资本主义的悲惨世界里谁为阿根廷的债务哭泣

2014-07-08 17:25:52来源：可可英语

　　One possibility is to eliminate the pari passu clause. Another is to introduce stronger collective action clauses, particularly ones that cover all outstanding instruments. Another is to shift issuance from New York. But all three would apply only in future. Another possibility would be to amend US law. A final possibility, as José Antonio Ocampo of Columbia University notes, is to revive the idea of a global mechanism. These last two options look very unlikely.

　　一种可能性是取消同等权益条款。另一个是引入更强大的集体行动条款，尤其是使其覆盖所有未偿清债务工具。再有就是将发行地点从纽约转移到别处。但这三种可能性只适用于未来。还有一个可能，就是修订美国法律。最后一种可能是按照美国哥伦比亚大学(Columbia University)何塞•安东尼奥•奥坎波(José Antonio Ocampo)的提议，重提建立一种全球机制的想法。最后两个选项看来不太可能。

　　Yet in a world of global capital flows, a workable mechanism for restructuring sovereign debt is not an optional extra. It is possible that Argentina is an exceptional case. It is more likely that the interpretation of the pari passu clause and the ability to pursue assets will now make it more difficult to restructure debt. A world in which the choice for sovereigns and their creditors is between full payment and absolute non-payment would be as bad as one in which debtors had to choose between starvation and prison. A better way must now be found.

　　但在一个资本全球流动的世界里，一套可行的主权债务重组机制并不是可有可无的。可能阿根廷是一个特例。更有可能的是，法院对同等权益条款的解读、以及查扣资产的能力，将加大债务重组的难度。主权国家及其债权人面临要么全额偿付、要么彻底赖账的世界，跟债务人要么饿死、要么入狱的世界一样糟糕。必须找到更好的出路。

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