Since the Argentine default, the use of collective actions clauses (CACs) to enforce restructurings has become the norm.

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Greece confirmed that it had achieved an 85.8% participation rate on its debt exchange, which would allow the government to activate collective action clauses (CACs) to force holdout bondholders to accept the deal (taking the participation rate north of 95.6%).

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"At the end of the day, I keep telling myself that we're really a victim of capital market conditions that were beyond our control, " says Joseph Cece , chief executive officer of Digital Access (nasdaq: CACS - news - people ), a Bala Cynwyd, Pa.

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