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国外留学生案例分析:阿根廷债务违约

论文作者:meisishow论文属性:案例分析 Case Study登出时间:2014-11-05编辑:meisishow点击率:13237

论文字数:3395论文编号:org201411041657467327语种:英语 English地区:爱尔兰价格:免费论文

关键词:阿根廷债务违约Argentina爱尔兰留学生论文

摘要:爱尔兰留学生论文中的一种案例分析,克里斯蒂娜.费尔南德斯(Cristina Fernández)辩称阿根廷此次债务违约有所不同,此言差矣,在这里我们就来分析一下。

阿根廷于一八二四年发生的第一批国际债务预计有四十六年的时间,但是最终却不到四年,政府就债务违约了。阿根廷政府解决和债务人僵持的局面就用了29年。随后又出现了7次债务违约,最近一次是在本周:阿根廷政府无力偿付债券,这些债券是作为2001年阿根廷上一次债务违约中的受害者的部分赔偿的。


大部分的投资者认为可以从中看到一种合作模式,但阿根廷总统克里斯蒂娜坚称这次的违约责任和之前的不一样。她指出政府已经向发行国债的债权银行汇入了整整5.39亿美元,是美国法庭(阿根廷国债的发行遵循美国法律)在少数债权人的指使下阻碍政府清偿。这些2001年违约后遗留下来的“钉子户债权人”拒绝了阿根廷于2005年和2010年提供的债务重组方案,因为他们对重组中65%的野蛮折价望而却步。他们说服法官裁决阿根廷全额偿还本息,而且在阿根廷还钱之前冻结其重组债券的还款。


ARGENTINA’S first bond, issued in 1824, was supposed to have a lifespan of 46 years. Less than four years later, the government defaulted. Resolving the ensuing stand-off with creditors took 29 years. Since then seven more defaults have followed, the most recent this week, when Argentina failed to make a payment on bonds issued as partial compensation to victims of the previous default, in 2001.


Most investors think they can see a pattern in all this, but Argentina’s president, Cristina Fernández de Kirchner, insists the latest default is not like the others. Her government, she points out, had transferred the full $539m it owed to the banks that administer the bonds. It is America’s courts (the bonds were issued under American law) that blocked the payment, at the behest of the tiny minority of owners of bonds from 2001 who did not accept the restructuring Argentina offered them in 2005 and again in 2010. These “hold-outs”, balking at the 65% haircut the restructuring entailed, not only persuaded a judge that they should be paid in full but also got him to freeze payments on the restructured bonds until Argentina coughs up.


PoliticsArgentinaWorld politicsLatin American politicsArgentine politics


Argentina claims that paying the hold-outs was impossible. It is not just that they are “vultures” as Argentine officials often put it, who bought the bonds for cents on the dollar after the previous default and are now holding those who accepted the restructuring (accounting for 93% of the debt) to ransom. The main problem is that a clause in the restructured bonds prohibits Argentina from offering the hold-outs better terms without paying everyone else the same. Since it cannot afford to do that, it says it had no choice but to default.


Yet it is not certain that the clause requiring equal treatment of all bondholders would have applied, given that Argentina would not have been paying the hold-outs voluntarily, but on the courts’ orders. Moreover, some owners of the restructured bonds had agreed to waive their rights; had Argentina made a concerted effort to persuade the remainder to do the same, it might have succeeded. Lawyers and bankers have suggested various ways around the clause in question, which expires at the end of the year. But Argentina’s government was slow to consider these options or negotiate with the hold-outs, hiding instead behind indignant nationalism (see article).


Ms Fernández is right that the consequences of America’s court rulings have been perverse, unleashing a big financial dispute in an attempt to solve a relatively small one. But hers is not the first government to be hit with an awkward verdict. Instead of railing against it, she should have tried to minimise the harm it did. Defaulting has helped no one: none of the bondholders will now be paid, Argentina looks like a pariah again, and its economy will remain starve论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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