In perhaps the most important test of Mr Taylor's ideas, Uruguay is offering to swap much of its debt for new bonds containing collective-action clauses.
They could be more imaginative in the type ofbonds that they bring to the market, he says, for instance by offering shorter-term bonds if they have lower ratings.
Will the United States, under any circumstances, waive requirements that the Soviet Union supply full disclosure of economic and financial data prior to offeringbonds in the U.S. market?