IMF considering taking action in conflict with «Kawaser»
Robin Ajzwairth, from London
In the past it was sending warships is the usual punishment imposed by the world's great powers on the small countries that renege on a promise to repay the debts. However, during most of the past century, countries were able to stop payment without being subject to retribution approx.
This situation began to change in 1994, when he resided Kenneth Dart,, the adventurer heir to the empire plastic cups, suit against Brazil and the process of debt restructuring of $ 40 billion. Technically, this investor lost American المتكتم, but nevertheless managed to get out a small fortune after that Brazil has chosen to continue to service debt. Its success helped in the emergence of the type of investors who are often called Description Althkira'' the'' Kawaser funds.
These investors, who sometimes called pronunciation diluted'' الممانعين'' recorded in recent victories over from Greece to countries of Argentina, work to transform the balance of power toward lenders countries.
As a result of concerns that the debt restructuring of the system (which is suffering a shortage, but somewhat successful) can now be exposed for the disorder at the hands of hedge funds, which increased boldness, studying the International Monetary Fund (IMF) how to fix this process. Late this week will publish papers and proceedings of Executive Board discussions on this topic.
The fund in the past tried to introduce reforms, but failed. In the wake of the catastrophic insolvency of Argentina in 2001 suggested that the Fund'' mechanism for sovereign debt restructuring'', which is conceived as a kind of bankruptcy court for countries, but it is surrounded by the prestige of the laws of the Fund.
The initiative fell fire from the United States - the largest contributors to the fund - and since then she has been prone to wilting. And return most of the reason for this is that the dominant system seemed solid. Countries enjoying sovereign fort that makes sued the idea discourage determination, as it is impossible to enforce the provisions in the event of issuance. This led to the most encouraging creditors to approve forced to bear the losses.
He says Whitney ديبفواز, a partner in the company Arnold & Blamton, the law firm:'' You can sue countries to the end of time, but you will not get any money''.
In fact, the creditors الممانعين to - and they often hedge funds - have always been a source of frustration, but not to obstruct, the successful efforts in restructuring operations. Given the inconvenience which may be caused by these funds through the issues, most countries choose to pay her money. Argentina is the exception, it was only during the past decade stuck in the U.S. courts and out of the international bond markets.
But last year revealed weaknesses in the sovereign gear, making a lot of lawyers and cheerleaders Bdharoh officials a comprehensive change in the system. In the past year, Greece has been able to impose unfair losses on holders of local bonds, but hedge funds and investors such as Dart were able to synthesize large stakes adequately in international bonds of Greece in a manner preventing restructuring. Athens was unwilling to stand in the face الممانعين in the courts, and yet chose to pay their money in full.
But perhaps what is most important is that the hedge funds, led by Elliott Management, recorded big wins in its legal war which long-term relationship with Argentina. Elliott Fund is managed by the U.S. billionaire Paul Singer, a lawyer who is passionate rational strategy could transform the original objection revolved into a form of art.
Elliott returned'''' in the dispute in the courts of New York that paragraph in decades Argentina's debt, which is called pari passu (a Latin expression meaning evenly or without preference for one party to another) - means that Buenos Aires can not continue to pay its debts to holders of structured before bonds to repay the debt'' Elliot'' and its partners.
The case is still ongoing in the courts, but experts fear that the cumulative effect of the case, and the scenery Greece is repaid debt of hedge funds in full, to inspire other creditors and to encourage them to reluctance in order to get a better deal in the future - and turn a nuisance to becomes more problematic.
And tell me Boutchait, a lawyer with the firm Cleary Gottlieb, which represents the countries that are restructuring their debt, including Greece:'' will become behavior creditors الممانعين the more prevalent if people thought that they have a strong playing card''.
The important question is: What can I do? A government official says:'' in a century, the United Nations and the Council of the International Monetary Fund (IMF), everyone is aware that there is a need to do something. But there is no consensus on this thing. '
Robin Ajzwairth, from London
In the past it was sending warships is the usual punishment imposed by the world's great powers on the small countries that renege on a promise to repay the debts. However, during most of the past century, countries were able to stop payment without being subject to retribution approx.
This situation began to change in 1994, when he resided Kenneth Dart,, the adventurer heir to the empire plastic cups, suit against Brazil and the process of debt restructuring of $ 40 billion. Technically, this investor lost American المتكتم, but nevertheless managed to get out a small fortune after that Brazil has chosen to continue to service debt. Its success helped in the emergence of the type of investors who are often called Description Althkira'' the'' Kawaser funds.
These investors, who sometimes called pronunciation diluted'' الممانعين'' recorded in recent victories over from Greece to countries of Argentina, work to transform the balance of power toward lenders countries.
As a result of concerns that the debt restructuring of the system (which is suffering a shortage, but somewhat successful) can now be exposed for the disorder at the hands of hedge funds, which increased boldness, studying the International Monetary Fund (IMF) how to fix this process. Late this week will publish papers and proceedings of Executive Board discussions on this topic.
The fund in the past tried to introduce reforms, but failed. In the wake of the catastrophic insolvency of Argentina in 2001 suggested that the Fund'' mechanism for sovereign debt restructuring'', which is conceived as a kind of bankruptcy court for countries, but it is surrounded by the prestige of the laws of the Fund.
The initiative fell fire from the United States - the largest contributors to the fund - and since then she has been prone to wilting. And return most of the reason for this is that the dominant system seemed solid. Countries enjoying sovereign fort that makes sued the idea discourage determination, as it is impossible to enforce the provisions in the event of issuance. This led to the most encouraging creditors to approve forced to bear the losses.
He says Whitney ديبفواز, a partner in the company Arnold & Blamton, the law firm:'' You can sue countries to the end of time, but you will not get any money''.
In fact, the creditors الممانعين to - and they often hedge funds - have always been a source of frustration, but not to obstruct, the successful efforts in restructuring operations. Given the inconvenience which may be caused by these funds through the issues, most countries choose to pay her money. Argentina is the exception, it was only during the past decade stuck in the U.S. courts and out of the international bond markets.
But last year revealed weaknesses in the sovereign gear, making a lot of lawyers and cheerleaders Bdharoh officials a comprehensive change in the system. In the past year, Greece has been able to impose unfair losses on holders of local bonds, but hedge funds and investors such as Dart were able to synthesize large stakes adequately in international bonds of Greece in a manner preventing restructuring. Athens was unwilling to stand in the face الممانعين in the courts, and yet chose to pay their money in full.
But perhaps what is most important is that the hedge funds, led by Elliott Management, recorded big wins in its legal war which long-term relationship with Argentina. Elliott Fund is managed by the U.S. billionaire Paul Singer, a lawyer who is passionate rational strategy could transform the original objection revolved into a form of art.
Elliott returned'''' in the dispute in the courts of New York that paragraph in decades Argentina's debt, which is called pari passu (a Latin expression meaning evenly or without preference for one party to another) - means that Buenos Aires can not continue to pay its debts to holders of structured before bonds to repay the debt'' Elliot'' and its partners.
The case is still ongoing in the courts, but experts fear that the cumulative effect of the case, and the scenery Greece is repaid debt of hedge funds in full, to inspire other creditors and to encourage them to reluctance in order to get a better deal in the future - and turn a nuisance to becomes more problematic.
And tell me Boutchait, a lawyer with the firm Cleary Gottlieb, which represents the countries that are restructuring their debt, including Greece:'' will become behavior creditors الممانعين the more prevalent if people thought that they have a strong playing card''.
The important question is: What can I do? A government official says:'' in a century, the United Nations and the Council of the International Monetary Fund (IMF), everyone is aware that there is a need to do something. But there is no consensus on this thing. '
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