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　　Which of the statements below about sovereign debt is not wrong?
　　A.U.S. chapter 11 does not apply to sovereign debt issued under New York law.
　　B.In contrast to corporate, the covenants of sovereign bonds cannot be changed by a unanimous vote of the bondholders.
　　C.Except for the recent default of Argentina, there is no history of sovereign defaults.
　　D.In  contrast to corporate defaults, it is not possible for creditors to seize assets of sovereigns.
　　Answer: A
　　There are no international bankruptcy procedures for sovereign debt defaults.
　　It is impossible for creditors to seize assets located inside the issuer country but creditor can seize assets held outside the issuer country.
　　Argentina is not the only country to default on its debt.  Mexico, for example, defaulted on its debt in August 1982.
　　The covenants in most sovereign bonds can be changed with majority voting. Sovereign bonds can contain collective action clauses that contain majority restructuring provisions which enable a qualified majority to bind all bondholders of that issuer to a modification.