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2018年02月21日 22:49:54 | 作者:飞度咨询免费问答 | 来源:新华社
Moscow said it would continue to bomb targets in Syria close to the Turkish border while insisting it had no intention of escalating hostilities with Turkey following the shooting down of a Russian fighter jet.莫斯科方面表示,将继续对叙利亚境内靠近土耳其边境的目标进行轰炸,同时坚称无意升级与土耳其的对抗,此前一架俄罗斯战机在叙土边境地区被击落。Dmitry Peskov, spokesman for President Vladimir Putin, said Russia’s air strikes against rebels in northern Syria would “without doubtcontinue. “We would prefer the terrorists and militants to keep further away from the Turkish border, but unfortunately they tend to be located on Syrian territory close to the Turkish border,he said.俄罗斯总统弗拉基米尔渠Vladimir Putin)的发言人德米特里巴斯科Dmitry Peskov)表示,俄罗斯“毫无疑问”将继续在叙利亚北部对叛军进行空中打击。“我们宁愿这些恐怖分子和武装分子能远离土耳其边境,但不幸的是,他们往往藏身于靠近土耳其边境的叙利亚境内,”他说。Activists reporting for the London-based Syrian Observatory for Human Rights said Russian warplanes on Wednesday carried out a dozen air strikes in the north of Latakia province where the Russian SU-24 aircraft crashed on Tuesday after being struck by Turkish fighter jets.总部位于伦敦的叙利亚人权观察组织(Syrian Observatory for Human Rights)的活动人士报告称,俄军战机周三在拉塔基亚Latakia)北部实施了十二波空袭,这里是俄军一架苏-24战机周二被土耳其战斗机击中后坠毁的地区。Russian warplanes also carried out raids on Azaz, a strategic border town further to the north, in Aleppo province, where Isis fighters are present.俄军战机还对阿扎Azaz)进行了空袭,这是位于“伊斯兰国ISIS)武装分子盘踞的阿勒颇Aleppo)北方的一个边境重镇。Sergei Lavrov, Russian foreign minister, said Moscow had to respond to Turkey shooting down the Russian jet, describing the action as a “plannedmove by Ankara.俄罗斯外长谢尔盖拉夫罗夫(Sergei Lavrov)表示,莫斯科必须对土耳其击落俄战机作出回应,他称这一行为是安卡拉方面“有预谋”之举。“We will not wage war with Turkey and relations with the Turkish people have not changed, we just have questions about the acts of the current Turkish leadership,he said.“我们不会对土耳其发动战争,我们与土耳其人民的关系没有改变。我们只是质疑土耳其现任领导层的所作所为,”他说。Earlier Moscow said it was deploying advanced S-400 air defence missiles to its air base in Syria, in a sign of the risks of further military escalation.莫斯科早些时候称,将为其在叙利亚的空军基地部署先进的S-400防空导弹,这一迹象突显了军事对抗进一步升级的风险。“By decision of the commander-in-chief, the anti-aircraft missile system S-400 will be deployed to the Hmeimeen air base in Syria to ensure air defence in all directions,defence minister Sergei Shoigu announced on Wednesday.俄罗斯国防部长谢尔盖绍伊Sergei Shoigu)周三宣布:“根据总司令决定,S-400防空导弹系统将被部署至叙利亚的赫梅米Hmeimeen)空军基地,以确保所有方向的空防安全。”The deployment of S-400s would enable the Russian military to target aircraft flying at a height of up to 6,000m and within 600km of the base in Latakia on the Syrian coast.S-400防空导弹的部署将使俄军能够瞄准位于叙利亚港口城市拉塔基亚(Latakia)的上述空军基地周00公里范围内、飞行高000米以下的空中目标。来 /201511/412694New York’s banking regulator is probing an emerging benchmark trading scandal relating to the suspected manipulation of US interest rate swaps, according to people familiar with the matter.据知情人士称,纽约业监管机构正对与美国利率掉期操纵相关的一桩新的基准利率交易丑闻展开调查。The Department of Financial Services investigation into the so-called Isdafix is in its early stages and has not yet honed in on particular banks, the people said.这些知情人士表示,纽约金融务(Department of Financial Services)对所谓的Isdafix基准利率的调查刚刚开始,尚未针对具体。The revelation follows the disclosure by the Financial Times on Friday that German regulator BaFin had highlighted Deutsche Bank’s involvement in Isdafix in a scathing report on the lender triggered by the Libor-rigging affair.英国《金融时报》上周五报道,德国联邦金融务监管局(BaFin)在一份有关德意志(Deutsche Bank)的措辞严厉的报告中强调,该参与了操纵Isdafix的行为,这份报告是由伦敦间同业拆借利Libor)操纵案引发的。BaFin found that a New York trader tried to rig Isdafix in 2010 to help the bank’s position at the expense of fund management client Pimco. The regulator only became aware of the issue after Pimco complained, according to BaFin.德国联邦金融务监管局发现,一纽约交易员在2010年曾试图操纵Isdafix,在损害基金管理客户太平洋投资管理公Pimco)利益的情况下帮助德意志的头寸。据德国联邦金融务监管局称,该局是在太平洋投资管理公司提出控诉后才知晓此事的。It took four years for Deutsche Bank to cut the bonus of the trader, the report said. It was outgoing co-chief executive Anshu Jainwho headed the relevant division at the time, BaFin said. Mr Jain resigned unexpectedly this month, weeks after the previously undisclosed BaFin report was delivered to the bank.报告称,德意志用年时间削减该交易员的奖金。德国联邦金融务监管局称,当时负责相关业务的是德意志即将离任的联合首席执行官安#8226;贾恩(Anshu Jain)。在德国联邦金融务监管局这份之前未公开的报告送交该几周之后,贾恩在本月辞职,令人意外。来 /201507/383524Russia stepped up pressure on the US yesterday to respond to its involvement in the Syria crisis as Moscow pushed to shift nascent co-ordination structures with the Syrian, Iranian and Iraqi militaries into the core of a new anti-terror alliance.俄罗斯昨日加大对美国施压,要求美国响应俄罗斯对叙利亚危机的介入。莫斯科正在推动将其与叙利亚、伊朗以及伊拉克军队之间刚建立起的协调机制转变为一个新反恐联盟的核心。President Vladimir Putin invited other countries to join a co-ordination centre through which Russia’s armed forces shared intelligence with the militaries of Syria, Iran and Iraq in the fight against terrorism in the Middle East.俄罗斯总统弗拉基米尔渠Vladimir Putin)邀请其他国家加入一个协调机制,通过该机制,俄罗斯武装部队在中东反恐斗争中与叙利亚、伊朗以及伊拉克军队共享情报。Just hours after a meeting with US president Barack Obama on Monday, during which the two discussed the crisis in Syria but which left big disagreements, Mr Putin told Russian media that the centre, first revealed late last week, was “open to representatives of all countries that are interested in combating terrorism according to a transcript released by the Kremlin yesterday.在周一与美国总统巴拉克攠巴马(Barack Obama)进行的会谈中,两人讨论了叙利亚危机,但结果还是有很大分歧。克里姆林宫昨日发布的一份文字记录显示,会面数小时后,普京对俄罗斯媒体称,这个上周晚些时候才首次披露的协调机制“向所有对打击恐怖主义感兴趣的国家的代表开放”。来 /201510/402148Malaysia has sought to draw a line under one of the greatest mysteries of the modern commercial jet age by declaring the disappearance 10 months ago of flight MH370 “an accident马来西亚政府宣布0个月前失联的MH370航班“失事”,希望就此为现代民航史上最大谜团之一划上句号。“It is#8201;.#8201;.#8201;.#8201;with the heaviest heart and deepest sorrow that, on behalf of the government of Malaysia, we officially declare Malaysia Airlines flight MH370 an accident#8201;.#8201;.#8201;.#8201;and that all 239 of the passengers and crew onboard are presumed to have lost their lives,said Azharuddin Abdul Rahman, director-general of the Southeast Asian country’s department of civil aviation.马来西亚民航局局长阿兹哈鲁丁#8226;阿卜杜勒#8226;拉赫Azharuddin Abdul Rahman)表示:“我们怀着最沉痛和最遗憾的心情,代表马来西亚政府正式宣布马航(Malaysia Airlines)航班MH370失事……并推断机上239名乘客和机组成员全部遇难。”The conclusion, based on criteria set out in the Chicago Convention on aviation, comes after a huge search by vessels and aircraft from 13 countries for the Boeing-777 airliner.这一总结基于民用航空公约《芝加哥公约Chicago Convention)的标准,此前13个国家的船只和飞机对这架波音777客机进行了大规模搜寻。The search, which will continue, has so far covered 18,600 square kilometres of ocean off Western Australia, where the doomed aircraft is presumed to have ditched into the sea after running out of fuel.搜寻工作仍将继续,目前在西澳大利亚海上的搜寻范围已达1.86万平方公里,据推测,这架飞机在燃油耗尽后坠入这片海域。But no sign of the aircraft or debris from it has been found, in spite of a multinational effort that has seen rare co-operation between the navies of China, the US, Malaysia and Australia, which is leading the continuing search effort.尽管中国、美囀?马来西亚和澳大利亚海军展开罕见合作和多方努力,但一直没有在这片海域发现飞机和残骸的踪迹。澳大利亚主导继续展开的搜寻工作。“We have endeavoured and pursued every credible lead and reviewed all available data. Despite all these efforts#8201;.#8201;.#8201;.#8201;the search unfortunately has yet to yield the location of the missing aircraft,Mr Azharuddin said.阿兹哈鲁丁表示:“我们已经努力追踪了所有可靠的线索,并评估了所有现有信息。尽管付出了所有这些努力……但令人遗憾的是,搜寻工作仍未确定失踪客机的位置。”来 /201502/357882

Gunmen have taken 170 people hostage inside the Radisson Blu Hotel in Malis capital, Bamako, with at least three deaths reported. The hotel chain said two armed men have locked in 140 guests and 30 employees.持袭击者在马里首都巴马科的丽笙酒店内劫70名人质,被报至少已有3人死亡。酒店方面表示,两名武装人员40名客人和30名雇员锁在了酒店内。The men came in a diplomatic vehicle Friday morning, firing as they entered the hotel, said witness Amadou Keita, who works at a cultural center close by. The gunshots went on for several long minutes, he said.在附近的文化中心工作的目击者Amadou Keita说,这些袭击者于周五早上乘坐外交车辆进入酒店,一进酒店就开,他说,击持续了好几分钟。Two Malian nationals and a French national have died, a U.N. official said without elaborating.一名联合国官员透露,两名马里公民和一名法国公民已经死亡,但对此没有进一步进行具体说明。Malian soldiers with help from U.N. troops have the hotel surrounded. They were able to free a few hostages, a journalist for ORTM, the state television, told CNN from the scene. Among them were three U.N. staff members, a source told CNN. Its unknown how many other staffers remain inside. No group immediately claimed responsibility for the incident.马里国家电视台ORTM的记者在现场告诉CNN,马里军方在联合国部队的帮助下已经包围了酒店。他们已经解救了几名人质。在人质中有三名联合国工作人员,CNN记者得知。还不清楚到底有多少其他工作人员在里面。目前还没有组织宣称对此负责。But the timing of the attack is troubling because it comes just a day after French President Francois Hollande praised his troops for successfully fighting Islamists in the African nation.但是这场袭击的时间点非常令人不安,因为几天前法国总统奥朗德刚刚派部队到非洲国家成功打击了IS组织;France is leading this war with its armed forced, its soldiers, its courage. It must carry out this war with its allies, its partners giving us all the means available, as we did in Mali, as we are going to continue in Iraq, as well continue in Syria,; he said.“法国用它的武装力量,它的军人,它的勇气引发了战争。这必然会把战争带给它的同盟国,它的合作伙伴,这给了我们理由去动用所有可用的手段,正如我们在马里所做的,正如我们将在伊拉克继续做的,在叙利亚继续做的。”他说。Mali is a former French colony. At Malis request, France launched an offensive in 2013 after radical Islamists seized the strategic town of Konna in the former French colony.马里是法国以前的殖民地。应马里的要求,法国曾于2013年在伊斯兰极端分子攻陷战略重镇孔纳之后发动攻势。来 /201511/411214

The truth may finally be wearing off the old saying that India only ever compares itself with itself. As the Indian economy has proved to be one of the least dim spots in a gloomy emerging market landscape, boasts are multiplying that it is overtaking China as the engine of world expansion. Jayant Sinha, Indias junior finance minister, recently laid down the bold prediction that ;in coming days, India will leave China behind as far as growth and development matter. 人们老说,印度永远只是自己与自己比较,这句话或许终于开始站不住脚了。在一片灰暗的新兴市场图景中,印度经济事实上相对比较亮眼,于是印度将取代中国成为世界增长引擎的吹嘘也越来越多。印度副财长贾扬特·辛Jayant Sinha)最近大胆预测称,“用不了多久,印度就将在增长和发展方面把中国甩在身后。”。Not, as it were, so fast. While Indias short-term macroeconomic performance has put it at a better place in the cycle than most big emerging markets, the longer-term structural problems that have kept it in a lower growth class than China unfortunately persist, as do the political elephant traps awaiting intrepid reformers. 这么说吧,就算印度能把中国甩在身后,也不会那么快。尽管印度宏观经济短期表现抢眼,让它在周期中的位置好于大多数的大型新兴市场,但较长期的结构性问题令人遗憾地一直存在(该问题让印度与中国相比处于较低的增长级别),摆在无畏改革家面前的政治上的大象陷阱同样如此。On the face of it, the Indian economy is performing well, and the popularity of Narendra Modi, the prime minister elected on the promise of liberalising reform last year, is holding up. Christine Lagarde, IMF managing director, has referred to India as a ;bright spot; in the slowing global economy. Growth equalled Chinas last year at 7.3 per cent, and the IMF predicts India will be the fastest-growing large economy in the world this year. 表面看来,印度经济表现良好,去年凭借承诺推行自由化改革而当选的印度总理纳伦德拉·莫迪(Narendra Modi),如今依然深受民众欢迎。国际货币基金组IMF)总裁克里斯蒂娜·拉加德(Christine Lagarde)认为印度是不断放缓的全球经济中的一个“亮点”。印度去年的增长率与中国相当,都.3%,IMF预测,印度今年将成为全球增长最快的大型经济体。The reality is less encouraging. For one, the statistics may quite simply be wrong. A new data series for GDP introduced in February did much of the work in raising Indias growth rate near Chinas, and the numbers, with a short history and without detailed data to underpin them, sit at odds with other indicators such as industrial production and imports. 现实情况则没有那么乐观。一方面,统计数据很可能是错的。印度今月引入的一个新的GDP数据系列调高了它去年的增长率,对该数据赶上中国起到了很大作用,这些数值历史短暂,没有详细的基础数据作撑,而且与工业产值和进口等其他指标相冲突。Second, the current conjuncture has been delivered by a number of one-off factors. The falling global oil price since late 2014 has benefited India both in holding down inflation and in helping Mr Modi reform public finances by cutting expensive government fuel subsidies without raising the price to consumers. 其次,印度去年增长率赶上中国是一系列一次性因素造就的。自2014年末以来,全球油价“跌跌不休”,这让印度从两方面受益,一方面通胀得到抑制,另一方面莫迪的公共财政改革具备了比较有利的条件,让他能够在不用向消费者提高价格的情况下削减昂贵的政府燃料补贴。Third, substantial impediments remain to the challenge of increasing investment, particularly in infrastructure, to unlock Indias potential for competing with east Asian countries for the manufacturing industry currently being priced out of China by rising wages and costs. Growth in manufacturing came to a halt between 2012 and 2014 after several years of expansion, casting severe doubts on its underlying momentum. 第三,在眼下中国工资水平和成本不断上升,导致制造业被迫撤离之际,印度希望增加投资(尤其是基础设施方面的投资),以释放自己的潜力,与亚洲东部国家竞争、吸引从中国撤离出来的制造业落户。要实现这个愿望,印度依然面临重大障碍。在数年扩张之后,印度制造业增长012年至2014年间出现停滞,令人严重怀疑其潜在动能。Certainly, macroeconomic policy has improved compared with earlier eras. Fiscal and current account deficits remain manageable. The Reserve Bank of India, which has traditionally struggled with a multiplicity of targets and instruments, adopted a more conventional model, targeting consumer price inflation using the short-term interest rate. Under Raghuram Rajan, who took over as governor in 2013, the RBI got on top of inflation by rapidly raising rates. It has now been able to cut them by 125 basis points to stimulate growth while other EM countries such as Turkey and Brazil have had to tighten. 当然,与早些时期相比,宏观经济政策已经有所改善。财政赤字和经常账户逆差依然可控。从传统上来说,印度央行(Reserve Bank of India)处理不好多样化的目标和工具,它采取了更为常规的模型,使用短期利率来控制居民消费价格指CPI)。拉古拉姆·拉Raghuram Rajan)013年出任印度央行行长,在他的领导下,该行通过迅速提高利率控制住了通胀。现在印度央行能够降25个基点来刺激增长,而土耳其和巴西等其他新兴市场国家则不得不紧缩。But the RBI statement accompanying its latest cut, a larger-than-expected 50 basis points on September 29, made quite clear that the contribution of monetary policy to growth was running out of room. Mr Rajan said: ;While the Reserve Banks stance will continue to be accommodative, the focus of monetary action for the near term will shift to working with the Government to ensure that impediments to banks passing on the bulk of the cumulative 125 basis points cut in the policy rate are removed.; 但是,伴随着最近一次降息—9日利率下0个基点,超出市场预期——印度央行的声明已经相当明确地表明,货币政策对增长的贡献空间正逐步用尽。拉詹称,“尽管印度央行将继续维持宽松立场,但近期货币举措的重点将转向与政府一道努力,以确保阻碍将125个基点的渐增式政策性利率下调大部分传递下去的障碍得到清除。”Indeed, problems in the banking sector are exactly one of the problems holding back investment. State-controlled banks have overlent, often under political inducement, to failed infrastructure projects, and overall the accretion of bad loans in the system is blocking the extension of fresh credit. The state banks will need new capital over the next few years, the government wanting nearly two-thirds of it to be raised from markets, but whether that will permit the widescale rationalisation and privatisation that many banks need remains to be seen. 的确,业的问题正是阻碍投资的因素之一。国有在失败的基础设施建设项目上过度放贷(通常是在政治原因诱导下),而且体系内累积的整体坏账正阻碍着新贷款的发放。未来数年,国有将需要新资本——政府希望从市场筹集其中的三分之二——但是这是否会使得许多得以实施它们亟需的普遍重组和私有化,仍有待观察。There is a problem with the demand for investment lending as well as the supply. India has always struggled to expand its industrial sector on a scale to match the fast-growing economies of east Asia, and the share of manufacturing in the Indian economy appears to have stalled at a lower rate than for other emerging economies. 投资贷款的需求和供应都存在一个问题。印度一直难以将自己的工业部门扩大至可以与快速增长的东亚经济体相抗衡的规模,同时制造业在印度经济中所占份额的增长速度似乎已经在低于其他新兴经济体的水平上陷入停滞。Alongside poor supporting infrastructure, one of the reasons has almost certainly been the difficulty of acquiring land for industrial development, given the complexity of antiquated land laws. Long before Mr Modi came to power, the problem was symbolised by Tata being forced to relocate the manufacturing plant for its Nano car across India after it was driven out of its initial site in West Bengal by angry locals, raising the cost of the project. 除了基础设施不完善之外,鉴于印度过时的土地法的复杂性,几乎可以肯定地说,工业开发用地难以获得也是阻碍印度制造业发展的一个原因。这一问题可以以塔Tata)迁厂事件为代表。那还是在莫迪上台之前,当时,因为当地人抗议,塔塔被迫放弃在西孟加拉West Bengal)建Nano汽车生产厂,将厂址迁往印度别处,使得项目成本增加。Reforming land acquisition laws was one of Mr Modis signature projects as prime minister. But a change in the law, along with the introduction of a value-added “Goods and Services Tax stalled this summer in a session of parliament dominated by corruption scandals rather than legislative progress. Without the ability to build large-scale industrial plants near a source of workers, any Indian push into manufacturing is likely to be dominated by capital-intensive projects that provide fewer jobs. 对土地征用法律进行改革是莫迪作为总理的标志性项目之一。但是修订法律、以及引入增值性“商品及务税GST)的议案,今年夏天在腐败丑闻缠身、打乱立法议程的议会会期中搁浅。考虑到企业无法在劳动力密集地区附近建设大型工厂,印度推动制造业发展的任何努力可能都会以提供较少就业的资本密集型项目为主。Mr Modis government insists it will push on with reform but, given the snarl-ups in parliament over the summer, his political space is shrinking. An important test of his governments political momentum comes next month in the state elections in Bihar. The eastern state has long been one of Indias poorest and, while it has been growing rapidly, it has struggled to expand its manufacturing sector. If Mr Modis message of clearing away the impediments to investment does not resonate, it does not bode well for his chances of maintaining momentum into next year. 莫迪政府坚称将继续推进改革,但是考虑到整个夏天议会的混乱,他的政治操作空间正在缩小。在下个月比哈尔Bihar)的议会选举中,莫迪政府的政治劲头将迎来重要考验。位于印度东部的比哈尔邦长期以来一直是印度最贫困的邦之一,尽管目前正在迅速增长,但比哈尔一直难以扩大其制造业。如果莫迪清除投资障碍的信息没能在比哈尔引起共鸣,这对莫迪明年能否继续维持其政治劲头将不是个好兆头。For the moment, it seems that India will be happy being regarded as a standout in the otherwise disappointing emerging market class. If its cyclical advantage fades and it returns to its familiar sub-China levels of growth, its politicians are unlikely to be so vainglorious. 目前,印度似乎会满足于被认为在整体令人失望的新兴市场经济体中一枝独秀。如果印度的周期性优势消失,它回到它并不陌生的低于中国的经济增速水平,那印度的政界人士可能就不会如此洋洋自得了。来 /201510/405801

Argentina’s 12-year dispute with a group of hedge funds holding out for full payment on defaulted Argentine bonds is proving to be one of the most wasteful debt restructurings in history.阿根廷与一群坚持要求全额偿付其违约债券的对冲基金长2年的争执,已明是历史上最耗神耗力的债务重组之一。During the past few years an unedifying legal battle waged in New York courtrooms has steadily unpicked the restructurings that allowed Argentina to pick up the pieces after its bn default in 2001. Basing their rulings on a tight definition of the so-called pari passu clause that guarantees equal treatment for bondholders, US judges have declared it illegal for Argentina to make payments to the holders of restructured bonds unless it includes full payments to holdouts too.过去几年里在纽约法庭上展开的不光的诉讼战,逐步破坏了阿根廷的债务重组努力,后者本会让阿根廷在200150亿美元债务违约之后重整旗鼓。按照他们对所谓的同等权益条款(pari passu clause)的严格定义,即所有债券持有人有权得到同等对待,美国法官宣布阿根廷向接受重组的债券持有人偿付是不合法的,除非偿付也包括向拒绝重组的债权人全额偿付。This week, the unresolved dispute reached its doleful climax. Unwilling to bow to the demands of the holdouts, and consequently unable to keep the restructured bonds current either, Buenos Aires threw up its hands and gave up on its attempts to pay its creditors under US law.本周,久拖不决的争执达到了令人沮丧的顶峰。由于不愿屈从那些拒绝重组债权人的要求,从而也无法推进偿付接受重组的债券持有人,阿根廷政府放弃了按照美国法律偿付债权人的努力。Neither side can claim the moral high ground. Central to the holdoutscase has been that in two restructurings, Argentina strong-armed creditors into accepting a savage haircut worth just 25 cents on the dollar. Yet if warrants linked to economic growth are added, the payouts have in some cases been worth much more.双方都不能说占据了道德高地。拒绝重组债权人的核心论点是,在两次重组中,阿根廷都威逼债权人接受折后仅余债券面5%的野蛮折haircut)。然而,如果加上与经济增长挂钩的权,某些情况下的偿付价值要高得多。Of greater systemic concern, the points of law in the hedge fundsfavour have led to a situation where it will be easier for other holdouts to block future sovereign restructurings. This is an unwelcome possibility, however difficult Argentina’s behaviour has been.就更大的系统性担忧来说,有利于对冲基金的法律观点已导致一个情况,即其他拒绝重组的债权人将更容易阻碍未来的主权债务重组。这是一个不受欢迎的可能性,无论阿根廷的行为多么令人不快。President Cristina Fernández has revelled in her “won’t pay, can’t payattitude. While this is central to her political image as someone who takes on financiers and wins, it is also a fiction. Argentina’s restructurings have not reopened international markets. The bigger worry is that her intransigence poses a real threat to the economic wellbeing of her compatriots. Although the initial reaction has been muted, Argentina’s default is likely to lead to a squeeze in trade finance and higher borrowing costs. Argentina has no easy options. Restructuring all of its debt into bonds issued under local law would be one way of thumbing its nose at the pesky holdouts and the US courts. But the costs would be huge. A general default could lock the country out of capital markets for years at a time when it needs international capital to develop its deposits of shale gas.阿根廷总统克里斯蒂#8226;费尔南德Cristina Fernández)沉迷于其“不会偿付、偿付不了”的态度。尽管这对她塑造与金融家较量并取得胜利的政治形象至关重要,但这种态度也只是个幻想。阿根廷的债务重组没有重新打开国际市场。更大的担忧在于,费尔南德斯的不妥协对其同胞的经济福祉造成了实实在在的威胁。尽管市场反应最初波澜不惊,但阿根廷违约可能导致贸易融资紧张和借款成本上升。阿根廷没有轻松的选择。将所有债务重组为按照当地法律发行的债券,将是向恼人的拒绝重组债权人和美国法庭表达蔑视的一种方式。但这样做的代价将是巨大的。全面违约将让阿根廷在需要国际资本以开发页岩气资源之际,多年无法进入资本市场。That leaves settling, which has difficulties too. For instance, it exposes Argentina to claims from other holdouts, which Buenos Aires costs at bn. Another problem is the so-called RUFO clause in the restructured bonds. This prohibits Argentina from offering investors more than the 30 cents on the dollar it paid holders that accepted the restructuring.那么就只剩下和解,但这也很困难。例如,阿根廷将面对其他拒绝重组债权人的索偿,阿根廷政府估计索偿规模50亿美元。另一个问题是债务重组中所谓的“未来发行权利”条Rights upon Future Offers,简称RUFO)。之前阿根廷向接受重组的债券持有人偿付面值的30%,而RUFO条款规定,阿根廷现在向投资者付的赔偿不得超过这一比例。Allowing the stand-off to continue profits no one. Meanwhile, the holdouts are racking up legal fees and must want to settle. The outlines of a deal exist. Argentina could meet the holdoutsclaim, or some compromised figure, with fresh bonds, issued on a deferred basis to sidestep the RUFO clause which expires at the end of 2014. All the holdouts could be invited in, settling the problem for good.让僵局持续下去不会令任何人受益。与此同时,拒绝重组的债权人的诉讼费用不断攀升,他们必然希望和解。和解协议的轮廓是存在的。阿根廷可以以延期方式发行新债券,避开将于2014年底到期的RUFO条款,来满足拒绝重组债权人的索偿要求,或达成一个折中数字。所有拒绝重组的债权人都可以受邀加入,彻底解决这个问题。Whether this can be agreed swiftly, if at all, is another matter. Indeed the case once again illustrates the need for a better way of managing sovereign defaults. The collective action clauses since introduced into many bond contracts, which oblige minorities to accept majority writedowns, are no fail safe. The pari passu clause should be scrapped, even at the price of higher borrowing costs.这一方案能否迅速达成一致(如果真的会达成一致的话)则是另一回事。实际上,此案再次说明亟需一种更好的方式来管理主权债务违约。后来很多债券合约中引入的集体行动条款也并非万全之策,这种条款迫使少数债权人接受多数债权人同意的减记比例。应取消同等权益条款,就算以更高的借款成本为代价也在所不惜。In the absence of clarity, well-paid lawyers to hedge funds will continue to exploit the confusion in other debt workouts, and perhaps other jurisdictions. Debt bondage of this kind is the last thing the world needs.在没有明确解决方案的情况下,对冲基金聘请的收入不菲的律师,将继续利用其他债务重组方案、乃至其他司法管辖地区的含混之处。这种债务奴役是这个世界最不需要的。来 /201408/319456

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