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  • 2014/7/31

阿根廷的債務違約了!

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2014/7/30。阿根廷在12年之內第二次違約。上次違約後的後續發展情況為:

阿根廷的債務違約了!

2014/7/30。阿根廷在12年之內第二次違約。上次違約後的後續發展情況為:阿根廷在2002年違約之後,在2005年和2010年重組其債務,超過90%的債券持有人同意接受新債券並減少收益。不為所動並拒絕接受條件的人,由美國法官判賠,獲賠1.33十億並加計利息。

 

美國紐約阿債調解人員發表聲明表示,阿根廷正式違約。違約會帶來什麼後果無法預期,但肯定的是,絕對不會是好消息。阿根廷經濟部長在記者會上指出,拒絕協商之阿根廷債權人不願向美國法院申請暫停執行先前裁決。現在 30 天寬限期屆滿,阿根廷陷入 12 年來第二度違約。評級機構標普已於本週三給予阿根廷債券「選擇性違約」評等。阿根廷已與拒絕參與債務協商之對衝基金債權人纏訟多年。報導指出,阿根廷銀行團一度計畫收購債權人 NML Capital Aurelius Capital Management 所持有之阿根廷債券,試圖避免違約,但遭債權人拒絕。

 

Argentina fails to reach debt agreement

Argentina failed to strike a deal to avert its second default in more than 12 years after talks with holdout creditors ended without a settlement on Wednesday. The country's economy minister, Axel Kicillof, speaking at a news conference at the Argentine consulate in New York, repeatedly referred to the holdout hedge funds as "vultures" after two days of talks failed to produce an agreement. "Unfortunately, no agreement was reached and the Republic of Argentina will imminently be in default," Daniel Pollack, the court-appointed mediator in the case, said in a statement on Wednesday evening. Kicillof said Argentina offered the holdouts similar terms as other creditors who recently negotiated with the country as it attempts to regain the good graces of international capital markets that it has been frozen out of since its default. Those terms were rejected, Kicillof said.

 

After defaulting in 2002, Argentina restructured its debt in 2005 and 2010. More than 90 percent of the bondholders agreed to accept new bonds with reduced payments. The holdouts refused the terms, and were awarded $1.33 billion, plus interest, by a U.S. judge. A fresh default is not expected to affect Argentina's economy as it did more than a decade ago, when dozens were killed in street protests and the authorities froze savers' accounts to halt a run on the banks. There will still be consequences, however, as it is expected to worsen an economy already in recession, weaken the currency as more Argentines seek to hold dollars, and put pressure on foreign reserves. It could also raise soybean prices, as the country is the world's third-largest soybean exporter.

 

"The full consequences of default are not predictable, but they certainly are not positive," Pollack said. He said he planned to return to Argentina after the news conference, saying the country will take all measures needed to face what he called an unfair situation. The minister reiterated the country's position - that it cannot pay the holdout hedge funds without triggering a clause that would cause it to renegotiate with bondholders who accepted restructured debt agreements after the country defaulted in 2002. The holdout hedge funds want full repayment on bonds they bought on the cheap after the country defaulted, a demand Argentina has so far rejected.

 

Latin America's No. 3 economy has for years fought NML Capital, a unit of Elliott Management Corp, and Aurelius Capital Management, the leading U.S. hedge funds that rejected large writedowns. The Buenos Aires government has pushed hard for a stay of the U.S. court ruling that set Wednesday's deadline. The country has until midnight Wednesday (0400 GMT on Thursday) to break the deadlock. U.S. District Judge Thomas Griesa in New York was set to prevent Argentina from making the July 30 deadline - representing the end of a 30-day grace period - for a coupon payment on exchanged bonds.

 

Argentina has consistently argued that a so-called rights upon future offers, or RUFO, clause prohibits it from settling with the holdouts. That clause expires at the end of 2014. Kicillof said Argentina has already made that payment, as it deposited $539 million in the Buenos Aires account of trustee agent Bank of New York Mellon. As of Tuesday, that money was still there, according to a source at the Argentine central bank. U.S. ratings agency Standard & Poor's downgraded the country's long- and short-term foreign currency credit rating to "selective default," from triple-C-minus and C, respectively. S&P cited Argentina's failure to make a June 30 coupon payment on its discount bonds due in 2033, which it does not rate. The default rating will remain until Argentina makes a payment, the agency said. "The making of the payment is not an automatic process - it takes time for that to happen," said Roberto Sifon-Arevalo, managing director at S&P.

 

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