After Argentina’s unilateral default in 2001, many investors saw more clearly the need to allow explicitly for less drastic alternatives ahead of time, and so incorporated so-called “collective action clauses” into debt contracts. If the borrower runs into trouble, CACs make it possible to restructure debt with the agreement of a substantial majority of creditors (usually around 70%).
2001年阿根廷单方面违约后，许多投资者更加认清了需要事先明确允许不太极端的替代方案，因此在债务契约中引入了所谓的“集体诉讼条款”。如果债务人陷入麻烦，根据集体诉讼条款，如果绝对多数债权人（通常在70%左右）形成协议，就可以进行债务重组。这样一来，少数派就受到了协议的约束。