But a recent New York court ruling against Argentina in a case brought by a holdout hedge-fund creditor has dramatically raised the stakes of sovereign default and bankruptcy. When holdouts are rewarded by court decisions, and the rights of recalcitrant creditors are recognized in other jurisdictions, efforts at “voluntary” restructuring become unsustainable.
但最近，在一起对冲基金债权人诉阿根廷的案子中，纽约一法庭判阿根廷败诉，这一裁决令其主权违约和国家破产的可能性激增。因为一旦法庭裁决支持了不妥协的债权人，而债权人的抗辩权利又得到其他司法行动的承认，那么“自愿”重组的一切努力就会付诸东流。越来越多的债主会群起抵制债务减记，转而用尽一切手段控制阿根廷的资产，抓住多少算多少。