阿根廷总统提出自愿债务互换计划

Investors shunned Argentine bonds yesterday, pushing prices to their lowest level in two months after a plan by President Cristina Fernández to launch a voluntary debt swap dashed hopes of a quick settlement with some of its creditors.

投资者昨日纷纷避开阿根廷债券，导致其价格降至两月来最低点。此前，阿根廷总统克里斯蒂娜•费尔南德斯(Cristina Fernández)提出的一项自愿债务互换计划扑灭了这个南美国家与某些债权人很快达成和解的希望。

A successful debt swap could theoretically allow the South American nation to exit its default and limit the impact from the debt crisis on the country’s economy.

理论上说，如果债务互换计划成功，阿根廷将得以摆脱违约，将债务危机对本国经济的影响限制在一定范围内。

However, analysts said the bond swap plan meant a resolution to the decade-long dispute with holdout creditors, largely consisting of hedge funds led by billionaire Paul Singer’s Elliott Management Corp, was unlikely during the rest of Ms Fernandez’s presidency.

然而，分析师表示，这项债务互换计划的提出意味着，阿根廷与“钉子户”债权人——大多是对冲基金，以亿万富翁保罗•辛格(Paul Singer)的Elliott Management Corp为首——长达10年的争端，不太可能在费尔南德斯剩余的总统任期内得到解决。

“There had been hopes for a swift resolution to the dispute with the holdouts early next year,” said David Rees, an emerging markets economist at Capital Economics. “It was notable that Ms Fernandez stated last night that she had little time left in office and that ‘this is not for this government but for the next one’. A deal  . . . seems unlikely until 2016 at the earliest.”

“人们曾希望，与钉子户债权人的争端可以在明年初迅速解决。”凯投宏观(Capital Economics)的新兴市场经济学家戴维•里斯(David Rees)表示，“值得注意的是，费尔南德斯昨晚声明，她剩余的任期不长了，‘这不是本届政府要解决的问题，而是要留待下届政府去解决’。看上去2016年之前……不可能达成协议了。”

After a rally in July amid speculation about a deal between Argentina and the holdouts, the value of its bonds started to decline in August.

阿根廷债券价格7月曾反弹，当时人们猜测阿根廷与钉子户债权人有望达成和解。进入8月份以后，阿根廷债券价格开始下跌。

They dropped further yesterday, with the country’s benchmark restructured bonds due in 2033 falling 2.67 cents to 80.07 cents on the dollar in New York – the lowest price since June 19, according to Bloomberg.

据彭博(Bloomberg)数据，阿根廷债券价格昨日进一步下跌，基准的2033年到期的重组后债券价格在纽约市场下跌2.67%，至每1美元面值的80.07美分。

A visibly nervous Ms Fernandez fought back tears in a televised speech late on Tuesday night as she announced that the government was seeking to allow bondholders to exchange their debt under foreign law for bonds of the same value governed by local law.

在周二晚间的电视讲话上，明显紧张的费尔南德斯强忍眼泪，宣布阿根廷政府正试图让债券持有人将持有的适用外国法律的债券，转换为适用该国法律的等值债券。

Argentina’s move was aimed at dodging a US court ruling that last month triggered the country’s second default in less than 13 years and suspended coupon payments on its restructured debt. There is about $30bn in Argentine debt outstanding in foreign markets.

阿根廷此举旨在规避美国法院的一项判决，该判决导致阿根廷不到13年来第二次违约，暂停了对其重组后债务的利息支付。阿根廷在外国市场上的未偿付债券金额约为300亿美元。

“We are going to ensure payment. If one channel is obstructed, we will find another one,” said economy minister Axel Kicillof. He did not offer a timeline for the debt swap, which still needs to be approved by Congress.

阿根廷经济部长阿克塞尔•基奇洛夫(Axel Kicillof)表示：“我们打算确保偿付。如果一条渠道被堵塞，我们会找到另一条。”他未提到实施债务互换计划的具体时间，该计划还有待阿根廷国会批准。

New York-based Elliott declined to comment on Argentina’s proposal.

总部位于纽约的埃利奥特资本管理公司(Elliott Management)拒绝就阿根廷的提议置评。