CAMBRIDGE – Argentina and its bankers have been barred from making payments to fulfill debt-restructuring agreements reached with the country’s creditors, unless the 7% of creditors who rejected the agreements are paid in full – a judgment that is likely to stick, now that the US Supreme Court has upheld it. Though it is hard to cry for Argentina, the ruling in favor of the holdouts is bad news for the global financial system and sets back the evolution of the international regime for restructuring sovereign debt.
美国剑桥—阿根廷及其银行家被禁止偿还债务以履行与该国债权人达成的债务重组协议，除非拒绝该协议的7%债权人获得足额偿付——美国最高法院支持的情况看，这一判决可能无法推翻了。尽管我们大可不必为阿根廷哭泣，但这一有利于顽固坚持的判决对全球金融体系来说是一个坏消息，也让重组主权债务的国际机制发生了倒退。