DANIEL GARCIA via Getty Images
アルゼンチンが一部ヘッジファンドに対する支払い猶予期限である7月30日までに満額の支払いに応じなかったため、選択的債務不履行となりました。
背景を説明します。
アルゼンチンは2001年に通貨危機に見舞われ、約1,000億ドルの国債が債務不履行となりました。
その後、同国は債権者の大半(93%)とエクスチェンジ・オファー(別の、価値の低い国債と交換すること)に合意し、額面100ドルのオリジナルの債券につき約30ドルで債券を再発行し、投資家とアルゼンチン政府が痛み分けすることにしました。
ところがアルゼンチンが当時発行していた債券の一部はニューヨーク州法に準拠した債券でした。
これに注目したエリオット・マネージメントなどの一握りのヘッジファンドが、このニューヨーク州法に準拠したアルゼンチン債を投資家からかき集め、ニューヨークで上記のエクスチェンジ・オファーを不服とし、あくまでも満額支払いを要求する訴訟を起こしたのです。
ニューヨーク連邦地裁はヘッジファンド側を支持し、満額支払いを要求しているヘッジファンドの支払い要求に応じなければ、他のエクスチェンジ・オファーに応じた債権者たちに対しても利払いを行ってはいけないという停止命令を出しました。
アルゼンチン政府は、すでに債権者に対する利払いのために準備された5.39億ドルの資金を、バンク・オブ・ニューヨーク・メロン銀行に開設したエスクロー口座に入金済です。でもエスクローから債権者に対する支払いは未だ実行されていませんでした。
クリスティーナ・キチネル大統領はヘッジファンドからの圧力に屈しないということを公約に掲げており、これが有権者からの支持の源泉になっています。だから今回、エリオット・マネージメントとの和解に応じなかったのは、既定路線と言えます。
それにエリオット・マネージメントへの満額支払いに応じてしまうとエクスチェンジ・オファーに既に合意している93%の債権者に対しても即時支払の義務が発生し、1,200億ドル前後の支払いをする必要が生じます。
するとアルゼンチン政府としては満額支払いに応じるインセンティブは、全くないわけです。
デフォルトが宣言されるとエクスチェンジ・オファーを待っている債権者たちには8%の利払い義務が発生します。するとエクスチェンジ・オファーを待っている債権者たちにとって逆にその方が好都合になるという見方も出来るわけです。
アルゼンチンの現在の外貨準備高は290億ドルです。
（2014年7月31日「Market Hack」より転載）
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