The attribute of the sovereign restructuring regime stands in contrast to domestic statutory bankruptcy’.In the absence of a bankruptcy regime for states therefore, evaluations about inter-creditor equity might be no less intractable than judgment calls on what one considers equal or fair. This “foggy status quo” gives rise to inter-creditor battles in sovereign debt crises that would be all too familiar to the eye of some 19th century lenders. Such battles, and their respective consequences for the sovereign debtor itself, beg the question of the extend to which notions of inter-creditor equity developed in domestic corporate reorganization regimes can shape what seems to be a rather amorphous concept in the context of sovereign debt.[…]