With truly astonishing speed (in a little over a month) collective action clauses in US bonds for sovereign issuers have moved from taboo, to a tentative first try (Mexico), to what looked like consensus on the clause (Uruguay), to more change (Brazil). What does this sudden move from a point of unwillingness to try even minimal change to one of everyday experimentation tell us about the dynamics of the underlying system? And where does this leave the policy debate?
