The introduction of CACs in sovereign bonds is no novelty, but to our knowledge it has never been done retroactively—a clear violation of the “sanctity” of contracts

The introduction of CACs in sovereign bonds is
no novelty, but to our knowledge it has never been done
retroactively—a clear violation of the “sanctity” of
contracts. It is no wonder that the new bonds arising from
the debt exchange are subject to English law; otherwise,
their indentures would have no credibility.

aus:

Buenos Aires to Athens: The Road to
Perdition
Porzecanski, Arturo C.
American University
02. April 2012

http://mpra.ub.uni-muenchen.de/37874/1/MPRA_paper_37874.pdf