切掉兀鹫之喙

纽约—在阿根廷与持有其债券的“兀鹫基金”之间闹得不可开交之际,一个共识已经浮现:我们需要主权债务重组机制(SDRM)。否则,美国联邦法官托马斯·葛里萨(Thomas P. Griesa)的裁决——阿根廷必须足额偿付兀鹫(尽管93%的其他债券持有者同意重组)——将让机会主义者肆无忌惮地阻挠未来重组。

最近,国际资本市场协会(International Capital Market Association,ICMA)建议对政府债券采取新条款。尽管ICMA的建议保留了数千亿已发行债券的旧条款,但新框架事实上宣判了葛里萨的裁决是错误的,并认为让该裁决继续存在下去将让重组无从进行。

ICMA所建议的合约条款明确了作为葛里萨糊涂裁决核心的平等权利条款。该条款是主权债券合约的标准组成部分,其初衷总是为了确保发行无差别地对待相同的债券持有人。但人们总是认为高级债权人——比如国际货币基金组织(IMF)能受到区别对待。

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