As a U.S. hedge fund snatches up old, defaulted bonds and pressures the government of Peru to pay-up in full, Peruvian leaders might do well to check their trade agreements carefully because what is likely to force their hand is one of the most controversial components of the Trans Pacific Partnership: the ISDS dispute settlement process. Peruvian court’s had ruled that the bonds are worth just $400 million and afforded the Peruvian government a degree of latitude in repayment terms. Gramercy, however, is claiming that with inflation and various other economic adjustments the bonds could be worth $5.1 billion and they are...