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Some lawyers note that nothing in the outline of the ESM prevents the restructuring of debt issued before 2013.
The deal is a mooted restructuring of debt which Argentina stopped servicing in 2001, the largest sovereign default ever.
Several analysts said that such a big swap, or restructuring, of debt would be hard to accomplish voluntarily.
Earlier this year the government struck a deal with bondholders who had refused an earlier forced restructuring of debt on which Argentina defaulted in 2001.
"I think the leeway we have thanks to the restructuring of debt or the reprofiling of debt is very low," he said.
But some analysts said the aid only bought Argentina some time and failed to squelch the prospect of more drastic measures -- including a restructuring of debt.
Similar(40)
Duffie says the United States has reduced the degree to which banks are "too big to fail," via new procedures for an orderly restructuring of debts held by financial institutions heading toward solvency.
Their partial default and de facto departure from the euro would be a truly seismic moment, requiring the instant restructuring of debts and possibly currencies across the periphery of the eurozone, covering Greece, Ireland, Portugal, Spain and Italy.
Cutbacks must be accompanied by tax reform à la the flat tax, positive structural changes to encourage growth and the restructuring of debts.
Results: Freeze on deposits for nine weeks; restructuring of debts.
"To be frank, they are not only forced to give fresh money, but to give €82bn [£58bn], and are accepting the restructure of debt".
More suggestions(15)
refinancing of debt
restructuring of reimbursement
overhaul of debt
restructuring of security
restructuring of balance
restructuring of debts
shake up of debt
restructuring of coal
restructuring of network
restructuring of property
restructuring of time
restructuring of power
restructuring of capital
restructuring of application
restructuring of perception
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Justyna Jupowicz-Kozak
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