Jon Krause

Vítězství supů

NEW YORK – Nedávné rozhodnutí odvolacího soudu Spojených států hrozí obrátit globální trhy suverénních dluhů vzhůru nohama. Dokonce může vést k tomu, že USA přestanou být považovány za vhodné místo k emisi suverénního dluhu. Přinejmenším pak znemožňuje jakékoliv restrukturalizace dluhu na základě standardních dlužních smluv. Zároveň byl postaven na hlavu základní princip moderního kapitalismu – totiž že když dlužník nedokáže zaplatit věřiteli, je zapotřebí nový začátek.

Problém začal před dvanácti lety, kdy Argentina neměla jinou možnost než devalvovat měnu a vyhlásit, že není schopna splatit svůj dluh. Za tehdejšího režimu se země nacházela na rychlé sestupné spirále podobného typu, jaký dnes dobře znají v Řecku i jinde v Evropě. Nezaměstnanost rychle stoupala a úsporná opatření hospodářský pokles ještě zhoršila, místo aby obnovila fiskální rovnováhu.

Devalvace a restrukturalizace dluhu zabraly. V následujících letech až do vypuknutí globální finanční krize v roce 2008 dosahoval roční růst HDP Argentiny 8% a více, což bylo jedno z nejrychlejších temp na světě.

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