重组债务重组

Sep 9, 2014 Barry Eichengreen

伯克利—有时，坏心也能办成好事。阿根廷债务问题就出人意料地产生了这样的结果。

故事从2001—2002年阿根廷金融危机开始。毫无疑问，这场危机导致阿根廷无力偿还债务。但阿根廷花了四年时间与债权人谈判，并提出了比不上此前债务重组标准的和解条件，结果以失败告终。

不过，对于绝大部分阿根廷债券人来说，条件是可以接受的，他们可以打三折后将旧债券换成新债券。所有债权人都接受了这一条件，除了一小撮顽固派——他们廉价收购剩余债券，然后诉诸法庭要求足额偿付，美国纽约南区地方法院受理了此案。

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Per Kurowski Sep 14, 2014

I suggest a clause that reflects that anyone buying a sovereign debt that offers a risk premium that exceeds in x percentage that paid by the deemed safest sovereign, should accept that this debt is in a pre-default status and, as such, should at the moment of renegotiation not have right to have the cake and eat it too, namely the right to present a demand for full repayment of interests and capital. If a debt renegotiation occurs then all excess interest rate collected above the set maximum risk premium level, should automatically apply to amortization of principal.

http://teawithft.blogspot.ca/2014/09/when-discussing-sovereign-debt.html
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Siegfried Eschen Sep 11, 2014

In fact the story begins with Peronism in Argentina. If one does not take into account the populist governments, with their unbelievable policies, one cannot understand, what is going on. The Argentine governments (Kirchner´s) wanted NY, wanted the RUFO clause and could have bought the bonds cheap by themselves! All the fuss about the hedge funds is window dressing!
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prashanth kamath Sep 11, 2014

I am all for vulture funds, thumbs down to Argentine people and their incompetent government. Argentine can sell part of its land to Uruguay, Chile or Brazil to repay its debt. If the Argentines are incapable of managing their finances, they should do with less land. May be Uruguay, Chile or Brazil can manage that land in a better way.
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jim bridgeman Sep 11, 2014

Of course, such provision will make borrowing more expensive and in some cases not possible. The taxpayers get stiffed one way or the other. Of course, they may deserve to be stiffed in consequence of their toleration of irresponsible governments.
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