“世纪审判”引发阿根廷违约担忧

Argentina has reacted angrily to a US court decision awarding hedge fund creditors more than $1.3bn, as bondholders vowed an immediate appeal to prevent the seizure of their interest payments.

美国一家法院判决阿根廷应向多名对冲基金债权人支付超过13亿美元，引发阿根廷愤怒回应。阿根廷主权债券的持有人则表示将立即进行上诉，以防止利息支付遭到冻结。

The victory for several hedge funds against Argentina has sparked fears that the country could be plunged into yet another debilitating sovereign default, and threatens to make government restructurings more difficult in the future.

多家对冲基金在与阿根廷的官司中胜诉，使得人们担忧另一场影响严重的主权债务违约可能在该国重演。人们还担心该裁决可能令阿根廷政府未来的债务重组计划更加难以实施。

In what has been dubbed the “trial of the century for sovereign debt restructurings, a US district court judge yesterday ordered Argentina to pay the hedge fund creditors – led by Elliott Associates and Aurelius Capital – in mid-December, when it must also pay bondholders. Unlike most of Argentina’s creditors, Elliott Associates and Aurelius Capital did not accept two restructurings in 2005 and 2010, choosing instead to pursue full repayment in the courts.

昨天在一场被称为对主权债务重组的“世纪审判中，一位美国地区法院法官裁定，阿根廷应在12月中旬向以Elliott Associates和Aurelius Capital为首的多名对冲基金债权人偿还债务，届时阿根廷也必须支付债券持有人。与阿根廷的绝大多数债权人不同，Elliott Associates和Aurelius Capital在2005年和2010年的两次债务重组中没有接受重组协议，而是选择通过上诉要求全额还款。

Whitney Debevoise, a lawyer at Arnold and Porter and a former US executive director at the World Bank, warned that making it easier for lenders to sue recalcitrant countries could complicate future debt restructurings. “Restructuring deals like Greece would have been much harder if ‘holdouts’ had much better rights, he said.

阿诺德-波特律师事务所(Arnold and Porter)律师、前世界银行(World Bank)美国首席执行官惠特尼·德波伏瓦兹(Whitney Debevoise)警告称，让债权人更容易地起诉不偿还债务的国家，可能将提高未来债务重组的复杂性。他说：“如果拒不参加债务重组的债权人权益能够得到好得多的保障，那么希腊等国的债务重组计划会困难得多。

Agustín Rossi, the government’s chief in the lower house of Congress, said the ruling was “worthy of repudiation by our government and all Argentines, who have made an enormous effort to exit from the default.

阿根廷众议院政府领袖阿古斯丁·罗西(Agustín Rossi)称，“阿根廷政府和全体阿根廷人都应拒绝（这项裁决），他们为避免阿根廷出现主权债务违约付出了巨大的努力。