In 2012, the Argentine naval training ship ARA Libertad sailed into Ghana and became trapped in an extraordinary battle between sovereign power and private finance. A creditor pursuing Argentina over defaulted bonds persuaded a Ghanaian court to detain the vessel as it attempted to collect on judgments against the country. Argentina responded that a military ship was protected by sovereign immunity, sending the dispute into international law. The confrontation raised a remarkable question: how far can a private creditor go when the debtor happens to be a country?

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