Μια ακόμα δικαίωση (θεωρητική) της Αργεντινής

IMF wants tougher bond pacts to avoid Argentina-style
default rows

  By Jamie McGeever and Sujata Rao

LONDON, Oct 6 (Reuters) - The International Monetary Fund on Monday urged a rethink of how sovereign bonds should be structured to avoid future debt restructurings turning into a repeat of Argentina's disruptive court battle with a few disgruntled creditors. A detailed IMF paper laid out a series of recommendations that centred on enhancing so-called collective action clauses (CACs) embedded in most sovereign bond contracts, on modifying clauses on the "pari passu" equal treatment of creditors, and on the IMF's role in promoting the use of such clauses. This follows a ruling by a U.S. court that two hedge funds not party to Argentina's debt restructuring were entitled to full payment.
The decision put Argentina in default because it refused to pay the funds. In its paper, the IMF call for a more robust form of CAC - aimed at making restructuring agreements binding on all bondholders - is aimed at eliminating the risk that some investors will shun debt workouts and take legal action for years to squeeze cash from the debtor. The absence of such a clause in Argentina's original bond contracts is what has allowed hedge funds NML and Elliott to pursue the country for full repayment on debt it restructured in 2005 and 2010.
Those restructurings were accepted by 93 percent of bondholders. The IMF said CACs should require all affected bondholders to be offered the same instrument or an identical menu of instruments and should also include a voting threshold that requires acceptance from creditors holding 75 percent of the combined outstanding principal of all affected series. It also recommended introducing a "single limb" voting procedure to cover all affected issues by the debtor. This would require only a single vote calculated on an aggregated basis across all affected bond instruments as opposed to a series-by-series vote, as is common practice at present. This would be a "very effective tool" to address collective action problems and would effectively remove the possibility of a "hold out" obtaining a controlling position within a particular issuance to block its restructuring, the IMF said. The IMF also welcomed recent industry modifications to "pari passu" clauses, that require all creditors to be treated on equal footing. The Fund says these should be used in all new sovereign issues "so as to enhance legal certainty and consistency across jurisdictions." The pari passu clause is at the heart of the Argentine debt problem, with U.S. courts demanding that Buenos Aires treat the hedge fund litigators on a par with other creditors. That means it is not allowed to pay holders of restructured bonds without paying the holdouts. The IMF report said there was growing consensus in favour of modifying the pari passu clause in sovereign bond contracts "in a manner that ensures that the type of remedy provided to holdout creditors in the case of Argentina would not be replicated in future case. Finally, the IMF said it should have a more "active" role in promoting the use of these clauses, but admitted that it would take time for the "significant" stock of outstanding sovereign bonds to mature, "posing a risk to orderly restructurings".

ΥΓ. Στη Νέα Υόρκη ο μακάκας δικαστής που δικάζει την υπόθεση της Αργεντινής με τους σπεκουλαδόρους , καταδίκασε μια ολόκληρη χώρα για «περιφρόνηση του δικαστηρίου» του. Και ,….έστηκαν στο Μπουένος Αιρες.