But this still allowed the vultures to block the process by buying up a third of a particular bond issue. By contrast, purchasing a third of a country’s entire debt stock, as required for a blocking position when all bondholders vote together, is an altogether more costly proposition.
但兀鹫基金仍可以通过买入某次债券发行的三分之一存量阻止集体行动程序。相反，买入一国总债务存量的三分之一——如果所有债券持有人一起投票，就必须如此才能获得否决权——的难度要大得多。