722 462 29 of of ADP cblr-1722 462 30 the the DET cblr-1722 462 31 hipc hipc PROPN cblr-1722 462 32 initiative initiative NOUN cblr-1722 462 33 by by ADP cblr-1722 462 34 binding bind VERB cblr-1722 462 35 the the DET cblr-1722 462 36 debtor debtor NOUN cblr-1722 462 37 ( ( PUNCT cblr-1722 462 38 sovereign sovereign ADJ cblr-1722 462 39 state state NOUN cblr-1722 462 40 ) ) PUNCT cblr-1722 462 41 to to ADP cblr-1722 462 42 the the DET cblr-1722 462 43 hipc hipc PROPN cblr-1722 462 44 ’s ’s PART cblr-1722 462 45 terms term NOUN cblr-1722 462 46 as as ADV cblr-1722 462 47 well well ADV cblr-1722 462 48 . . PUNCT cblr-1722 463 1 the the DET cblr-1722 463 2 dra dra PROPN cblr-1722 463 3 does do AUX cblr-1722 463 4 so so ADV cblr-1722 463 5 by by ADP cblr-1722 463 6 excluding exclude VERB cblr-1722 463 7 from from ADP cblr-1722 463 8 the the DET cblr-1722 463 9 dra dra PROPN cblr-1722 463 10 ’s ’s PART cblr-1722 463 11 scope scope NOUN cblr-1722 463 12 all all DET cblr-1722 463 13 sovereign sovereign ADJ cblr-1722 463 14 debt debt NOUN cblr-1722 463 15 that that PRON cblr-1722 463 16 the the DET cblr-1722 463 17 debtor debtor NOUN cblr-1722 463 18 did do AUX cblr-1722 463 19 not not PART cblr-1722 463 20 “ " PUNCT cblr-1722 463 21 make make VERB cblr-1722 463 22 an an DET cblr-1722 463 23 offer offer NOUN cblr-1722 463 24 to to PART cblr-1722 463 25 compromise compromise VERB cblr-1722 463 26 on on ADP cblr-1722 463 27 comparable comparable ADJ cblr-1722 463 28 initiative initiative NOUN cblr-1722 463 29 terms term NOUN cblr-1722 463 30 . . PUNCT cblr-1722 463 31 ”135 ”135 PUNCT cblr-1722 464 1 thus thus ADV cblr-1722 464 2 , , PUNCT cblr-1722 464 3 if if SCONJ cblr-1722 464 4 the the DET cblr-1722 464 5 sovereign sovereign ADJ cblr-1722 464 6 state state NOUN cblr-1722 464 7 does do AUX cblr-1722 464 8 not not PART cblr-1722 464 9 offer offer VERB cblr-1722 464 10 the the DET cblr-1722 464 11 amount amount NOUN cblr-1722 464 12 set set VERB cblr-1722 464 13 forth forth ADP cblr-1722 464 14 in in ADP cblr-1722 464 15 hipc hipc PROPN cblr-1722 464 16 initiative initiative NOUN cblr-1722 464 17 recovery recovery NOUN cblr-1722 464 18 , , PUNCT cblr-1722 464 19 it it PRON cblr-1722 464 20 may may AUX cblr-1722 464 21 be be AUX cblr-1722 464 22 on on ADP cblr-1722 464 23 the the DET cblr-1722 464 24 hook hook NOUN cblr-1722 464 25 for for ADP cblr-1722 464 26 several several ADJ cblr-1722 464 27 factors factor NOUN cblr-1722 464 28 of of ADP cblr-1722 464 29 that that DET cblr-1722 464 30 amount amount NOUN cblr-1722 464 31 . . PUNCT cblr-1722 465 1 this this PRON cblr-1722 465 2 encourages encourage VERB cblr-1722 465 3 the the DET cblr-1722 465 4 sovereign sovereign NOUN cblr-1722 465 5 to to PART cblr-1722 465 6 make make VERB cblr-1722 465 7 the the DET cblr-1722 465 8 creditor creditor NOUN cblr-1722 465 9 an an DET cblr-1722 465 10 offer offer NOUN cblr-1722 465 11 to to PART cblr-1722 465 12 settle settle VERB cblr-1722 465 13 . . PUNCT cblr-1722 466 1 at at ADP cblr-1722 466 2 the the DET cblr-1722 466 3 very very ADV cblr-1722 466 4 worst bad ADJ cblr-1722 466 5 , , PUNCT cblr-1722 466 6 the the DET cblr-1722 466 7 state state NOUN cblr-1722 466 8 must must AUX cblr-1722 466 9 offer offer VERB cblr-1722 466 10 the the DET cblr-1722 466 11 creditor creditor NOUN cblr-1722 466 12 terms term NOUN cblr-1722 466 13 comparable comparable ADJ cblr-1722 466 14 to to ADP cblr-1722 466 15 the the DET cblr-1722 466 16 hipc hipc PROPN cblr-1722 466 17 initiative initiative NOUN cblr-1722 466 18 terms term NOUN cblr-1722 466 19 , , PUNCT cblr-1722 466 20 which which PRON cblr-1722 466 21 prevents prevent VERB cblr-1722 466 22 the the DET cblr-1722 466 23 hipcs hipc NOUN cblr-1722 466 24 pointing point VERB cblr-1722 466 25 to to ADP cblr-1722 466 26 the the DET cblr-1722 466 27 hipc hipc PROPN cblr-1722 466 28 initiative initiative NOUN cblr-1722 466 29 threshold threshold NOUN cblr-1722 466 30 as as ADP cblr-1722 466 31 a a DET cblr-1722 466 32 maximum maximum NOUN cblr-1722 466 33 , , PUNCT cblr-1722 466 34 negotiating negotiate VERB cblr-1722 466 35 a a DET cblr-1722 466 36 settlement settlement NOUN cblr-1722 466 37 price price NOUN cblr-1722 466 38 below below ADP cblr-1722 466 39 this this DET cblr-1722 466 40 threshold threshold NOUN cblr-1722 466 41 , , PUNCT cblr-1722 466 42 and and CCONJ cblr-1722 466 43 thereby thereby ADV cblr-1722 466 44 securing secure VERB cblr-1722 466 45 a a DET cblr-1722 466 46 windfall windfall NOUN cblr-1722 466 47 . . PUNCT cblr-1722 467 1 more more ADV cblr-1722 467 2 importantly importantly ADV cblr-1722 467 3 , , PUNCT cblr-1722 467 4 however however ADV cblr-1722 467 5 , , PUNCT cblr-1722 467 6 because because SCONJ cblr-1722 467 7 the the DET cblr-1722 467 8 dra dra PROPN cblr-1722 467 9 will will AUX cblr-1722 467 10 not not PART cblr-1722 467 11 apply apply VERB cblr-1722 467 12 to to ADP cblr-1722 467 13 a a DET cblr-1722 467 14 passive passive ADJ cblr-1722 467 15 sovereign sovereign NOUN cblr-1722 467 16 ’s ’s PART cblr-1722 467 17 debt debt NOUN cblr-1722 467 18 , , PUNCT cblr-1722 467 19 the the DET cblr-1722 467 20 dra dra PROPN cblr-1722 467 21 encourages encourage VERB cblr-1722 467 22 the the DET cblr-1722 467 23 sovereign sovereign ADJ cblr-1722 467 24 nation nation NOUN cblr-1722 467 25 to to PART cblr-1722 467 26 actively actively ADV cblr-1722 467 27 “ " PUNCT cblr-1722 467 28 make make VERB cblr-1722 467 29 ” " PUNCT cblr-1722 467 30 offers offer NOUN cblr-1722 467 31 and and CCONJ cblr-1722 467 32 direct direct VERB cblr-1722 467 33 their their PRON cblr-1722 467 34 debt debt NOUN cblr-1722 467 35 restructuring restructuring NOUN cblr-1722 467 36 , , PUNCT cblr-1722 467 37 rather rather ADV cblr-1722 467 38 than than ADP cblr-1722 467 39 free free ADJ cblr-1722 467 40 - - PUNCT cblr-1722 467 41 ride ride NOUN cblr-1722 467 42 on on ADP cblr-1722 467 43 the the DET cblr-1722 467 44 debt debt NOUN cblr-1722 467 45 relief.136 relief.136 NOUN cblr-1722 467 46 finally finally ADV cblr-1722 467 47 , , PUNCT cblr-1722 467 48 the the DET cblr-1722 467 49 dra dra PROPN cblr-1722 467 50 waives waive VERB cblr-1722 467 51 hipcs hipc NOUN cblr-1722 467 52 ’ ’ PART cblr-1722 467 53 sovereign sovereign ADJ cblr-1722 467 54 debt debt NOUN cblr-1722 467 55 issued issue VERB cblr-1722 467 56 before before ADP cblr-1722 467 57 the the DET cblr-1722 467 58 commencement commencement NOUN cblr-1722 467 59 of of ADP cblr-1722 467 60 the the DET cblr-1722 467 61 dra dra PROPN cblr-1722 467 62 and and CCONJ cblr-1722 467 63 prior prior ADV cblr-1722 467 64 to to ADP cblr-1722 467 65 the the DET cblr-1722 467 66 hipc hipc NOUN cblr-1722 467 67 decision decision NOUN cblr-1722 467 68 point.137 point.137 NOUN cblr-1722 467 69 this this PRON cblr-1722 467 70 means mean VERB cblr-1722 467 71 hipcs hipc NOUN cblr-1722 467 72 are be AUX cblr-1722 467 73 required require VERB cblr-1722 467 74 to to PART cblr-1722 467 75 honor honor VERB cblr-1722 467 76 short short ADJ cblr-1722 467 77 - - PUNCT cblr-1722 467 78 term term NOUN cblr-1722 467 79 debt debt NOUN cblr-1722 467 80 incurred incur VERB cblr-1722 467 81 after after ADP cblr-1722 467 82 and and CCONJ cblr-1722 467 83 unrelated unrelated ADJ cblr-1722 467 84 to to ADP cblr-1722 467 85 the the DET cblr-1722 467 86 reason reason NOUN cblr-1722 467 87 for for ADP cblr-1722 467 88 their their PRON cblr-1722 467 89 designation designation NOUN cblr-1722 467 90 as as ADP cblr-1722 467 91 an an DET cblr-1722 467 92 hipc hipc NOUN cblr-1722 467 93 country.138 country.138 PROPN cblr-1722 467 94 studies study NOUN cblr-1722 467 95 indicate indicate VERB cblr-1722 467 96 that that SCONJ cblr-1722 467 97 this this DET cblr-1722 467 98 law law NOUN cblr-1722 467 99 will will AUX cblr-1722 467 100 have have VERB cblr-1722 467 101 a a DET cblr-1722 467 102 very very ADV cblr-1722 467 103 beneficial beneficial ADJ cblr-1722 467 104 impact impact NOUN cblr-1722 467 105 on on ADP cblr-1722 467 106 hipc hipc NOUN cblr-1722 467 107 countries country NOUN cblr-1722 467 108 . . PUNCT cblr-1722 468 1 the the DET cblr-1722 468 2 u.k u.k PROPN cblr-1722 468 3 . . PROPN cblr-1722 468 4 treasury treasury PROPN cblr-1722 468 5 estimated estimate VERB cblr-1722 468 6 , , PUNCT cblr-1722 468 7 for for ADP cblr-1722 468 8 example example NOUN cblr-1722 468 9 , , PUNCT cblr-1722 468 10 that that SCONJ cblr-1722 468 11 the the DET cblr-1722 468 12 dra dra PROPN cblr-1722 468 13 could could AUX cblr-1722 468 14 save save VERB cblr-1722 468 15 poor poor ADJ cblr-1722 468 16 countries country NOUN cblr-1722 468 17 an an DET cblr-1722 468 18 estimated estimated ADJ cblr-1722 468 19 £ £ SYM cblr-1722 468 20 145 145 NUM cblr-1722 468 21 million million NUM cblr-1722 468 22 in in ADP cblr-1722 468 23 total total ADJ cblr-1722 468 24 over over ADP cblr-1722 468 25 six six NUM cblr-1722 468 26 years.139 years.139 ADJ cblr-1722 468 27 134 134 NUM cblr-1722 468 28 bai bai NOUN cblr-1722 468 29 , , PUNCT cblr-1722 468 30 supra supra PROPN cblr-1722 468 31 note note PROPN cblr-1722 468 32 127 127 NUM cblr-1722 468 33 , , PUNCT cblr-1722 468 34 at at ADP cblr-1722 468 35 727 727 NUM cblr-1722 468 36 . . PUNCT cblr-1722 469 1 135 135 NUM cblr-1722 469 2 debt debt NOUN cblr-1722 469 3 relief relief NOUN cblr-1722 469 4 ( ( PUNCT cblr-1722 469 5 developing develop VERB cblr-1722 469 6 countries country NOUN cblr-1722 469 7 ) ) PUNCT cblr-1722 469 8 act act NOUN cblr-1722 469 9 2010 2010 NUM cblr-1722 469 10 , , PUNCT cblr-1722 469 11 c. c. PROPN cblr-1722 469 12 22 22 NUM cblr-1722 469 13 § § PROPN cblr-1722 469 14 6(1 6(1 NUM cblr-1722 469 15 ) ) PUNCT cblr-1722 469 16 . . PUNCT cblr-1722 470 1 136 136 NUM cblr-1722 470 2 bai bai NOUN cblr-1722 470 3 , , PUNCT cblr-1722 470 4 supra supra PROPN cblr-1722 470 5 note note PROPN cblr-1722 470 6 127 127 NUM cblr-1722 470 7 , , PUNCT cblr-1722 470 8 at at ADP cblr-1722 470 9 727 727 NUM cblr-1722 470 10 . . PUNCT cblr-1722 470 11 137 137 NUM cblr-1722 470 12 debt debt NOUN cblr-1722 470 13 relief relief NOUN cblr-1722 470 14 ( ( PUNCT cblr-1722 470 15 developing develop VERB cblr-1722 470 16 countries country NOUN cblr-1722 470 17 ) ) PUNCT cblr-1722 470 18 act act NOUN cblr-1722 470 19 2010 2010 NUM cblr-1722 470 20 , , PUNCT cblr-1722 470 21 c. c. PROPN cblr-1722 470 22 22 22 NUM cblr-1722 470 23 § § PROPN cblr-1722 470 24 1(3 1(3 NUM cblr-1722 470 25 ) ) PUNCT cblr-1722 470 26 . . PUNCT cblr-1722 471 1 138 138 NUM cblr-1722 471 2 bai bai PROPN cblr-1722 471 3 , , PUNCT cblr-1722 471 4 supra supra PROPN cblr-1722 471 5 note note PROPN cblr-1722 471 6 127 127 NUM cblr-1722 471 7 , , PUNCT cblr-1722 471 8 at at ADP cblr-1722 471 9 726 726 NUM cblr-1722 471 10 . . NOUN cblr-1722 471 11 139 139 NUM cblr-1722 471 12 see see VERB cblr-1722 471 13 press press NOUN cblr-1722 471 14 release release NOUN cblr-1722 471 15 , , PUNCT cblr-1722 471 16 her her PRON cblr-1722 471 17 majesty majesty NOUN cblr-1722 471 18 ’s ’s PART cblr-1722 471 19 treasury treasury PROPN cblr-1722 471 20 , , PUNCT cblr-1722 471 21 supra supra PROPN cblr-1722 471 22 note note NOUN cblr-1722 471 23 125 125 NUM cblr-1722 471 24 . . PUNCT cblr-1722 471 25 wozny wozny ADJ cblr-1722 471 26 – – PUNCT cblr-1722 471 27 final final ADJ cblr-1722 471 28 no no NOUN cblr-1722 471 29 . . PUNCT cblr-1722 471 30 2:697 2:697 NUM cblr-1722 471 31 ] ] X cblr-1722 471 32 national national ADJ cblr-1722 471 33 anti anti ADJ cblr-1722 471 34 - - ADJ cblr-1722 471 35 vulture vulture ADJ cblr-1722 471 36 funds fund NOUN cblr-1722 471 37 legislation legislation NOUN cblr-1722 471 38 731 731 NUM cblr-1722 471 39 c. c. PROPN cblr-1722 471 40 isle isle PROPN cblr-1722 471 41 of of ADP cblr-1722 471 42 man man NOUN cblr-1722 471 43 on on ADP cblr-1722 471 44 december december PROPN cblr-1722 471 45 11 11 NUM cblr-1722 471 46 , , PUNCT cblr-1722 471 47 2012 2012 NUM cblr-1722 471 48 , , PUNCT cblr-1722 471 49 isle isle NOUN cblr-1722 471 50 of of ADP cblr-1722 471 51 man man PROPN cblr-1722 471 52 , , PUNCT cblr-1722 471 53 a a DET cblr-1722 471 54 self self NOUN cblr-1722 471 55 - - PUNCT cblr-1722 471 56 governing govern VERB cblr-1722 471 57 british british ADJ cblr-1722 471 58 crown crown NOUN cblr-1722 471 59 dependency dependency NOUN cblr-1722 471 60 , , PUNCT cblr-1722 471 61 signed sign VERB cblr-1722 471 62 and and CCONJ cblr-1722 471 63 enacted enact VERB cblr-1722 471 64 the the DET cblr-1722 471 65 heavily heavily ADV cblr-1722 471 66 indebted indebted ADJ cblr-1722 471 67 poor poor ADJ cblr-1722 471 68 countries country NOUN cblr-1722 471 69 ( ( PUNCT cblr-1722 471 70 limitation limitation NOUN cblr-1722 471 71 on on ADP cblr-1722 471 72 debt debt NOUN cblr-1722 471 73 recovery recovery NOUN cblr-1722 471 74 ) ) PUNCT cblr-1722 471 75 act act VERB cblr-1722 471 76 2012.140 2012.140 NUM cblr-1722 471 77 in in ADP cblr-1722 471 78 form form NOUN cblr-1722 471 79 and and CCONJ cblr-1722 471 80 substance substance NOUN cblr-1722 471 81 , , PUNCT cblr-1722 471 82 the the DET cblr-1722 471 83 act act NOUN cblr-1722 471 84 essentially essentially ADV cblr-1722 471 85 mirrors mirror VERB cblr-1722 471 86 the the DET cblr-1722 471 87 u.k u.k PROPN cblr-1722 471 88 . . PROPN cblr-1722 471 89 legislation legislation NOUN cblr-1722 471 90 . . PUNCT cblr-1722 472 1 however however ADV cblr-1722 472 2 , , PUNCT cblr-1722 472 3 the the DET cblr-1722 472 4 isle isle NOUN cblr-1722 472 5 of of ADP cblr-1722 472 6 man man NOUN cblr-1722 472 7 legislation legislation NOUN cblr-1722 472 8 is be AUX cblr-1722 472 9 unique unique ADJ cblr-1722 472 10 because because SCONJ cblr-1722 472 11 it it PRON cblr-1722 472 12 preemptively preemptively ADV cblr-1722 472 13 bars bar VERB cblr-1722 472 14 vulture vulture ADJ cblr-1722 472 15 funds fund NOUN cblr-1722 472 16 from from ADP cblr-1722 472 17 exploiting exploit VERB cblr-1722 472 18 hipc hipc NOUN cblr-1722 472 19 without without ADP cblr-1722 472 20 any any DET cblr-1722 472 21 evidence evidence NOUN cblr-1722 472 22 of of ADP cblr-1722 472 23 prior prior ADJ cblr-1722 472 24 vulture vulture ADJ cblr-1722 472 25 fund fund NOUN cblr-1722 472 26 activity activity NOUN cblr-1722 472 27 within within ADP cblr-1722 472 28 the the DET cblr-1722 472 29 crown crown NOUN cblr-1722 472 30 dependency dependency NOUN cblr-1722 472 31 . . PUNCT cblr-1722 473 1 as as ADP cblr-1722 473 2 such such ADJ cblr-1722 473 3 , , PUNCT cblr-1722 473 4 the the DET cblr-1722 473 5 act act NOUN cblr-1722 473 6 responds respond VERB cblr-1722 473 7 to to ADP cblr-1722 473 8 a a DET cblr-1722 473 9 problem problem NOUN cblr-1722 473 10 that that PRON cblr-1722 473 11 was be AUX cblr-1722 473 12 non non ADJ cblr-1722 473 13 - - ADJ cblr-1722 473 14 existent existent ADJ cblr-1722 473 15 in in ADP cblr-1722 473 16 its its PRON cblr-1722 473 17 jurisdiction jurisdiction NOUN cblr-1722 473 18 . . PUNCT cblr-1722 474 1 if if SCONJ cblr-1722 474 2 legislation legislation NOUN cblr-1722 474 3 in in ADP cblr-1722 474 4 jurisdictions jurisdiction NOUN cblr-1722 474 5 without without ADP cblr-1722 474 6 vulture vulture ADJ cblr-1722 474 7 activity activity NOUN cblr-1722 474 8 continue continue VERB cblr-1722 474 9 to to PART cblr-1722 474 10 trend trend VERB cblr-1722 474 11 this this DET cblr-1722 474 12 way way NOUN cblr-1722 474 13 , , PUNCT cblr-1722 474 14 anti anti ADJ cblr-1722 474 15 - - ADJ cblr-1722 474 16 vulture vulture ADJ cblr-1722 474 17 funds fund NOUN cblr-1722 474 18 regulation regulation NOUN cblr-1722 474 19 may may AUX cblr-1722 474 20 amount amount VERB cblr-1722 474 21 to to ADP cblr-1722 474 22 a a DET cblr-1722 474 23 complete complete ADJ cblr-1722 474 24 ban ban NOUN cblr-1722 474 25 of of ADP cblr-1722 474 26 vulture vulture ADJ cblr-1722 474 27 funds fund NOUN cblr-1722 474 28 from from ADP cblr-1722 474 29 the the DET cblr-1722 474 30 distressed distressed ADJ cblr-1722 474 31 debt debt NOUN cblr-1722 474 32 market market NOUN cblr-1722 474 33 . . PUNCT cblr-1722 475 1 d. d. PROPN cblr-1722 475 2 jersey jersey PROPN cblr-1722 475 3 the the DET cblr-1722 475 4 united united PROPN cblr-1722 475 5 kingdom kingdom PROPN cblr-1722 475 6 ’s ’s PART cblr-1722 475 7 dra dra PROPN cblr-1722 475 8 did do AUX cblr-1722 475 9 not not PART cblr-1722 475 10 cover cover VERB cblr-1722 475 11 jersey jersey NOUN cblr-1722 475 12 , , PUNCT cblr-1722 475 13 so so ADV cblr-1722 475 14 the the DET cblr-1722 475 15 crown crown NOUN cblr-1722 475 16 dependency dependency NOUN cblr-1722 475 17 of of ADP cblr-1722 475 18 the the DET cblr-1722 475 19 united united PROPN cblr-1722 475 20 kingdom kingdom PROPN cblr-1722 475 21 was be AUX cblr-1722 475 22 broadly broadly ADV cblr-1722 475 23 regarded regard VERB cblr-1722 475 24 as as ADP cblr-1722 475 25 a a DET cblr-1722 475 26 loophole loophole NOUN cblr-1722 475 27 for for ADP cblr-1722 475 28 recovery recovery NOUN cblr-1722 475 29 . . PUNCT cblr-1722 476 1 in in ADP cblr-1722 476 2 2011 2011 NUM cblr-1722 476 3 , , PUNCT cblr-1722 476 4 new new PROPN cblr-1722 476 5 york york PROPN cblr-1722 476 6 vulture vulture PROPN cblr-1722 476 7 fund fund NOUN cblr-1722 476 8 fg fg PROPN cblr-1722 476 9 hemisphere hemisphere ADV cblr-1722 476 10 used use VERB cblr-1722 476 11 the the DET cblr-1722 476 12 jersey jersey PROPN cblr-1722 476 13 courts court NOUN cblr-1722 476 14 to to PART cblr-1722 476 15 sue sue VERB cblr-1722 476 16 the the DET cblr-1722 476 17 democratic democratic ADJ cblr-1722 476 18 republic republic NOUN cblr-1722 476 19 of of ADP cblr-1722 476 20 congo.141 congo.141 PROPN cblr-1722 476 21 in in ADP cblr-1722 476 22 the the DET cblr-1722 476 23 summer summer NOUN cblr-1722 476 24 of of ADP cblr-1722 476 25 2012 2012 NUM cblr-1722 476 26 , , PUNCT cblr-1722 476 27 the the DET cblr-1722 476 28 jersey jersey PROPN cblr-1722 476 29 courts court NOUN cblr-1722 476 30 ruled rule VERB cblr-1722 476 31 against against ADP cblr-1722 476 32 fg fg PROPN cblr-1722 476 33 hemisphere hemisphere PROPN cblr-1722 476 34 ’s ’s PART cblr-1722 476 35 attempt attempt NOUN cblr-1722 476 36 to to PART cblr-1722 476 37 sue sue VERB cblr-1722 476 38 a a DET cblr-1722 476 39 state state NOUN cblr-1722 476 40 - - PUNCT cblr-1722 476 41 owned own VERB cblr-1722 476 42 mining mining NOUN cblr-1722 476 43 company company NOUN cblr-1722 476 44 for for ADP cblr-1722 476 45 $ $ SYM cblr-1722 476 46 100 100 NUM cblr-1722 476 47 million million NUM cblr-1722 476 48 on on ADP cblr-1722 476 49 a a DET cblr-1722 476 50 $ $ SYM cblr-1722 476 51 3 3 NUM cblr-1722 476 52 million million NUM cblr-1722 476 53 debt.142 debt.142 PROPN cblr-1722 476 54 to to PART cblr-1722 476 55 unambiguously unambiguously ADV cblr-1722 476 56 close close VERB cblr-1722 476 57 the the DET cblr-1722 476 58 jersey jersey PROPN cblr-1722 476 59 loophole loophole NOUN cblr-1722 476 60 , , PUNCT cblr-1722 476 61 140 140 NUM cblr-1722 476 62 heavily heavily ADV cblr-1722 476 63 indebted indebte VERB cblr-1722 476 64 poor poor ADJ cblr-1722 476 65 countries country NOUN cblr-1722 476 66 ( ( PUNCT cblr-1722 476 67 limitation limitation NOUN cblr-1722 476 68 on on ADP cblr-1722 476 69 debt debt NOUN cblr-1722 476 70 recovery recovery NOUN cblr-1722 476 71 ) ) PUNCT cblr-1722 476 72 act act VERB cblr-1722 476 73 2012 2012 NUM cblr-1722 476 74 ( ( PUNCT cblr-1722 476 75 isle isle NOUN cblr-1722 476 76 of of ADP cblr-1722 476 77 man man NOUN cblr-1722 476 78 ) ) PUNCT cblr-1722 476 79 ; ; PUNCT cblr-1722 476 80 see see VERB cblr-1722 476 81 also also ADV cblr-1722 476 82 press press NOUN cblr-1722 476 83 release release NOUN cblr-1722 476 84 , , PUNCT cblr-1722 476 85 cabinet cabinet NOUN cblr-1722 476 86 office office NOUN cblr-1722 476 87 , , PUNCT cblr-1722 476 88 isle isle PROPN cblr-1722 476 89 of of ADP cblr-1722 476 90 man man PROPN cblr-1722 476 91 introduces introduce VERB cblr-1722 476 92 legislation legislation NOUN cblr-1722 476 93 to to PART cblr-1722 476 94 outlaw outlaw VERB cblr-1722 476 95 vulture vulture NOUN cblr-1722 476 96 funds fund NOUN cblr-1722 476 97 ( ( PUNCT cblr-1722 476 98 dec dec PROPN cblr-1722 476 99 . . 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NOUN cblr-1722 484 47 149 149 NUM cblr-1722 484 48 debt debt NOUN cblr-1722 484 49 relief relief NOUN cblr-1722 484 50 ( ( PUNCT cblr-1722 484 51 developing develop VERB cblr-1722 484 52 countries country NOUN cblr-1722 484 53 ) ) PUNCT cblr-1722 484 54 ( ( PUNCT cblr-1722 484 55 jersey jersey NOUN cblr-1722 484 56 ) ) PUNCT cblr-1722 484 57 law law NOUN cblr-1722 484 58 2013 2013 NUM cblr-1722 484 59 , , PUNCT cblr-1722 484 60 § § PROPN cblr-1722 484 61 7 7 NUM cblr-1722 484 62 . . NOUN cblr-1722 484 63 150 150 NUM cblr-1722 484 64 debt debt NOUN cblr-1722 484 65 relief relief NOUN cblr-1722 484 66 ( ( PUNCT cblr-1722 484 67 developing develop VERB cblr-1722 484 68 countries country NOUN cblr-1722 484 69 ) ) PUNCT cblr-1722 484 70 ( ( PUNCT cblr-1722 484 71 jersey jersey NOUN cblr-1722 484 72 ) ) PUNCT cblr-1722 484 73 law law NOUN cblr-1722 484 74 2013 2013 NUM cblr-1722 484 75 , , PUNCT cblr-1722 484 76 § § PROPN cblr-1722 484 77 8(1)(b 8(1)(b PROPN cblr-1722 484 78 ) ) PUNCT cblr-1722 484 79 . . PUNCT cblr-1722 485 1 wozny wozny ADJ cblr-1722 485 2 – – PUNCT cblr-1722 485 3 final final ADJ cblr-1722 485 4 no no NOUN cblr-1722 485 5 . . PUNCT cblr-1722 486 1 2:697 2:697 NUM cblr-1722 486 2 ] ] X cblr-1722 486 3 national national ADJ cblr-1722 486 4 anti anti ADJ cblr-1722 486 5 - - ADJ cblr-1722 486 6 vulture vulture ADJ cblr-1722 486 7 funds fund NOUN cblr-1722 486 8 legislation legislation NOUN cblr-1722 486 9 733 733 NUM cblr-1722 486 10 jersey.151 jersey.151 PROPN cblr-1722 486 11 in in ADP cblr-1722 486 12 november november PROPN cblr-1722 486 13 2010 2010 NUM cblr-1722 486 14 , , PUNCT cblr-1722 486 15 fg fg PROPN cblr-1722 486 16 hemisphere hemisphere ADV cblr-1722 486 17 pursued pursue VERB cblr-1722 486 18 a a DET cblr-1722 486 19 claim claim NOUN cblr-1722 486 20 against against ADP cblr-1722 486 21 the the DET cblr-1722 486 22 democratic democratic PROPN cblr-1722 486 23 republic republic PROPN cblr-1722 486 24 of of ADP cblr-1722 486 25 congo congo PROPN cblr-1722 486 26 in in ADP cblr-1722 486 27 the the DET cblr-1722 486 28 nsw nsw PROPN cblr-1722 486 29 supreme supreme PROPN cblr-1722 486 30 court court PROPN cblr-1722 486 31 in in ADP cblr-1722 486 32 australia.152 australia.152 PROPN cblr-1722 486 33 fg fg PROPN cblr-1722 486 34 hemisphere hemisphere ADV cblr-1722 486 35 sought seek VERB cblr-1722 486 36 and and CCONJ cblr-1722 486 37 won win VERB cblr-1722 486 38 a a DET cblr-1722 486 39 judgment judgment NOUN cblr-1722 486 40 forcing force VERB cblr-1722 486 41 the the DET cblr-1722 486 42 drc drc PROPN cblr-1722 486 43 to to PART cblr-1722 486 44 sell sell VERB cblr-1722 486 45 its its PRON cblr-1722 486 46 shares share NOUN cblr-1722 486 47 in in ADP cblr-1722 486 48 an an DET cblr-1722 486 49 australian australian ADJ cblr-1722 486 50 mining mining NOUN cblr-1722 486 51 company company NOUN cblr-1722 486 52 operating operate VERB cblr-1722 486 53 in in ADP cblr-1722 486 54 congo congo NOUN cblr-1722 486 55 for for ADP cblr-1722 486 56 $ $ SYM cblr-1722 486 57 30 30 NUM cblr-1722 486 58 million.153 million.153 NOUN cblr-1722 486 59 however however ADV cblr-1722 486 60 , , PUNCT cblr-1722 486 61 in in ADP cblr-1722 486 62 february february PROPN cblr-1722 486 63 2011 2011 NUM cblr-1722 486 64 , , PUNCT cblr-1722 486 65 the the DET cblr-1722 486 66 united united PROPN cblr-1722 486 67 nations nations PROPN cblr-1722 486 68 independent independent ADJ cblr-1722 486 69 expert expert NOUN cblr-1722 486 70 on on ADP cblr-1722 486 71 foreign foreign ADJ cblr-1722 486 72 debt debt NOUN cblr-1722 486 73 and and CCONJ cblr-1722 486 74 human human ADJ cblr-1722 486 75 rights right NOUN cblr-1722 486 76 called call VERB cblr-1722 486 77 upon upon SCONJ cblr-1722 486 78 the the DET cblr-1722 486 79 government government NOUN cblr-1722 486 80 of of ADP cblr-1722 486 81 australia australia PROPN cblr-1722 486 82 to to PART cblr-1722 486 83 pass pass VERB cblr-1722 486 84 national national ADJ cblr-1722 486 85 legislation legislation NOUN cblr-1722 486 86 that that PRON cblr-1722 486 87 limited limit VERB cblr-1722 486 88 vulture vulture ADJ cblr-1722 486 89 funds fund NOUN cblr-1722 486 90 ’ ' PUNCT cblr-1722 486 91 ability ability NOUN cblr-1722 486 92 to to PART cblr-1722 486 93 use use VERB cblr-1722 486 94 australian australian ADJ cblr-1722 486 95 courts court NOUN cblr-1722 486 96 to to PART cblr-1722 486 97 recover recover VERB cblr-1722 486 98 claims.154 claims.154 VERB cblr-1722 486 99 once once ADV cblr-1722 486 100 again again ADV cblr-1722 486 101 , , PUNCT cblr-1722 486 102 the the DET cblr-1722 486 103 dra dra PROPN cblr-1722 486 104 model model NOUN cblr-1722 486 105 impacted impact VERB cblr-1722 486 106 a a DET cblr-1722 486 107 foreign foreign ADJ cblr-1722 486 108 jurisdiction jurisdiction NOUN cblr-1722 486 109 . . PUNCT cblr-1722 487 1 on on ADP cblr-1722 487 2 june june PROPN cblr-1722 487 3 25 25 NUM cblr-1722 487 4 , , PUNCT cblr-1722 487 5 2012 2012 NUM cblr-1722 487 6 , , PUNCT cblr-1722 487 7 the the DET cblr-1722 487 8 australian australian PROPN cblr-1722 487 9 federation federation PROPN cblr-1722 487 10 chamber chamber PROPN cblr-1722 487 11 debated debate VERB cblr-1722 487 12 legislative legislative ADJ cblr-1722 487 13 action action NOUN cblr-1722 487 14 to to PART cblr-1722 487 15 protect protect VERB cblr-1722 487 16 the the DET cblr-1722 487 17 hipc hipc NOUN cblr-1722 487 18 initiative,155 initiative,155 ADP cblr-1722 487 19 and and CCONJ cblr-1722 487 20 the the DET cblr-1722 487 21 legislators legislator NOUN cblr-1722 487 22 regarded regard VERB cblr-1722 487 23 the the DET cblr-1722 487 24 dra dra PROPN cblr-1722 487 25 as as ADP cblr-1722 487 26 model model NOUN cblr-1722 487 27 legislation legislation NOUN cblr-1722 488 1 that that PRON cblr-1722 488 2 australia australia PROPN cblr-1722 488 3 should should AUX cblr-1722 488 4 adopt.156 adopt.156 PROPN cblr-1722 488 5 the the DET cblr-1722 488 6 federation federation PROPN cblr-1722 488 7 chamber chamber PROPN cblr-1722 488 8 discussed discuss VERB cblr-1722 488 9 odious odious ADJ cblr-1722 488 10 debt157 debt157 PROPN cblr-1722 488 11 and and CCONJ cblr-1722 488 12 the the DET cblr-1722 488 13 trending trend VERB cblr-1722 488 14 response response NOUN cblr-1722 488 15 of of ADP cblr-1722 488 16 the the DET cblr-1722 488 17 international international ADJ cblr-1722 488 18 community community NOUN cblr-1722 488 19 to to PART cblr-1722 488 20 vulture vulture VERB cblr-1722 488 21 funds.158 funds.158 NOUN cblr-1722 488 22 151 151 NUM cblr-1722 488 23 this this DET cblr-1722 488 24 same same ADJ cblr-1722 488 25 dispute dispute NOUN cblr-1722 488 26 dragged drag VERB cblr-1722 488 27 into into ADP cblr-1722 488 28 the the DET cblr-1722 488 29 bahamas bahamas PROPN cblr-1722 488 30 , , PUNCT cblr-1722 488 31 south south PROPN cblr-1722 488 32 africa africa PROPN cblr-1722 488 33 , , PUNCT cblr-1722 488 34 the the DET cblr-1722 488 35 united united PROPN cblr-1722 488 36 states states PROPN cblr-1722 488 37 and and CCONJ cblr-1722 488 38 hong hong PROPN cblr-1722 488 39 kong kong PROPN cblr-1722 488 40 . . PUNCT cblr-1722 489 1 see see VERB cblr-1722 489 2 bai bai PROPN cblr-1722 489 3 , , PUNCT cblr-1722 489 4 supra supra PROPN cblr-1722 489 5 note note PROPN cblr-1722 489 6 127 127 NUM cblr-1722 489 7 , , PUNCT cblr-1722 489 8 at at ADP cblr-1722 489 9 704 704 NUM cblr-1722 489 10 . . PUNCT cblr-1722 490 1 of of ADP cblr-1722 490 2 these these DET cblr-1722 490 3 jurisdictions jurisdiction NOUN cblr-1722 490 4 , , PUNCT cblr-1722 490 5 national national ADJ cblr-1722 490 6 anti anti ADJ cblr-1722 490 7 - - ADJ cblr-1722 490 8 vulture vulture ADJ cblr-1722 490 9 funds fund NOUN cblr-1722 490 10 legislation legislation NOUN cblr-1722 490 11 was be AUX cblr-1722 490 12 proposed propose VERB cblr-1722 490 13 in in ADP cblr-1722 490 14 every every DET cblr-1722 490 15 jurisdiction jurisdiction NOUN cblr-1722 490 16 except except SCONJ cblr-1722 490 17 for for ADP cblr-1722 490 18 hong hong PROPN cblr-1722 490 19 kong kong PROPN cblr-1722 490 20 . . PUNCT cblr-1722 491 1 such such ADJ cblr-1722 491 2 legislation legislation NOUN cblr-1722 491 3 was be AUX cblr-1722 491 4 unnecessary unnecessary ADJ cblr-1722 491 5 in in ADP cblr-1722 491 6 hong hong PROPN cblr-1722 491 7 kong kong PROPN cblr-1722 491 8 because because SCONJ cblr-1722 491 9 its its PRON cblr-1722 491 10 courts court NOUN cblr-1722 491 11 outright outright ADV cblr-1722 491 12 rejected reject VERB cblr-1722 491 13 fg fg PROPN cblr-1722 491 14 capital capital PROPN cblr-1722 491 15 management management PROPN cblr-1722 491 16 ’s ’s PART cblr-1722 491 17 claims claim NOUN cblr-1722 491 18 on on ADP cblr-1722 491 19 the the DET cblr-1722 491 20 basis basis NOUN cblr-1722 491 21 of of ADP cblr-1722 491 22 absolute absolute ADJ cblr-1722 491 23 sovereign sovereign ADJ cblr-1722 491 24 immunity immunity NOUN cblr-1722 491 25 of of ADP cblr-1722 491 26 the the DET cblr-1722 491 27 mainland mainland NOUN cblr-1722 491 28 . . PUNCT cblr-1722 492 1 see see VERB cblr-1722 492 2 chan chan PROPN cblr-1722 492 3 , , PUNCT cblr-1722 492 4 supra supra PROPN cblr-1722 492 5 note note PROPN cblr-1722 492 6 114 114 NUM cblr-1722 492 7 . . PUNCT cblr-1722 493 1 two two NUM cblr-1722 493 2 years year NOUN cblr-1722 493 3 after after ADP cblr-1722 493 4 the the DET cblr-1722 493 5 ruling ruling NOUN cblr-1722 493 6 , , PUNCT cblr-1722 493 7 there there PRON cblr-1722 493 8 is be VERB cblr-1722 493 9 evidence evidence NOUN cblr-1722 493 10 that that PRON cblr-1722 493 11 calls call VERB cblr-1722 493 12 for for ADP cblr-1722 493 13 regulation regulation NOUN cblr-1722 493 14 appeared appear VERB cblr-1722 493 15 in in ADP cblr-1722 493 16 the the DET cblr-1722 493 17 media medium NOUN cblr-1722 493 18 , , PUNCT cblr-1722 493 19 but but CCONJ cblr-1722 493 20 this this PRON cblr-1722 493 21 never never ADV cblr-1722 493 22 translated translate VERB cblr-1722 493 23 into into ADP cblr-1722 493 24 legislation legislation NOUN cblr-1722 493 25 or or CCONJ cblr-1722 493 26 legislative legislative ADJ cblr-1722 493 27 conversation conversation NOUN cblr-1722 493 28 . . PUNCT cblr-1722 494 1 see see VERB cblr-1722 494 2 e.g. e.g. ADV cblr-1722 494 3 , , PUNCT cblr-1722 494 4 andrew andrew PROPN cblr-1722 494 5 mak mak PROPN cblr-1722 494 6 , , PUNCT cblr-1722 494 7 time time NOUN cblr-1722 494 8 for for SCONJ cblr-1722 494 9 hong hong PROPN cblr-1722 494 10 kong kong PROPN cblr-1722 494 11 to to PART cblr-1722 494 12 regulate regulate VERB cblr-1722 494 13 predatory predatory ADJ cblr-1722 494 14 vulture vulture NOUN cblr-1722 494 15 funds fund NOUN cblr-1722 494 16 , , PUNCT cblr-1722 494 17 china china PROPN cblr-1722 494 18 daily daily PROPN cblr-1722 494 19 asia asia PROPN cblr-1722 494 20 ( ( PUNCT cblr-1722 494 21 nov nov PROPN cblr-1722 494 22 . . PROPN cblr-1722 494 23 19 19 NUM cblr-1722 494 24 , , PUNCT cblr-1722 494 25 2013 2013 NUM cblr-1722 494 26 , , PUNCT cblr-1722 494 27 7:38 7:38 NUM cblr-1722 494 28 am am NOUN cblr-1722 494 29 ) ) PUNCT cblr-1722 494 30 , , PUNCT cblr-1722 494 31 http://www.chinadailyasia.com/opinion/201311/19/ http://www.chinadailyasia.com/opinion/201311/19/ NOUN cblr-1722 494 32 content_15099719.html content_15099719.html X cblr-1722 495 1 [ [ X cblr-1722 495 2 https://perma.cc/5ty9-d8m3 https://perma.cc/5ty9-d8m3 X cblr-1722 495 3 ] ] X cblr-1722 495 4 . . PUNCT cblr-1722 496 1 152 152 NUM cblr-1722 496 2 see see VERB cblr-1722 496 3 jubilee jubilee PROPN cblr-1722 496 4 austl austl PROPN cblr-1722 496 5 . . PUNCT cblr-1722 497 1 , , PUNCT cblr-1722 497 2 supra supra PROPN cblr-1722 497 3 note note NOUN cblr-1722 497 4 111 111 NUM cblr-1722 497 5 . . PUNCT cblr-1722 498 1 153 153 NUM cblr-1722 499 1 i i PROPN cblr-1722 499 2 d. d. PROPN cblr-1722 499 3 154 154 NUM cblr-1722 500 1 i i PROPN cblr-1722 500 2 d. d. PROPN cblr-1722 500 3 155 155 NUM cblr-1722 500 4 commonwealth commonwealth NOUN cblr-1722 500 5 , , PUNCT cblr-1722 500 6 parliamentary parliamentary ADJ cblr-1722 500 7 debates debate NOUN cblr-1722 500 8 , , PUNCT cblr-1722 500 9 federation federation PROPN cblr-1722 500 10 chamber chamber PROPN cblr-1722 500 11 , , PUNCT cblr-1722 500 12 25 25 NUM cblr-1722 500 13 june june PROPN cblr-1722 500 14 2012 2012 NUM cblr-1722 500 15 , , PUNCT cblr-1722 500 16 7790 7790 NUM cblr-1722 500 17 ( ( PUNCT cblr-1722 500 18 anna anna PROPN cblr-1722 500 19 burke burke PROPN cblr-1722 500 20 , , PUNCT cblr-1722 500 21 deputy deputy NOUN cblr-1722 500 22 speaker speaker NOUN cblr-1722 500 23 ) ) PUNCT cblr-1722 500 24 ( ( PUNCT cblr-1722 500 25 austl austl NOUN cblr-1722 500 26 . . PUNCT cblr-1722 500 27 ) ) PUNCT cblr-1722 500 28 . . PUNCT cblr-1722 501 1 156 156 NUM cblr-1722 501 2 commonwealth commonwealth NOUN cblr-1722 501 3 , , PUNCT cblr-1722 501 4 parliamentary parliamentary ADJ cblr-1722 501 5 debates debate NOUN cblr-1722 501 6 , , PUNCT cblr-1722 501 7 federation federation PROPN cblr-1722 501 8 chamber chamber PROPN cblr-1722 501 9 , , PUNCT cblr-1722 501 10 25 25 NUM cblr-1722 501 11 june june PROPN cblr-1722 501 12 2012 2012 NUM cblr-1722 501 13 , , PUNCT cblr-1722 501 14 7789 7789 NUM cblr-1722 501 15 ( ( PUNCT cblr-1722 501 16 hon hon PROPN cblr-1722 501 17 . . PUNCT cblr-1722 502 1 melissa melissa PROPN cblr-1722 502 2 parke parke PROPN cblr-1722 502 3 ) ) PUNCT cblr-1722 502 4 ( ( PUNCT cblr-1722 502 5 austl austl NOUN cblr-1722 502 6 . . PUNCT cblr-1722 502 7 ) ) PUNCT cblr-1722 502 8 . . PUNCT cblr-1722 503 1 157 157 NUM cblr-1722 503 2 commonwealth commonwealth NOUN cblr-1722 503 3 , , PUNCT cblr-1722 503 4 parliamentary parliamentary ADJ cblr-1722 503 5 debates debate NOUN cblr-1722 503 6 , , PUNCT cblr-1722 503 7 federation federation PROPN cblr-1722 503 8 chamber chamber PROPN cblr-1722 503 9 , , PUNCT cblr-1722 503 10 25 25 NUM cblr-1722 503 11 june june PROPN cblr-1722 503 12 2012 2012 NUM cblr-1722 503 13 , , PUNCT cblr-1722 503 14 7789 7789 NUM cblr-1722 503 15 ( ( PUNCT cblr-1722 503 16 hon hon PROPN cblr-1722 503 17 . . PUNCT cblr-1722 504 1 andrew andrew PROPN cblr-1722 504 2 leigh leigh PROPN cblr-1722 504 3 ) ) PUNCT cblr-1722 504 4 ( ( PUNCT cblr-1722 504 5 austl austl NOUN cblr-1722 504 6 . . PUNCT cblr-1722 504 7 ) ) PUNCT cblr-1722 504 8 . . PUNCT cblr-1722 505 1 158 158 NUM cblr-1722 506 1 i i PRON cblr-1722 506 2 d. d. PROPN cblr-1722 506 3 ( ( PUNCT cblr-1722 506 4 discusses discuss VERB cblr-1722 506 5 the the DET cblr-1722 506 6 need need NOUN cblr-1722 506 7 to to PART cblr-1722 506 8 see see VERB cblr-1722 506 9 how how SCONJ cblr-1722 506 10 hong hong PROPN cblr-1722 506 11 kong kong PROPN cblr-1722 506 12 and and CCONJ cblr-1722 506 13 china china PROPN cblr-1722 506 14 will will AUX cblr-1722 506 15 respond respond VERB cblr-1722 506 16 to to ADP cblr-1722 506 17 vulture vulture ADJ cblr-1722 506 18 funds fund NOUN cblr-1722 506 19 ) ) PUNCT cblr-1722 506 20 . . PUNCT cblr-1722 507 1 wozny wozny ADJ cblr-1722 507 2 – – PUNCT cblr-1722 507 3 final final ADJ cblr-1722 507 4 734 734 NUM cblr-1722 507 5 columbia columbia PROPN cblr-1722 507 6 business business NOUN cblr-1722 507 7 law law PROPN cblr-1722 507 8 review review NOUN cblr-1722 507 9 [ [ X cblr-1722 507 10 vol vol NOUN cblr-1722 507 11 . . PUNCT cblr-1722 507 12 2017 2017 NUM cblr-1722 507 13 however however ADV cblr-1722 507 14 , , PUNCT cblr-1722 507 15 the the DET cblr-1722 507 16 legislature legislature NOUN cblr-1722 507 17 has have VERB cblr-1722 507 18 yet yet ADV cblr-1722 507 19 to to PART cblr-1722 507 20 pass pass VERB cblr-1722 507 21 any any DET cblr-1722 507 22 anti anti ADJ cblr-1722 507 23 - - ADJ cblr-1722 507 24 vulture vulture ADJ cblr-1722 507 25 fund fund NOUN cblr-1722 507 26 legislation legislation NOUN cblr-1722 507 27 . . PUNCT cblr-1722 508 1 f. f. PROPN cblr-1722 508 2 united united PROPN cblr-1722 508 3 states states PROPN cblr-1722 508 4 on on ADP cblr-1722 508 5 august august PROPN cblr-1722 508 6 1 1 NUM cblr-1722 508 7 , , PUNCT cblr-1722 508 8 2008 2008 NUM cblr-1722 508 9 , , PUNCT cblr-1722 508 10 congresswoman congresswoman NOUN cblr-1722 508 11 maxine maxine PROPN cblr-1722 508 12 waters waters PROPN cblr-1722 508 13 ( ( PUNCT cblr-1722 508 14 dca dca PROPN cblr-1722 508 15 , , PUNCT cblr-1722 508 16 43rd 43rd ADJ cblr-1722 508 17 district district NOUN cblr-1722 508 18 ) ) PUNCT cblr-1722 508 19 introduced introduce VERB cblr-1722 508 20 the the DET cblr-1722 508 21 first first ADJ cblr-1722 508 22 national national ADJ cblr-1722 508 23 anti anti ADJ cblr-1722 508 24 - - ADJ cblr-1722 508 25 vulture vulture ADJ cblr-1722 508 26 funds fund NOUN cblr-1722 508 27 legislation legislation NOUN cblr-1722 508 28 in in ADP cblr-1722 508 29 the the DET cblr-1722 508 30 united united PROPN cblr-1722 508 31 states.159 states.159 PROPN cblr-1722 508 32 the the DET cblr-1722 508 33 house house PROPN cblr-1722 508 34 of of ADP cblr-1722 508 35 representatives representatives PROPN cblr-1722 508 36 shelved shelve VERB cblr-1722 508 37 the the DET cblr-1722 508 38 bill bill NOUN cblr-1722 508 39 for for ADP cblr-1722 508 40 committee committee NOUN cblr-1722 508 41 review review NOUN cblr-1722 508 42 . . PUNCT cblr-1722 509 1 on on ADP cblr-1722 509 2 june june PROPN cblr-1722 509 3 18 18 NUM cblr-1722 509 4 , , PUNCT cblr-1722 509 5 2009 2009 NUM cblr-1722 509 6 , , PUNCT cblr-1722 509 7 ms ms PROPN cblr-1722 509 8 . . PROPN cblr-1722 509 9 waters water NOUN cblr-1722 509 10 re re VERB cblr-1722 509 11 - - VERB cblr-1722 509 12 introduced introduce VERB cblr-1722 509 13 the the DET cblr-1722 509 14 same same ADJ cblr-1722 509 15 bill bill NOUN cblr-1722 509 16 , , PUNCT cblr-1722 509 17 titled title VERB cblr-1722 509 18 “ " PUNCT cblr-1722 509 19 stop stop VERB cblr-1722 509 20 very very ADV cblr-1722 509 21 unscrupulous unscrupulous ADJ cblr-1722 509 22 loan loan NOUN cblr-1722 509 23 transfers transfer NOUN cblr-1722 509 24 from from ADP cblr-1722 509 25 underprivileged underprivileged ADJ cblr-1722 509 26 countries country NOUN cblr-1722 509 27 to to ADP cblr-1722 509 28 rich rich ADJ cblr-1722 509 29 , , PUNCT cblr-1722 509 30 exploitive exploitive ADJ cblr-1722 509 31 funds fund NOUN cblr-1722 509 32 act act PROPN cblr-1722 509 33 , , PUNCT cblr-1722 509 34 ” " PUNCT cblr-1722 509 35 or or CCONJ cblr-1722 509 36 also also ADV cblr-1722 509 37 known know VERB cblr-1722 509 38 as as ADP cblr-1722 509 39 the the DET cblr-1722 509 40 “ " PUNCT cblr-1722 509 41 stop stop VERB cblr-1722 509 42 vulture vulture NOUN cblr-1722 509 43 funds fund NOUN cblr-1722 509 44 act act PROPN cblr-1722 509 45 . . PUNCT cblr-1722 510 1 ”160 ”160 ADJ cblr-1722 510 2 unlike unlike ADP cblr-1722 510 3 pieces piece NOUN cblr-1722 510 4 of of ADP cblr-1722 510 5 legislation legislation NOUN cblr-1722 510 6 in in ADP cblr-1722 510 7 other other ADJ cblr-1722 510 8 nations nation NOUN cblr-1722 510 9 that that PRON cblr-1722 510 10 warn warn VERB cblr-1722 510 11 of of ADP cblr-1722 510 12 how how SCONJ cblr-1722 510 13 immoral immoral ADJ cblr-1722 510 14 vulture vulture ADJ cblr-1722 510 15 funds fund NOUN cblr-1722 510 16 ’ ' PUNCT cblr-1722 510 17 actions action NOUN cblr-1722 510 18 are be AUX cblr-1722 510 19 , , PUNCT cblr-1722 510 20 the the DET cblr-1722 510 21 stop stop NOUN cblr-1722 510 22 vulture vulture NOUN cblr-1722 510 23 funds fund NOUN cblr-1722 510 24 act act NOUN cblr-1722 510 25 focuses focus VERB cblr-1722 510 26 on on ADP cblr-1722 510 27 deleterious deleterious ADJ cblr-1722 510 28 consequences consequence NOUN cblr-1722 510 29 that that PRON cblr-1722 510 30 u.s u.s PROPN cblr-1722 510 31 . . PROPN cblr-1722 510 32 vulture vulture ADJ cblr-1722 510 33 funds fund NOUN cblr-1722 510 34 ’ ' PUNCT cblr-1722 510 35 conduct conduct NOUN cblr-1722 510 36 has have VERB cblr-1722 510 37 on on ADP cblr-1722 510 38 the the DET cblr-1722 510 39 foreign foreign ADJ cblr-1722 510 40 relations relation NOUN cblr-1722 510 41 of of ADP cblr-1722 510 42 the the DET cblr-1722 510 43 united united PROPN cblr-1722 510 44 states.161 states.161 ADP cblr-1722 510 45 the the DET cblr-1722 510 46 proposed propose VERB cblr-1722 510 47 legislation legislation NOUN cblr-1722 510 48 seeks seek VERB cblr-1722 510 49 “ " PUNCT cblr-1722 510 50 [ [ X cblr-1722 510 51 t]o t]o AUX cblr-1722 510 52 prevent prevent VERB cblr-1722 510 53 speculation speculation NOUN cblr-1722 510 54 and and CCONJ cblr-1722 510 55 profiteering profiteer VERB cblr-1722 510 56 in in ADP cblr-1722 510 57 the the DET cblr-1722 510 58 defaulted defaulted ADJ cblr-1722 510 59 debt debt NOUN cblr-1722 510 60 of of ADP cblr-1722 510 61 certain certain ADJ cblr-1722 510 62 poor poor ADJ cblr-1722 510 63 countries,”162 countries,”162 NOUN cblr-1722 510 64 which which PRON cblr-1722 510 65 refers refer VERB cblr-1722 510 66 to to ADP cblr-1722 510 67 the the DET cblr-1722 510 68 hipc hipc PROPN cblr-1722 510 69 initiative initiative NOUN cblr-1722 510 70 countries country NOUN cblr-1722 510 71 , , PUNCT cblr-1722 510 72 with with ADP cblr-1722 510 73 some some DET cblr-1722 510 74 exceptions exception NOUN cblr-1722 510 75 and and CCONJ cblr-1722 510 76 additions.163 additions.163 PRON cblr-1722 510 77 the the DET cblr-1722 510 78 act act NOUN cblr-1722 510 79 does do VERB cblr-1722 510 80 this this PRON cblr-1722 510 81 by by ADP cblr-1722 510 82 imposing impose VERB cblr-1722 510 83 a a DET cblr-1722 510 84 punitive punitive ADJ cblr-1722 510 85 fine fine NOUN cblr-1722 510 86 on on ADP cblr-1722 510 87 “ " PUNCT cblr-1722 510 88 vulture vulture ADJ cblr-1722 510 89 creditors creditor NOUN cblr-1722 510 90 ” " PUNCT cblr-1722 510 91 equal equal ADJ cblr-1722 510 92 to to ADP cblr-1722 510 93 the the DET cblr-1722 510 94 total total ADJ cblr-1722 510 95 amount amount NOUN cblr-1722 510 96 sought seek VERB cblr-1722 510 97 through through ADP cblr-1722 510 98 the the DET cblr-1722 510 99 sovereign sovereign ADJ cblr-1722 510 100 debt debt NOUN cblr-1722 510 101 profiteering164 profiteering164 PROPN cblr-1722 510 102 and and CCONJ cblr-1722 510 103 by by ADP cblr-1722 510 104 creating create VERB cblr-1722 510 105 mandatory mandatory ADJ cblr-1722 510 106 disclosure disclosure NOUN cblr-1722 510 107 requirements requirement NOUN cblr-1722 510 108 that that PRON cblr-1722 510 109 expose expose VERB cblr-1722 510 110 vulture vulture ADJ cblr-1722 510 111 creditors creditor NOUN cblr-1722 510 112 to to ADP cblr-1722 510 113 judicial judicial ADJ cblr-1722 510 114 scrutiny.165 scrutiny.165 NOUN cblr-1722 510 115 under under ADP cblr-1722 510 116 the the DET cblr-1722 510 117 act act NOUN cblr-1722 510 118 , , PUNCT cblr-1722 510 119 “ " PUNCT cblr-1722 510 120 vulture vulture ADJ cblr-1722 510 121 creditors creditor NOUN cblr-1722 510 122 ” " PUNCT cblr-1722 510 123 refers refer VERB cblr-1722 510 124 to to ADP cblr-1722 510 125 any any DET cblr-1722 510 126 person person NOUN cblr-1722 510 127 , , PUNCT cblr-1722 510 128 except except SCONJ cblr-1722 510 129 other other ADJ cblr-1722 510 130 sovereigns sovereign NOUN cblr-1722 510 131 or or CCONJ cblr-1722 510 132 international international ADJ cblr-1722 510 133 financial financial ADJ cblr-1722 510 134 159 159 NUM cblr-1722 510 135 stop stop VERB cblr-1722 510 136 vulture vulture NOUN cblr-1722 510 137 funds fund NOUN cblr-1722 510 138 act act PROPN cblr-1722 510 139 , , PUNCT cblr-1722 510 140 h.r h.r PROPN cblr-1722 510 141 . . PROPN cblr-1722 510 142 6769 6769 NUM cblr-1722 510 143 , , PUNCT cblr-1722 510 144 110th 110th ADJ cblr-1722 510 145 cong cong NOUN cblr-1722 510 146 . . PUNCT cblr-1722 511 1 ( ( PUNCT cblr-1722 511 2 2d 2d NUM cblr-1722 511 3 sess sess NOUN cblr-1722 511 4 . . PUNCT cblr-1722 511 5 2008 2008 NUM cblr-1722 511 6 ) ) PUNCT cblr-1722 511 7 . . PUNCT cblr-1722 512 1 160 160 NUM cblr-1722 512 2 stop stop VERB cblr-1722 512 3 vulture vulture NOUN cblr-1722 512 4 funds fund NOUN cblr-1722 512 5 act act PROPN cblr-1722 512 6 , , PUNCT cblr-1722 512 7 h.r h.r PROPN cblr-1722 512 8 . . PROPN cblr-1722 512 9 2932 2932 NUM cblr-1722 512 10 , , PUNCT cblr-1722 512 11 111th 111th ADJ cblr-1722 512 12 cong cong NOUN cblr-1722 512 13 . . PUNCT cblr-1722 513 1 ( ( PUNCT cblr-1722 513 2 1st 1st ADJ cblr-1722 513 3 sess sess NOUN cblr-1722 513 4 . . PUNCT cblr-1722 514 1 2009 2009 NUM cblr-1722 514 2 ) ) PUNCT cblr-1722 514 3 . . PUNCT cblr-1722 515 1 161 161 NUM cblr-1722 516 1 i i PRON cblr-1722 516 2 d. d. PROPN cblr-1722 516 3 § § PROPN cblr-1722 516 4 2(12 2(12 NUM cblr-1722 516 5 ) ) PUNCT cblr-1722 516 6 . . PUNCT cblr-1722 517 1 162 162 NUM cblr-1722 517 2 h.r h.r PROPN cblr-1722 517 3 . . PROPN cblr-1722 517 4 2932 2932 NUM cblr-1722 517 5 . . PUNCT cblr-1722 518 1 163 163 NUM cblr-1722 518 2 these these DET cblr-1722 518 3 exceptions exception NOUN cblr-1722 518 4 include include VERB cblr-1722 518 5 countries country NOUN cblr-1722 518 6 that that PRON cblr-1722 518 7 engage engage VERB cblr-1722 518 8 in in ADP cblr-1722 518 9 gross gross ADJ cblr-1722 518 10 violations violation NOUN cblr-1722 518 11 of of ADP cblr-1722 518 12 human human ADJ cblr-1722 518 13 rights right NOUN cblr-1722 518 14 , , PUNCT cblr-1722 518 15 that that PRON cblr-1722 518 16 have have VERB cblr-1722 518 17 excessive excessive ADJ cblr-1722 518 18 expenditures expenditure NOUN cblr-1722 518 19 on on ADP cblr-1722 518 20 military military ADJ cblr-1722 518 21 operations operation NOUN cblr-1722 518 22 , , PUNCT cblr-1722 518 23 those those PRON cblr-1722 518 24 that that PRON cblr-1722 518 25 promote promote VERB cblr-1722 518 26 terrorism terrorism NOUN cblr-1722 518 27 , , PUNCT cblr-1722 518 28 or or CCONJ cblr-1722 518 29 those those PRON cblr-1722 518 30 fail fail VERB cblr-1722 518 31 to to PART cblr-1722 518 32 cooperate cooperate VERB cblr-1722 518 33 with with ADP cblr-1722 518 34 the the DET cblr-1722 518 35 united united PROPN cblr-1722 518 36 states states PROPN cblr-1722 518 37 on on ADP cblr-1722 518 38 narcotics narcotic NOUN cblr-1722 518 39 matters matter NOUN cblr-1722 518 40 . . PUNCT cblr-1722 519 1 h.r h.r PROPN cblr-1722 519 2 . . PROPN cblr-1722 519 3 2932 2932 NUM cblr-1722 519 4 § § PROPN cblr-1722 519 5 6 6 NUM cblr-1722 519 6 . . PUNCT cblr-1722 520 1 the the DET cblr-1722 520 2 secretary secretary PROPN cblr-1722 520 3 of of ADP cblr-1722 520 4 treasury treasury PROPN cblr-1722 520 5 maintains maintain VERB cblr-1722 520 6 a a DET cblr-1722 520 7 list list NOUN cblr-1722 520 8 of of ADP cblr-1722 520 9 all all DET cblr-1722 520 10 qualified qualified ADJ cblr-1722 520 11 poor poor ADJ cblr-1722 520 12 countries country NOUN cblr-1722 520 13 , , PUNCT cblr-1722 520 14 which which PRON cblr-1722 520 15 includes include VERB cblr-1722 520 16 those those PRON cblr-1722 520 17 that that PRON cblr-1722 520 18 borrow borrow VERB cblr-1722 520 19 from from ADP cblr-1722 520 20 the the DET cblr-1722 520 21 international international PROPN cblr-1722 520 22 development development PROPN cblr-1722 520 23 association association PROPN cblr-1722 520 24 . . PUNCT cblr-1722 521 1 i i PRON cblr-1722 521 2 d. d. PROPN cblr-1722 521 3 § § PROPN cblr-1722 521 4 6(a)(2 6(a)(2 PROPN cblr-1722 521 5 ) ) PUNCT cblr-1722 521 6 . . PUNCT cblr-1722 522 1 164 164 NUM cblr-1722 523 1 i i PRON cblr-1722 523 2 d. d. PROPN cblr-1722 523 3 § § PROPN cblr-1722 523 4 4(b 4(b NUM cblr-1722 523 5 ) ) PUNCT cblr-1722 523 6 . . PUNCT cblr-1722 524 1 165 165 NUM cblr-1722 525 1 i i PRON cblr-1722 525 2 d. d. PROPN cblr-1722 525 3 § § PROPN cblr-1722 525 4 5(b 5(b NUM cblr-1722 525 5 ) ) PUNCT cblr-1722 525 6 . . PUNCT cblr-1722 526 1 wozny wozny ADJ cblr-1722 526 2 – – PUNCT cblr-1722 526 3 final final ADJ cblr-1722 526 4 no no NOUN cblr-1722 526 5 . . PUNCT cblr-1722 527 1 2:697 2:697 NUM cblr-1722 527 2 ] ] X cblr-1722 527 3 national national ADJ cblr-1722 527 4 anti anti ADJ cblr-1722 527 5 - - ADJ cblr-1722 527 6 vulture vulture ADJ cblr-1722 527 7 funds fund NOUN cblr-1722 527 8 legislation legislation NOUN cblr-1722 527 9 735 735 NUM cblr-1722 527 10 institutions,166 institutions,166 PROPN cblr-1722 527 11 who who PRON cblr-1722 527 12 acquires acquire VERB cblr-1722 527 13 defaulted default VERB cblr-1722 527 14 sovereign sovereign ADJ cblr-1722 527 15 debt debt NOUN cblr-1722 527 16 of of ADP cblr-1722 527 17 a a DET cblr-1722 527 18 qualified qualified ADJ cblr-1722 527 19 poor poor ADJ cblr-1722 527 20 country country NOUN cblr-1722 527 21 at at ADP cblr-1722 527 22 a a DET cblr-1722 527 23 discount discount NOUN cblr-1722 527 24 to to PART cblr-1722 527 25 face face VERB cblr-1722 527 26 value.167 value.167 ADJ cblr-1722 527 27 both both DET cblr-1722 527 28 bills bill NOUN cblr-1722 527 29 were be AUX cblr-1722 527 30 referred refer VERB cblr-1722 527 31 to to ADP cblr-1722 527 32 the the DET cblr-1722 527 33 committee committee NOUN cblr-1722 527 34 on on ADP cblr-1722 527 35 the the DET cblr-1722 527 36 judiciary judiciary NOUN cblr-1722 527 37 and and CCONJ cblr-1722 527 38 the the DET cblr-1722 527 39 committee committee NOUN cblr-1722 527 40 on on ADP cblr-1722 527 41 financial financial ADJ cblr-1722 527 42 services service NOUN cblr-1722 527 43 , , PUNCT cblr-1722 527 44 but but CCONJ cblr-1722 527 45 neither neither PRON cblr-1722 527 46 has have AUX cblr-1722 527 47 gone go VERB cblr-1722 527 48 to to ADP cblr-1722 527 49 a a DET cblr-1722 527 50 vote.168 vote.168 PROPN cblr-1722 527 51 g. g. PROPN cblr-1722 527 52 france france PROPN cblr-1722 527 53 ( ( PUNCT cblr-1722 527 54 proposed propose VERB cblr-1722 527 55 legislation legislation NOUN cblr-1722 527 56 ) ) PUNCT cblr-1722 527 57 on on ADP cblr-1722 527 58 march march PROPN cblr-1722 527 59 30 30 NUM cblr-1722 527 60 , , PUNCT cblr-1722 527 61 2016 2016 NUM cblr-1722 527 62 , , PUNCT cblr-1722 527 63 the the DET cblr-1722 527 64 french french ADJ cblr-1722 527 65 national national PROPN cblr-1722 527 66 assembly assembly PROPN cblr-1722 527 67 started start VERB cblr-1722 527 68 considering consider VERB cblr-1722 527 69 legislative legislative ADJ cblr-1722 527 70 action action NOUN cblr-1722 527 71 to to PART cblr-1722 527 72 promote promote VERB cblr-1722 527 73 transparency transparency NOUN cblr-1722 527 74 , , PUNCT cblr-1722 527 75 anti anti ADJ cblr-1722 527 76 - - NOUN cblr-1722 527 77 corruption corruption NOUN cblr-1722 527 78 , , PUNCT cblr-1722 527 79 and and CCONJ cblr-1722 527 80 economic economic ADJ cblr-1722 527 81 modernization modernization NOUN cblr-1722 527 82 with with ADP cblr-1722 527 83 the the DET cblr-1722 527 84 “ " PUNCT cblr-1722 527 85 sapin sapin NOUN cblr-1722 527 86 ii ii PROPN cblr-1722 527 87 bill bill NOUN cblr-1722 527 88 . . PUNCT cblr-1722 527 89 ”169 ”169 PUNCT cblr-1722 528 1 the the DET cblr-1722 528 2 proposed propose VERB cblr-1722 528 3 bill bill NOUN cblr-1722 528 4 attached attach VERB cblr-1722 528 5 antivulture antivulture NOUN cblr-1722 528 6 fund fund NOUN cblr-1722 528 7 legislation legislation NOUN cblr-1722 528 8 to to ADP cblr-1722 528 9 article article PROPN cblr-1722 528 10 xxiv xxiv PROPN cblr-1722 528 11 of of ADP cblr-1722 528 12 the the DET cblr-1722 528 13 bill,170 bill,170 NOUN cblr-1722 528 14 and and CCONJ cblr-1722 528 15 functioned function VERB cblr-1722 528 16 similarly similarly ADV cblr-1722 528 17 to to ADP cblr-1722 528 18 the the DET cblr-1722 528 19 united united PROPN cblr-1722 528 20 kingdom kingdom PROPN cblr-1722 528 21 ’s ’s PART cblr-1722 528 22 dra dra PROPN cblr-1722 528 23 by by ADP cblr-1722 528 24 limiting limit VERB cblr-1722 528 25 the the DET cblr-1722 528 26 claims claim NOUN cblr-1722 528 27 brought bring VERB cblr-1722 528 28 by by ADP cblr-1722 528 29 vulture vulture ADJ cblr-1722 528 30 funds fund NOUN cblr-1722 528 31 against against ADP cblr-1722 528 32 sovereign sovereign ADJ cblr-1722 528 33 states state NOUN cblr-1722 528 34 facing face VERB cblr-1722 528 35 default.171 default.171 NOUN cblr-1722 528 36 additionally additionally ADV cblr-1722 528 37 , , PUNCT cblr-1722 528 38 the the DET cblr-1722 528 39 french french ADJ cblr-1722 528 40 law law NOUN cblr-1722 528 41 would would AUX cblr-1722 528 42 enlarge enlarge VERB cblr-1722 528 43 judicial judicial ADJ cblr-1722 528 44 discretion discretion NOUN cblr-1722 528 45 and and CCONJ cblr-1722 528 46 enhance enhance VERB cblr-1722 528 47 the the DET cblr-1722 528 48 court court NOUN cblr-1722 528 49 ’s ’s PART cblr-1722 528 50 role role NOUN cblr-1722 528 51 in in ADP cblr-1722 528 52 countering counter VERB cblr-1722 528 53 vulture vulture ADJ cblr-1722 528 54 funds fund NOUN cblr-1722 528 55 . . 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NOUN cblr-1722 539 14 2017 2017 NUM cblr-1722 539 15 the the DET cblr-1722 539 16 french french ADJ cblr-1722 539 17 legislature legislature NOUN cblr-1722 539 18 appeared appear VERB cblr-1722 539 19 to to PART cblr-1722 539 20 have have AUX cblr-1722 539 21 been be AUX cblr-1722 539 22 motivated motivate VERB cblr-1722 539 23 by by ADP cblr-1722 539 24 nml nml PROPN cblr-1722 539 25 capital capital NOUN cblr-1722 539 26 ’s ’s PART cblr-1722 539 27 victory victory NOUN cblr-1722 539 28 over over ADP cblr-1722 539 29 argentina argentina PROPN cblr-1722 539 30 , , PUNCT cblr-1722 539 31 by by ADP cblr-1722 539 32 the the DET cblr-1722 539 33 un un PROPN cblr-1722 539 34 human human PROPN cblr-1722 539 35 rights right NOUN cblr-1722 539 36 report,173 report,173 PROPN cblr-1722 539 37 and and CCONJ cblr-1722 539 38 by by ADP cblr-1722 539 39 the the DET cblr-1722 539 40 belgian belgian ADJ cblr-1722 539 41 law law NOUN cblr-1722 539 42 enacted enact VERB cblr-1722 539 43 in in ADP cblr-1722 539 44 september september PROPN cblr-1722 539 45 2015 2015 NUM cblr-1722 539 46 , , PUNCT cblr-1722 539 47 which which PRON cblr-1722 539 48 is be AUX cblr-1722 539 49 similar similar ADJ cblr-1722 539 50 to to ADP cblr-1722 539 51 the the DET cblr-1722 539 52 french french ADJ cblr-1722 539 53 draft draft NOUN cblr-1722 539 54 legislation.174 legislation.174 NOUN cblr-1722 539 55 however however ADV cblr-1722 539 56 , , PUNCT cblr-1722 539 57 the the DET cblr-1722 539 58 senate senate PROPN cblr-1722 539 59 adopted adopt VERB cblr-1722 539 60 a a DET cblr-1722 539 61 version version NOUN cblr-1722 539 62 of of ADP cblr-1722 539 63 this this DET cblr-1722 539 64 bill bill NOUN cblr-1722 539 65 on on ADP cblr-1722 539 66 november november PROPN cblr-1722 539 67 3 3 NUM cblr-1722 539 68 , , PUNCT cblr-1722 539 69 2016 2016 NUM cblr-1722 539 70 with with ADP cblr-1722 539 71 article article NOUN cblr-1722 539 72 xxiv xxiv PROPN cblr-1722 539 73 deleted delete VERB cblr-1722 539 74 in in ADP cblr-1722 539 75 the the DET cblr-1722 539 76 final final ADJ cblr-1722 539 77 revision.175 revision.175 PROPN cblr-1722 539 78 h. h. PROPN cblr-1722 539 79 belgium belgium PROPN cblr-1722 539 80 ’s ’s PART cblr-1722 539 81 anti anti ADJ cblr-1722 539 82 - - ADJ cblr-1722 539 83 vulture vulture ADJ cblr-1722 539 84 act act NOUN cblr-1722 539 85 1 1 NUM cblr-1722 539 86 . . PUNCT cblr-1722 539 87 background background NOUN cblr-1722 539 88 in in ADP cblr-1722 539 89 january january PROPN cblr-1722 539 90 2008 2008 NUM cblr-1722 539 91 , , PUNCT cblr-1722 539 92 belgium belgium PROPN cblr-1722 539 93 ’s ’s PART cblr-1722 539 94 federal federal ADJ cblr-1722 539 95 parliament parliament NOUN cblr-1722 539 96 adopted adopt VERB cblr-1722 539 97 its its PRON cblr-1722 539 98 first first ADJ cblr-1722 539 99 legislation legislation NOUN cblr-1722 539 100 to to PART cblr-1722 539 101 “ " PUNCT cblr-1722 539 102 safeguard safeguard VERB cblr-1722 539 103 belgian belgian ADJ cblr-1722 539 104 funds fund NOUN cblr-1722 539 105 disbursed disburse VERB cblr-1722 539 106 towards towards ADP cblr-1722 539 107 development development NOUN cblr-1722 539 108 cooperation cooperation NOUN cblr-1722 539 109 and and CCONJ cblr-1722 539 110 debt debt NOUN cblr-1722 539 111 relief relief NOUN cblr-1722 539 112 from from ADP cblr-1722 539 113 the the DET cblr-1722 539 114 actions action NOUN cblr-1722 539 115 taken take VERB cblr-1722 539 116 by by ADP cblr-1722 539 117 vulture vulture ADJ cblr-1722 539 118 funds fund NOUN cblr-1722 539 119 . . PUNCT cblr-1722 540 1 ”176 ”176 PUNCT cblr-1722 541 1 the the DET cblr-1722 541 2 law law NOUN cblr-1722 541 3 forbade forbid VERB cblr-1722 541 4 the the DET cblr-1722 541 5 seizure seizure NOUN cblr-1722 541 6 or or CCONJ cblr-1722 541 7 transfer transfer NOUN cblr-1722 541 8 of of ADP cblr-1722 541 9 development development NOUN cblr-1722 541 10 assistance assistance NOUN cblr-1722 541 11 between between ADP cblr-1722 541 12 parties party NOUN cblr-1722 541 13 and and CCONJ cblr-1722 541 14 prohibited prohibit VERB cblr-1722 541 15 creditors creditor NOUN cblr-1722 541 16 from from ADP cblr-1722 541 17 recovering recover VERB cblr-1722 541 18 interest interest NOUN cblr-1722 541 19 owed owe VERB cblr-1722 541 20 to to AUX cblr-1722 541 21 vulture vulture VERB cblr-1722 541 22 creditors.177 creditors.177 NOUN cblr-1722 541 23 on on ADP cblr-1722 541 24 july july PROPN cblr-1722 541 25 12 12 NUM cblr-1722 541 26 , , PUNCT cblr-1722 541 27 2015 2015 NUM cblr-1722 541 28 , , PUNCT cblr-1722 541 29 the the DET cblr-1722 541 30 belgian belgian ADJ cblr-1722 541 31 federal federal ADJ cblr-1722 541 32 parliament parliament NOUN cblr-1722 541 33 passed pass VERB cblr-1722 541 34 its its PRON cblr-1722 541 35 second second ADJ cblr-1722 541 36 national national ADJ cblr-1722 541 37 legislation legislation NOUN cblr-1722 541 38 against against ADP cblr-1722 541 39 vulture vulture ADJ cblr-1722 541 40 funds fund NOUN cblr-1722 541 41 , , PUNCT cblr-1722 541 42 known know VERB cblr-1722 541 43 as as ADP cblr-1722 541 44 the the DET cblr-1722 541 45 anti anti ADJ cblr-1722 541 46 - - ADJ cblr-1722 541 47 vulture vulture ADJ cblr-1722 541 48 funds fund NOUN cblr-1722 541 49 law,178 law,178 PRON cblr-1722 541 50 which which PRON cblr-1722 541 51 became become VERB cblr-1722 541 52 effective effective ADJ cblr-1722 541 53 on on ADP cblr-1722 541 54 173 173 NUM cblr-1722 541 55 plateforme plateforme PROPN cblr-1722 541 56 dette dette PROPN cblr-1722 541 57 & & CCONJ cblr-1722 541 58 développement développement PROPN cblr-1722 541 59 , , PUNCT cblr-1722 541 60 loi loi PROPN cblr-1722 541 61 sapin sapin PROPN cblr-1722 541 62 2 2 NUM cblr-1722 541 63 : : PUNCT cblr-1722 541 64 l’assemblée l’assemblée PROPN cblr-1722 541 65 confirme confirme PROPN cblr-1722 541 66 sa sa PROPN cblr-1722 541 67 volonté volonté PROPN cblr-1722 541 68 de de X cblr-1722 541 69 réguler réguler PROPN cblr-1722 541 70 l’action l’action PROPN cblr-1722 541 71 des des PROPN cblr-1722 541 72 fonds fonds PROPN cblr-1722 541 73 vautours vautours PROPN cblr-1722 541 74 mais mais PROPN cblr-1722 541 75 ne ne PROPN cblr-1722 541 76 leur leur PROPN cblr-1722 541 77 coupe coupe PROPN cblr-1722 541 78 pas pas PROPN cblr-1722 541 79 les les PROPN cblr-1722 541 80 ailes aile NOUN cblr-1722 541 81 , , PUNCT cblr-1722 541 82 cadtm cadtm NOUN cblr-1722 541 83 : : PUNCT cblr-1722 541 84 comité comité NOUN cblr-1722 541 85 pour pour NOUN cblr-1722 541 86 l’abolition l’abolition PROPN cblr-1722 541 87 des des PROPN cblr-1722 541 88 dettes dettes PROPN cblr-1722 541 89 illégitimes illégitime NOUN cblr-1722 541 90 ( ( PUNCT cblr-1722 541 91 sept sept PROPN cblr-1722 541 92 . . PROPN cblr-1722 541 93 30 30 NUM cblr-1722 541 94 , , PUNCT cblr-1722 541 95 2016 2016 NUM cblr-1722 541 96 ) ) PUNCT cblr-1722 541 97 , , PUNCT cblr-1722 541 98 http://www.cadtm.org/loi-sapin-2-lassemblee-confirme http://www.cadtm.org/loi-sapin-2-lassemblee-confirme NUM cblr-1722 542 1 [ [ X cblr-1722 542 2 https://perma.cc/2j24-euh4 https://perma.cc/2j24-euh4 X cblr-1722 542 3 ] ] X cblr-1722 542 4 . . PUNCT cblr-1722 543 1 174 174 NUM cblr-1722 543 2 see see VERB cblr-1722 543 3 paredes parede NOUN cblr-1722 543 4 - - PUNCT cblr-1722 543 5 vanheule vanheule ADJ cblr-1722 543 6 , , PUNCT cblr-1722 543 7 supra supra ADJ cblr-1722 543 8 note note NOUN cblr-1722 543 9 171 171 NUM cblr-1722 543 10 . . PUNCT cblr-1722 544 1 175 175 NUM cblr-1722 544 2 projet projet PROPN cblr-1722 544 3 de de X cblr-1722 544 4 loi loi PROPN cblr-1722 544 5 relatif relatif PROPN cblr-1722 544 6 à à X cblr-1722 544 7 la la PROPN cblr-1722 544 8 transparence transparence NOUN cblr-1722 544 9 , , PUNCT cblr-1722 544 10 à à X cblr-1722 544 11 la la X cblr-1722 544 12 lutte lutte PROPN cblr-1722 544 13 contre contre X cblr-1722 544 14 la la X cblr-1722 544 15 corruption corruption NOUN cblr-1722 544 16 et et PROPN cblr-1722 544 17 à à X cblr-1722 544 18 la la X cblr-1722 544 19 modernisation modernisation PROPN cblr-1722 544 20 de de PROPN cblr-1722 544 21 la la PROPN cblr-1722 544 22 vie vie PROPN cblr-1722 544 23 économique économique PROPN cblr-1722 544 24 , , PUNCT cblr-1722 544 25 sénat sénat PROPN cblr-1722 544 26 ( ( PUNCT cblr-1722 544 27 nov nov PROPN cblr-1722 544 28 . . PROPN cblr-1722 544 29 3 3 NUM cblr-1722 544 30 , , PUNCT cblr-1722 544 31 2016 2016 NUM cblr-1722 544 32 ) ) PUNCT cblr-1722 544 33 , , PUNCT cblr-1722 544 34 https://www.senat.fr/espace_presse/actualites/201606/le_senat_examine_la https://www.senat.fr/espace_presse/actualites/201606/le_senat_examine_la PROPN cblr-1722 545 1 _ _ NOUN cblr-1722 545 2 loi_sapin_2.html loi_sapin_2.html PROPN cblr-1722 545 3 ( ( PUNCT cblr-1722 545 4 legislative legislative ADJ cblr-1722 545 5 history history NOUN cblr-1722 545 6 of of ADP cblr-1722 545 7 the the DET cblr-1722 545 8 sapin sapin PROPN cblr-1722 545 9 ii ii PROPN cblr-1722 545 10 billl billl NOUN cblr-1722 545 11 ) ) PUNCT cblr-1722 545 12 . . PUNCT cblr-1722 546 1 176 176 NUM cblr-1722 546 2 bai bai PROPN cblr-1722 546 3 , , PUNCT cblr-1722 546 4 supra supra PROPN cblr-1722 546 5 note note PROPN cblr-1722 546 6 127 127 NUM cblr-1722 546 7 , , PUNCT cblr-1722 546 8 at at ADP cblr-1722 546 9 722 722 NUM cblr-1722 546 10 ( ( PUNCT cblr-1722 546 11 quoting quote VERB cblr-1722 546 12 the the DET cblr-1722 546 13 chamber chamber NOUN cblr-1722 546 14 of of ADP cblr-1722 546 15 representatives representatives PROPN cblr-1722 546 16 , , PUNCT cblr-1722 546 17 project project NOUN cblr-1722 546 18 de de X cblr-1722 546 19 loi loi X cblr-1722 546 20 visant visant PROPN cblr-1722 546 21 à à PROPN cblr-1722 546 22 empêcher empêcher PROPN cblr-1722 546 23 la la PROPN cblr-1722 546 24 saisie saisie PROPN cblr-1722 546 25 ou ou X cblr-1722 546 26 la la PROPN cblr-1722 546 27 cession cession PROPN cblr-1722 546 28 des des PROPN cblr-1722 546 29 fonds fonds PROPN cblr-1722 546 30 publics public NOUN cblr-1722 546 31 destinés destinés VERB cblr-1722 546 32 à à X cblr-1722 546 33 la la PROPN cblr-1722 546 34 cooperation cooperation PROPN cblr-1722 546 35 international international PROPN cblr-1722 546 36 , , PUNCT cblr-1722 546 37 notamment notamment PROPN cblr-1722 546 38 par par PROPN cblr-1722 546 39 la la PROPN cblr-1722 546 40 technique technique PROPN cblr-1722 546 41 des des X cblr-1722 546 42 fonds fond NOUN cblr-1722 546 43 vautours vautour NOUN cblr-1722 546 44 ( ( PUNCT cblr-1722 546 45 2008 2008 NUM cblr-1722 546 46 ) ) PUNCT cblr-1722 546 47 belgian belgian ADJ cblr-1722 546 48 federal federal ADJ cblr-1722 546 49 parliament parliament NOUN cblr-1722 546 50 ) ) PUNCT cblr-1722 546 51 . . PUNCT cblr-1722 547 1 177 177 NUM cblr-1722 547 2 i i PRON cblr-1722 547 3 d. d. PROPN cblr-1722 547 4 178 178 NUM cblr-1722 547 5 loi loi X cblr-1722 547 6 relative relative X cblr-1722 547 7 à à X cblr-1722 547 8 la la X cblr-1722 547 9 lutte lutte PROPN cblr-1722 547 10 contre contre PROPN cblr-1722 547 11 les les PROPN cblr-1722 547 12 activités activités PROPN cblr-1722 547 13 des des PROPN cblr-1722 547 14 fonds fonds PROPN cblr-1722 547 15 vauteurs vauteur NOUN cblr-1722 547 16 [ [ X cblr-1722 547 17 antivulture antivulture ADJ cblr-1722 547 18 funds fund NOUN cblr-1722 547 19 law law NOUN cblr-1722 547 20 ] ] PUNCT cblr-1722 547 21 of of ADP cblr-1722 547 22 july july PROPN cblr-1722 547 23 12 12 NUM cblr-1722 547 24 , , PUNCT cblr-1722 547 25 2015 2015 NUM cblr-1722 547 26 , , PUNCT cblr-1722 547 27 moniteur moniteur PROPN cblr-1722 547 28 belge belge PROPN cblr-1722 548 1 [ [ X cblr-1722 548 2 m.b m.b PROPN cblr-1722 548 3 . . PROPN cblr-1722 548 4 ] ] PUNCT cblr-1722 549 1 [ [ X cblr-1722 549 2 official official ADJ cblr-1722 549 3 gazette gazette NOUN cblr-1722 549 4 of of ADP cblr-1722 549 5 belgium belgium PROPN cblr-1722 549 6 ] ] PUNCT cblr-1722 549 7 sept sept PROPN cblr-1722 549 8 . . PROPN cblr-1722 549 9 11 11 NUM cblr-1722 549 10 , , PUNCT cblr-1722 549 11 2015 2015 NUM cblr-1722 549 12 , , PUNCT cblr-1722 549 13 57357 57357 NUM cblr-1722 549 14 . . PUNCT cblr-1722 550 1 wozny wozny ADJ cblr-1722 550 2 – – PUNCT cblr-1722 550 3 final final ADJ cblr-1722 550 4 no no NOUN cblr-1722 550 5 . . PUNCT cblr-1722 551 1 2:697 2:697 NUM cblr-1722 551 2 ] ] X cblr-1722 551 3 national national ADJ cblr-1722 551 4 anti anti ADJ cblr-1722 551 5 - - ADJ cblr-1722 551 6 vulture vulture ADJ cblr-1722 551 7 funds fund NOUN cblr-1722 551 8 legislation legislation NOUN cblr-1722 551 9 737 737 NUM cblr-1722 551 10 september september PROPN cblr-1722 551 11 12 12 NUM cblr-1722 551 12 , , PUNCT cblr-1722 551 13 2015.179 2015.179 NUM cblr-1722 551 14 shortly shortly ADV cblr-1722 551 15 after after ADP cblr-1722 551 16 passing pass VERB cblr-1722 551 17 the the DET cblr-1722 551 18 antivulture antivulture NOUN cblr-1722 551 19 funds fund NOUN cblr-1722 551 20 law law NOUN cblr-1722 551 21 , , PUNCT cblr-1722 551 22 belgium belgium PROPN cblr-1722 551 23 ’s ’s PART cblr-1722 551 24 federal federal ADJ cblr-1722 551 25 parliament parliament NOUN cblr-1722 551 26 inserted insert VERB cblr-1722 551 27 an an DET cblr-1722 551 28 act act NOUN cblr-1722 551 29 into into ADP cblr-1722 551 30 article article NOUN cblr-1722 551 31 1412 1412 NUM cblr-1722 551 32 ( ( PUNCT cblr-1722 551 33 collectively collectively ADV cblr-1722 551 34 , , PUNCT cblr-1722 551 35 the the DET cblr-1722 551 36 “ " PUNCT cblr-1722 551 37 belgian belgian ADJ cblr-1722 551 38 laws law NOUN cblr-1722 551 39 ” " PUNCT cblr-1722 551 40 ) ) PUNCT cblr-1722 551 41 of of ADP cblr-1722 551 42 the the DET cblr-1722 551 43 judicial judicial ADJ cblr-1722 551 44 code code NOUN cblr-1722 551 45 ( ( PUNCT cblr-1722 551 46 “ " PUNCT cblr-1722 551 47 article article NOUN cblr-1722 551 48 1412 1412 NUM cblr-1722 551 49 ” " PUNCT cblr-1722 551 50 ) ) PUNCT cblr-1722 551 51 that that PRON cblr-1722 551 52 governed govern VERB cblr-1722 551 53 seizures seizure NOUN cblr-1722 551 54 of of ADP cblr-1722 551 55 property property NOUN cblr-1722 551 56 belonging belong VERB cblr-1722 551 57 to to ADP cblr-1722 551 58 foreign foreign ADJ cblr-1722 551 59 countries.180 countries.180 NOUN cblr-1722 551 60 despite despite SCONJ cblr-1722 551 61 separate separate ADJ cblr-1722 551 62 ratification ratification NOUN cblr-1722 551 63 , , PUNCT cblr-1722 551 64 the the DET cblr-1722 551 65 two two NUM cblr-1722 551 66 legislative legislative ADJ cblr-1722 551 67 acts act NOUN cblr-1722 551 68 work work VERB cblr-1722 551 69 in in ADP cblr-1722 551 70 tandem tandem NOUN cblr-1722 551 71 with with ADP cblr-1722 551 72 each each DET cblr-1722 551 73 other other ADJ cblr-1722 551 74 to to PART cblr-1722 551 75 achieve achieve VERB cblr-1722 551 76 their their PRON cblr-1722 551 77 goals goal NOUN cblr-1722 551 78 . . PUNCT cblr-1722 552 1 2 2 X cblr-1722 552 2 . . X cblr-1722 552 3 what what PRON cblr-1722 552 4 does do AUX cblr-1722 552 5 the the DET cblr-1722 552 6 legislation legislation NOUN cblr-1722 552 7 do do VERB cblr-1722 552 8 ? ? PUNCT cblr-1722 553 1 unlike unlike ADP cblr-1722 553 2 anti anti ADJ cblr-1722 553 3 - - ADJ cblr-1722 553 4 vulture vulture ADJ cblr-1722 553 5 fund fund NOUN cblr-1722 553 6 legislation legislation NOUN cblr-1722 553 7 passed pass VERB cblr-1722 553 8 in in ADP cblr-1722 553 9 other other ADJ cblr-1722 553 10 countries country NOUN cblr-1722 553 11 , , PUNCT cblr-1722 553 12 the the DET cblr-1722 553 13 belgian belgian ADJ cblr-1722 553 14 laws law NOUN cblr-1722 553 15 are be AUX cblr-1722 553 16 very very ADV cblr-1722 553 17 short.181 short.181 VERB cblr-1722 553 18 article article NOUN cblr-1722 553 19 1412 1412 NUM cblr-1722 553 20 , , PUNCT cblr-1722 553 21 which which PRON cblr-1722 553 22 fits fit VERB cblr-1722 553 23 on on ADP cblr-1722 553 24 one one NUM cblr-1722 553 25 page page NOUN cblr-1722 553 26 , , PUNCT cblr-1722 553 27 announces announce VERB cblr-1722 553 28 that that SCONJ cblr-1722 553 29 sovereign sovereign ADJ cblr-1722 553 30 property property NOUN cblr-1722 553 31 , , PUNCT cblr-1722 553 32 including include VERB cblr-1722 553 33 bank bank NOUN cblr-1722 553 34 accounts account NOUN cblr-1722 553 35 , , PUNCT cblr-1722 553 36 is be AUX cblr-1722 553 37 generally generally ADV cblr-1722 553 38 not not PART cblr-1722 553 39 seizable seizable ADJ cblr-1722 553 40 by by ADP cblr-1722 553 41 creditors.182 creditors.182 NOUN cblr-1722 553 42 there there PRON cblr-1722 553 43 are be VERB cblr-1722 553 44 three three NUM cblr-1722 553 45 exceptions exception NOUN cblr-1722 553 46 to to ADP cblr-1722 553 47 this this DET cblr-1722 553 48 rule rule NOUN cblr-1722 553 49 : : PUNCT cblr-1722 553 50 first first X cblr-1722 553 51 , , PUNCT cblr-1722 553 52 where where SCONJ cblr-1722 553 53 the the DET cblr-1722 553 54 sovereign sovereign ADJ cblr-1722 553 55 state state NOUN cblr-1722 553 56 expressly expressly ADV cblr-1722 553 57 and and CCONJ cblr-1722 553 58 specifically specifically ADV cblr-1722 553 59 agrees agree VERB cblr-1722 553 60 to to ADP cblr-1722 553 61 the the DET cblr-1722 553 62 seizability seizability NOUN cblr-1722 553 63 of of ADP cblr-1722 553 64 the the DET cblr-1722 553 65 property property NOUN cblr-1722 553 66 ; ; PUNCT cblr-1722 553 67 second second X cblr-1722 553 68 , , PUNCT cblr-1722 553 69 where where SCONJ cblr-1722 553 70 the the DET cblr-1722 553 71 property property NOUN cblr-1722 553 72 was be AUX cblr-1722 553 73 earmarked earmark VERB cblr-1722 553 74 specifically specifically ADV cblr-1722 553 75 for for ADP cblr-1722 553 76 the the DET cblr-1722 553 77 satisfaction satisfaction NOUN cblr-1722 553 78 of of ADP cblr-1722 553 79 a a DET cblr-1722 553 80 demand demand NOUN cblr-1722 553 81 that that PRON cblr-1722 553 82 is be AUX cblr-1722 553 83 the the DET cblr-1722 553 84 subject subject NOUN cblr-1722 553 85 of of ADP cblr-1722 553 86 enforcement enforcement NOUN cblr-1722 553 87 or or CCONJ cblr-1722 553 88 “ " PUNCT cblr-1722 553 89 authentic authentic ADJ cblr-1722 553 90 ” " PUNCT cblr-1722 553 91 private private ADJ cblr-1722 553 92 title title NOUN cblr-1722 553 93 ; ; PUNCT cblr-1722 553 94 and and CCONJ cblr-1722 553 95 third third ADV cblr-1722 553 96 , , PUNCT cblr-1722 553 97 if if SCONJ cblr-1722 553 98 it it PRON cblr-1722 553 99 is be AUX cblr-1722 553 100 established establish VERB cblr-1722 553 101 that that SCONJ cblr-1722 553 102 the the DET cblr-1722 553 103 property property NOUN cblr-1722 553 104 is be AUX cblr-1722 553 105 specifically specifically ADV cblr-1722 553 106 in in ADP cblr-1722 553 107 use use NOUN cblr-1722 553 108 or or CCONJ cblr-1722 553 109 intended intend VERB cblr-1722 553 110 for for ADP cblr-1722 553 111 use use NOUN cblr-1722 553 112 by by ADP cblr-1722 553 113 the the DET cblr-1722 553 114 foreign foreign ADJ cblr-1722 553 115 power power NOUN cblr-1722 553 116 , , PUNCT cblr-1722 553 117 except except SCONJ cblr-1722 553 118 for for ADP cblr-1722 553 119 public public ADJ cblr-1722 553 120 non non ADJ cblr-1722 553 121 - - ADJ cblr-1722 553 122 commercial commercial ADJ cblr-1722 553 123 services service NOUN cblr-1722 553 124 , , PUNCT cblr-1722 553 125 that that SCONJ cblr-1722 553 126 the the DET cblr-1722 553 127 property property NOUN cblr-1722 553 128 is be AUX cblr-1722 553 129 located locate VERB cblr-1722 553 130 in in ADP cblr-1722 553 131 the the DET cblr-1722 553 132 country country NOUN cblr-1722 553 133 ’s ’s PART cblr-1722 553 134 territory territory NOUN cblr-1722 553 135 , , PUNCT cblr-1722 553 136 and and CCONJ cblr-1722 553 137 there there PRON cblr-1722 553 138 is be VERB cblr-1722 553 139 enforceable enforceable ADJ cblr-1722 553 140 or or CCONJ cblr-1722 553 141 “ " PUNCT cblr-1722 553 142 authentic authentic ADJ cblr-1722 553 143 ” " PUNCT cblr-1722 553 144 private private ADJ cblr-1722 553 145 title title NOUN cblr-1722 553 146 to to ADP cblr-1722 553 147 the the DET cblr-1722 553 148 property.183 property.183 NOUN cblr-1722 553 149 the the DET cblr-1722 553 150 anti anti ADJ cblr-1722 553 151 - - ADJ cblr-1722 553 152 vulture vulture ADJ cblr-1722 553 153 funds fund NOUN cblr-1722 553 154 law law NOUN cblr-1722 553 155 , , PUNCT cblr-1722 553 156 on on ADP cblr-1722 553 157 the the DET cblr-1722 553 158 other other ADJ cblr-1722 553 159 hand hand NOUN cblr-1722 553 160 , , PUNCT cblr-1722 553 161 deals deal VERB cblr-1722 553 162 specifically specifically ADV cblr-1722 553 163 with with ADP cblr-1722 553 164 claims claim NOUN cblr-1722 553 165 rather rather ADV cblr-1722 553 166 than than ADP cblr-1722 553 167 sovereign sovereign ADJ cblr-1722 553 168 property property NOUN cblr-1722 553 169 . . PUNCT cblr-1722 554 1 the the DET cblr-1722 554 2 anti anti ADJ cblr-1722 554 3 - - ADJ cblr-1722 554 4 vulture vulture ADJ cblr-1722 554 5 funds fund NOUN cblr-1722 554 6 law law NOUN cblr-1722 554 7 vanquishes vanquish VERB cblr-1722 554 8 the the DET cblr-1722 554 9 rights right NOUN cblr-1722 554 10 of of ADP cblr-1722 554 11 claimants claimant NOUN cblr-1722 554 12 that that PRON cblr-1722 554 13 pursue pursue VERB cblr-1722 554 14 an an DET cblr-1722 554 15 “ " PUNCT cblr-1722 554 16 illegitimate illegitimate ADJ cblr-1722 554 17 advantage advantage NOUN cblr-1722 554 18 ” " PUNCT cblr-1722 554 19 on on ADP cblr-1722 554 20 sovereign sovereign ADJ cblr-1722 554 21 distressed distressed ADJ cblr-1722 554 22 debt.184 debt.184 NOUN cblr-1722 554 23 to to PART cblr-1722 554 24 determine determine VERB cblr-1722 554 25 what what PRON cblr-1722 554 26 constitutes constitute VERB cblr-1722 554 27 an an DET cblr-1722 554 28 illegitimate illegitimate ADJ cblr-1722 554 29 advantage advantage NOUN cblr-1722 554 30 , , PUNCT cblr-1722 554 31 the the DET cblr-1722 554 32 legislation legislation NOUN cblr-1722 554 33 provides provide VERB cblr-1722 554 34 a a DET cblr-1722 554 35 two two NUM cblr-1722 554 36 - - PUNCT cblr-1722 554 37 prong prong NOUN cblr-1722 554 38 179 179 NUM cblr-1722 554 39 i i PRON cblr-1722 554 40 d. d. PROPN cblr-1722 554 41 180 180 NUM cblr-1722 554 42 see see VERB cblr-1722 554 43 code code PROPN cblr-1722 554 44 judiciaire judiciaire PROPN cblr-1722 554 45 / / SYM cblr-1722 554 46 gerechtelijk gerechtelijk NOUN cblr-1722 554 47 wetboek wetboek NOUN cblr-1722 555 1 [ [ X cblr-1722 555 2 c.jud./ger.w c.jud./ger.w PROPN cblr-1722 555 3 . . PUNCT cblr-1722 555 4 ] ] PUNCT cblr-1722 556 1 art.1412 art.1412 X cblr-1722 556 2 ( ( PUNCT cblr-1722 556 3 belg belg PROPN cblr-1722 556 4 . . PUNCT cblr-1722 556 5 ) ) PUNCT cblr-1722 556 6 , , PUNCT cblr-1722 556 7 http://www.etaamb.be/fr/loi-du-23-aout-2015_n2015009 http://www.etaamb.be/fr/loi-du-23-aout-2015_n2015009 PROPN cblr-1722 556 8 459.html 459.html NUM cblr-1722 557 1 [ [ X cblr-1722 557 2 https://perma.cc/5wg5-ts59 https://perma.cc/5wg5-ts59 NOUN cblr-1722 557 3 ] ] PUNCT cblr-1722 557 4 . . PUNCT cblr-1722 558 1 181 181 NUM cblr-1722 558 2 see see VERB cblr-1722 558 3 anti anti ADJ cblr-1722 558 4 - - ADJ cblr-1722 558 5 vulture vulture ADJ cblr-1722 558 6 funds fund NOUN cblr-1722 558 7 law law NOUN cblr-1722 558 8 . . PUNCT cblr-1722 559 1 182 182 NUM cblr-1722 559 2 c.jud./ger.w c.jud./ger.w PROPN cblr-1722 559 3 . . PUNCT cblr-1722 560 1 art.1412 art.1412 X cblr-1722 560 2 § § PROPN cblr-1722 560 3 1 1 NUM cblr-1722 560 4 . . NOUN cblr-1722 560 5 183 183 NUM cblr-1722 561 1 i i PROPN cblr-1722 561 2 d. d. PROPN cblr-1722 561 3 § § PROPN cblr-1722 561 4 2 2 NUM cblr-1722 561 5 . . NOUN cblr-1722 561 6 184 184 NUM cblr-1722 561 7 anti anti ADJ cblr-1722 561 8 - - ADJ cblr-1722 561 9 vulture vulture ADJ cblr-1722 561 10 funds fund NOUN cblr-1722 561 11 law law NOUN cblr-1722 561 12 , , PUNCT cblr-1722 561 13 art art NOUN cblr-1722 561 14 . . PUNCT cblr-1722 562 1 2 2 X cblr-1722 562 2 . . 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NOUN cblr-1722 562 14 2017 2017 NUM cblr-1722 562 15 test.185 test.185 NOUN cblr-1722 562 16 first first ADV cblr-1722 562 17 , , PUNCT cblr-1722 562 18 there there PRON cblr-1722 562 19 must must AUX cblr-1722 562 20 be be AUX cblr-1722 562 21 a a DET cblr-1722 562 22 manifest manifest ADJ cblr-1722 562 23 difference difference NOUN cblr-1722 562 24 between between ADP cblr-1722 562 25 the the DET cblr-1722 562 26 purchase purchase NOUN cblr-1722 562 27 price price NOUN cblr-1722 562 28 and and CCONJ cblr-1722 562 29 the the DET cblr-1722 562 30 face face NOUN cblr-1722 562 31 value value NOUN cblr-1722 562 32 of of ADP cblr-1722 562 33 the the DET cblr-1722 562 34 loan loan NOUN cblr-1722 562 35 , , PUNCT cblr-1722 562 36 or or CCONJ cblr-1722 562 37 between between ADP cblr-1722 562 38 the the DET cblr-1722 562 39 purchase purchase NOUN cblr-1722 562 40 price price NOUN cblr-1722 562 41 and and CCONJ cblr-1722 562 42 the the DET cblr-1722 562 43 sums sum NOUN cblr-1722 562 44 actually actually ADV cblr-1722 562 45 claimed claim VERB cblr-1722 562 46 by by ADP cblr-1722 562 47 the the DET cblr-1722 562 48 creditor.186 creditor.186 PROPN cblr-1722 562 49 the the DET cblr-1722 562 50 second second ADJ cblr-1722 562 51 prong prong NOUN cblr-1722 562 52 requires require VERB cblr-1722 562 53 at at ADV cblr-1722 562 54 least least ADJ cblr-1722 562 55 one one NUM cblr-1722 562 56 of of ADP cblr-1722 562 57 the the DET cblr-1722 562 58 following follow VERB cblr-1722 562 59 criteria criterion NOUN cblr-1722 562 60 to to PART cblr-1722 562 61 also also ADV cblr-1722 562 62 be be AUX cblr-1722 562 63 met meet VERB cblr-1722 562 64 : : PUNCT cblr-1722 562 65 ( ( PUNCT cblr-1722 562 66 1 1 X cblr-1722 562 67 ) ) PUNCT cblr-1722 562 68 the the DET cblr-1722 562 69 debtor debtor NOUN cblr-1722 562 70 state state NOUN cblr-1722 562 71 is be AUX cblr-1722 562 72 in in ADP cblr-1722 562 73 an an DET cblr-1722 562 74 actual actual ADJ cblr-1722 562 75 or or CCONJ cblr-1722 562 76 imminent imminent ADJ cblr-1722 562 77 state state NOUN cblr-1722 562 78 of of ADP cblr-1722 562 79 insolvency insolvency NOUN cblr-1722 562 80 ; ; PUNCT cblr-1722 562 81 ( ( PUNCT cblr-1722 562 82 2 2 X cblr-1722 562 83 ) ) PUNCT cblr-1722 562 84 the the DET cblr-1722 562 85 creditor creditor NOUN cblr-1722 562 86 ’s ’s PART cblr-1722 562 87 headquarters headquarter NOUN cblr-1722 562 88 are be AUX cblr-1722 562 89 in in ADP cblr-1722 562 90 a a DET cblr-1722 562 91 tax tax NOUN cblr-1722 562 92 haven;187 haven;187 NOUN cblr-1722 562 93 ( ( PUNCT cblr-1722 562 94 3 3 NUM cblr-1722 562 95 ) ) PUNCT cblr-1722 562 96 the the DET cblr-1722 562 97 creditor creditor NOUN cblr-1722 562 98 systematically systematically ADV cblr-1722 562 99 uses use VERB cblr-1722 562 100 legal legal ADJ cblr-1722 562 101 procedures procedure NOUN cblr-1722 562 102 to to PART cblr-1722 562 103 recover recover VERB cblr-1722 562 104 on on ADP cblr-1722 562 105 its its PRON cblr-1722 562 106 loans loan NOUN cblr-1722 562 107 ; ; PUNCT cblr-1722 562 108 ( ( PUNCT cblr-1722 562 109 4 4 X cblr-1722 562 110 ) ) PUNCT cblr-1722 562 111 the the DET cblr-1722 562 112 creditor creditor NOUN cblr-1722 562 113 refused refuse VERB cblr-1722 562 114 to to PART cblr-1722 562 115 cooperate cooperate VERB cblr-1722 562 116 with with ADP cblr-1722 562 117 the the DET cblr-1722 562 118 debtor debtor NOUN cblr-1722 562 119 state state NOUN cblr-1722 562 120 ; ; PUNCT cblr-1722 562 121 ( ( PUNCT cblr-1722 562 122 5 5 X cblr-1722 562 123 ) ) PUNCT cblr-1722 562 124 the the DET cblr-1722 562 125 creditor creditor NOUN cblr-1722 562 126 abused abuse VERB cblr-1722 562 127 the the DET cblr-1722 562 128 weakness weakness NOUN cblr-1722 562 129 of of ADP cblr-1722 562 130 the the DET cblr-1722 562 131 state state NOUN cblr-1722 562 132 to to PART cblr-1722 562 133 negotiate negotiate VERB cblr-1722 562 134 a a DET cblr-1722 562 135 clearly clearly ADV cblr-1722 562 136 imbalanced imbalanced ADJ cblr-1722 562 137 restructuring restructuring NOUN cblr-1722 562 138 ; ; PUNCT cblr-1722 562 139 or or CCONJ cblr-1722 562 140 ( ( PUNCT cblr-1722 562 141 6 6 NUM cblr-1722 562 142 ) ) PUNCT cblr-1722 562 143 repayment repayment NOUN cblr-1722 562 144 of of ADP cblr-1722 562 145 the the DET cblr-1722 562 146 amounts amount NOUN cblr-1722 562 147 claimed claim VERB cblr-1722 562 148 by by ADP cblr-1722 562 149 the the DET cblr-1722 562 150 creditor creditor NOUN cblr-1722 562 151 would would AUX cblr-1722 562 152 have have VERB cblr-1722 562 153 a a DET cblr-1722 562 154 negative negative ADJ cblr-1722 562 155 effect effect NOUN cblr-1722 562 156 on on ADP cblr-1722 562 157 the the DET cblr-1722 562 158 public public ADJ cblr-1722 562 159 finances finance NOUN cblr-1722 562 160 of of ADP cblr-1722 562 161 the the DET cblr-1722 562 162 debtor debtor NOUN cblr-1722 562 163 state.188 state.188 VERB cblr-1722 562 164 the the DET cblr-1722 562 165 belgian belgian ADJ cblr-1722 562 166 laws law NOUN cblr-1722 562 167 have have AUX cblr-1722 562 168 been be AUX cblr-1722 562 169 met meet VERB cblr-1722 562 170 with with ADP cblr-1722 562 171 mixed mixed ADJ cblr-1722 562 172 results result NOUN cblr-1722 562 173 . . PUNCT cblr-1722 563 1 despite despite SCONJ cblr-1722 563 2 the the DET cblr-1722 563 3 two two NUM cblr-1722 563 4 - - PUNCT cblr-1722 563 5 prong prong NOUN cblr-1722 563 6 test test NOUN cblr-1722 563 7 , , PUNCT cblr-1722 563 8 practitioners practitioner NOUN cblr-1722 563 9 remain remain VERB cblr-1722 563 10 uncertain uncertain ADJ cblr-1722 563 11 as as ADP cblr-1722 563 12 to to ADP cblr-1722 563 13 the the DET cblr-1722 563 14 legislation legislation NOUN cblr-1722 563 15 ’s ’s NOUN cblr-1722 563 16 scope.189 scope.189 NOUN cblr-1722 563 17 some some PRON cblr-1722 563 18 have have AUX cblr-1722 563 19 criticized criticize VERB cblr-1722 563 20 the the DET cblr-1722 563 21 belgian belgian ADJ cblr-1722 563 22 laws law NOUN cblr-1722 563 23 for for ADP cblr-1722 563 24 their their PRON cblr-1722 563 25 potentially potentially ADV cblr-1722 563 26 negative negative ADJ cblr-1722 563 27 impact impact NOUN cblr-1722 563 28 on on ADP cblr-1722 563 29 belgium belgium NOUN cblr-1722 563 30 as as ADP cblr-1722 563 31 a a DET cblr-1722 563 32 financial financial ADJ cblr-1722 563 33 center.190 center.190 ADJ cblr-1722 563 34 many many ADJ cblr-1722 563 35 others other NOUN cblr-1722 563 36 , , PUNCT cblr-1722 563 37 however however ADV cblr-1722 563 38 , , PUNCT cblr-1722 563 39 have have AUX cblr-1722 563 40 offered offer VERB cblr-1722 563 41 praise praise NOUN cblr-1722 563 42 . . PUNCT cblr-1722 564 1 the the DET cblr-1722 564 2 french french ADJ cblr-1722 564 3 legislature legislature NOUN cblr-1722 564 4 , , PUNCT cblr-1722 564 5 for for ADP cblr-1722 564 6 example example NOUN cblr-1722 564 7 , , PUNCT cblr-1722 564 8 proposed propose VERB cblr-1722 564 9 a a DET cblr-1722 564 10 bill bill NOUN cblr-1722 564 11 similar similar ADJ cblr-1722 564 12 to to ADP cblr-1722 564 13 the the DET cblr-1722 564 14 belgian belgian ADJ cblr-1722 564 15 laws law NOUN cblr-1722 564 16 in in ADP cblr-1722 564 17 june june PROPN cblr-1722 564 18 2016.191 2016.191 NUM cblr-1722 564 19 the the DET cblr-1722 564 20 committee committee NOUN cblr-1722 564 21 for for ADP cblr-1722 564 22 the the DET cblr-1722 564 23 abolition abolition NOUN cblr-1722 564 24 of of ADP cblr-1722 564 25 illegitimate illegitimate ADJ cblr-1722 564 26 debt debt NOUN cblr-1722 564 27 also also ADV cblr-1722 564 28 considers consider VERB cblr-1722 564 29 it it PRON cblr-1722 564 30 model model VERB cblr-1722 564 31 legislation.192 legislation.192 PROPN cblr-1722 564 32 the the DET cblr-1722 564 33 united united PROPN cblr-1722 564 34 nations nations PROPN cblr-1722 564 35 185 185 NUM cblr-1722 565 1 i i PRON cblr-1722 565 2 d. d. PROPN cblr-1722 565 3 186 186 NUM cblr-1722 566 1 i i PROPN cblr-1722 566 2 d. d. PROPN cblr-1722 566 3 187 187 NUM cblr-1722 566 4 “ " PUNCT cblr-1722 566 5 tax tax NOUN cblr-1722 566 6 haven haven NOUN cblr-1722 566 7 ” " PUNCT cblr-1722 566 8 is be AUX cblr-1722 566 9 a a DET cblr-1722 566 10 rough rough ADJ cblr-1722 566 11 approximation approximation NOUN cblr-1722 566 12 for for ADP cblr-1722 566 13 a a DET cblr-1722 566 14 more more ADV cblr-1722 566 15 complex complex ADJ cblr-1722 566 16 definition definition NOUN cblr-1722 566 17 outlined outline VERB cblr-1722 566 18 in in ADP cblr-1722 566 19 the the DET cblr-1722 566 20 anti anti ADJ cblr-1722 566 21 - - ADJ cblr-1722 566 22 vulture vulture ADJ cblr-1722 566 23 funds fund NOUN cblr-1722 566 24 law law NOUN cblr-1722 566 25 , , PUNCT cblr-1722 566 26 which which PRON cblr-1722 566 27 provides provide VERB cblr-1722 566 28 a a DET cblr-1722 566 29 threeparty threeparty ADJ cblr-1722 566 30 disjunctive disjunctive ADJ cblr-1722 566 31 test test NOUN cblr-1722 566 32 . . PUNCT cblr-1722 567 1 specifically specifically ADV cblr-1722 567 2 , , PUNCT cblr-1722 567 3 this this DET cblr-1722 567 4 test test NOUN cblr-1722 567 5 is be AUX cblr-1722 567 6 : : PUNCT cblr-1722 567 7 are be AUX cblr-1722 567 8 the the DET cblr-1722 567 9 headquarters headquarters NOUN cblr-1722 567 10 on on ADP cblr-1722 567 11 the the DET cblr-1722 567 12 list list NOUN cblr-1722 567 13 of of ADP cblr-1722 567 14 states state NOUN cblr-1722 567 15 or or CCONJ cblr-1722 567 16 non non ADJ cblr-1722 567 17 - - ADJ cblr-1722 567 18 cooperative cooperative ADJ cblr-1722 567 19 jurisdictions jurisdiction NOUN cblr-1722 567 20 established establish VERB cblr-1722 567 21 by by ADP cblr-1722 567 22 the the DET cblr-1722 567 23 financial financial ADJ cblr-1722 567 24 action action NOUN cblr-1722 567 25 task task NOUN cblr-1722 567 26 force force NOUN cblr-1722 567 27 ( ( PUNCT cblr-1722 567 28 “ " PUNCT cblr-1722 567 29 fatf fatf X cblr-1722 567 30 ” " PUNCT cblr-1722 567 31 ) ) PUNCT cblr-1722 567 32 , , PUNCT cblr-1722 567 33 or or CCONJ cblr-1722 567 34 referred refer VERB cblr-1722 567 35 to to ADP cblr-1722 567 36 in in ADP cblr-1722 567 37 article article NOUN cblr-1722 567 38 307 307 NUM cblr-1722 567 39 , , PUNCT cblr-1722 567 40 § § PROPN cblr-1722 567 41 1 1 NUM cblr-1722 567 42 , , PUNCT cblr-1722 567 43 paragraph paragraph NOUN cblr-1722 567 44 5 5 NUM cblr-1722 567 45 , , PUNCT cblr-1722 567 46 of of ADP cblr-1722 567 47 the the DET cblr-1722 567 48 code code NOUN cblr-1722 567 49 of of ADP cblr-1722 567 50 income income NOUN cblr-1722 567 51 tax tax NOUN cblr-1722 567 52 of of ADP cblr-1722 567 53 1992 1992 NUM cblr-1722 567 54 , , PUNCT cblr-1722 567 55 or or CCONJ cblr-1722 567 56 that that PRON cblr-1722 567 57 refuses refuse VERB cblr-1722 567 58 to to PART cblr-1722 567 59 negotiate negotiate VERB cblr-1722 567 60 and and CCONJ cblr-1722 567 61 sign sign VERB cblr-1722 567 62 an an DET cblr-1722 567 63 agreement agreement NOUN cblr-1722 567 64 in in ADP cblr-1722 567 65 accordance accordance NOUN cblr-1722 567 66 with with ADP cblr-1722 567 67 oecd oecd PROPN cblr-1722 567 68 standards standard NOUN cblr-1722 567 69 which which PRON cblr-1722 567 70 provides provide VERB cblr-1722 567 71 the the DET cblr-1722 567 72 automatic automatic ADJ cblr-1722 567 73 exchange exchange NOUN cblr-1722 567 74 of of ADP cblr-1722 567 75 information information NOUN cblr-1722 567 76 in in ADP cblr-1722 567 77 tax tax NOUN cblr-1722 567 78 and and CCONJ cblr-1722 567 79 banking banking NOUN cblr-1722 567 80 matters matter NOUN cblr-1722 567 81 with with ADP cblr-1722 567 82 belgium belgium PROPN cblr-1722 567 83 . . PUNCT cblr-1722 568 1 see see VERB cblr-1722 568 2 anti anti ADJ cblr-1722 568 3 - - ADJ cblr-1722 568 4 vulture vulture ADJ cblr-1722 568 5 funds fund NOUN cblr-1722 568 6 law law NOUN cblr-1722 568 7 , , PUNCT cblr-1722 568 8 art art NOUN cblr-1722 568 9 . . PUNCT cblr-1722 569 1 2 2 NUM cblr-1722 569 2 ; ; PUNCT cblr-1722 569 3 see see VERB cblr-1722 569 4 also also ADV cblr-1722 569 5 infra infra VERB cblr-1722 569 6 appendix appendix VERB cblr-1722 569 7 a. a. NOUN cblr-1722 569 8 188 188 NUM cblr-1722 569 9 anti anti ADJ cblr-1722 569 10 - - ADJ cblr-1722 569 11 vulture vulture ADJ cblr-1722 569 12 funds fund NOUN cblr-1722 569 13 law law NOUN cblr-1722 569 14 , , PUNCT cblr-1722 569 15 art art NOUN cblr-1722 569 16 . . PUNCT cblr-1722 570 1 2 2 NUM cblr-1722 570 2 . . SYM cblr-1722 570 3 189 189 NUM cblr-1722 570 4 see see VERB cblr-1722 570 5 richelle richelle PROPN cblr-1722 570 6 , , PUNCT cblr-1722 570 7 supra supra PROPN cblr-1722 570 8 note note PROPN cblr-1722 570 9 6 6 NUM cblr-1722 570 10 , , PUNCT cblr-1722 570 11 at at ADP cblr-1722 570 12 3 3 NUM cblr-1722 570 13 . . NUM cblr-1722 570 14 190 190 NUM cblr-1722 571 1 i i PROPN cblr-1722 571 2 d. d. PROPN cblr-1722 571 3 191 191 NUM cblr-1722 571 4 see see VERB cblr-1722 571 5 supra supra PROPN cblr-1722 571 6 notes note VERB cblr-1722 571 7 169–175 169–175 NUM cblr-1722 571 8 and and CCONJ cblr-1722 571 9 accompanying accompany VERB cblr-1722 571 10 text text NOUN cblr-1722 571 11 . . PUNCT cblr-1722 572 1 192 192 NUM cblr-1722 572 2 cncd cncd NOUN cblr-1722 572 3 , , PUNCT cblr-1722 572 4 intervention intervention NOUN cblr-1722 572 5 du du PROPN cblr-1722 572 6 cncd-11.11.11 cncd-11.11.11 PROPN cblr-1722 572 7 , , PUNCT cblr-1722 572 8 cadtm cadtm NOUN cblr-1722 572 9 et et PROPN cblr-1722 572 10 11.11.11 11.11.11 PROPN cblr-1722 572 11 koepel koepel PROPN cblr-1722 572 12 van van PROPN cblr-1722 572 13 de de PROPN cblr-1722 572 14 vlaamse vlaamse PROPN cblr-1722 572 15 noord noord PROPN cblr-1722 572 16 - - PUNCT cblr-1722 572 17 zuidbeweging zuidbewege VERB cblr-1722 572 18 dans dan NOUN cblr-1722 572 19 le le X cblr-1722 572 20 recours recours PROPN cblr-1722 572 21 en en ADP cblr-1722 572 22 annulation annulation NOUN cblr-1722 572 23 wozny wozny ADJ cblr-1722 572 24 – – PUNCT cblr-1722 572 25 final final ADJ cblr-1722 572 26 no no NOUN cblr-1722 572 27 . . PUNCT cblr-1722 572 28 2:697 2:697 NUM cblr-1722 572 29 ] ] X cblr-1722 572 30 national national ADJ cblr-1722 572 31 anti anti ADJ cblr-1722 572 32 - - ADJ cblr-1722 572 33 vulture vulture ADJ cblr-1722 572 34 funds fund NOUN cblr-1722 572 35 legislation legislation NOUN cblr-1722 572 36 739 739 NUM cblr-1722 572 37 independent independent ADJ cblr-1722 572 38 expert expert NOUN cblr-1722 572 39 on on ADP cblr-1722 572 40 foreign foreign ADJ cblr-1722 572 41 debt debt NOUN cblr-1722 572 42 and and CCONJ cblr-1722 572 43 human human ADJ cblr-1722 572 44 rights right NOUN cblr-1722 572 45 , , PUNCT cblr-1722 572 46 juan juan PROPN cblr-1722 572 47 pablo pablo PROPN cblr-1722 572 48 bohoslavsky bohoslavsky PROPN cblr-1722 572 49 , , PUNCT cblr-1722 572 50 noted note VERB cblr-1722 572 51 the the DET cblr-1722 572 52 international international ADJ cblr-1722 572 53 importance importance NOUN cblr-1722 572 54 of of ADP cblr-1722 572 55 the the DET cblr-1722 572 56 belgian belgian ADJ cblr-1722 572 57 legislation legislation NOUN cblr-1722 572 58 and and CCONJ cblr-1722 572 59 praised praise VERB cblr-1722 572 60 it it PRON cblr-1722 572 61 as as ADP cblr-1722 572 62 the the DET cblr-1722 572 63 most most ADV cblr-1722 572 64 “ " PUNCT cblr-1722 572 65 comprehensive comprehensive ADJ cblr-1722 572 66 cover cover NOUN cblr-1722 572 67 against against ADP cblr-1722 572 68 excessive excessive ADJ cblr-1722 572 69 financial financial ADJ cblr-1722 572 70 claims claim NOUN cblr-1722 572 71 by by ADP cblr-1722 572 72 vulture vulture ADJ cblr-1722 572 73 funds fund NOUN cblr-1722 572 74 . . PUNCT cblr-1722 572 75 ”193 ”193 PUNCT cblr-1722 573 1 3 3 X cblr-1722 573 2 . . PUNCT cblr-1722 573 3 constitutional constitutional ADJ cblr-1722 573 4 challenge challenge NOUN cblr-1722 573 5 while while SCONJ cblr-1722 573 6 political political ADJ cblr-1722 573 7 entities entity NOUN cblr-1722 573 8 have have AUX cblr-1722 573 9 taken take VERB cblr-1722 573 10 to to ADP cblr-1722 573 11 praising praise VERB cblr-1722 573 12 the the DET cblr-1722 573 13 regulation regulation NOUN cblr-1722 573 14 , , PUNCT cblr-1722 573 15 vulture vulture NOUN cblr-1722 573 16 funds fund NOUN cblr-1722 573 17 have have AUX cblr-1722 573 18 taken take VERB cblr-1722 573 19 to to ADP cblr-1722 573 20 litigation litigation NOUN cblr-1722 573 21 to to PART cblr-1722 573 22 protect protect VERB cblr-1722 573 23 their their PRON cblr-1722 573 24 rights right NOUN cblr-1722 573 25 . . PUNCT cblr-1722 574 1 on on ADP cblr-1722 574 2 march march PROPN cblr-1722 574 3 2–3 2–3 PROPN cblr-1722 574 4 , , PUNCT cblr-1722 574 5 2016 2016 NUM cblr-1722 574 6 , , PUNCT cblr-1722 574 7 nml nml PROPN cblr-1722 574 8 capital capital PROPN cblr-1722 574 9 ltd ltd PROPN cblr-1722 574 10 . . PROPN cblr-1722 574 11 ( ( PUNCT cblr-1722 574 12 “ " PUNCT cblr-1722 574 13 nml nml NOUN cblr-1722 574 14 ” " PUNCT cblr-1722 574 15 ) ) PUNCT cblr-1722 574 16 , , PUNCT cblr-1722 574 17 a a DET cblr-1722 574 18 vulture vulture NOUN cblr-1722 574 19 fund fund NOUN cblr-1722 574 20 incorporated incorporate VERB cblr-1722 574 21 in in ADP cblr-1722 574 22 the the DET cblr-1722 574 23 cayman cayman PROPN cblr-1722 574 24 islands,194 islands,194 PROPN cblr-1722 574 25 raised raise VERB cblr-1722 574 26 constitutional constitutional ADJ cblr-1722 574 27 challenges challenge NOUN cblr-1722 574 28 to to ADP cblr-1722 574 29 the the DET cblr-1722 574 30 antivulture antivulture NOUN cblr-1722 574 31 funds fund NOUN cblr-1722 574 32 law195 law195 NOUN cblr-1722 574 33 and and CCONJ cblr-1722 574 34 article article NOUN cblr-1722 574 35 1412196 1412196 NUM cblr-1722 574 36 before before ADP cblr-1722 574 37 the the DET cblr-1722 574 38 belgian belgian ADJ cblr-1722 574 39 constitutional constitutional ADJ cblr-1722 574 40 court court NOUN cblr-1722 574 41 . . PUNCT cblr-1722 575 1 the the DET cblr-1722 575 2 article article NOUN cblr-1722 575 3 1412 1412 NUM cblr-1722 575 4 challenge challenge NOUN cblr-1722 575 5 was be AUX cblr-1722 575 6 met meet VERB cblr-1722 575 7 by by ADP cblr-1722 575 8 yukos yukos PROPN cblr-1722 575 9 universal universal ADJ cblr-1722 575 10 limited,197 limited,197 VERB cblr-1722 575 11 a a DET cblr-1722 575 12 firm firm NOUN cblr-1722 575 13 from from ADP cblr-1722 575 14 the the DET cblr-1722 575 15 isle isle NOUN cblr-1722 575 16 of of ADP cblr-1722 575 17 man.198 man.198 PROPN cblr-1722 575 18 devant devant PROPN cblr-1722 575 19 la la PROPN cblr-1722 575 20 cour cour PROPN cblr-1722 575 21 constitutionnelle constitutionnelle PROPN cblr-1722 575 22 du du PROPN cblr-1722 575 23 fonds fonds PROPN cblr-1722 575 24 vautour vautour PROPN cblr-1722 575 25 nml nml PROPN cblr-1722 575 26 capital capital PROPN cblr-1722 575 27 ltd ltd PROPN cblr-1722 575 28 . . PROPN cblr-1722 575 29 contre contre PROPN cblr-1722 575 30 la la PROPN cblr-1722 575 31 loi loi PROPN cblr-1722 575 32 du du PROPN cblr-1722 575 33 12 12 NUM cblr-1722 575 34 juillet juillet PROPN cblr-1722 575 35 2015 2015 NUM cblr-1722 575 36 relative relative ADJ cblr-1722 575 37 à à X cblr-1722 575 38 la la X cblr-1722 575 39 lutte lutte PROPN cblr-1722 575 40 contre contre PROPN cblr-1722 575 41 les les PROPN cblr-1722 575 42 activités activités PROPN cblr-1722 575 43 des des PROPN cblr-1722 575 44 fonds fond NOUN cblr-1722 575 45 vautours vautour NOUN cblr-1722 575 46 , , PUNCT cblr-1722 575 47 cadtm cadtm NOUN cblr-1722 575 48 ( ( PUNCT cblr-1722 575 49 2016 2016 NUM cblr-1722 575 50 ) ) PUNCT cblr-1722 575 51 http://www.cncd.be/img/pdf/ http://www.cncd.be/img/pdf/ NOUN cblr-1722 575 52 factsheet_fr.pdf factsheet_fr.pdf NOUN cblr-1722 576 1 [ [ X cblr-1722 576 2 https://perma.cc/9yh3-49ng https://perma.cc/9yh3-49ng X cblr-1722 576 3 ] ] PUNCT cblr-1722 576 4 . . PUNCT cblr-1722 577 1 193 193 NUM cblr-1722 577 2 press press NOUN cblr-1722 577 3 release release NOUN cblr-1722 577 4 , , PUNCT cblr-1722 577 5 un un PROPN cblr-1722 577 6 human human PROPN cblr-1722 577 7 rights right NOUN cblr-1722 577 8 office office NOUN cblr-1722 577 9 of of ADP cblr-1722 577 10 the the DET cblr-1722 577 11 high high ADJ cblr-1722 577 12 comm’r comm’r NOUN cblr-1722 577 13 , , PUNCT cblr-1722 577 14 belgian belgian ADJ cblr-1722 577 15 legislation legislation NOUN cblr-1722 577 16 against against ADP cblr-1722 577 17 vulture vulture ADJ cblr-1722 577 18 funds fund NOUN cblr-1722 577 19 should should AUX cblr-1722 577 20 be be AUX cblr-1722 577 21 preserved preserve VERB cblr-1722 577 22 – – PUNCT cblr-1722 577 23 un un PROPN cblr-1722 577 24 rights right NOUN cblr-1722 577 25 expert expert NOUN cblr-1722 577 26 urges urge VERB cblr-1722 577 27 ( ( PUNCT cblr-1722 577 28 june june PROPN cblr-1722 577 29 15 15 NUM cblr-1722 577 30 , , PUNCT cblr-1722 577 31 2016 2016 NUM cblr-1722 577 32 ) ) PUNCT cblr-1722 577 33 http://www.ohchr.org/en/ http://www.ohchr.org/en/ PROPN cblr-1722 577 34 newsevents newsevent NOUN cblr-1722 577 35 / / SYM cblr-1722 577 36 pages page NOUN cblr-1722 577 37 / / SYM cblr-1722 577 38 displaynews.aspx?newsid=20106&langid displaynews.aspx?newsid=20106&langid ADJ cblr-1722 577 39 = = SYM cblr-1722 577 40 e e X cblr-1722 577 41 [ [ X cblr-1722 577 42 https://perma.cc/qln9-ukeg https://perma.cc/qln9-ukeg X cblr-1722 577 43 ] ] PUNCT cblr-1722 577 44 . . PUNCT cblr-1722 578 1 194 194 NUM cblr-1722 578 2 nml nml PROPN cblr-1722 578 3 cap cap NOUN cblr-1722 578 4 . . PUNCT cblr-1722 579 1 ltd ltd PROPN cblr-1722 579 2 . . PROPN cblr-1722 580 1 v. v. ADP cblr-1722 580 2 republic republic PROPN cblr-1722 580 3 of of ADP cblr-1722 580 4 argentina argentina PROPN cblr-1722 581 1 [ [ X cblr-1722 581 2 2011 2011 NUM cblr-1722 581 3 ] ] PUNCT cblr-1722 581 4 uksc uksc NOUN cblr-1722 581 5 31 31 NUM cblr-1722 581 6 2 2 NUM cblr-1722 581 7 ac ac ADP cblr-1722 581 8 495 495 NUM cblr-1722 581 9 , , PUNCT cblr-1722 581 10 496 496 NUM cblr-1722 581 11 , , PUNCT cblr-1722 581 12 https://www.supremecourt.uk/cases/docs/uksc-2010-0040judgment.pdf https://www.supremecourt.uk/cases/docs/uksc-2010-0040judgment.pdf NOUN cblr-1722 582 1 [ [ X cblr-1722 582 2 https://perma.cc/nlb8-lftj https://perma.cc/nlb8-lftj X cblr-1722 582 3 ] ] X cblr-1722 582 4 . . PUNCT cblr-1722 583 1 195 195 NUM cblr-1722 583 2 cour cour ADJ cblr-1722 583 3 constitutionnelle constitutionnelle PROPN cblr-1722 583 4 [ [ X cblr-1722 583 5 cc][constitutional cc][constitutional ADJ cblr-1722 583 6 court court NOUN cblr-1722 583 7 ] ] PUNCT cblr-1722 583 8 case case NOUN cblr-1722 583 9 no no INTJ cblr-1722 583 10 . . PROPN cblr-1722 583 11 6371 6371 NUM cblr-1722 583 12 ( ( PUNCT cblr-1722 583 13 fr fr PROPN cblr-1722 583 14 ) ) PUNCT cblr-1722 583 15 ( ( PUNCT cblr-1722 583 16 ongoing ongoing ADJ cblr-1722 583 17 , , PUNCT cblr-1722 583 18 no no DET cblr-1722 583 19 decision decision NOUN cblr-1722 583 20 reached reach VERB cblr-1722 583 21 yet yet ADV cblr-1722 583 22 ) ) PUNCT cblr-1722 583 23 , , PUNCT cblr-1722 583 24 accessed access VERB cblr-1722 583 25 at at ADP cblr-1722 583 26 http://www.constcourt.be/fr/common/home.html http://www.constcourt.be/fr/common/home.html PROPN cblr-1722 583 27 . . PUNCT cblr-1722 584 1 196 196 NUM cblr-1722 584 2 cour cour ADJ cblr-1722 584 3 constitutionnelle constitutionnelle PROPN cblr-1722 584 4 [ [ X cblr-1722 584 5 cc][constitutional cc][constitutional ADJ cblr-1722 584 6 court court NOUN cblr-1722 584 7 ] ] PUNCT cblr-1722 584 8 case case NOUN cblr-1722 584 9 no no INTJ cblr-1722 584 10 . . PUNCT cblr-1722 584 11 6372 6372 NUM cblr-1722 584 12 ( ( PUNCT cblr-1722 584 13 fr fr PROPN cblr-1722 584 14 ) ) PUNCT cblr-1722 584 15 ( ( PUNCT cblr-1722 584 16 ongoing ongoing ADJ cblr-1722 584 17 , , PUNCT cblr-1722 584 18 no no DET cblr-1722 584 19 decision decision NOUN cblr-1722 584 20 reached reach VERB cblr-1722 584 21 yet yet ADV cblr-1722 584 22 ) ) PUNCT cblr-1722 584 23 , , PUNCT cblr-1722 584 24 accessed access VERB cblr-1722 584 25 at at ADP cblr-1722 584 26 http://www.constcourt.be/fr/common/home.html http://www.constcourt.be/fr/common/home.html NOUN cblr-1722 584 27 . . PUNCT cblr-1722 585 1 197 197 NUM cblr-1722 585 2 cour cour NOUN cblr-1722 585 3 constitutionnelle constitutionnelle PROPN cblr-1722 585 4 [ [ X cblr-1722 585 5 cc][constitutional cc][constitutional ADJ cblr-1722 585 6 court court NOUN cblr-1722 585 7 ] ] PUNCT cblr-1722 585 8 case case NOUN cblr-1722 585 9 no no NOUN cblr-1722 585 10 . . PUNCT cblr-1722 585 11 6373 6373 NUM cblr-1722 585 12 ( ( PUNCT cblr-1722 585 13 nl nl NOUN cblr-1722 585 14 ) ) PUNCT cblr-1722 585 15 ( ( PUNCT cblr-1722 585 16 ongoing ongoing ADJ cblr-1722 585 17 , , PUNCT cblr-1722 585 18 no no DET cblr-1722 585 19 decision decision NOUN cblr-1722 585 20 reached reach VERB cblr-1722 585 21 yet yet ADV cblr-1722 585 22 ) ) PUNCT cblr-1722 585 23 , , PUNCT cblr-1722 585 24 accessed access VERB cblr-1722 585 25 at at ADP cblr-1722 585 26 http://www.constcourt.be/fr/common/home.html http://www.constcourt.be/fr/common/home.html PROPN cblr-1722 585 27 . . PUNCT cblr-1722 586 1 the the DET cblr-1722 586 2 document document NOUN cblr-1722 586 3 mistakenly mistakenly ADV cblr-1722 586 4 refers refer VERB cblr-1722 586 5 to to ADP cblr-1722 586 6 yukos yukos PROPN cblr-1722 586 7 universal universal PROPN cblr-1722 586 8 limited limit VERB cblr-1722 586 9 as as ADP cblr-1722 586 10 “ " PUNCT cblr-1722 586 11 ykos ykos ADJ cblr-1722 586 12 universal universal NOUN cblr-1722 586 13 limited limited ADJ cblr-1722 586 14 . . PUNCT cblr-1722 586 15 ” " PUNCT cblr-1722 587 1 198 198 NUM cblr-1722 587 2 yukos yukos NOUN cblr-1722 587 3 universal universal PROPN cblr-1722 587 4 limited limited ADJ cblr-1722 587 5 v. v. ADP cblr-1722 587 6 russian russian PROPN cblr-1722 587 7 federation federation PROPN cblr-1722 587 8 ( ( PUNCT cblr-1722 587 9 isle isle PROPN cblr-1722 587 10 of of ADP cblr-1722 587 11 man man PROPN cblr-1722 587 12 v. v. ADP cblr-1722 587 13 ru ru PROPN cblr-1722 587 14 ) ) PUNCT cblr-1722 587 15 , , PUNCT cblr-1722 587 16 pca pca NOUN cblr-1722 587 17 case case NOUN cblr-1722 587 18 no no INTJ cblr-1722 587 19 . . PUNCT cblr-1722 588 1 aa227 aa227 PROPN cblr-1722 588 2 31 31 NUM cblr-1722 588 3 ( ( PUNCT cblr-1722 588 4 perm perm NOUN cblr-1722 588 5 . . PUNCT cblr-1722 589 1 ct ct PROPN cblr-1722 589 2 . . PUNCT cblr-1722 589 3 arb arb PROPN cblr-1722 589 4 . . PROPN cblr-1722 589 5 2014 2014 NUM cblr-1722 589 6 ) ) PUNCT cblr-1722 589 7 , , PUNCT cblr-1722 589 8 wozny wozny ADJ cblr-1722 589 9 – – PUNCT cblr-1722 589 10 final final ADJ cblr-1722 589 11 740 740 NUM cblr-1722 589 12 columbia columbia PROPN cblr-1722 589 13 business business NOUN cblr-1722 589 14 law law PROPN cblr-1722 589 15 review review NOUN cblr-1722 590 1 [ [ X cblr-1722 590 2 vol vol NOUN cblr-1722 590 3 . . NOUN cblr-1722 590 4 2017 2017 NUM cblr-1722 590 5 nml nml PROPN cblr-1722 590 6 presented present VERB cblr-1722 590 7 three three NUM cblr-1722 590 8 arguments argument NOUN cblr-1722 590 9 in in ADP cblr-1722 590 10 support support NOUN cblr-1722 590 11 of of ADP cblr-1722 590 12 its its PRON cblr-1722 590 13 constitutional constitutional ADJ cblr-1722 590 14 challenge challenge NOUN cblr-1722 590 15 . . PUNCT cblr-1722 591 1 first first ADV cblr-1722 591 2 , , PUNCT cblr-1722 591 3 nml nml PROPN cblr-1722 591 4 argued argue VERB cblr-1722 591 5 that that SCONJ cblr-1722 591 6 the the DET cblr-1722 591 7 law law NOUN cblr-1722 591 8 breached breach VERB cblr-1722 591 9 its its PRON cblr-1722 591 10 property property NOUN cblr-1722 591 11 rights.199 rights.199 NOUN cblr-1722 591 12 second second ADV cblr-1722 591 13 , , PUNCT cblr-1722 591 14 nml nml PROPN cblr-1722 591 15 proposed propose VERB cblr-1722 591 16 the the DET cblr-1722 591 17 laws law NOUN cblr-1722 591 18 wrongfully wrongfully ADV cblr-1722 591 19 discriminate discriminate VERB cblr-1722 591 20 between between ADP cblr-1722 591 21 creditors creditor NOUN cblr-1722 591 22 of of ADP cblr-1722 591 23 sovereigns sovereign NOUN cblr-1722 591 24 and and CCONJ cblr-1722 591 25 other other ADJ cblr-1722 591 26 creditors creditor NOUN cblr-1722 591 27 and and CCONJ cblr-1722 591 28 arbitrarily arbitrarily ADV cblr-1722 591 29 determine determine VERB cblr-1722 591 30 some some DET cblr-1722 591 31 claims claim NOUN cblr-1722 591 32 to to PART cblr-1722 591 33 be be AUX cblr-1722 591 34 legitimate legitimate ADJ cblr-1722 591 35 while while SCONJ cblr-1722 591 36 others other NOUN cblr-1722 591 37 as as ADP cblr-1722 591 38 illegitimate.200 illegitimate.200 PRON cblr-1722 591 39 finally finally ADV cblr-1722 591 40 , , PUNCT cblr-1722 591 41 nml nml PROPN cblr-1722 591 42 submits submit NOUN cblr-1722 591 43 that that SCONJ cblr-1722 591 44 these these DET cblr-1722 591 45 laws law NOUN cblr-1722 591 46 violate violate VERB cblr-1722 591 47 the the DET cblr-1722 591 48 inviolability inviolability NOUN cblr-1722 591 49 of of ADP cblr-1722 591 50 contracts.201 contracts.201 NOUN cblr-1722 591 51 after after ADP cblr-1722 591 52 almost almost ADV cblr-1722 591 53 a a PRON cblr-1722 591 54 year year NOUN cblr-1722 591 55 , , PUNCT cblr-1722 591 56 this this DET cblr-1722 591 57 constitutional constitutional ADJ cblr-1722 591 58 challenge challenge NOUN cblr-1722 591 59 remains remain VERB cblr-1722 591 60 ongoing ongoing ADJ cblr-1722 591 61 and and CCONJ cblr-1722 591 62 unresolved unresolved ADJ cblr-1722 591 63 by by ADP cblr-1722 591 64 the the DET cblr-1722 591 65 belgian belgian ADJ cblr-1722 591 66 constitutional constitutional ADJ cblr-1722 591 67 court court NOUN cblr-1722 591 68 . . PUNCT cblr-1722 592 1 iv iv X cblr-1722 592 2 . . PUNCT cblr-1722 593 1 recommendations recommendation NOUN cblr-1722 593 2 and and CCONJ cblr-1722 593 3 solutions solution NOUN cblr-1722 593 4 regulations regulation NOUN cblr-1722 593 5 that that PRON cblr-1722 593 6 restrict restrict VERB cblr-1722 593 7 the the DET cblr-1722 593 8 rights right NOUN cblr-1722 593 9 of of ADP cblr-1722 593 10 a a DET cblr-1722 593 11 particular particular ADJ cblr-1722 593 12 group group NOUN cblr-1722 593 13 of of ADP cblr-1722 593 14 creditors creditor NOUN cblr-1722 593 15 should should AUX cblr-1722 593 16 consider consider VERB cblr-1722 593 17 the the DET cblr-1722 593 18 benefits benefit NOUN cblr-1722 593 19 and and CCONJ cblr-1722 593 20 harms harm NOUN cblr-1722 593 21 created create VERB cblr-1722 593 22 by by ADP cblr-1722 593 23 that that DET cblr-1722 593 24 group group NOUN cblr-1722 593 25 , , PUNCT cblr-1722 593 26 and and CCONJ cblr-1722 593 27 in in ADP cblr-1722 593 28 circumstances circumstance NOUN cblr-1722 593 29 where where SCONJ cblr-1722 593 30 these these DET cblr-1722 593 31 benefits benefit NOUN cblr-1722 593 32 are be AUX cblr-1722 593 33 extraordinary extraordinary ADJ cblr-1722 593 34 , , PUNCT cblr-1722 593 35 the the DET cblr-1722 593 36 lawmakers lawmaker NOUN cblr-1722 593 37 should should AUX cblr-1722 593 38 enact enact VERB cblr-1722 593 39 legislation legislation NOUN cblr-1722 593 40 that that PRON cblr-1722 593 41 curtails curtail VERB cblr-1722 593 42 the the DET cblr-1722 593 43 harms harm NOUN cblr-1722 593 44 without without ADP cblr-1722 593 45 eliminating eliminate VERB cblr-1722 593 46 the the DET cblr-1722 593 47 benefits benefit NOUN cblr-1722 593 48 . . PUNCT cblr-1722 594 1 specifically specifically ADV cblr-1722 594 2 , , PUNCT cblr-1722 594 3 national national ADJ cblr-1722 594 4 anti anti ADJ cblr-1722 594 5 - - ADJ cblr-1722 594 6 vulture vulture ADJ cblr-1722 594 7 funds fund NOUN cblr-1722 594 8 legislation legislation NOUN cblr-1722 594 9 that that PRON cblr-1722 594 10 addresses address VERB cblr-1722 594 11 holdout holdout NOUN cblr-1722 594 12 problems problem NOUN cblr-1722 594 13 should should AUX cblr-1722 594 14 ( ( PUNCT cblr-1722 594 15 1 1 X cblr-1722 594 16 ) ) PUNCT cblr-1722 594 17 be be AUX cblr-1722 594 18 mindful mindful ADJ cblr-1722 594 19 that that SCONJ cblr-1722 594 20 vulture vulture ADJ cblr-1722 594 21 funds fund NOUN cblr-1722 594 22 create create VERB cblr-1722 594 23 more more ADV cblr-1722 594 24 efficient efficient ADJ cblr-1722 594 25 capital capital NOUN cblr-1722 594 26 markets;202 markets;202 PROPN cblr-1722 594 27 ( ( PUNCT cblr-1722 594 28 2 2 X cblr-1722 594 29 ) ) PUNCT cblr-1722 594 30 function function NOUN cblr-1722 594 31 as as ADP cblr-1722 594 32 a a DET cblr-1722 594 33 counterbalance counterbalance NOUN cblr-1722 594 34 to to ADP cblr-1722 594 35 the the DET cblr-1722 594 36 moral moral ADJ cblr-1722 594 37 hazard hazard NOUN cblr-1722 594 38 problem problem NOUN cblr-1722 594 39 posed pose VERB cblr-1722 594 40 by by ADP cblr-1722 594 41 sovereigns;203 sovereigns;203 PROPN cblr-1722 594 42 ( ( PUNCT cblr-1722 594 43 3 3 NUM cblr-1722 594 44 ) ) PUNCT cblr-1722 594 45 provide provide VERB cblr-1722 594 46 liquidity liquidity NOUN cblr-1722 594 47 on on ADP cblr-1722 594 48 the the DET cblr-1722 594 49 secondary secondary ADJ cblr-1722 594 50 market market NOUN cblr-1722 594 51 for for ADP cblr-1722 594 52 distressed distressed ADJ cblr-1722 594 53 debt;204 debt;204 PROPN cblr-1722 594 54 and and CCONJ cblr-1722 594 55 ( ( PUNCT cblr-1722 594 56 4 4 X cblr-1722 594 57 ) ) PUNCT cblr-1722 594 58 provide provide VERB cblr-1722 594 59 information information NOUN cblr-1722 594 60 to to ADP cblr-1722 594 61 the the DET cblr-1722 594 62 market market NOUN cblr-1722 594 63 as as ADP cblr-1722 594 64 corruption corruption NOUN cblr-1722 594 65 - - PUNCT cblr-1722 594 66 exposers.205 exposers.205 NOUN cblr-1722 594 67 while while SCONJ cblr-1722 594 68 the the DET cblr-1722 594 69 dra dra PROPN cblr-1722 594 70 is be AUX cblr-1722 594 71 more more ADV cblr-1722 594 72 sensitive sensitive ADJ cblr-1722 594 73 to to ADP cblr-1722 594 74 these these DET cblr-1722 594 75 benefits benefit NOUN cblr-1722 594 76 , , PUNCT cblr-1722 594 77 the the DET cblr-1722 594 78 belgian belgian ADJ cblr-1722 594 79 laws law NOUN cblr-1722 594 80 are be AUX cblr-1722 594 81 not not PART cblr-1722 594 82 . . PUNCT cblr-1722 595 1 if if SCONJ cblr-1722 595 2 future future ADJ cblr-1722 595 3 legislation legislation NOUN cblr-1722 595 4 is be AUX cblr-1722 595 5 adopted adopt VERB cblr-1722 595 6 by by ADP cblr-1722 595 7 other other ADJ cblr-1722 595 8 nations nation NOUN cblr-1722 595 9 , , PUNCT cblr-1722 595 10 such such ADJ cblr-1722 595 11 regulation regulation NOUN cblr-1722 595 12 might might AUX cblr-1722 595 13 eliminate eliminate VERB cblr-1722 595 14 the the DET cblr-1722 595 15 secondary secondary ADJ cblr-1722 595 16 distressed distressed ADJ cblr-1722 595 17 debt debt NOUN cblr-1722 595 18 market market NOUN cblr-1722 595 19 by by ADP cblr-1722 595 20 blocking block VERB cblr-1722 595 21 out out ADP cblr-1722 595 22 liquidity liquidity NOUN cblr-1722 595 23 - - PUNCT cblr-1722 595 24 providers provider NOUN cblr-1722 595 25 . . PUNCT cblr-1722 596 1 https://www.pcacases.com/web/sendattach/420 https://www.pcacases.com/web/sendattach/420 PROPN cblr-1722 597 1 [ [ X cblr-1722 597 2 https://perma.cc/yy6x8zzt https://perma.cc/yy6x8zzt ADJ cblr-1722 597 3 ] ] PUNCT cblr-1722 597 4 . . PUNCT cblr-1722 598 1 199 199 NUM cblr-1722 598 2 see see NOUN cblr-1722 598 3 vivien vivien PROPN cblr-1722 598 4 , , PUNCT cblr-1722 598 5 supra supra PROPN cblr-1722 598 6 note note PROPN cblr-1722 598 7 8 8 NUM cblr-1722 598 8 . . NOUN cblr-1722 598 9 200 200 NUM cblr-1722 599 1 i i PROPN cblr-1722 599 2 d. d. PROPN cblr-1722 599 3 201 201 NUM cblr-1722 600 1 i i PRON cblr-1722 600 2 d. d. PROPN cblr-1722 600 3 202 202 NUM cblr-1722 600 4 see see VERB cblr-1722 600 5 supra supra PROPN cblr-1722 600 6 section section PROPN cblr-1722 600 7 ii.b.1 ii.b.1 PROPN cblr-1722 600 8 . . PUNCT cblr-1722 601 1 203 203 NUM cblr-1722 601 2 see see VERB cblr-1722 601 3 supra supra PROPN cblr-1722 601 4 section section PROPN cblr-1722 601 5 ii.b.2 ii.b.2 PROPN cblr-1722 601 6 . . PUNCT cblr-1722 602 1 204 204 NUM cblr-1722 602 2 see see VERB cblr-1722 602 3 supra supra PROPN cblr-1722 602 4 section section PROPN cblr-1722 602 5 ii.b.3 ii.b.3 NOUN cblr-1722 602 6 . . PUNCT cblr-1722 603 1 205 205 NUM cblr-1722 603 2 see see VERB cblr-1722 603 3 supra supra PROPN cblr-1722 603 4 section section PROPN cblr-1722 603 5 ii.b.4 ii.b.4 PROPN cblr-1722 603 6 . . PUNCT cblr-1722 604 1 wozny wozny ADJ cblr-1722 604 2 – – PUNCT cblr-1722 604 3 final final ADJ cblr-1722 604 4 no no NOUN cblr-1722 604 5 . . PUNCT cblr-1722 605 1 2:697 2:697 NUM cblr-1722 605 2 ] ] X cblr-1722 605 3 national national ADJ cblr-1722 605 4 anti anti ADJ cblr-1722 605 5 - - ADJ cblr-1722 605 6 vulture vulture ADJ cblr-1722 605 7 funds fund NOUN cblr-1722 605 8 legislation legislation NOUN cblr-1722 605 9 741 741 NUM cblr-1722 605 10 a. a. NOUN cblr-1722 605 11 by by ADP cblr-1722 605 12 eliminating eliminate VERB cblr-1722 605 13 the the DET cblr-1722 605 14 ability ability NOUN cblr-1722 605 15 to to PART cblr-1722 605 16 profit profit VERB cblr-1722 605 17 on on ADP cblr-1722 605 18 sovereign sovereign ADJ cblr-1722 605 19 debt debt NOUN cblr-1722 605 20 claims claim NOUN cblr-1722 605 21 , , PUNCT cblr-1722 605 22 the the DET cblr-1722 605 23 belgian belgian ADJ cblr-1722 605 24 laws law NOUN cblr-1722 605 25 eliminate eliminate VERB cblr-1722 605 26 the the DET cblr-1722 605 27 secondary secondary ADJ cblr-1722 605 28 distressed distressed ADJ cblr-1722 605 29 debt debt NOUN cblr-1722 605 30 market market NOUN cblr-1722 605 31 and and CCONJ cblr-1722 605 32 expose expose VERB cblr-1722 605 33 sovereigns sovereign NOUN cblr-1722 605 34 to to ADP cblr-1722 605 35 other other ADJ cblr-1722 605 36 inefficiencies inefficiency NOUN cblr-1722 605 37 one one NUM cblr-1722 605 38 issue issue NOUN cblr-1722 605 39 the the DET cblr-1722 605 40 belgian belgian ADJ cblr-1722 605 41 laws law NOUN cblr-1722 605 42 address address NOUN cblr-1722 605 43 is be AUX cblr-1722 605 44 the the DET cblr-1722 605 45 incentive incentive NOUN cblr-1722 605 46 for for ADP cblr-1722 605 47 vulture vulture ADJ cblr-1722 605 48 funds fund NOUN cblr-1722 605 49 to to PART cblr-1722 605 50 buy buy VERB cblr-1722 605 51 claims claim NOUN cblr-1722 605 52 during during ADP cblr-1722 605 53 the the DET cblr-1722 605 54 late late ADJ cblr-1722 605 55 stages stage NOUN cblr-1722 605 56 of of ADP cblr-1722 605 57 a a DET cblr-1722 605 58 negotiation negotiation NOUN cblr-1722 605 59 in in ADP cblr-1722 605 60 a a DET cblr-1722 605 61 sovereign sovereign ADJ cblr-1722 605 62 restructuring restructuring NOUN cblr-1722 605 63 , , PUNCT cblr-1722 605 64 which which PRON cblr-1722 605 65 may may AUX cblr-1722 605 66 cause cause VERB cblr-1722 605 67 holdouts holdout NOUN cblr-1722 605 68 and and CCONJ cblr-1722 605 69 further further ADJ cblr-1722 605 70 delays.206 delays.206 NOUN cblr-1722 605 71 for for ADP cblr-1722 605 72 example example NOUN cblr-1722 605 73 , , PUNCT cblr-1722 605 74 if if SCONJ cblr-1722 605 75 negotiations negotiation NOUN cblr-1722 605 76 are be AUX cblr-1722 605 77 going go VERB cblr-1722 605 78 poorly poorly ADV cblr-1722 605 79 and and CCONJ cblr-1722 605 80 creditors creditor NOUN cblr-1722 605 81 believe believe VERB cblr-1722 605 82 they they PRON cblr-1722 605 83 will will AUX cblr-1722 605 84 only only ADV cblr-1722 605 85 receive receive VERB cblr-1722 605 86 10 10 NUM cblr-1722 605 87 % % NOUN cblr-1722 605 88 of of ADP cblr-1722 605 89 the the DET cblr-1722 605 90 loan loan NOUN cblr-1722 605 91 ’s ’s PART cblr-1722 605 92 purchase purchase NOUN cblr-1722 605 93 price price NOUN cblr-1722 605 94 , , PUNCT cblr-1722 605 95 creditors creditor NOUN cblr-1722 605 96 will will AUX cblr-1722 605 97 be be AUX cblr-1722 605 98 incentivized incentivize VERB cblr-1722 605 99 to to PART cblr-1722 605 100 sell sell VERB cblr-1722 605 101 their their PRON cblr-1722 605 102 claims claim NOUN cblr-1722 605 103 to to ADP cblr-1722 605 104 vulture vulture ADJ cblr-1722 605 105 funds fund NOUN cblr-1722 605 106 for for ADP cblr-1722 605 107 15 15 NUM cblr-1722 605 108 % % NOUN cblr-1722 605 109 of of ADP cblr-1722 605 110 the the DET cblr-1722 605 111 purchase purchase NOUN cblr-1722 605 112 price price NOUN cblr-1722 605 113 . . PUNCT cblr-1722 606 1 vulture vulture ADJ cblr-1722 606 2 funds fund NOUN cblr-1722 606 3 would would AUX cblr-1722 606 4 be be AUX cblr-1722 606 5 willing willing ADJ cblr-1722 606 6 to to PART cblr-1722 606 7 pay pay VERB cblr-1722 606 8 this this DET cblr-1722 606 9 premium premium NOUN cblr-1722 606 10 because because SCONJ cblr-1722 606 11 their their PRON cblr-1722 606 12 expected expect VERB cblr-1722 606 13 return return NOUN cblr-1722 606 14 may may AUX cblr-1722 606 15 be be AUX cblr-1722 606 16 higher high ADJ cblr-1722 606 17 due due ADP cblr-1722 606 18 to to ADP cblr-1722 606 19 their their PRON cblr-1722 606 20 resources resource NOUN cblr-1722 606 21 and and CCONJ cblr-1722 606 22 expertise expertise NOUN cblr-1722 606 23 to to PART cblr-1722 606 24 litigate litigate VERB cblr-1722 606 25 their their PRON cblr-1722 606 26 claims claim NOUN cblr-1722 606 27 . . PUNCT cblr-1722 607 1 after after ADP cblr-1722 607 2 purchasing purchase VERB cblr-1722 607 3 these these DET cblr-1722 607 4 claims claim NOUN cblr-1722 607 5 , , PUNCT cblr-1722 607 6 however however ADV cblr-1722 607 7 , , PUNCT cblr-1722 607 8 vulture vulture ADJ cblr-1722 607 9 funds fund NOUN cblr-1722 607 10 will will AUX cblr-1722 607 11 not not PART cblr-1722 607 12 be be AUX cblr-1722 607 13 content content ADJ cblr-1722 607 14 to to PART cblr-1722 607 15 restructure restructure VERB cblr-1722 607 16 for for ADP cblr-1722 607 17 15 15 NUM cblr-1722 607 18 % % NOUN cblr-1722 607 19 . . PUNCT cblr-1722 608 1 rather rather ADV cblr-1722 608 2 , , PUNCT cblr-1722 608 3 they they PRON cblr-1722 608 4 will will AUX cblr-1722 608 5 seek seek VERB cblr-1722 608 6 to to PART cblr-1722 608 7 maximize maximize VERB cblr-1722 608 8 gains gain NOUN cblr-1722 608 9 . . PUNCT cblr-1722 609 1 thus thus ADV cblr-1722 609 2 , , PUNCT cblr-1722 609 3 such such ADJ cblr-1722 609 4 claims claim NOUN cblr-1722 609 5 trading trading NOUN cblr-1722 609 6 may may AUX cblr-1722 609 7 prolong prolong VERB cblr-1722 609 8 a a DET cblr-1722 609 9 voluntary voluntary ADJ cblr-1722 609 10 sovereign sovereign ADJ cblr-1722 609 11 restructuring restructuring NOUN cblr-1722 609 12 . . PUNCT cblr-1722 610 1 the the DET cblr-1722 610 2 belgian belgian ADJ cblr-1722 610 3 laws law NOUN cblr-1722 610 4 address address VERB cblr-1722 610 5 this this DET cblr-1722 610 6 problem problem NOUN cblr-1722 610 7 by by ADP cblr-1722 610 8 limiting limit VERB cblr-1722 610 9 the the DET cblr-1722 610 10 creditor creditor NOUN cblr-1722 610 11 ’s ’s PART cblr-1722 610 12 recovery recovery NOUN cblr-1722 610 13 amount amount NOUN cblr-1722 610 14 to to ADP cblr-1722 610 15 the the DET cblr-1722 610 16 price price NOUN cblr-1722 610 17 paid pay VERB cblr-1722 610 18 , , PUNCT cblr-1722 610 19 thereby thereby ADV cblr-1722 610 20 eliminating eliminate VERB cblr-1722 610 21 the the DET cblr-1722 610 22 incentive incentive NOUN cblr-1722 610 23 for for ADP cblr-1722 610 24 the the DET cblr-1722 610 25 vulture vulture ADJ cblr-1722 610 26 fund fund NOUN cblr-1722 610 27 to to PART cblr-1722 610 28 purchase purchase VERB cblr-1722 610 29 the the DET cblr-1722 610 30 loan loan NOUN cblr-1722 610 31 at at ADP cblr-1722 610 32 15%.207 15%.207 NUM cblr-1722 610 33 two two NUM cblr-1722 610 34 observations observation NOUN cblr-1722 610 35 follow follow VERB cblr-1722 610 36 . . PUNCT cblr-1722 611 1 first first ADV cblr-1722 611 2 , , PUNCT cblr-1722 611 3 claims claim NOUN cblr-1722 611 4 will will AUX cblr-1722 611 5 not not PART cblr-1722 611 6 be be AUX cblr-1722 611 7 uniform uniform ADJ cblr-1722 611 8 and and CCONJ cblr-1722 611 9 will will AUX cblr-1722 611 10 have have VERB cblr-1722 611 11 different different ADJ cblr-1722 611 12 values value NOUN cblr-1722 611 13 under under ADP cblr-1722 611 14 this this DET cblr-1722 611 15 mechanism mechanism NOUN cblr-1722 611 16 . . PUNCT cblr-1722 612 1 generally generally ADV cblr-1722 612 2 , , PUNCT cblr-1722 612 3 the the PRON cblr-1722 612 4 closer close ADV cblr-1722 612 5 to to PART cblr-1722 612 6 default default VERB cblr-1722 612 7 an an DET cblr-1722 612 8 investor investor NOUN cblr-1722 612 9 purchases purchase VERB cblr-1722 612 10 a a DET cblr-1722 612 11 sovereign sovereign ADJ cblr-1722 612 12 loan loan NOUN cblr-1722 612 13 , , PUNCT cblr-1722 612 14 the the PRON cblr-1722 612 15 lower low ADJ cblr-1722 612 16 its its PRON cblr-1722 612 17 purchase purchase NOUN cblr-1722 612 18 price price NOUN cblr-1722 612 19 and and CCONJ cblr-1722 612 20 quality quality NOUN cblr-1722 612 21 , , PUNCT cblr-1722 612 22 and and CCONJ cblr-1722 612 23 the the DET cblr-1722 612 24 less less ADV cblr-1722 612 25 likely likely ADJ cblr-1722 612 26 a a DET cblr-1722 612 27 creditor creditor NOUN cblr-1722 612 28 will will AUX cblr-1722 612 29 receive receive VERB cblr-1722 612 30 any any DET cblr-1722 612 31 recovery recovery NOUN cblr-1722 612 32 . . PUNCT cblr-1722 613 1 regardless regardless ADV cblr-1722 613 2 of of ADP cblr-1722 613 3 the the DET cblr-1722 613 4 expected expect VERB cblr-1722 613 5 return return NOUN cblr-1722 613 6 the the DET cblr-1722 613 7 creditor creditor NOUN cblr-1722 613 8 expects expect VERB cblr-1722 613 9 , , PUNCT cblr-1722 613 10 however however ADV cblr-1722 613 11 , , PUNCT cblr-1722 613 12 all all DET cblr-1722 613 13 creditors creditor NOUN cblr-1722 613 14 ’ ' PUNCT cblr-1722 613 15 rights right NOUN cblr-1722 613 16 are be AUX cblr-1722 613 17 still still ADV cblr-1722 613 18 the the DET cblr-1722 613 19 same same ADJ cblr-1722 613 20 . . PUNCT cblr-1722 614 1 under under ADP cblr-1722 614 2 the the DET cblr-1722 614 3 belgian belgian ADJ cblr-1722 614 4 laws law NOUN cblr-1722 614 5 ’ ' PUNCT cblr-1722 614 6 restriction restriction NOUN cblr-1722 614 7 , , PUNCT cblr-1722 614 8 however however ADV cblr-1722 614 9 , , PUNCT cblr-1722 614 10 early early ADJ cblr-1722 614 11 purchasers purchaser NOUN cblr-1722 614 12 ’ ’ PART cblr-1722 614 13 rights right NOUN cblr-1722 614 14 might might AUX cblr-1722 614 15 be be AUX cblr-1722 614 16 more more ADV cblr-1722 614 17 valuable valuable ADJ cblr-1722 614 18 , , PUNCT cblr-1722 614 19 and and CCONJ cblr-1722 614 20 as as SCONJ cblr-1722 614 21 such such ADJ cblr-1722 614 22 , , PUNCT cblr-1722 614 23 early early ADJ cblr-1722 614 24 purchasers purchaser NOUN cblr-1722 614 25 may may AUX cblr-1722 614 26 receive receive VERB cblr-1722 614 27 greater great ADJ cblr-1722 614 28 recovery recovery NOUN cblr-1722 614 29 . . PUNCT cblr-1722 615 1 the the DET cblr-1722 615 2 second second ADJ cblr-1722 615 3 observation observation NOUN cblr-1722 615 4 , , PUNCT cblr-1722 615 5 however however ADV cblr-1722 615 6 , , PUNCT cblr-1722 615 7 is be AUX cblr-1722 615 8 that that SCONJ cblr-1722 615 9 regardless regardless ADV cblr-1722 615 10 of of ADP cblr-1722 615 11 whether whether SCONJ cblr-1722 615 12 the the DET cblr-1722 615 13 investor investor NOUN cblr-1722 615 14 purchases purchase VERB cblr-1722 615 15 early early ADV cblr-1722 615 16 or or CCONJ cblr-1722 615 17 late late ADJ cblr-1722 615 18 , , PUNCT cblr-1722 615 19 the the DET cblr-1722 615 20 highest high ADJ cblr-1722 615 21 her her PRON cblr-1722 615 22 206 206 NUM cblr-1722 615 23 see see VERB cblr-1722 615 24 phillips phillip NOUN cblr-1722 615 25 & & CCONJ cblr-1722 615 26 johnston johnston PROPN cblr-1722 615 27 supra supra PROPN cblr-1722 615 28 note note VERB cblr-1722 615 29 62 62 NUM cblr-1722 615 30 and and CCONJ cblr-1722 615 31 accompanying accompany VERB cblr-1722 615 32 text text NOUN cblr-1722 615 33 . . PUNCT cblr-1722 616 1 207 207 NUM cblr-1722 616 2 loi loi ADJ cblr-1722 616 3 relative relative NOUN cblr-1722 616 4 à à X cblr-1722 616 5 la la X cblr-1722 616 6 lutte lutte PROPN cblr-1722 616 7 contre contre PROPN cblr-1722 616 8 les les PROPN cblr-1722 616 9 activités activités PROPN cblr-1722 616 10 des des PROPN cblr-1722 616 11 fonds fonds PROPN cblr-1722 616 12 vauteurs vauteur NOUN cblr-1722 616 13 [ [ X cblr-1722 616 14 antivulture antivulture ADJ cblr-1722 616 15 funds fund NOUN cblr-1722 616 16 law law NOUN cblr-1722 616 17 ] ] PUNCT cblr-1722 616 18 of of ADP cblr-1722 616 19 july july PROPN cblr-1722 616 20 12 12 NUM cblr-1722 616 21 , , PUNCT cblr-1722 616 22 2015 2015 NUM cblr-1722 616 23 , , PUNCT cblr-1722 616 24 moniteur moniteur PROPN cblr-1722 616 25 belge belge PROPN cblr-1722 616 26 [ [ X cblr-1722 616 27 m.b m.b PROPN cblr-1722 616 28 . . PROPN cblr-1722 616 29 ] ] PUNCT cblr-1722 617 1 [ [ X cblr-1722 617 2 official official ADJ cblr-1722 617 3 gazette gazette NOUN cblr-1722 617 4 of of ADP cblr-1722 617 5 belgium belgium PROPN cblr-1722 617 6 ] ] PUNCT cblr-1722 617 7 sept sept PROPN cblr-1722 617 8 . . PROPN cblr-1722 617 9 11 11 NUM cblr-1722 617 10 , , PUNCT cblr-1722 617 11 2015 2015 NUM cblr-1722 617 12 , , PUNCT cblr-1722 617 13 57357 57357 NUM cblr-1722 617 14 . . PUNCT cblr-1722 618 1 wozny wozny ADJ cblr-1722 618 2 – – PUNCT cblr-1722 618 3 final final ADJ cblr-1722 618 4 742 742 NUM cblr-1722 618 5 columbia columbia PROPN cblr-1722 618 6 business business NOUN cblr-1722 618 7 law law NOUN cblr-1722 618 8 review review NOUN cblr-1722 618 9 [ [ X cblr-1722 618 10 vol vol NOUN cblr-1722 618 11 . . PUNCT cblr-1722 618 12 2017 2017 NUM cblr-1722 618 13 return return NOUN cblr-1722 618 14 on on ADP cblr-1722 618 15 investment investment NOUN cblr-1722 618 16 could could AUX cblr-1722 618 17 ever ever ADV cblr-1722 618 18 be be AUX cblr-1722 618 19 is be AUX cblr-1722 618 20 the the DET cblr-1722 618 21 same same ADJ cblr-1722 618 22 : : PUNCT cblr-1722 618 23 zero zero NUM cblr-1722 618 24 . . PUNCT cblr-1722 619 1 by by ADP cblr-1722 619 2 pegging peg VERB cblr-1722 619 3 the the DET cblr-1722 619 4 recovery recovery NOUN cblr-1722 619 5 price price NOUN cblr-1722 619 6 to to ADP cblr-1722 619 7 the the DET cblr-1722 619 8 purchase purchase NOUN cblr-1722 619 9 price price NOUN cblr-1722 619 10 , , PUNCT cblr-1722 619 11 the the DET cblr-1722 619 12 belgian belgian ADJ cblr-1722 619 13 laws law NOUN cblr-1722 619 14 vanquish vanquish VERB cblr-1722 619 15 the the DET cblr-1722 619 16 ability ability NOUN cblr-1722 619 17 of of ADP cblr-1722 619 18 sovereign sovereign ADJ cblr-1722 619 19 distressed distressed ADJ cblr-1722 619 20 debt debt NOUN cblr-1722 619 21 investors investor NOUN cblr-1722 619 22 to to PART cblr-1722 619 23 recover recover VERB cblr-1722 619 24 any any DET cblr-1722 619 25 profit profit NOUN cblr-1722 619 26 on on ADP cblr-1722 619 27 their their PRON cblr-1722 619 28 investments investment NOUN cblr-1722 619 29 . . PUNCT cblr-1722 620 1 no no DET cblr-1722 620 2 creditor creditor NOUN cblr-1722 620 3 would would AUX cblr-1722 620 4 ever ever ADV cblr-1722 620 5 purchase purchase VERB cblr-1722 620 6 a a DET cblr-1722 620 7 profitless profitless ADJ cblr-1722 620 8 loan loan NOUN cblr-1722 620 9 on on ADP cblr-1722 620 10 which which PRON cblr-1722 620 11 she she PRON cblr-1722 620 12 would would AUX cblr-1722 620 13 lose lose VERB cblr-1722 620 14 money money NOUN cblr-1722 620 15 because because SCONJ cblr-1722 620 16 of of ADP cblr-1722 620 17 the the DET cblr-1722 620 18 time time NOUN cblr-1722 620 19 value value NOUN cblr-1722 620 20 of of ADP cblr-1722 620 21 money money NOUN cblr-1722 620 22 . . PUNCT cblr-1722 621 1 on on ADP cblr-1722 621 2 the the DET cblr-1722 621 3 one one NUM cblr-1722 621 4 hand hand NOUN cblr-1722 621 5 , , PUNCT cblr-1722 621 6 this this DET cblr-1722 621 7 regulation regulation NOUN cblr-1722 621 8 accomplishes accomplish VERB cblr-1722 621 9 its its PRON cblr-1722 621 10 goal goal NOUN cblr-1722 621 11 of of ADP cblr-1722 621 12 discouraging discourage VERB cblr-1722 621 13 distressed distressed ADJ cblr-1722 621 14 debt debt NOUN cblr-1722 621 15 investors investor NOUN cblr-1722 621 16 from from ADP cblr-1722 621 17 purchasing purchase VERB cblr-1722 621 18 odious odious ADJ cblr-1722 621 19 debt debt NOUN cblr-1722 621 20 . . PUNCT cblr-1722 622 1 on on ADP cblr-1722 622 2 the the DET cblr-1722 622 3 other other ADJ cblr-1722 622 4 hand hand NOUN cblr-1722 622 5 , , PUNCT cblr-1722 622 6 by by ADP cblr-1722 622 7 eliminating eliminate VERB cblr-1722 622 8 the the DET cblr-1722 622 9 ability ability NOUN cblr-1722 622 10 for for SCONJ cblr-1722 622 11 distressed distressed ADJ cblr-1722 622 12 debt debt NOUN cblr-1722 622 13 investors investor NOUN cblr-1722 622 14 to to PART cblr-1722 622 15 profit profit VERB cblr-1722 622 16 , , PUNCT cblr-1722 622 17 the the DET cblr-1722 622 18 belgian belgian ADJ cblr-1722 622 19 laws law NOUN cblr-1722 622 20 eliminate eliminate VERB cblr-1722 622 21 liquidity liquidity NOUN cblr-1722 622 22 - - PUNCT cblr-1722 622 23 providers provider NOUN cblr-1722 622 24 and and CCONJ cblr-1722 622 25 essentially essentially ADV cblr-1722 622 26 shut shut VERB cblr-1722 622 27 down down ADP cblr-1722 622 28 the the DET cblr-1722 622 29 secondary secondary ADJ cblr-1722 622 30 market market NOUN cblr-1722 622 31 for for ADP cblr-1722 622 32 sovereign sovereign ADJ cblr-1722 622 33 distressed distressed ADJ cblr-1722 622 34 debt debt NOUN cblr-1722 622 35 . . PUNCT cblr-1722 623 1 eradicating eradicate VERB cblr-1722 623 2 vulture vulture ADJ cblr-1722 623 3 funds fund NOUN cblr-1722 623 4 from from ADP cblr-1722 623 5 this this DET cblr-1722 623 6 market market NOUN cblr-1722 623 7 wrongly wrongly ADV cblr-1722 623 8 dismisses dismiss VERB cblr-1722 623 9 their their PRON cblr-1722 623 10 benefits benefit NOUN cblr-1722 623 11 and and CCONJ cblr-1722 623 12 may may AUX cblr-1722 623 13 lead lead VERB cblr-1722 623 14 to to ADP cblr-1722 623 15 deleterious deleterious ADJ cblr-1722 623 16 consequences consequence NOUN cblr-1722 623 17 . . PUNCT cblr-1722 624 1 for for ADP cblr-1722 624 2 example example NOUN cblr-1722 624 3 , , PUNCT cblr-1722 624 4 without without ADP cblr-1722 624 5 the the DET cblr-1722 624 6 ability ability NOUN cblr-1722 624 7 to to PART cblr-1722 624 8 make make VERB cblr-1722 624 9 a a DET cblr-1722 624 10 profit profit NOUN cblr-1722 624 11 , , PUNCT cblr-1722 624 12 vulture vulture ADJ cblr-1722 624 13 funds fund NOUN cblr-1722 624 14 lose lose VERB cblr-1722 624 15 the the DET cblr-1722 624 16 incentive incentive NOUN cblr-1722 624 17 to to PART cblr-1722 624 18 provide provide VERB cblr-1722 624 19 liquidity liquidity NOUN cblr-1722 624 20 to to ADP cblr-1722 624 21 suffering suffer VERB cblr-1722 624 22 banks bank NOUN cblr-1722 624 23 with with ADP cblr-1722 624 24 distressed distressed ADJ cblr-1722 624 25 sovereign sovereign ADJ cblr-1722 624 26 debt debt NOUN cblr-1722 624 27 on on ADP cblr-1722 624 28 their their PRON cblr-1722 624 29 balance balance NOUN cblr-1722 624 30 sheets.208 sheets.208 VERB cblr-1722 624 31 the the DET cblr-1722 624 32 mechanism mechanism NOUN cblr-1722 624 33 that that PRON cblr-1722 624 34 helped helped AUX cblr-1722 624 35 avert avert VERB cblr-1722 624 36 an an DET cblr-1722 624 37 international international ADJ cblr-1722 624 38 debt debt NOUN cblr-1722 624 39 crisis crisis NOUN cblr-1722 624 40 in in ADP cblr-1722 624 41 the the DET cblr-1722 624 42 1980s 1980 NOUN cblr-1722 624 43 would would AUX cblr-1722 624 44 dissipate.209 dissipate.209 VERB cblr-1722 624 45 furthermore furthermore ADV cblr-1722 624 46 , , PUNCT cblr-1722 624 47 banks bank NOUN cblr-1722 624 48 would would AUX cblr-1722 624 49 recognize recognize VERB cblr-1722 624 50 the the DET cblr-1722 624 51 absence absence NOUN cblr-1722 624 52 of of ADP cblr-1722 624 53 these these DET cblr-1722 624 54 liquidity liquidity NOUN cblr-1722 624 55 - - PUNCT cblr-1722 624 56 providers provider NOUN cblr-1722 624 57 on on ADP cblr-1722 624 58 the the DET cblr-1722 624 59 market market NOUN cblr-1722 624 60 , , PUNCT cblr-1722 624 61 and and CCONJ cblr-1722 624 62 the the DET cblr-1722 624 63 cost cost NOUN cblr-1722 624 64 of of ADP cblr-1722 624 65 capital capital NOUN cblr-1722 624 66 would would AUX cblr-1722 624 67 rise rise VERB cblr-1722 624 68 . . PUNCT cblr-1722 625 1 it it PRON cblr-1722 625 2 is be AUX cblr-1722 625 3 true true ADJ cblr-1722 625 4 that that SCONJ cblr-1722 625 5 banks bank NOUN cblr-1722 625 6 may may AUX cblr-1722 625 7 become become VERB cblr-1722 625 8 more more ADV cblr-1722 625 9 careful careful ADJ cblr-1722 625 10 in in ADP cblr-1722 625 11 issuing issue VERB cblr-1722 625 12 loans loan NOUN cblr-1722 625 13 . . PUNCT cblr-1722 626 1 however however ADV cblr-1722 626 2 , , PUNCT cblr-1722 626 3 this this DET cblr-1722 626 4 additional additional ADJ cblr-1722 626 5 diligence diligence NOUN cblr-1722 626 6 would would AUX cblr-1722 626 7 make make VERB cblr-1722 626 8 debt debt NOUN cblr-1722 626 9 more more ADV cblr-1722 626 10 costly costly ADJ cblr-1722 626 11 and and CCONJ cblr-1722 626 12 difficult difficult ADJ cblr-1722 626 13 to to PART cblr-1722 626 14 raise raise VERB cblr-1722 626 15 . . PUNCT cblr-1722 627 1 financially financially ADV cblr-1722 627 2 distressed distressed ADJ cblr-1722 627 3 countries country NOUN cblr-1722 627 4 desperate desperate ADJ cblr-1722 627 5 to to PART cblr-1722 627 6 finance finance VERB cblr-1722 627 7 development development NOUN cblr-1722 627 8 , , PUNCT cblr-1722 627 9 education education NOUN cblr-1722 627 10 , , PUNCT cblr-1722 627 11 and and CCONJ cblr-1722 627 12 medical medical ADJ cblr-1722 627 13 services service NOUN cblr-1722 627 14 would would AUX cblr-1722 627 15 be be AUX cblr-1722 627 16 disproportionately disproportionately ADV cblr-1722 627 17 hurt hurt VERB cblr-1722 627 18 . . PUNCT cblr-1722 628 1 furthermore furthermore ADV cblr-1722 628 2 , , PUNCT cblr-1722 628 3 the the DET cblr-1722 628 4 burden burden NOUN cblr-1722 628 5 to to PART cblr-1722 628 6 perform perform VERB cblr-1722 628 7 due due ADJ cblr-1722 628 8 diligence diligence NOUN cblr-1722 628 9 shifts shift NOUN cblr-1722 628 10 from from ADP cblr-1722 628 11 being be AUX cblr-1722 628 12 a a DET cblr-1722 628 13 responsibility responsibility NOUN cblr-1722 628 14 shared share VERB cblr-1722 628 15 by by ADP cblr-1722 628 16 both both CCONJ cblr-1722 628 17 the the DET cblr-1722 628 18 banks bank NOUN cblr-1722 628 19 and and CCONJ cblr-1722 628 20 the the DET cblr-1722 628 21 sovereign sovereign NOUN cblr-1722 628 22 into into ADP cblr-1722 628 23 a a DET cblr-1722 628 24 unilateral unilateral ADJ cblr-1722 628 25 responsibility responsibility NOUN cblr-1722 628 26 of of ADP cblr-1722 628 27 the the DET cblr-1722 628 28 bank bank NOUN cblr-1722 628 29 . . PUNCT cblr-1722 629 1 in in ADP cblr-1722 629 2 the the DET cblr-1722 629 3 absence absence NOUN cblr-1722 629 4 of of ADP cblr-1722 629 5 vulture vulture NOUN cblr-1722 629 6 fund fund NOUN cblr-1722 629 7 regulation regulation NOUN cblr-1722 629 8 , , PUNCT cblr-1722 629 9 the the DET cblr-1722 629 10 sovereign sovereign ADJ cblr-1722 629 11 state state NOUN cblr-1722 629 12 shares share VERB cblr-1722 629 13 an an DET cblr-1722 629 14 incentive incentive NOUN cblr-1722 629 15 to to PART cblr-1722 629 16 monitor monitor VERB cblr-1722 629 17 its its PRON cblr-1722 629 18 capital capital NOUN cblr-1722 629 19 structure.210 structure.210 NOUN cblr-1722 629 20 with with ADP cblr-1722 629 21 this this DET cblr-1722 629 22 elimination elimination NOUN cblr-1722 629 23 of of ADP cblr-1722 629 24 vulture vulture ADJ cblr-1722 629 25 funds fund NOUN cblr-1722 629 26 , , PUNCT cblr-1722 629 27 however however ADV cblr-1722 629 28 , , PUNCT cblr-1722 629 29 financially financially ADV cblr-1722 629 30 healthy healthy ADJ cblr-1722 629 31 countries country NOUN cblr-1722 629 32 that that PRON cblr-1722 629 33 can can AUX cblr-1722 629 34 still still ADV cblr-1722 629 35 obtain obtain VERB cblr-1722 629 36 debt debt NOUN cblr-1722 629 37 from from ADP cblr-1722 629 38 banks bank NOUN cblr-1722 629 39 will will AUX cblr-1722 629 40 know know VERB cblr-1722 629 41 ex ex PRON cblr-1722 629 42 ante ante VERB cblr-1722 629 43 that that SCONJ cblr-1722 629 44 no no DET cblr-1722 629 45 market market NOUN cblr-1722 629 46 actor actor NOUN cblr-1722 629 47 will will AUX cblr-1722 629 48 hold hold VERB cblr-1722 629 49 them they PRON cblr-1722 629 50 208 208 NUM cblr-1722 629 51 see see VERB cblr-1722 629 52 supra supra PROPN cblr-1722 629 53 notes note VERB cblr-1722 629 54 38–45 38–45 NUM cblr-1722 629 55 and and CCONJ cblr-1722 629 56 accompanying accompany VERB cblr-1722 629 57 text text NOUN cblr-1722 629 58 . . PUNCT cblr-1722 630 1 209 209 NUM cblr-1722 631 1 i i PRON cblr-1722 631 2 d. d. PROPN cblr-1722 631 3 210 210 NUM cblr-1722 631 4 see see VERB cblr-1722 631 5 supra supra PROPN cblr-1722 631 6 section section PROPN cblr-1722 631 7 ii.b.1 ii.b.1 PROPN cblr-1722 631 8 . . PUNCT cblr-1722 632 1 wozny wozny ADJ cblr-1722 632 2 – – PUNCT cblr-1722 632 3 final final ADJ cblr-1722 632 4 no no NOUN cblr-1722 632 5 . . PUNCT cblr-1722 633 1 2:697 2:697 NUM cblr-1722 633 2 ] ] X cblr-1722 633 3 national national ADJ cblr-1722 633 4 anti anti ADJ cblr-1722 633 5 - - ADJ cblr-1722 633 6 vulture vulture ADJ cblr-1722 633 7 funds fund NOUN cblr-1722 633 8 legislation legislation NOUN cblr-1722 633 9 743 743 NUM cblr-1722 633 10 accountable accountable ADJ cblr-1722 633 11 . . PUNCT cblr-1722 634 1 the the DET cblr-1722 634 2 sovereign sovereign NOUN cblr-1722 634 3 will will AUX cblr-1722 634 4 be be AUX cblr-1722 634 5 less less ADV cblr-1722 634 6 careful careful ADJ cblr-1722 634 7 knowing know VERB cblr-1722 634 8 that that SCONJ cblr-1722 634 9 if if SCONJ cblr-1722 634 10 it it PRON cblr-1722 634 11 makes make VERB cblr-1722 634 12 a a DET cblr-1722 634 13 bad bad ADJ cblr-1722 634 14 decision decision NOUN cblr-1722 634 15 , , PUNCT cblr-1722 634 16 at at ADP cblr-1722 634 17 worst bad ADJ cblr-1722 634 18 , , PUNCT cblr-1722 634 19 its its PRON cblr-1722 634 20 taxpayers taxpayer NOUN cblr-1722 634 21 will will AUX cblr-1722 634 22 pay pay VERB cblr-1722 634 23 the the DET cblr-1722 634 24 bill bill NOUN cblr-1722 634 25 , , PUNCT cblr-1722 634 26 and and CCONJ cblr-1722 634 27 at at ADP cblr-1722 634 28 best good ADJ cblr-1722 634 29 , , PUNCT cblr-1722 634 30 the the DET cblr-1722 634 31 country country NOUN cblr-1722 634 32 may may AUX cblr-1722 634 33 be be AUX cblr-1722 634 34 bailed bail VERB cblr-1722 634 35 out out ADP cblr-1722 634 36 by by ADP cblr-1722 634 37 debt debt NOUN cblr-1722 634 38 relief relief NOUN cblr-1722 634 39 . . PUNCT cblr-1722 635 1 as as ADP cblr-1722 635 2 such such ADJ cblr-1722 635 3 , , PUNCT cblr-1722 635 4 these these DET cblr-1722 635 5 financially financially ADV cblr-1722 635 6 healthy healthy ADJ cblr-1722 635 7 countries country NOUN cblr-1722 635 8 lose lose VERB cblr-1722 635 9 the the DET cblr-1722 635 10 incentive incentive NOUN cblr-1722 635 11 to to PART cblr-1722 635 12 monitor monitor VERB cblr-1722 635 13 their their PRON cblr-1722 635 14 capital capital NOUN cblr-1722 635 15 structure structure NOUN cblr-1722 635 16 and and CCONJ cblr-1722 635 17 suffer suffer VERB cblr-1722 635 18 from from ADP cblr-1722 635 19 a a DET cblr-1722 635 20 moral moral ADJ cblr-1722 635 21 hazard hazard NOUN cblr-1722 635 22 problem problem NOUN cblr-1722 635 23 . . PUNCT cblr-1722 636 1 b. b. PROPN cblr-1722 636 2 trading trading NOUN cblr-1722 636 3 odious odious ADJ cblr-1722 636 4 debt debt NOUN cblr-1722 636 5 is be AUX cblr-1722 636 6 a a DET cblr-1722 636 7 problem problem NOUN cblr-1722 636 8 ; ; PUNCT cblr-1722 636 9 trading trade VERB cblr-1722 636 10 other other ADJ cblr-1722 636 11 sovereign sovereign ADJ cblr-1722 636 12 debt debt NOUN cblr-1722 636 13 is be AUX cblr-1722 636 14 not not PART cblr-1722 636 15 the the DET cblr-1722 636 16 belgian belgian ADJ cblr-1722 636 17 laws law NOUN cblr-1722 636 18 clearly clearly ADV cblr-1722 636 19 seek seek VERB cblr-1722 636 20 to to PART cblr-1722 636 21 resolve resolve VERB cblr-1722 636 22 problems problem NOUN cblr-1722 636 23 brought bring VERB cblr-1722 636 24 by by ADP cblr-1722 636 25 trading trade VERB cblr-1722 636 26 odious odious ADJ cblr-1722 636 27 debt debt NOUN cblr-1722 636 28 . . PUNCT cblr-1722 637 1 the the DET cblr-1722 637 2 anti anti ADJ cblr-1722 637 3 - - ADJ cblr-1722 637 4 vulture vulture ADJ cblr-1722 637 5 funds fund NOUN cblr-1722 637 6 law law NOUN cblr-1722 637 7 restricts restrict VERB cblr-1722 637 8 “ " PUNCT cblr-1722 637 9 reimbursement reimbursement NOUN cblr-1722 637 10 of of ADP cblr-1722 637 11 the the DET cblr-1722 637 12 amounts amount NOUN cblr-1722 637 13 claimed claim VERB cblr-1722 637 14 by by ADP cblr-1722 637 15 the the DET cblr-1722 637 16 creditor creditor NOUN cblr-1722 637 17 would would AUX cblr-1722 637 18 have have VERB cblr-1722 637 19 a a DET cblr-1722 637 20 clearly clearly ADV cblr-1722 637 21 adverse adverse ADJ cblr-1722 637 22 impact impact NOUN cblr-1722 637 23 on on ADP cblr-1722 637 24 the the DET cblr-1722 637 25 public public ADJ cblr-1722 637 26 finances finance NOUN cblr-1722 637 27 of of ADP cblr-1722 637 28 the the DET cblr-1722 637 29 debtor debtor NOUN cblr-1722 637 30 state state NOUN cblr-1722 637 31 and and CCONJ cblr-1722 637 32 would would AUX cblr-1722 637 33 likely likely VERB cblr-1722 637 34 to to PART cblr-1722 637 35 compromise compromise VERB cblr-1722 637 36 the the DET cblr-1722 637 37 socio socio NOUN cblr-1722 637 38 - - PUNCT cblr-1722 637 39 economic economic ADJ cblr-1722 637 40 development development NOUN cblr-1722 637 41 of of ADP cblr-1722 637 42 its its PRON cblr-1722 637 43 people people NOUN cblr-1722 637 44 . . PUNCT cblr-1722 637 45 ”211 ”211 PUNCT cblr-1722 638 1 however however ADV cblr-1722 638 2 , , PUNCT cblr-1722 638 3 the the DET cblr-1722 638 4 belgian belgian ADJ cblr-1722 638 5 laws law NOUN cblr-1722 638 6 otherwise otherwise ADV cblr-1722 638 7 fail fail VERB cblr-1722 638 8 to to PART cblr-1722 638 9 distinguish distinguish VERB cblr-1722 638 10 between between ADP cblr-1722 638 11 odious odious ADJ cblr-1722 638 12 debt debt NOUN cblr-1722 638 13 and and CCONJ cblr-1722 638 14 other other ADJ cblr-1722 638 15 sovereign sovereign ADJ cblr-1722 638 16 debt debt NOUN cblr-1722 638 17 . . PUNCT cblr-1722 639 1 by by ADP cblr-1722 639 2 trading trade VERB cblr-1722 639 3 sovereign sovereign ADJ cblr-1722 639 4 debt debt NOUN cblr-1722 639 5 , , PUNCT cblr-1722 639 6 vultures vulture NOUN cblr-1722 639 7 may may AUX cblr-1722 639 8 encourage encourage VERB cblr-1722 639 9 more more ADV cblr-1722 639 10 efficient efficient ADJ cblr-1722 639 11 capital capital NOUN cblr-1722 639 12 structures.212 structures.212 ADJ cblr-1722 639 13 trading trade VERB cblr-1722 639 14 odious odious ADJ cblr-1722 639 15 debt debt NOUN cblr-1722 639 16 , , PUNCT cblr-1722 639 17 however however ADV cblr-1722 639 18 , , PUNCT cblr-1722 639 19 confers confer VERB cblr-1722 639 20 no no DET cblr-1722 639 21 benefit benefit NOUN cblr-1722 639 22 to to ADP cblr-1722 639 23 the the DET cblr-1722 639 24 market market NOUN cblr-1722 639 25 and and CCONJ cblr-1722 639 26 is be AUX cblr-1722 639 27 neither neither CCONJ cblr-1722 639 28 pareto pareto ADJ cblr-1722 639 29 nor nor CCONJ cblr-1722 639 30 kaldorhicks kaldorhick VERB cblr-1722 639 31 efficient.213 efficient.213 NOUN cblr-1722 639 32 legislation legislation NOUN cblr-1722 639 33 that that PRON cblr-1722 639 34 limits limit VERB cblr-1722 639 35 vulture vulture ADJ cblr-1722 639 36 funds fund NOUN cblr-1722 639 37 ’ ' PUNCT cblr-1722 639 38 rights right NOUN cblr-1722 639 39 should should AUX cblr-1722 639 40 be be AUX cblr-1722 639 41 responsive responsive ADJ cblr-1722 639 42 to to ADP cblr-1722 639 43 this this DET cblr-1722 639 44 difference.214 difference.214 PROPN cblr-1722 639 45 the the DET cblr-1722 639 46 belgian belgian ADJ cblr-1722 639 47 laws law NOUN cblr-1722 639 48 , , PUNCT cblr-1722 639 49 however however ADV cblr-1722 639 50 , , PUNCT cblr-1722 639 51 broadly broadly ADV cblr-1722 639 52 restrict restrict VERB cblr-1722 639 53 the the DET cblr-1722 639 54 rights right NOUN cblr-1722 639 55 of of ADP cblr-1722 639 56 all all DET cblr-1722 639 57 creditors creditor NOUN cblr-1722 639 58 holding hold VERB cblr-1722 639 59 claims claim NOUN cblr-1722 639 60 with with ADP cblr-1722 639 61 an an DET cblr-1722 639 62 “ " PUNCT cblr-1722 639 63 illegitimate illegitimate ADJ cblr-1722 639 64 advantage advantage NOUN cblr-1722 639 65 , , PUNCT cblr-1722 639 66 ” " PUNCT cblr-1722 639 67 regardless regardless ADV cblr-1722 639 68 of of ADP cblr-1722 639 69 whether whether SCONJ cblr-1722 639 70 or or CCONJ cblr-1722 639 71 not not PART cblr-1722 639 72 the the DET cblr-1722 639 73 claim claim NOUN cblr-1722 639 74 arises arise VERB cblr-1722 639 75 from from ADP cblr-1722 639 76 an an DET cblr-1722 639 77 hipc hipc NOUN cblr-1722 639 78 country country NOUN cblr-1722 639 79 or or CCONJ cblr-1722 639 80 from from ADP cblr-1722 639 81 the the DET cblr-1722 639 82 united united PROPN cblr-1722 639 83 states.215 states.215 VERB cblr-1722 639 84 the the DET cblr-1722 639 85 first first ADJ cblr-1722 639 86 prong prong NOUN cblr-1722 639 87 of of ADP cblr-1722 639 88 the the DET cblr-1722 639 89 “ " PUNCT cblr-1722 639 90 illegitimate illegitimate ADJ cblr-1722 639 91 advantage advantage NOUN cblr-1722 639 92 test test NOUN cblr-1722 639 93 ” " PUNCT cblr-1722 639 94 looks look VERB cblr-1722 639 95 for for ADP cblr-1722 639 96 a a DET cblr-1722 639 97 clear clear ADJ cblr-1722 639 98 difference difference NOUN cblr-1722 639 99 between between ADP cblr-1722 639 100 the the DET cblr-1722 639 101 purchase purchase NOUN cblr-1722 639 102 price price NOUN cblr-1722 639 103 and and CCONJ cblr-1722 639 104 face face NOUN cblr-1722 639 105 value value NOUN cblr-1722 639 106 of of ADP cblr-1722 639 107 the the DET cblr-1722 639 108 loan loan NOUN cblr-1722 639 109 , , PUNCT cblr-1722 639 110 or or CCONJ cblr-1722 639 111 between between ADP cblr-1722 639 112 the the DET cblr-1722 639 113 purchase purchase NOUN cblr-1722 639 114 price price NOUN cblr-1722 639 115 and and CCONJ cblr-1722 639 116 the the DET cblr-1722 639 117 sums sum NOUN cblr-1722 639 118 claimed claim VERB cblr-1722 639 119 by by ADP cblr-1722 639 120 the the DET cblr-1722 639 121 creditor.216 creditor.216 NOUN cblr-1722 639 122 first first ADV cblr-1722 639 123 , , PUNCT cblr-1722 639 124 this this PRON cblr-1722 639 125 may may AUX cblr-1722 639 126 shut shut VERB cblr-1722 639 127 down down ADP cblr-1722 639 128 the the DET cblr-1722 639 129 possibility possibility NOUN cblr-1722 639 130 of of ADP cblr-1722 639 131 collecting collect VERB cblr-1722 639 132 accrued accrue VERB cblr-1722 639 133 interest interest NOUN cblr-1722 639 134 by by ADP cblr-1722 639 135 the the DET cblr-1722 639 136 defaulting default VERB cblr-1722 639 137 211 211 NUM cblr-1722 639 138 anti anti ADJ cblr-1722 639 139 - - ADJ cblr-1722 639 140 vulture vulture ADJ cblr-1722 639 141 funds fund NOUN cblr-1722 639 142 law law NOUN cblr-1722 639 143 , , PUNCT cblr-1722 639 144 art art NOUN cblr-1722 639 145 . . PUNCT cblr-1722 640 1 2 2 NUM cblr-1722 640 2 ; ; PUNCT cblr-1722 640 3 see see VERB cblr-1722 640 4 also also ADV cblr-1722 640 5 infra infra VERB cblr-1722 640 6 appendix appendix X cblr-1722 640 7 a. a. NOUN cblr-1722 640 8 212 212 NUM cblr-1722 640 9 see see VERB cblr-1722 640 10 supra supra PROPN cblr-1722 640 11 section section PROPN cblr-1722 640 12 ii.b.1 ii.b.1 PROPN cblr-1722 640 13 . . PUNCT cblr-1722 640 14 213 213 NUM cblr-1722 640 15 see see VERB cblr-1722 640 16 supra supra PROPN cblr-1722 640 17 section section PROPN cblr-1722 640 18 ii.c.3 ii.c.3 PROPN cblr-1722 640 19 . . PUNCT cblr-1722 641 1 214 214 NUM cblr-1722 641 2 see see VERB cblr-1722 641 3 supra supra PROPN cblr-1722 641 4 section section PROPN cblr-1722 641 5 iii.a iii.a PROPN cblr-1722 641 6 . . PUNCT cblr-1722 641 7 215 215 NUM cblr-1722 641 8 anti anti ADJ cblr-1722 641 9 - - ADJ cblr-1722 641 10 vulture vulture ADJ cblr-1722 641 11 funds fund NOUN cblr-1722 641 12 law law NOUN cblr-1722 641 13 , , PUNCT cblr-1722 641 14 art art NOUN cblr-1722 641 15 . . PUNCT cblr-1722 642 1 2 2 NUM cblr-1722 642 2 . . NUM cblr-1722 642 3 216 216 NUM cblr-1722 642 4 see see VERB cblr-1722 642 5 supra supra PROPN cblr-1722 642 6 section section PROPN cblr-1722 642 7 iii.h.2 iii.h.2 PROPN cblr-1722 642 8 ; ; PUNCT cblr-1722 642 9 see see VERB cblr-1722 642 10 also also ADV cblr-1722 642 11 anti anti ADJ cblr-1722 642 12 - - ADJ cblr-1722 642 13 vulture vulture ADJ cblr-1722 642 14 funds fund NOUN cblr-1722 642 15 law law NOUN cblr-1722 642 16 , , PUNCT cblr-1722 642 17 art art NOUN cblr-1722 642 18 . . PUNCT cblr-1722 643 1 2 2 X cblr-1722 643 2 . . X cblr-1722 643 3 wozny wozny ADJ cblr-1722 643 4 – – PUNCT cblr-1722 643 5 final final ADJ cblr-1722 643 6 744 744 NUM cblr-1722 643 7 columbia columbia PROPN cblr-1722 643 8 business business NOUN cblr-1722 643 9 law law NOUN cblr-1722 643 10 review review NOUN cblr-1722 643 11 [ [ X cblr-1722 643 12 vol vol NOUN cblr-1722 643 13 . . NOUN cblr-1722 643 14 2017 2017 NUM cblr-1722 643 15 sovereign sovereign ADJ cblr-1722 643 16 . . PUNCT cblr-1722 644 1 second second ADJ cblr-1722 644 2 , , PUNCT cblr-1722 644 3 this this PRON cblr-1722 644 4 results result VERB cblr-1722 644 5 in in ADP cblr-1722 644 6 a a DET cblr-1722 644 7 dramatic dramatic ADJ cblr-1722 644 8 shift shift NOUN cblr-1722 644 9 in in ADP cblr-1722 644 10 the the DET cblr-1722 644 11 bargaining bargaining NOUN cblr-1722 644 12 process process NOUN cblr-1722 644 13 . . PUNCT cblr-1722 645 1 while while SCONJ cblr-1722 645 2 it it PRON cblr-1722 645 3 is be AUX cblr-1722 645 4 unclear unclear ADJ cblr-1722 645 5 how how SCONJ cblr-1722 645 6 much much ADJ cblr-1722 645 7 of of ADP cblr-1722 645 8 a a DET cblr-1722 645 9 difference difference NOUN cblr-1722 645 10 is be AUX cblr-1722 645 11 necessary necessary ADJ cblr-1722 645 12 to to PART cblr-1722 645 13 meet meet VERB cblr-1722 645 14 this this DET cblr-1722 645 15 guideline guideline NOUN cblr-1722 645 16 , , PUNCT cblr-1722 645 17 any any DET cblr-1722 645 18 creditor creditor NOUN cblr-1722 645 19 negotiating negotiate VERB cblr-1722 645 20 her her PRON cblr-1722 645 21 rights right NOUN cblr-1722 645 22 will will AUX cblr-1722 645 23 be be AUX cblr-1722 645 24 at at ADP cblr-1722 645 25 the the DET cblr-1722 645 26 mercy mercy NOUN cblr-1722 645 27 of of ADP cblr-1722 645 28 the the DET cblr-1722 645 29 sovereign sovereign NOUN cblr-1722 645 30 in in ADP cblr-1722 645 31 the the DET cblr-1722 645 32 belgian belgian ADJ cblr-1722 645 33 jurisdiction jurisdiction NOUN cblr-1722 645 34 . . PUNCT cblr-1722 646 1 even even ADV cblr-1722 646 2 without without ADP cblr-1722 646 3 the the DET cblr-1722 646 4 profit profit NOUN cblr-1722 646 5 - - PUNCT cblr-1722 646 6 limiting limit VERB cblr-1722 646 7 provision provision NOUN cblr-1722 646 8 that that PRON cblr-1722 646 9 dismantles dismantle VERB cblr-1722 646 10 the the DET cblr-1722 646 11 secondary secondary ADJ cblr-1722 646 12 distressed distressed ADJ cblr-1722 646 13 debt debt NOUN cblr-1722 646 14 market,217 market,217 ADP cblr-1722 646 15 the the DET cblr-1722 646 16 uncertainty uncertainty NOUN cblr-1722 646 17 created create VERB cblr-1722 646 18 by by ADP cblr-1722 646 19 the the DET cblr-1722 646 20 first first ADJ cblr-1722 646 21 - - PUNCT cblr-1722 646 22 prong prong NOUN cblr-1722 646 23 of of ADP cblr-1722 646 24 the the DET cblr-1722 646 25 illegitimate illegitimate ADJ cblr-1722 646 26 advantage advantage NOUN cblr-1722 646 27 test test NOUN cblr-1722 646 28 decreases decrease VERB cblr-1722 646 29 the the DET cblr-1722 646 30 value value NOUN cblr-1722 646 31 of of ADP cblr-1722 646 32 the the DET cblr-1722 646 33 loans loan NOUN cblr-1722 646 34 and and CCONJ cblr-1722 646 35 makes make VERB cblr-1722 646 36 trading trade VERB cblr-1722 646 37 them they PRON cblr-1722 646 38 prohibitively prohibitively ADV cblr-1722 646 39 expensive expensive ADJ cblr-1722 646 40 . . PUNCT cblr-1722 647 1 c. c. NOUN cblr-1722 648 1 the the DET cblr-1722 648 2 belgian belgian ADJ cblr-1722 648 3 legislation legislation NOUN cblr-1722 648 4 ’s ’s PART cblr-1722 648 5 definition definition NOUN cblr-1722 648 6 of of ADP cblr-1722 648 7 “ " PUNCT cblr-1722 648 8 illegitimate illegitimate ADJ cblr-1722 648 9 advantage advantage NOUN cblr-1722 648 10 ” " PUNCT cblr-1722 648 11 wrongly wrongly ADV cblr-1722 648 12 absorbs absorb VERB cblr-1722 648 13 non non ADJ cblr-1722 648 14 - - ADJ cblr-1722 648 15 vulture vulture ADJ cblr-1722 648 16 funds fund NOUN cblr-1722 648 17 under under ADP cblr-1722 648 18 its its PRON cblr-1722 648 19 reach reach NOUN cblr-1722 648 20 the the DET cblr-1722 648 21 belgian belgian ADJ cblr-1722 648 22 legislature legislature NOUN cblr-1722 648 23 never never ADV cblr-1722 648 24 explicitly explicitly ADV cblr-1722 648 25 defines define VERB cblr-1722 648 26 a a DET cblr-1722 648 27 vulture vulture ADJ cblr-1722 648 28 fund fund NOUN cblr-1722 648 29 and and CCONJ cblr-1722 648 30 instead instead ADV cblr-1722 648 31 uses use VERB cblr-1722 648 32 the the DET cblr-1722 648 33 two two NUM cblr-1722 648 34 - - PUNCT cblr-1722 648 35 prong prong NOUN cblr-1722 648 36 test test NOUN cblr-1722 648 37 of of ADP cblr-1722 648 38 the the DET cblr-1722 648 39 anti anti ADJ cblr-1722 648 40 - - ADJ cblr-1722 648 41 vulture vulture ADJ cblr-1722 648 42 funds fund NOUN cblr-1722 648 43 law law NOUN cblr-1722 648 44 to to PART cblr-1722 648 45 restrict restrict VERB cblr-1722 648 46 the the DET cblr-1722 648 47 rights right NOUN cblr-1722 648 48 of of ADP cblr-1722 648 49 creditors creditor NOUN cblr-1722 648 50 with with ADP cblr-1722 648 51 characteristics characteristic NOUN cblr-1722 648 52 of of ADP cblr-1722 648 53 vulture vulture ADJ cblr-1722 648 54 funds fund NOUN cblr-1722 648 55 . . PUNCT cblr-1722 649 1 some some PRON cblr-1722 649 2 of of ADP cblr-1722 649 3 these these DET cblr-1722 649 4 combinations combination NOUN cblr-1722 649 5 of of ADP cblr-1722 649 6 characteristics characteristic NOUN cblr-1722 649 7 , , PUNCT cblr-1722 649 8 however however ADV cblr-1722 649 9 , , PUNCT cblr-1722 649 10 can can AUX cblr-1722 649 11 apply apply VERB cblr-1722 649 12 to to ADP cblr-1722 649 13 non non ADJ cblr-1722 649 14 - - ADJ cblr-1722 649 15 vulture vulture ADJ cblr-1722 649 16 fund fund NOUN cblr-1722 649 17 creditors creditor NOUN cblr-1722 649 18 . . PUNCT cblr-1722 650 1 for for ADP cblr-1722 650 2 example example NOUN cblr-1722 650 3 , , PUNCT cblr-1722 650 4 an an DET cblr-1722 650 5 individual individual ADJ cblr-1722 650 6 farmer farmer NOUN cblr-1722 650 7 can can AUX cblr-1722 650 8 theoretically theoretically ADV cblr-1722 650 9 pursue pursue VERB cblr-1722 650 10 significant significant ADJ cblr-1722 650 11 unpaid unpaid ADJ cblr-1722 650 12 interest interest NOUN cblr-1722 650 13 while while SCONJ cblr-1722 650 14 the the DET cblr-1722 650 15 sovereign sovereign NOUN cblr-1722 650 16 is be AUX cblr-1722 650 17 insolvent insolvent ADJ cblr-1722 650 18 . . PUNCT cblr-1722 651 1 this this PRON cblr-1722 651 2 meets meet VERB cblr-1722 651 3 both both CCONJ cblr-1722 651 4 the the DET cblr-1722 651 5 first first ADJ cblr-1722 651 6 prong prong NOUN cblr-1722 651 7 and and CCONJ cblr-1722 651 8 second second ADJ cblr-1722 651 9 prong.218 prong.218 NOUN cblr-1722 651 10 for for ADP cblr-1722 651 11 this this DET cblr-1722 651 12 reason reason NOUN cblr-1722 651 13 , , PUNCT cblr-1722 651 14 the the DET cblr-1722 651 15 “ " PUNCT cblr-1722 651 16 illegitimate illegitimate ADJ cblr-1722 651 17 advantage advantage NOUN cblr-1722 651 18 test test NOUN cblr-1722 651 19 ” " PUNCT cblr-1722 651 20 may may AUX cblr-1722 651 21 again again ADV cblr-1722 651 22 prove prove VERB cblr-1722 651 23 difficult difficult ADJ cblr-1722 651 24 to to PART cblr-1722 651 25 import import VERB cblr-1722 651 26 to to ADP cblr-1722 651 27 other other ADJ cblr-1722 651 28 jurisdictions jurisdiction NOUN cblr-1722 651 29 . . PUNCT cblr-1722 652 1 to to ADP cblr-1722 652 2 the the DET cblr-1722 652 3 extent extent NOUN cblr-1722 652 4 sovereign sovereign ADJ cblr-1722 652 5 states state NOUN cblr-1722 652 6 seek seek VERB cblr-1722 652 7 to to PART cblr-1722 652 8 borrow borrow VERB cblr-1722 652 9 from from ADP cblr-1722 652 10 belgium belgium NOUN cblr-1722 652 11 ’s ’s PART cblr-1722 652 12 legislation legislation NOUN cblr-1722 652 13 , , PUNCT cblr-1722 652 14 they they PRON cblr-1722 652 15 should should AUX cblr-1722 652 16 be be AUX cblr-1722 652 17 careful careful ADJ cblr-1722 652 18 to to PART cblr-1722 652 19 adopt adopt VERB cblr-1722 652 20 legislation legislation NOUN cblr-1722 652 21 curtailed curtail VERB cblr-1722 652 22 to to ADP cblr-1722 652 23 the the DET cblr-1722 652 24 specific specific ADJ cblr-1722 652 25 conditions condition NOUN cblr-1722 652 26 of of ADP cblr-1722 652 27 their their PRON cblr-1722 652 28 own own ADJ cblr-1722 652 29 markets market NOUN cblr-1722 652 30 . . PUNCT cblr-1722 653 1 v. v. ADP cblr-1722 653 2 conclusion conclusion NOUN cblr-1722 653 3 the the DET cblr-1722 653 4 belgian belgian ADJ cblr-1722 653 5 laws law NOUN cblr-1722 653 6 do do AUX cblr-1722 653 7 not not PART cblr-1722 653 8 resolve resolve VERB cblr-1722 653 9 the the DET cblr-1722 653 10 problems problem NOUN cblr-1722 653 11 posed pose VERB cblr-1722 653 12 by by ADP cblr-1722 653 13 vulture vulture ADJ cblr-1722 653 14 funds fund NOUN cblr-1722 653 15 in in ADP cblr-1722 653 16 a a DET cblr-1722 653 17 thoughtful thoughtful ADJ cblr-1722 653 18 way way NOUN cblr-1722 653 19 and and CCONJ cblr-1722 653 20 other other ADJ cblr-1722 653 21 countries country NOUN cblr-1722 653 22 should should AUX cblr-1722 653 23 be be AUX cblr-1722 653 24 skeptical skeptical ADJ cblr-1722 653 25 in in ADP cblr-1722 653 26 adopting adopt VERB cblr-1722 653 27 a a DET cblr-1722 653 28 model model NOUN cblr-1722 653 29 that that PRON cblr-1722 653 30 follows follow VERB cblr-1722 653 31 the the DET cblr-1722 653 32 belgian belgian ADJ cblr-1722 653 33 model model NOUN cblr-1722 653 34 . . PUNCT cblr-1722 654 1 to to ADP cblr-1722 654 2 the the DET cblr-1722 654 3 extent extent NOUN cblr-1722 654 4 nations nation NOUN cblr-1722 654 5 continue continue VERB cblr-1722 654 6 deciding decide VERB cblr-1722 654 7 to to PART cblr-1722 654 8 implement implement VERB cblr-1722 654 9 national national ADJ cblr-1722 654 10 anti anti ADJ cblr-1722 654 11 - - ADJ cblr-1722 654 12 vulture vulture ADJ cblr-1722 654 13 funds fund NOUN cblr-1722 654 14 regulation regulation NOUN cblr-1722 654 15 , , PUNCT cblr-1722 654 16 they they PRON cblr-1722 654 17 should should AUX cblr-1722 654 18 limit limit VERB cblr-1722 654 19 the the DET cblr-1722 654 20 217 217 NUM cblr-1722 654 21 see see NOUN cblr-1722 654 22 supra supra PROPN cblr-1722 654 23 section section PROPN cblr-1722 654 24 iv.b iv.b PROPN cblr-1722 654 25 . . PROPN cblr-1722 655 1 218 218 NUM cblr-1722 655 2 see see VERB cblr-1722 655 3 supra supra PROPN cblr-1722 655 4 section section PROPN cblr-1722 655 5 iii.h.2 iii.h.2 PROPN cblr-1722 655 6 . . PUNCT cblr-1722 655 7 wozny wozny ADJ cblr-1722 655 8 – – PUNCT cblr-1722 655 9 final final ADJ cblr-1722 655 10 no no NOUN cblr-1722 655 11 . . PUNCT cblr-1722 655 12 2:697 2:697 NUM cblr-1722 655 13 ] ] X cblr-1722 655 14 national national ADJ cblr-1722 655 15 anti anti ADJ cblr-1722 655 16 - - ADJ cblr-1722 655 17 vulture vulture ADJ cblr-1722 655 18 funds fund NOUN cblr-1722 655 19 legislation legislation NOUN cblr-1722 655 20 745 745 NUM cblr-1722 655 21 scope scope NOUN cblr-1722 655 22 of of ADP cblr-1722 655 23 its its PRON cblr-1722 655 24 application application NOUN cblr-1722 655 25 to to ADP cblr-1722 655 26 odious odious ADJ cblr-1722 655 27 debt debt NOUN cblr-1722 655 28 to to PART cblr-1722 655 29 avoid avoid VERB cblr-1722 655 30 curtailing curtail VERB cblr-1722 655 31 the the DET cblr-1722 655 32 entire entire ADJ cblr-1722 655 33 secondary secondary ADJ cblr-1722 655 34 distressed distressed ADJ cblr-1722 655 35 debt debt NOUN cblr-1722 655 36 market market NOUN cblr-1722 655 37 and and CCONJ cblr-1722 655 38 to to PART cblr-1722 655 39 maintain maintain VERB cblr-1722 655 40 a a DET cblr-1722 655 41 flexible flexible ADJ cblr-1722 655 42 market market NOUN cblr-1722 655 43 approach approach NOUN cblr-1722 655 44 to to ADP cblr-1722 655 45 market market NOUN cblr-1722 655 46 problems problem NOUN cblr-1722 655 47 . . PUNCT cblr-1722 656 1 moreover moreover ADV cblr-1722 656 2 , , PUNCT cblr-1722 656 3 rather rather ADV cblr-1722 656 4 than than ADP cblr-1722 656 5 applying apply VERB cblr-1722 656 6 broadly broadly ADV cblr-1722 656 7 to to ADP cblr-1722 656 8 all all DET cblr-1722 656 9 vulture vulture ADJ cblr-1722 656 10 funds fund NOUN cblr-1722 656 11 , , PUNCT cblr-1722 656 12 and and CCONJ cblr-1722 656 13 even even ADV cblr-1722 656 14 individuals individual NOUN cblr-1722 656 15 that that SCONJ cblr-1722 656 16 free free ADJ cblr-1722 656 17 - - PUNCT cblr-1722 656 18 ride ride NOUN cblr-1722 656 19 on on ADP cblr-1722 656 20 vulture vulture ADJ cblr-1722 656 21 funds fund NOUN cblr-1722 656 22 efforts effort NOUN cblr-1722 656 23 , , PUNCT cblr-1722 656 24 such such ADJ cblr-1722 656 25 countries country NOUN cblr-1722 656 26 should should AUX cblr-1722 656 27 pass pass VERB cblr-1722 656 28 legislation legislation NOUN cblr-1722 656 29 , , PUNCT cblr-1722 656 30 like like ADP cblr-1722 656 31 the the DET cblr-1722 656 32 dra dra PROPN cblr-1722 656 33 , , PUNCT cblr-1722 656 34 that that PRON cblr-1722 656 35 enhances enhance VERB cblr-1722 656 36 active active ADJ cblr-1722 656 37 settlement settlement NOUN cblr-1722 656 38 discussions discussion NOUN cblr-1722 656 39 without without ADP cblr-1722 656 40 compromising compromise VERB cblr-1722 656 41 the the DET cblr-1722 656 42 bargaining bargaining NOUN cblr-1722 656 43 power power NOUN cblr-1722 656 44 or or CCONJ cblr-1722 656 45 rights right NOUN cblr-1722 656 46 of of ADP cblr-1722 656 47 either either CCONJ cblr-1722 656 48 the the DET cblr-1722 656 49 sovereign sovereign NOUN cblr-1722 656 50 or or CCONJ cblr-1722 656 51 the the DET cblr-1722 656 52 vulture vulture ADJ cblr-1722 656 53 funds fund NOUN cblr-1722 656 54 . . PUNCT cblr-1722 657 1 while while SCONJ cblr-1722 657 2 politicians politician NOUN cblr-1722 657 3 may may AUX cblr-1722 657 4 continue continue VERB cblr-1722 657 5 to to PART cblr-1722 657 6 praise praise VERB cblr-1722 657 7 the the DET cblr-1722 657 8 comprehensiveness comprehensiveness NOUN cblr-1722 657 9 of of ADP cblr-1722 657 10 the the DET cblr-1722 657 11 belgian belgian ADJ cblr-1722 657 12 approach approach NOUN cblr-1722 657 13 to to ADP cblr-1722 657 14 regulating regulate VERB cblr-1722 657 15 vulture vulture ADJ cblr-1722 657 16 funds fund NOUN cblr-1722 657 17 , , PUNCT cblr-1722 657 18 the the DET cblr-1722 657 19 united united PROPN cblr-1722 657 20 kingdom kingdom PROPN cblr-1722 657 21 ’s ’s PART cblr-1722 657 22 approach approach NOUN cblr-1722 657 23 with with ADP cblr-1722 657 24 the the DET cblr-1722 657 25 dra dra PROPN cblr-1722 657 26 is be AUX cblr-1722 657 27 more more ADV cblr-1722 657 28 sensitive sensitive ADJ cblr-1722 657 29 to to ADP cblr-1722 657 30 the the DET cblr-1722 657 31 costs cost NOUN cblr-1722 657 32 and and CCONJ cblr-1722 657 33 benefits benefit NOUN cblr-1722 657 34 of of ADP cblr-1722 657 35 vulture vulture ADJ cblr-1722 657 36 funds fund NOUN cblr-1722 657 37 . . PUNCT cblr-1722 658 1 wozny wozny ADJ cblr-1722 658 2 – – PUNCT cblr-1722 658 3 final final ADJ cblr-1722 658 4 746 746 NUM cblr-1722 658 5 columbia columbia PROPN cblr-1722 658 6 business business NOUN cblr-1722 658 7 law law PROPN cblr-1722 658 8 review review NOUN cblr-1722 658 9 [ [ X cblr-1722 658 10 vol vol NOUN cblr-1722 658 11 . . PUNCT cblr-1722 658 12 2017 2017 NUM cblr-1722 658 13 appendix appendix VERB cblr-1722 658 14 a a DET cblr-1722 658 15 article article NOUN cblr-1722 658 16 1 1 NUM cblr-1722 658 17 this this DET cblr-1722 658 18 act act NOUN cblr-1722 658 19 regulates regulate VERB cblr-1722 658 20 a a DET cblr-1722 658 21 matter matter NOUN cblr-1722 658 22 referred refer VERB cblr-1722 658 23 to to ADP cblr-1722 658 24 in in ADP cblr-1722 658 25 article article NOUN cblr-1722 658 26 74 74 NUM cblr-1722 658 27 of of ADP cblr-1722 658 28 the the DET cblr-1722 658 29 constitution constitution NOUN cblr-1722 658 30 . . PUNCT cblr-1722 659 1 article article NOUN cblr-1722 659 2 2 2 NUM cblr-1722 659 3 where where SCONJ cblr-1722 659 4 a a DET cblr-1722 659 5 claimant claimant NOUN cblr-1722 659 6 is be AUX cblr-1722 659 7 pursuing pursue VERB cblr-1722 659 8 an an DET cblr-1722 659 9 illegitimate illegitimate ADJ cblr-1722 659 10 advantage advantage NOUN cblr-1722 659 11 by by ADP cblr-1722 659 12 acquiring acquire VERB cblr-1722 659 13 a a DET cblr-1722 659 14 loan loan NOUN cblr-1722 659 15 or or CCONJ cblr-1722 659 16 debt debt NOUN cblr-1722 659 17 on on ADP cblr-1722 659 18 a a DET cblr-1722 659 19 state state NOUN cblr-1722 659 20 , , PUNCT cblr-1722 659 21 its its PRON cblr-1722 659 22 rights right NOUN cblr-1722 659 23 in in ADP cblr-1722 659 24 respect respect NOUN cblr-1722 659 25 of of ADP cblr-1722 659 26 the the DET cblr-1722 659 27 debtor debtor NOUN cblr-1722 659 28 state state NOUN cblr-1722 659 29 will will AUX cblr-1722 659 30 be be AUX cblr-1722 659 31 limited limit VERB cblr-1722 659 32 to to ADP cblr-1722 659 33 the the DET cblr-1722 659 34 price price NOUN cblr-1722 659 35 paid pay VERB cblr-1722 659 36 to to PART cblr-1722 659 37 redeem redeem VERB cblr-1722 659 38 such such ADJ cblr-1722 659 39 loan loan NOUN cblr-1722 659 40 or or CCONJ cblr-1722 659 41 debt debt NOUN cblr-1722 659 42 . . PUNCT cblr-1722 660 1 regardless regardless ADV cblr-1722 660 2 of of ADP cblr-1722 660 3 the the DET cblr-1722 660 4 law law NOUN cblr-1722 660 5 governing govern VERB cblr-1722 660 6 the the DET cblr-1722 660 7 legal legal ADJ cblr-1722 660 8 relationship relationship NOUN cblr-1722 660 9 between between ADP cblr-1722 660 10 the the DET cblr-1722 660 11 creditor creditor NOUN cblr-1722 660 12 and and CCONJ cblr-1722 660 13 the the DET cblr-1722 660 14 debtor debtor NOUN cblr-1722 660 15 state state NOUN cblr-1722 660 16 , , PUNCT cblr-1722 660 17 no no DET cblr-1722 660 18 enforceable enforceable ADJ cblr-1722 660 19 title title NOUN cblr-1722 660 20 can can AUX cblr-1722 660 21 be be AUX cblr-1722 660 22 obtained obtain VERB cblr-1722 660 23 in in ADP cblr-1722 660 24 belgium belgium NOUN cblr-1722 660 25 , , PUNCT cblr-1722 660 26 and and CCONJ cblr-1722 660 27 no no DET cblr-1722 660 28 precautionary precautionary ADJ cblr-1722 660 29 measures measure NOUN cblr-1722 660 30 or or CCONJ cblr-1722 660 31 enforcement enforcement NOUN cblr-1722 660 32 may may AUX cblr-1722 660 33 be be AUX cblr-1722 660 34 taken take VERB cblr-1722 660 35 in in ADP cblr-1722 660 36 belgium belgium NOUN cblr-1722 660 37 at at ADP cblr-1722 660 38 the the DET cblr-1722 660 39 request request NOUN cblr-1722 660 40 of of ADP cblr-1722 660 41 that that DET cblr-1722 660 42 creditor creditor NOUN cblr-1722 660 43 in in ADP cblr-1722 660 44 connection connection NOUN cblr-1722 660 45 with with ADP cblr-1722 660 46 a a DET cblr-1722 660 47 payment payment NOUN cblr-1722 660 48 to to PART cblr-1722 660 49 be be AUX cblr-1722 660 50 charged charge VERB cblr-1722 660 51 in in ADP cblr-1722 660 52 belgium belgium NOUN cblr-1722 660 53 , , PUNCT cblr-1722 660 54 if if SCONJ cblr-1722 660 55 such such ADJ cblr-1722 660 56 payment payment NOUN cblr-1722 660 57 gives give VERB cblr-1722 660 58 to to ADP cblr-1722 660 59 the the DET cblr-1722 660 60 creditor creditor NOUN cblr-1722 660 61 an an DET cblr-1722 660 62 illegitimate illegitimate ADJ cblr-1722 660 63 advantage advantage NOUN cblr-1722 660 64 as as SCONJ cblr-1722 660 65 defined define VERB cblr-1722 660 66 by by ADP cblr-1722 660 67 law law NOUN cblr-1722 660 68 . . PUNCT cblr-1722 661 1 pursuing pursue VERB cblr-1722 661 2 an an DET cblr-1722 661 3 illegitimate illegitimate ADJ cblr-1722 661 4 advantage advantage NOUN cblr-1722 661 5 exists exist VERB cblr-1722 661 6 where where SCONJ cblr-1722 661 7 there there PRON cblr-1722 661 8 is be VERB cblr-1722 661 9 a a DET cblr-1722 661 10 manifest manifest ADJ cblr-1722 661 11 disproportion disproportion NOUN cblr-1722 661 12 between between ADP cblr-1722 661 13 the the DET cblr-1722 661 14 purchase purchase NOUN cblr-1722 661 15 price price NOUN cblr-1722 661 16 and and CCONJ cblr-1722 661 17 face face NOUN cblr-1722 661 18 value value NOUN cblr-1722 661 19 of of ADP cblr-1722 661 20 the the DET cblr-1722 661 21 loan loan NOUN cblr-1722 661 22 or or CCONJ cblr-1722 661 23 receivable receivable ADJ cblr-1722 661 24 , , PUNCT cblr-1722 661 25 or or CCONJ cblr-1722 661 26 between between ADP cblr-1722 661 27 the the DET cblr-1722 661 28 purchase purchase NOUN cblr-1722 661 29 price price NOUN cblr-1722 661 30 of of ADP cblr-1722 661 31 the the DET cblr-1722 661 32 loan loan NOUN cblr-1722 661 33 or or CCONJ cblr-1722 661 34 receivable receivable ADJ cblr-1722 661 35 and and CCONJ cblr-1722 661 36 the the DET cblr-1722 661 37 sums sum NOUN cblr-1722 661 38 actually actually ADV cblr-1722 661 39 claimed claim VERB cblr-1722 661 40 by by ADP cblr-1722 661 41 the the DET cblr-1722 661 42 creditor creditor NOUN cblr-1722 661 43 . . PUNCT cblr-1722 662 1 to to PART cblr-1722 662 2 constitute constitute VERB cblr-1722 662 3 an an DET cblr-1722 662 4 illegitimate illegitimate ADJ cblr-1722 662 5 advantage advantage NOUN cblr-1722 662 6 , , PUNCT cblr-1722 662 7 the the DET cblr-1722 662 8 manifest manifest ADJ cblr-1722 662 9 disproportion disproportion NOUN cblr-1722 662 10 referred refer VERB cblr-1722 662 11 to to ADP cblr-1722 662 12 in in ADP cblr-1722 662 13 paragraph paragraph NOUN cblr-1722 662 14 2 2 NUM cblr-1722 662 15 shall shall AUX cblr-1722 662 16 be be AUX cblr-1722 662 17 supplemented supplement VERB cblr-1722 662 18 by by ADP cblr-1722 662 19 at at ADV cblr-1722 662 20 least least ADJ cblr-1722 662 21 one one NUM cblr-1722 662 22 of of ADP cblr-1722 662 23 the the DET cblr-1722 662 24 following follow VERB cblr-1722 662 25 criteria criterion NOUN cblr-1722 662 26 : : PUNCT cblr-1722 662 27 • • SCONJ cblr-1722 662 28 the the DET cblr-1722 662 29 debtor debtor NOUN cblr-1722 662 30 state state NOUN cblr-1722 662 31 was be AUX cblr-1722 662 32 in in ADP cblr-1722 662 33 an an DET cblr-1722 662 34 actual actual ADJ cblr-1722 662 35 or or CCONJ cblr-1722 662 36 imminent imminent ADJ cblr-1722 662 37 state state NOUN cblr-1722 662 38 of of ADP cblr-1722 662 39 insolvency insolvency NOUN cblr-1722 662 40 at at ADP cblr-1722 662 41 the the DET cblr-1722 662 42 time time NOUN cblr-1722 662 43 of of ADP cblr-1722 662 44 redemption redemption NOUN cblr-1722 662 45 of of ADP cblr-1722 662 46 the the DET cblr-1722 662 47 loan loan NOUN cblr-1722 662 48 or or CCONJ cblr-1722 662 49 receivable receivable ADJ cblr-1722 662 50 ; ; PUNCT cblr-1722 662 51 • • ADP cblr-1722 662 52 the the DET cblr-1722 662 53 creditor creditor NOUN cblr-1722 662 54 has have VERB cblr-1722 662 55 its its PRON cblr-1722 662 56 headquarters headquarters NOUN cblr-1722 662 57 in in ADP cblr-1722 662 58 a a DET cblr-1722 662 59 state state NOUN cblr-1722 662 60 or or CCONJ cblr-1722 662 61 territory territory NOUN cblr-1722 662 62 that that PRON cblr-1722 662 63 is be AUX cblr-1722 662 64 : : PUNCT cblr-1722 662 65 a a X cblr-1722 662 66 ) ) PUNCT cblr-1722 662 67 on on ADP cblr-1722 662 68 the the DET cblr-1722 662 69 list list NOUN cblr-1722 662 70 of of ADP cblr-1722 662 71 states state NOUN cblr-1722 662 72 or or CCONJ cblr-1722 662 73 non non ADJ cblr-1722 662 74 - - ADJ cblr-1722 662 75 cooperative cooperative ADJ cblr-1722 662 76 jurisdictions jurisdiction NOUN cblr-1722 662 77 established establish VERB cblr-1722 662 78 by by ADP cblr-1722 662 79 the the DET cblr-1722 662 80 financial financial ADJ cblr-1722 662 81 action action NOUN cblr-1722 662 82 task task NOUN cblr-1722 662 83 force force NOUN cblr-1722 662 84 ( ( PUNCT cblr-1722 662 85 fatf fatf PROPN cblr-1722 662 86 ) ) PUNCT cblr-1722 662 87 ; ; PUNCT cblr-1722 662 88 or or CCONJ cblr-1722 662 89 wozny wozny ADJ cblr-1722 662 90 – – PUNCT cblr-1722 662 91 final final ADJ cblr-1722 662 92 no no NOUN cblr-1722 662 93 . . PUNCT cblr-1722 662 94 2:697 2:697 NUM cblr-1722 662 95 ] ] X cblr-1722 662 96 national national ADJ cblr-1722 662 97 anti anti ADJ cblr-1722 662 98 - - ADJ cblr-1722 662 99 vulture vulture ADJ cblr-1722 662 100 funds fund NOUN cblr-1722 662 101 legislation legislation NOUN cblr-1722 662 102 747 747 NUM cblr-1722 662 103 b b NOUN cblr-1722 662 104 ) ) PUNCT cblr-1722 662 105 referred refer VERB cblr-1722 662 106 to to ADP cblr-1722 662 107 in in ADP cblr-1722 662 108 article article NOUN cblr-1722 662 109 307 307 NUM cblr-1722 662 110 , , PUNCT cblr-1722 662 111 § § PROPN cblr-1722 662 112 1 1 NUM cblr-1722 662 113 , , PUNCT cblr-1722 662 114 paragraph paragraph NOUN cblr-1722 662 115 5 5 NUM cblr-1722 662 116 , , PUNCT cblr-1722 662 117 of of ADP cblr-1722 662 118 the the DET cblr-1722 662 119 code code NOUN cblr-1722 662 120 of of ADP cblr-1722 662 121 income income NOUN cblr-1722 662 122 tax tax NOUN cblr-1722 662 123 of of ADP cblr-1722 662 124 1992 1992 NUM cblr-1722 662 125 ; ; PUNCT cblr-1722 662 126 or or CCONJ cblr-1722 662 127 c c X cblr-1722 662 128 ) ) PUNCT cblr-1722 662 129 on on ADP cblr-1722 662 130 the the DET cblr-1722 662 131 list list NOUN cblr-1722 662 132 established establish VERB cblr-1722 662 133 by by ADP cblr-1722 662 134 the the DET cblr-1722 662 135 king king NOUN cblr-1722 662 136 that that PRON cblr-1722 662 137 refuses refuse VERB cblr-1722 662 138 to to PART cblr-1722 662 139 negotiate negotiate VERB cblr-1722 662 140 and and CCONJ cblr-1722 662 141 sign sign VERB cblr-1722 662 142 an an DET cblr-1722 662 143 agreement agreement NOUN cblr-1722 662 144 in in ADP cblr-1722 662 145 accordance accordance NOUN cblr-1722 662 146 with with ADP cblr-1722 662 147 oecd oecd PROPN cblr-1722 662 148 standards standard NOUN cblr-1722 662 149 which which PRON cblr-1722 662 150 provides provide VERB cblr-1722 662 151 the the DET cblr-1722 662 152 automatic automatic ADJ cblr-1722 662 153 exchange exchange NOUN cblr-1722 662 154 of of ADP cblr-1722 662 155 information information NOUN cblr-1722 662 156 in in ADP cblr-1722 662 157 tax tax NOUN cblr-1722 662 158 and and CCONJ cblr-1722 662 159 banking banking NOUN cblr-1722 662 160 matters matter NOUN cblr-1722 662 161 with with ADP cblr-1722 662 162 belgium belgium NOUN cblr-1722 662 163 from from ADP cblr-1722 662 164 2015 2015 NUM cblr-1722 662 165 ; ; PUNCT cblr-1722 662 166 • • ADP cblr-1722 662 167 the the DET cblr-1722 662 168 creditor creditor NOUN cblr-1722 662 169 systematically systematically ADV cblr-1722 662 170 uses use VERB cblr-1722 662 171 legal legal ADJ cblr-1722 662 172 procedures procedure NOUN cblr-1722 662 173 for for ADP cblr-1722 662 174 the the DET cblr-1722 662 175 reimbursement reimbursement NOUN cblr-1722 662 176 of of ADP cblr-1722 662 177 the the DET cblr-1722 662 178 loan loan NOUN cblr-1722 662 179 or or CCONJ cblr-1722 662 180 loans loan NOUN cblr-1722 662 181 previously previously ADV cblr-1722 662 182 redeemed redeem VERB cblr-1722 662 183 ; ; PUNCT cblr-1722 662 184 • • ADP cblr-1722 662 185 the the DET cblr-1722 662 186 creditor creditor NOUN cblr-1722 662 187 refused refuse VERB cblr-1722 662 188 to to PART cblr-1722 662 189 cooperate cooperate VERB cblr-1722 662 190 with with ADP cblr-1722 662 191 the the DET cblr-1722 662 192 debtor debtor NOUN cblr-1722 662 193 state state NOUN cblr-1722 662 194 restructuring restructure VERB cblr-1722 662 195 debt debt NOUN cblr-1722 662 196 ; ; PUNCT cblr-1722 662 197 • • ADP cblr-1722 662 198 the the DET cblr-1722 662 199 creditor creditor NOUN cblr-1722 662 200 has have AUX cblr-1722 662 201 abused abuse VERB cblr-1722 662 202 the the DET cblr-1722 662 203 weak weak ADJ cblr-1722 662 204 situation situation NOUN cblr-1722 662 205 of of ADP cblr-1722 662 206 the the DET cblr-1722 662 207 debtor debtor NOUN cblr-1722 662 208 state state NOUN cblr-1722 662 209 to to PART cblr-1722 662 210 negotiate negotiate VERB cblr-1722 662 211 a a DET cblr-1722 662 212 clearly clearly ADV cblr-1722 662 213 imbalanced imbalanced ADJ cblr-1722 662 214 repayment repayment NOUN cblr-1722 662 215 agreement agreement NOUN cblr-1722 662 216 ; ; PUNCT cblr-1722 662 217 or or CCONJ cblr-1722 662 218 • • NUM cblr-1722 662 219 reimbursement reimbursement NOUN cblr-1722 662 220 of of ADP cblr-1722 662 221 the the DET cblr-1722 662 222 amounts amount NOUN cblr-1722 662 223 claimed claim VERB cblr-1722 662 224 by by ADP cblr-1722 662 225 the the DET cblr-1722 662 226 creditor creditor NOUN cblr-1722 662 227 would would AUX cblr-1722 662 228 have have VERB cblr-1722 662 229 a a DET cblr-1722 662 230 clearly clearly ADV cblr-1722 662 231 adverse adverse ADJ cblr-1722 662 232 impact impact NOUN cblr-1722 662 233 on on ADP cblr-1722 662 234 the the DET cblr-1722 662 235 public public ADJ cblr-1722 662 236 finances finance NOUN cblr-1722 662 237 of of ADP cblr-1722 662 238 the the DET cblr-1722 662 239 debtor debtor NOUN cblr-1722 662 240 state state NOUN cblr-1722 662 241 and and CCONJ cblr-1722 662 242 would would AUX cblr-1722 662 243 likely likely VERB cblr-1722 662 244 to to PART cblr-1722 662 245 compromise compromise VERB cblr-1722 662 246 the the DET cblr-1722 662 247 socio socio NOUN cblr-1722 662 248 - - PUNCT cblr-1722 662 249 economic economic ADJ cblr-1722 662 250 development development NOUN cblr-1722 662 251 of of ADP cblr-1722 662 252 its its PRON cblr-1722 662 253 people people NOUN cblr-1722 662 254 . . PUNCT cblr-1722 663 1 article article NOUN cblr-1722 663 2 3 3 NUM cblr-1722 663 3 this this DET cblr-1722 663 4 act act NOUN cblr-1722 663 5 applies apply VERB cblr-1722 663 6 subject subject ADJ cblr-1722 663 7 to to ADP cblr-1722 663 8 the the DET cblr-1722 663 9 application application NOUN cblr-1722 663 10 of of ADP cblr-1722 663 11 international international ADJ cblr-1722 663 12 treaties treaty NOUN cblr-1722 663 13 , , PUNCT cblr-1722 663 14 the the DET cblr-1722 663 15 eu eu PROPN cblr-1722 663 16 or or CCONJ cblr-1722 663 17 bilateral bilateral ADJ cblr-1722 663 18 treaties treaty NOUN cblr-1722 663 19 . . PUNCT