首页> 外文会议>UNCTAD's Second Inter-Regional Debt Management Conference, Apr, 2000, Geneva >HAS 1999 CHANGED ANYTHING (FOR ECUADOR AND OTHERS)? THE NEW INTERNATIONAL FINANCIAL ARCHITECTURE
【24h】

HAS 1999 CHANGED ANYTHING (FOR ECUADOR AND OTHERS)? THE NEW INTERNATIONAL FINANCIAL ARCHITECTURE

机译:1999年有任何变更(厄瓜多尔人和其他人)吗?新的国际金融架构

获取原文
获取原文并翻译 | 示例

摘要

Finding a way out of Ecuador's current external debt problems requires addressing the three questions posed at the beginning of this presentation. Bondholders will need to be persuaded that the burden sharing doctrine is not causing Ecuador to expect from them a sacrifice that is relatively more significant than the one being made by the other categories of creditors. Bondholders, however, will need to accept that their instruments need to be redesigned. Ecuador's cash flow limitations have become so severe that it clearly cannot be expected to continue servicing its external debt obligations on their original terms. Given that bonds constitute the bulk of Ecuador's external debt to the private sector, the country cannot even approach its external debt restructuring problem without involving its bondholders. Finally, the country/Government will need to design its restructuring proposal within the framework of its existing bond documentation, taking into account its lack of flexibility in terms of amending payment terms. Debt management teams at the finance ministries of developing countries have an advantage vis-a-vis their predecessors in the 1970s: the bond markets constitute one additional, and probably the largest, source of potential financing for their countries. But by the same token, this category of lenders has to be managed with care, especially when a restructuring of the obligations cannot be avoided. The new international financial architecture, which is developing, in part, through the initiatives of the public sector, and in part, simply force of circumstances affecting countries such as Ecuador, appears to be gradually building the structures needed to make bond investors long-term participants.
机译:要找到解决厄瓜多尔当前外债问题的出路,需要解决本演讲开始时提出的三个问题。必须说服债券持有人,负担分担理论不会使厄瓜多尔期望他们作出比其他类别债权人作出的牺牲相对更大的牺牲。但是,债券持有人将需要接受他们的工具需要重新设计。厄瓜多尔的现金流量限制已经变得如此严格,以至于显然不能指望厄瓜多尔继续按其原始条件继续偿还其外债。鉴于债券构成了厄瓜多尔对私营部门的外债的绝大部分,因此该国在没有涉及其债券持有人的情况下甚至无法解决其外债重组问题。最后,考虑到国家/地区在修改付款条件方面缺乏灵活性,国家/政府将需要在现有债券文件的框架内设计其重组建议。与1970年代的前任相比,发展中国家财政部的债务管理团队拥有一个优势:债券市场构成了本国潜在的又一个融资来源,而且可能是最大的潜在融资来源。但是出于同样的原因,这类放款人必须谨慎管理,尤其是在无法避免债务重组的情况下。新的国际金融体系正在部分地通过公共部门的倡议而发展,并且在某种程度上只是影响厄瓜多尔等国家的情况,似乎正在逐步建立使债券投资者长期需要的结构。参与者。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号