客服热线:4000-51-51-51
Hi,Joe
【连载】考研英语阅读精选(5)
Emma 2016-06-03 11:24:49 发表于  [  国内考试  ]
  495     0   

Argentina defaults

阿根廷债务违约

Eighth time unlucky

不走运,第八次了

 

Cristina Fernandez argues that her countrys latest default is different. She is missing the point

克里斯蒂娜•费尔南德斯称,她国家最近的债务违约跟以前可不一样。她没说到点子上

 

ARGENTINAS 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.

1824年,阿根廷第一次发行债券,原本预期期限为46年。结果不到四年,阿根廷政府就出现了债务违约。处理跟随之而来与债权人的紧张关系花了29年。从那以后,又发生了七次债务违约。最近一次发生在本周,阿根廷无法偿付重组债券,导致了此次债务违约。这些债券原本是作为对前一次2001年债务违约中受损投资人的部分补偿。

 

Most investors think they can see a pattern in all this, but Argentinas president, Cristina Fernandez 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 Americas 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 there structuring 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.

许多投资人认为,他们能从中看出规律了。但是,阿根廷总统,克里斯蒂娜•费尔南德斯•德基什内尔坚称,最近一次债务违约跟以往的完全不同。她说,她的政府,已经向管理债券的银行全额汇去了所欠的5.39亿美元,阻挠偿付的,是美国法院(这些债券是依照美国法律发行的)。一小撮2001年债券的持有者,不愿意接受阿根廷在2005年和2010年提出的债务重组方案,是他们要求美国法院作出了这样的裁决。这些“钉子户”,不愿意接受重组方案65%的债务削减,他们不仅说服了法官裁决阿根廷要全额偿还欠他们的历史债务,而且还让法官冻结了阿根廷对其它重组债务的偿付,直到阿根廷妥协为止。

 

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.

阿根廷称,不可能付钱给那些“钉子户”。这不光是因为这些人都是“秃鹫”,阿根廷官员常这么叫他们,这些人在上一次发生债务违约后,以极大的折扣购入了债券;还因为他们现在把那些已经接受重组方案的债权人(占债务的95%)绑为人质。问题的关键,就在于重组债券中的一项条款,让阿根廷不能在其他债权人未得到同等待遇的前提下,给“钉子户”开出更好的条件。由于无法承受对所有债权人全额偿付债务,阿根廷说自己别无选择,只能违约。

<普特听力>

1462685727426276.jpg

Emma 2021-02-26 05:34:50 重新编辑

评 论( 0

默认头像

我的评论

取消 发表

关于我们 企业培训 O2O代理招募 AC客户端 备案承诺公示 外教资质