现代债务魔咒:了犹未了

普林斯顿——一切经济放缓总会加剧债务负担,不论对家庭还是国家而言都是如此。现如今,它们都在想方设法减轻债务,有些人甚至想逃避债务。

一些沮丧和愤怒的国家,尤其是南欧国家,经常把2001年公然蔑视国际社会的阿根廷当成榜样。当年,阿根廷依靠半是强迫、半是协商的手段,从20世纪90年代堆积起来的债务大山下脱身,实际上强行剥夺了外国债主的权益,而后者则被视作危险和邪恶的化身。

在90年代,为了增强举债的信誉,阿根廷用本币盯住美元的办法自缚手脚。结果这个战略成功地过了头:巨量信贷循味而来,流入阿根廷经济,引发通胀式繁荣,削弱了出口竞争力。到了2001年,本币贬值(脱掉货币紧身衣)和部分违约的前景变得不可避免。违约之后,又搞了名义上自愿的重组,让债权人承担了一定损失。

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