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Argentina's Defaulted Sovereign Debt: Dealing with the Holdouts

机译：阿根廷违约的主权债务：处理违约问题

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摘要

In December 2001, following an extended period of economic and political instability, Argentina suffered a severe financial crisis, leading to the largest default on sovereign debt in history. In 2005, after prolonged, contentious, and unsuccessful attempts to find a mutually acceptable solution to restructuring the debt, Argentina abandoned the negotiation process and made a onetime unilateral offer on terms highly unfavorable to creditors. Although 76% of them accepted the offer, a diverse group of 'holdouts' opted instead for litigation in hopes of achieving a better settlement in the future. Argentina still owes private bondholders $20 billion in defaulted debt and $10 billion in past-due interest. It is also in arrears to the United States and other governments on $6.2 billion in loans. Although Argentina succeeded in reducing much of its sovereign debt, its unorthodox methods have left it ostracized from international credit markets for nearly a decade and triggered legislative action and sanctions in the United States. The lingering effects of the debt default have become a legacy problem for Argentina, but circumstances have evolved to a point where the government decided in October 2009 to restructure the remaining holdout debt. Argentina has made preliminary filings at the U.S. Securities and Exchange Commission (SEC) for a debt exchange, and although there a number of internal political complications that may delay the debt swap, it is expected to move forward in the first quarter of 2010. This report provides background, analysis, and implications of Argentina's proposal to resolve its defaulted sovereign debt.

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