Credito aos pobres?

WASHINGTON, DC – Nos últimos cinco anos, vários países de baixo rendimento, como o Ruanda e as Honduras, emitiram os seus primeiros empréstimos obrigacionistas junto de investidores privados estrangeiros em Londres e em Nova Iorque. Até há pouco tempo, tal situação poderia parecer impensável, daí que esta emissão inicial de obrigações dos novos mutuários deva ser encarada como um sinal de grande confiança por parte dos investidores. Porém, também deve fazer soar alguns sinais de alarme familiares.

Cerca de 20 "emissões iniciais" arrecadaram aproximadamente 12 mil milhões de dólares a taxas de juro que, em média, se situam apenas 4,5 pontos percentuais acima do que o governo dos Estados Unidos da América paga por obrigações com vencimentos de cinco ou mais anos. Trata-se de uma pequena alteração no grande esquema das finanças globais. Porém, tendo em conta que grande parte dos referidos mutuários se encontrava em situação de sobreendividamento ou de incumprimento, há apenas uma década, e necessitava do perdão das dívidas, o seu caso revela uma reviravolta particularmente impressionante.

Contudo, o acesso de países de baixo rendimento a credores privados implica riscos que devem ser evidenciados logo no início, antes de se transformarem em ameaças iminentes.

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