Um Julgamento Justo para a Dívida Soberana

NOVA IORQUE – No passado mês de Julho, quando o juiz federal dos Estados Unidos, Thomas Griesa, deliberou que a Argentina deveria reembolsar integralmente os chamados “fundos-abutre”, que tinham adquirido a sua dívida soberana a preços muito baixos, o país foi forçado a entrar em incumprimento, ou em “Griesafault.” (NdT: Jogo de palavras entre default/incumprimento e o apelido do juiz Thomas Griesa). A decisão teve amplas repercussões, afectando títulos emitidos numa série de jurisdições, sugerindo que os tribunais dos EUA teriam ascendente sobre contratos celebrados noutros países.

Desde então, advogados e economistas têm tentado destrinçar as confusas implicações da decisão de Griesa. Estender-se-á realmente, para além das fronteiras da América, a autoridade dos tribunais dos EUA?

Agora, um tribunal do Reino Unido trouxe finalmente alguma clareza ao assunto, deliberando que os pagamentos de juros feitos pela Argentina e relativos a obrigações emitidas de acordo com a lei do Reino Unido são regidos pela lei do Reino Unido, e não por decisões judiciais dos EUA. A decisão – uma bem-vinda pausa numa série de decisões de juízes Americanos que não parecem compreender as complexidades dos mercados financeiros globais – transmite algumas mensagens importantes.

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