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

　　她的超国家观点超过了各国政府(特别是美国政府)所能容忍的限度。但起码引入了“集体行动条款”。但这样的条款可能无法阻止以埃利奥特资本管理公司(Elliott Management)的保罗•辛格(Paul Singer)为首的不合作者打赢官司。正如IMF最近所指出的，此类条款“典型情况下只能约束同一只债券的持有人”。不合作的债权人如果争取到阻挡头寸(通常是高于25%的持有比例)，就可以“令这样的条款失效”。

　　Moreover, adds the IMF, US courts have interpreted a “boiler plate provision” of these contracts (the so-called pari passu clause) as requiring a sovereign debtor to make full payment on a defaulted claim if it makes any payments on restructured bonds. In addition, the US courts will force financial intermediaries to help creditors obtain hold of the sovereign’s assets. All this will make restructurings harder. Why should creditors accept an exchange for instruments with reduced value in future?

　　另外，IMF补充，美国法院已把这些合同的一项标准条款，即所谓的“同等权益条款”(pari passu clause)解读为，一个主权债务人只要对重组后债券作出任何偿付，就必须全额支付违约索赔金额。此外，美国法院将迫使金融中介机构帮助债权人留置主权资产。这一切都将使重组更难执行。未来的债权人为何要同意把原有债券置换为另一种贬值的债券?

　　I am no lawyer, but to me the idea of equal treatment means treating like cases in the same way. Yet creditors who have accepted exchanges and holdouts are not like cases. To force debtors to treat them equally seems wrong. Moreover, the argument that holdouts are helping Argentines by punishing government corruption is absurd. It is up to Argentines to choose the government they desire. Worse, if Argentina is forced to pay holdouts in full, the price will be borne by Argentines. This is extortion backed by the US judiciary.

　　我不是律师，但我认为，同等对待的理念意味着，以相同方式处理相似个案。但接受了置换的债权人和不合作者不属于相似个案。强迫债务人平等对待两者似乎是错误的。另外，有种观点认为不合作者惩罚阿根廷政府的腐败是在帮助阿根廷民众，这也是荒谬的。应当由阿根廷人选择自己想要的政府。更糟糕的是，如果阿根廷被迫向不合作的债权人全额偿债，那么其代价将由阿根廷民众来承担。这正是美国司法体系所支持的敲诈勒索。

　　The immediate issue is how Argentina might settle these cases. The options – paying the holdouts, reaching a deal with them, transferring restructured debt into domestic law and outright default – look costly, humiliating, difficult or damaging. Worse are the longer-term implications for debt restructurings.

　　当前紧要的问题是阿根廷可能如何处理这些个案。各种选项——对不合作者偿债、与他们达成协议，把重组后债务转归国内法律管辖，以及完全违约——看来都代价高昂、令人耻辱、很难实现，或有破坏性。对于债务重组的长期影响就更糟糕了。

本文关键字: 资本主义谁为阿根廷的债务哭泣