如果希腊债务交换参与率低于75%，希腊就不得不启动所谓的“集体行动条款”(Collective Action Clauses)即CAC，来强制拒不参与者参与债券互换交易。
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援引集体行动条款 collective action clauses ; CACS
例如集体行动条款 Collective Action Clauses ; CACS
入集体行动条款 Collective Action Clause ; CAC
围绕援引集体行动条款 CACS ; collective action clauses
并将包含集体行动条款 Collective Action Clauses
通过集体行动条款来再一次救援银行体系，等到2013年之后再“捞出”主权债务持有者，在这中间存在着矛盾之处。
There is something inconsistent in bailing out the banking system once again and then "bailing in" holders of sovereign debt after 2013 by introducing collective-action clauses.
他们之所以有此主张，是因为阿根廷债券没有“集体行动条款”，该条款可以在达到持有人阈值后迫使每个人都参与行动。
They were able to hold out because Argentina's bonds had no "collective-action clause" forcing everyone to participate if it reached a threshold of takers.
只有在2013年以后由欧洲国家发行的新债券才能冒重建债券的风险，因为这些新债券带有新的标志性的“集体行动条款”性质。
Only new bonds issued by euro-zone states after 2013, which will all carry identical new “collective action clauses” (CACs), would be at risk of having the bonds restructured.
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