アルゼンチン 「ハゲタカ」の横暴が目に余る

The Yomiuri Shimbun
‘Vultures’ drive Argentina into default, turning debt relief accords to ashes
アルゼンチン　「ハゲタカ」の横暴が目に余る

The Argentine government has fallen into default, unable to keep up with interest payments on its debt.
　アルゼンチン政府が国債の利払いをできない債務不履行（デフォルト）の状態に陥った。

It is important to deal with the latest turmoil and prevent it from developing into a serious and more widespread financial crisis.
　事態の早期収拾を図り深刻な危機に拡大しないようにすることが重要だ。

The latest default resulted from the collapse of talks between the country and U.S. hedge fund creditors, which sought payment in full.
　今回のデフォルトは、全額返済を求める米投資ファンドとの交渉決裂によって起きた。

Argentina fell into its first default in 2001. Later, Argentina reached agreements with more than 90 percent of investors to wholly or partially write off obligations comprising about 70 percent of the country’s $100 billion debt as part of its restructuring plans. It has made interest payments since then.
　アルゼンチンは２００１年にいったんデフォルトになった。１０００億ドルの債務について９割超の投資家と約７割の減免で合意し、利払いを続けてきた。

But certain U.S. fund creditors, refusing to accept the debt reduction plans, sued the country. An earlier U.S. court decision that was recently upheld by the Supreme Court blocks Argentina from making interest payments to other bondholders who separately agreed to restructuring plans until the U.S. hedge funds get paid the full value of their bonds.
　ところが、減免に応じないファンドが提訴し、ファンドに全額返済するまで他の債権者への利払いを認めないとする判決が、米国の最高裁で確定した。

With the recent decision by the U.S. court, Argentina has become unable to make interest payments to other creditors no matter how much the country wants to do so.
　このため、アルゼンチン政府はファンド以外の債権者に利払いしたくてもできなくなった。

The hedge funds in question snapped up Argentina’s junk bonds from original investors following the first default and then refused the restructuring terms, suing for repayment in full. It is hardly surprising for the Argentine financial authorities to criticize the hedge fund creditors as “vultures.”
　問題の投資ファンドは、当初の債権者から国債を破格の安値で買い取り、全額返済を求める裁判を起こした。アルゼンチン当局がファンドを「ハゲタカだ」と、強く非難しているのは当然だろう。

Impact limited, for now

Currently, there is hardly any trading of Argentina’s national bonds on the market. Therefore the latest development is expected to have only a limited impact on the international financial market.
　現在、アルゼンチン国債の市場取引はほとんどなく、国際金融市場への影響は限定的とされる。

Yet Argentina’s economy will inevitably be affected by the impact of the peso’s decline in the currency market, due to the decline in the country’s creditworthiness. Close attention is needed as to whether the latest development may cause a negative chain reaction involving such emerging economies as Brazil, which is closely linked with the Argentine economy.
　だが、信用低下による通貨安など、アルゼンチン経済への打撃は避けられない。経済の結びつきの強いブラジルなど新興国に連鎖しないか、注視する必要がある。

Prolonging the current turmoil may not be a good course of action to take for the U.S. hedge funds, either. No matter how hard they drive Argentina’s weak economy into a corner, they cannot expect much benefit for themselves. The hedge funds must search for a realistic middle ground with the Argentine government.
　混乱の長期化は、ファンドにとっても得策ではあるまい。経済力の乏しいアルゼンチンをいくら追いつめたところで、得るものは限られよう。ファンドはアルゼンチン政府との間で、現実的な妥協点を探るべきだ。

The problem is that, due to the funds’ attempt to rake in money, the agreements that other creditors reached earlier with Argentina to resolve the default crisis in 2001—even at the possible cost of suffering a loss—have turned to ashes.
　問題は、荒稼ぎを狙ったファンドの行動で、０１年のアルゼンチン危機を収束させるため、債権者が損失覚悟で結んだ合意が、簡単に台無しになったことである。

Many are skeptical of the U.S. court decision, which gave credit to the U.S. funds’ unilateral assertions, despite the fact that a large number of creditors had agreed with Argentina over the restructuring plans.
　多数の債権者が合意した経緯があるのに、ファンド側の一方的な主張を認めた米裁判所の司法判断を疑問視する見方も多い。

The fact that an international agreement has been overturned by the judicial ruling of a single country has fueled concern among such financial institutions as the International Monetary Fund that it would become ever more difficult to compile assistance efforts such as debt reductions or exemptions, should such a crisis as debt default occur in other countries in the future.
　一国の司法判断が国際的な合意を覆したことに、国際通貨基金（ＩＭＦ）などは、他国で将来、デフォルトなどが起きた際、債務減免といった支援策をまとめにくくなるとの懸念を強めている。

Recently there have been many national bonds that have set, at the time of issuance, a provision that if a certain ratio of creditors agree with a debt reduction, all the creditors will have to comply with the agreement.
　最近は、一定割合の債権者が債務削減に合意すれば、すべての債権者が従わなければならないという条項を、発行時に定めている国債が多いという。

The IMF and the Group of Seven major powers have to expedite their efforts to draw up an international framework to help such agreements retain their validity even in the judicial arena.
　ＩＭＦや先進７か国（Ｇ７）は、こうした取り決めが司法の場でも実効性を保てるよう、国際的な枠組み作りを急ぐべきだ。

(From The Yomiuri Shimbun, Aug. 5, 2014)