¿Países pobres y solventes?

WASHINGTON, DC – En los últimos cinco años, varios países de bajos ingresos, como Ruanda y Honduras, han emitido por primera vez bonos para inversionistas privados en el exterior en Lodres y Nueva York, algo impensable hasta hace poco, ya que la primera emisión de bonos de un país debería verse como un signo de gran confianza de los inversionistas. También debería hacer sonar algunas alarmas de advertencia bastante familiares.

Cerca de 20 “emisiones principiantes” han recaudado alrededor de $12 mil millones a tasas de interés que, en promedio, son apenas 4,5 puntos porcentuales por sobre lo que paga el gobierno de Estados Unidos por vencimientos a cinco o más años. Se trata de un pequeño cambio en el esquema financiero global pero, dado que muchos de estos prestararios estaban en dificultades o impago hace apenas una década y necesitaban que se les perdonara la deuda, su despegue no deja de impresionar.

No obstante, el acceso de los países de bajos ingresos a acreedores privados implica riesgos que habría que destacar desde el comienzo, antes de que se conviertan en amenazas inminentes.

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