International Bankruptcy?

The Argentine bond default mess and the endless litigation over Argentina's efforts to negotiate some sort of settlement has led a lot of people to renew discussions over creating an international law for sovereign bankruptcy.  In her recent article, Elaine Moore states that a desire for a more orderly process is at the heart of these discussions.  Maybe.  I think it is more likely that a lot of people are looking at the extent to which US courts are being used to apply US law to allow creditors to dictate policy decisions to sovereigns, and they would like an alternative.