Wie kann man den Geiern den Schnabel kürzen?

NEW YORK – Im laufenden Disput zwischen Argentinien und den „Geierfonds“, die dessen Staatsanleihen halten, hat sich ein breiter Konsens bezüglich der Notwendigkeit von Restrukturierungsmechanismen für Staatschulden (sogenannte SDRMs) herausgebildet. Ohne derartige Mechanismen wird das Urteil von US-Bundesrichter Thomas P. Griesa, wonach Argentinien die Geier vollständig auszahlen muss (nachdem 93% der übrigen Anleihegläubiger einer Restrukturierung zugestimmt hatten), opportunistischen Verhaltensweisen, die künftige Restrukturierungen sabotieren, freien Lauf lassen.

Zuletzt hat die International Capital Market Association (ICMA) neue Bestimmungen für Staatsanleihen vorgeschlagen. Obwohl der Vorschlag der ICMA keine Lösung für die gemäß den älteren Bestimmungen ausgegebenen Anleihen im Wert von hunderten von Milliarden Dollar enthält, besagt der neue Rahmen faktisch, dass Griesas Auslegung falsch war, und erkennt an, dass sie beizubehalten künftige Restrukturierungen unmöglich machen würde.

Die von der ICMA vorgeschlagenen Vertragsbedingungen beinhalten eine Klarstellung der so genannten Pari-Passu-Klausel, die im Mittelpunkt von Griesas konfuser Entscheidung stand. Die Absicht dieser Klausel – einer Standardkomponente der Verträge von Staatsanleihen – war immer, zu gewährleisten, dass das Ausgeberland gleichartige Anleihegläubiger gleich behandelt. Aber es wurde zu allen Zeiten anerkannt, dass vorrangige Schuldner – z. B. der Internationale Währungsfonds – anders behandelt werden.

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