2019年经济学人波多黎各的破产(1)（打印版）

"Are you and your client here just to defend the integrity of the Constitution?"

“你和你的委托人只是为了维护宪法的完整性吗？”

asked Samuel Alito, an associate justice of the America's Supreme Court, on October 15th.

10月15日，美国最高法院的大法官塞缪尔·阿利托问道。

"Or would one be excessively cynical to think that something else is involved here, involving money?"

“或者人们会不会极度怀疑，认为有其他东西涉及其中，比如钱？”

The court had heard arguments from Donald Verrilli, for the board overseeing Puerto Rico's bankruptcy;

法院听取了波多黎各破产监督委员会的唐纳德.维瑞利；

Jeffrey Wall, for the federal government; and Theodore Olson, to whom the judge's remarks were addressed.

联邦政府的杰弗里·沃尔以及希尔多·奥尔森为各自的辩论，法官的这句话是对希尔多·奥尔森说的。

His client is Aurelius Capital Management, a hedge fund that invests in distressed debt. At stake are $125bn of creditor claims.

他的委托人是Aurelius Capital Management，一家投资不良债务的对冲基金公司。1250亿美元的债权人债权岌岌可危。

Aurelius was founded in 2006 by Mark Brodsky, formerly of Elliott Management.

Aurelius由马克·布罗斯基成立于2006年，他曾供职于Elliott Management。

Both funds were involved in a fight with Argentina about its bonds in 2014,

这两家基金公司都曾在2014年与阿根廷就其债券发生纷争，

during which Cristina Fernandez de Kirchner, then the president, dubbed them "vultures".

当时的总统克里斯蒂娜·费尔南德斯·德基什内尔称他们是“秃鹰”。

They were among six funds that held out for full repayment. In 2016 they settled favourably and were paid $9.3bn.

他们是六家坚持全额还款的基金之一。2006年，他们达成了令人满意的和解协议，获得了93亿美元的报酬。

Aurelius now aims to get the Supreme Court to declare the Puerto Rico oversight board unconstitutional,

Aurelius现在的目标是让最高法院宣布波多黎各监督委员会违宪，

in the hope of improving on its offer to the territory's creditors of 35-45 cents on the dollar.

希望以此来改善其向该领地债权人提供的每1美元35-45美分的赔偿。

In 2014 rating agencies downgraded Puerto Rico's debt. It ended up defaulting.

2014年，评级机构下调了波多黎各的债务评级。它最终违约了。

In 2016 Congress passed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA)

2016年，议会通过了《波多黎各监督管理与经济稳定法案》（简称PROMESA）

to approve the island's budget and supervise its debts.

以批准波多黎各的预算并监督其债务。

The president, then Barack Obama, was to appoint the board members,

时任总统巴拉克·奥巴马将任命委员会成员，

with no requirement to seek the Senate's approval—which the constitution says is needed for "officers of the United States".

且没有寻求参议院的批准—宪法规定“美国官员”需寻求参议员批准。