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国际债权人在主权债务违约中通常处于不利地位。主权国家豁免权、债务判决执行不能和平等条款运用的忽视都导致国际债权人很难通过司法救济实现债权,而不得不接受损失惨重的债务重组。2000年“艾略特公司诉秘鲁”案和2014年“NML资本有限公司诉阿根廷案”为国际债权人带来了转机。对平等条款作出等比例清偿的解释,成为国际债权人寻求公平清偿的法律依据。对于有关法院就平等条款作出的等比例清偿的解释,国际货币基金组织和国际资本市场协会从国际债务人的视角提出了应对策略。中国作为最大的主权债务债权国有必要做出有针对性的选择。
International creditors are often at a disadvantage in default on sovereign debt. Sovereign state immunity, the failure to enforce the debt judgment and the negligence of the application of the equality clause all make it difficult for international creditors to obtain their claims through judicial remedies, and have to accept heavy losses of debt restructuring. 2000 “Eliot v. Peru” and 2014 “NML Capital v. Argentina” provide a turning point for international creditors. The interpretation of the equal payment of equal terms becomes the legal basis for the international creditors to seek a fair settlement. Explanations of the court’s equal-proportion settlement of the equal terms suggested that the International Monetary Fund and the International Association of Capital Markets propose coping strategies from the perspective of the international debtors. As the largest sovereign debt creditor country, China needs to make a targeted choice.