Privons les vautours de leur becquée

NEW YORK – En plein débat sur  l’opposition entre l’Argentine et les « fonds vautours » détenant ses obligations, un important consensus se dégage concernant la nécessité d’instaurer des mécanismes de restructuration de la dette souveraine (MRDS). À défaut de cette mise en œuvre, la décision du juge fédéral américain Thomas P. Griesa, qui impose à l’Argentine de rembourser en intégralité ces fonds vautours (bien que 93 % des autres titulaires d’obligations aient consenti à une restructuration), ne pourra qu’inciter aux comportements les plus opportunistes, susceptibles de saboter les restructurations futures.

Plus récemment, l’International Capital Market Association (ICMA) a émis des nouvelles recommandations concernant les obligations gouvernementales. Bien que la proposition de l’ICMA ne résolve pas la question des centaines de milliards d’obligations régies par les anciennes modalités, ce nouveau cadre reconnaît bel et bien le caractère erroné de l’interprétation de Griesa, et admet qu’une restructuration serait impossible si cette interprétation demeurait en l’état.

Les dispositions contractuelles proposées par l’ICMA clarifient cette clause pari passu qui s’est inscrite au cœur de la décision embrouillée de Griesa. Cette clause – que l’on retrouve fréquemment dans les contrats d’obligations souveraines – a toujours eu pour objectif de garantir une égalité de traitement entre le pays émetteur et les détenteurs d’obligations. Il a néanmoins toujours été admis que les créanciers prioritaires – parmi lesquels le Fonds monétaire international – bénéficiaient d’un traitement de faveur.

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