纳粹的策略

Sung Hui Kim
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引用次数: 2

摘要

正如阿根廷共和国与NML资本有限公司之间正在进行的法庭之争所表明的那样,主权债务合同中同等权益的含义仍然存在高度争议。这篇文章提出了可能是最清楚的历史证据,证明在战前时期,同等权益条款的含义是什么。它考察了纳粹德国在20世纪30年代对道斯和杨贷款的违约。根据这一历史证据,当事各方认为,该条款承诺在被认为是同一总承诺的一部分的不同债权人集团(在此情况下,代表不同国家国民的各个部分)之间支付均等。本文报告没有证据支持可能是当今对该条款最常见的解释- -即同等权益条款的目的是禁止主权者通过可能产生非自愿地使某些债权人处于从属地位的法律。本文也没有发现任何证据表明同等权益条款被理解为赋予受害债权人单方面阻止向同意政府重组提议的债券持有人付款的权利。
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Pari Passu: The Nazi Gambit
As the ongoing court battle between the Republic of Argentina and NML Capital, Ltd. illustrates, the meaning of pari passu in sovereign debt contracts remains highly contested. This article presents what might be the clearest historical evidence of what the pari passu clause was understood to mean in the pre-war period. It examines Nazi Germany’s defaults of the Dawes and Young Loans during the 1930s. According to this historical evidence, the parties believed that the clause promised parity in payment across different creditor groups (in this context, the various tranches representing nationals of different countries) considered to be part of the same general undertaking. This article reports no evidence to support what may be the most commonly offered interpretation for the clause today — that the pari passu clause was intended to prohibit the sovereign from passing laws that would have the effect of involuntarily subordinating certain creditors. This article also finds no evidence to suggest that the pari passu clause was understood as entitling the aggrieved creditor to a unilateral right to block payments to bondholders who assented to a government’s restructuring proposal.
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