翻譯練習：Roll Up And Write Down（3）

Roll Up, Roll Up And Write Down : How Can Governments Recover Faster From Insolvency?(3)

滾動貸款，滾動貸款再減記債務：政府如何才能從破產中快速恢復？（3）

債券違約解決之道

（6）There has， however， also been progress。 On November 21st-22nd， G20 leaders will sign off on a common framework for renegotiating debts with the world‘s poorest countries。 The framework， in effect， extends the principles of the Paris Club to those G20 members who are not already in it， widening the second ring of the circus。 It applies only to countries with unsustainable debts， and any borrower that receives relief from the G20 must seek a similar deal from other creditors。 Because all lenders must do their bit， little hangs on whether they are classified as official or private。

不過，還是取得了一些進展。（2020年）11月21-22日，G20領導們將會與世界最窮國家重新談判債務問題簽署一個共同框架。這個框架實際上擴充套件了巴黎俱樂部的原則，讓那些還沒有加入G20的國家也包括也進來，擴大了馬戲團的第二環。它僅適用於有無法維持的債務的國家，任何收到G20救濟的借款方必須從其他債權人處尋求相似的協議，因為所有的貸款方都必須做出一些暫緩，無論他們是官方的，還是私有的性質。

（7）There has been progress in contracts as well as clubs。 After Argentina defaulted in 2001， it offered to exchange its unpayable bonds for new securities with easier terms。 Some bondholders rejected the deal， seeking full payment in New York’s courts instead。 That made life harder for both Argentina and its other creditors。 Since 2003， most bonds issued under New York law have contained “collective-action clauses”， which compel all bondholders to go along with any deal accepted by the majority。 Such clauses helped Ecuador resolve its default this year with “hardly any real grumbling”， notes Clay Lowery of the Institute of International Finance， a bankers‘ association。 They also helped Argentina reach a deal with its main bondholders in August（albeit with “a fair amount of grumbling”）

在合同和俱樂部方面都取得了進展。阿根廷在2001年違約後，提出用其無法償還的債券換取條款更寬鬆的新債券。一些債券持有者拒絕這個交易，轉而在紐約法院尋求全額償付。這讓阿根廷及其他債權人的日子都很難過。自2003年起，大多數根據紐約州法律發行的債券都包含“集體行動條款”，強迫所有的債券持有人遵守多數債權人接受的任何協議。由銀行家組成的國際金融協會的克里・勞瑞指出，這個條款幫助厄瓜多“幾乎沒遇到任何真正的報怨”地解決了今年它的債務，他們還幫助阿根廷在八月份與主要的債券持有人達成了一個交易（儘管“有相當多的抱怨”）