Sovereign debt restructuring is a recurrent issue and repeatedly reveals the need for an organized restructuring process. Some observers propose the addition of clauses permitting a super-majority of bondholders approve a debtor's restructuring proposal. This approval would bind all bondholders, eliminating the possibility of hold-outs. Others propose creation of a treaty- based international bankruptcy regime, which would permit states to discharge their debts. As among contract, treaty, or politics, which do you think is the best approach to the problem of sovereign debt restructuring?