在新兴市场如何处理债务重组的外文翻译.docVIP

外 文 翻 译 外文题目 How to tackle debt restructuring in emerging markets/ Mapping the dangers of debt restructuring 外文出处 国际金融法律评论/国际税务回顾 外文作者 卡格曼.史蒂文/克隆普.赫仑纳 原文： How to tackle debt restructuring in emerging markets The present slowdown in the global economy has focused renewed attention on the issue of restructuring troubled loans in emerging markets. Debt restructurings in these markets often represent a unique amalgam of legal, business, financial and strategic issues. TRYING TO MAKE TIMELY IN THE RESTRUCTURING PROCESS Many emerging market restructurings can, for various reasons, easily take a few years to complete, and the creditors and debtor may have sharply divergent perspectives on whether it is in their fundamental interest to achieve a relatively quick solution. It is not uncommon in restructuring situations for debtors to believe that time is on their side, and this perception on the part of debtors is often grounded in reality. By contrast, the creditors may generally view time as their enemy. Since many restructurings involve some form of debt service moratorium or debt standstill, the creditors will be anxious to reach a restructuring solution as promptly as possible. The creditors obviously will want their debt service payments to resume at the earliest possible date. The debtor, on the other hand, may be less motivated to keep the process moving forward with any type of alacrity. Assuming that it can continue to meet its working capital and other basic needs and otherwise continue to function as a going concern, some debtors may be perfectly content to maintain a debt service moratorium or debt standstill. By foregoing debt service payments, the debtor may be able to accumulate some cash on hand, which may well be beyond the reach or control of the creditors. Under such circumstances, it is not inconceivable that certain debtors may therefore be rela