Devono Accedere al Credito I Paesi Poveri?

WASHINGTON DC – Nel corso degli ultimi cinque anni, molti paesi a basso reddito, come il Ruanda e l’Honduras, hanno emesso per la prima volta obbligazioni verso investitori privati stranieri di Londra e New York. Fino a poco tempo fa sarebbe stato impensabile, dunque questa prima emissione di obbligazioni dei nuovi debitori dovrebbe essere vista come un segno di grande fiducia degli investitori. Ma nel contempo dovrebbero scattare alcuni noti campanelli d’allarme.

Circa 20 delle “nuove emissioni” hanno raccolto intorno a 12 miliardi di dollari a tassi di interesse che, in media, sono solo 4,5 punti percentuali al di sopra del valore pagato dal governo degli Stati Uniti a scadenze di cinque anni o più. Questo rappresenta un piccolo cambiamento nel grande schema della finanza globale; ma, dato che solo un decennio fa molti di questi debitori sono stati in difficoltà o a rischio default, rendendo necessaria la cancellazione del debito,, la loro attuale svolta colpisce particolarmente.

Ma l’accesso dei paesi a basso reddito a finanziamenti privati comporta dei rischi che devono essere messi in luce, in via preliminare, prima che diventino minacce incombenti.

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