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首页> 外文期刊>Journal of Stock & Forex Trading >NML v. Argentina - Final Proof of a Glaring Imperfection of International Capital Markets
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NML v. Argentina - Final Proof of a Glaring Imperfection of International Capital Markets

机译：NML诉阿根廷-国际资本市场明显缺陷的最终证据

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It is useful to recall first that domestic equivalents of so-called “vulture funds” exist in practically all jurisdictions. Doubtful claims are sold well below par to firms specialised on collecting debts and trying to get full payment every day around the globe. Usually, this is seen as a useful way for creditors to get rid of doubtful claims and to recoup at least some money. In contrast to sovereign debts, though, all jurisdictions also have debtor protection in place, be it consumer protection offices or insolvency as a means to give overburdened debtors a fresh start. Although already advocated by Adam Smith as the optimal solution, insolvency continues to be denied to sovereigns. Therefore, an incentive for professional houldouts, or “vulture” behaviour, exists unlike in the case of domestic debtors. Legal changes, such as the abolition of champerty defence, have further strengthened this incentive. New York changed the law in favour of professional holdouts. The important and apparently overlooked point is that “vultures” are only able to fly because some OECD-countries and courts allow them to do so. It is extremely interesting that those campaigning against “vultures” turn a blind eye to actions of courts or legislators within creditor states. Apparently, “vultures” seem morally more rewarding targets. In any case, the “vulture” debate casts a convenient veil over the real problem of global inequality: the fact that Southern debtors and their people are denied basic rights by Northern official creditors, remaining the only type of debtor still denied insolvency protection.
机译：首先回顾一下，实际上在所有辖区都存在国内所谓的“秃funds基金”。值得怀疑的债权以低于平价的价格卖给了专门收集债务并试图在全球范围内每天全额付款的公司。通常，这被视为债权人摆脱可疑债权并收回至少一部分钱的一种有用方法。但是，与主权债务相比，所有司法管辖区都设有债务人保护，无论是消费者保护办公室还是破产，都是为负担沉重的债务人提供新起点的手段。尽管亚当·斯密已经提出将其作为最佳解决方案，但破产仍然被主权国家拒之门外。因此，与家庭债务人不同的是，存在着对职业束腰或“秃””行为的激励。法律上的变化，例如废除包庇辩护，进一步加强了这种激励。纽约修改了法律，转而采用专业保留。重要的，显然是被忽视的一点是，“秃鹰”只能飞翔，因为一些经合组织国家和法院允许它们飞翔。那些极力反对“秃ul”的人对债权国内部的法院或立法者的行动视而不见。显然，“秃鹰”在道德上似乎是更有回报的目标。无论如何，“秃ul”辩论给全球不平等的真正问题蒙上了方便的面纱：南方债务人及其人民被北方官方债权人剥夺了基本权利，仍然是唯一仍被拒绝保护破产的债务人这一事实。

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