Disarmare gli Avvoltoi

NEW YORK – Nel bel mezzo della disputa in corso tra l’Argentina e i “fondi avvoltoio” che detengono le sue obbligazioni, è emerso un ampio consenso riguardo alla necessità di meccanismi di ristrutturazione del debito sovrano (SDRM). Diversamente, la sentenza del giudice federale statunitense Thomas P. Griesa che stabilisce che l’Argentina deve pagare interamente i fondi avvoltoio (dopo che il 93% degli altri obbligazionisti hanno accettato la ristrutturazione) darà libero sfogo a comportamenti opportunistici che possono sabotare le ristrutturazioni future.

Più di recente, la International Capital Market Association (ICMA) ha raccomandato nuovi termini per i titoli di Stato. Sebbene la proposta della ICMA lasci irrisolti le centinaia di miliardi di obbligazioni sottoscritte in base ai vecchi termini, il nuovo inquadramento stabilisce in effetti che l’interpretazione di Griesa era sbagliata, e riconosce che il mantenerla renderebbe impossibile le procedure di ristrutturazione.

Le condizioni contrattuali proposte dalla ICMA chiariscono la clausola pari passu, che è stata al centro della confusa sentenza di Griesa. L’intento della clausola - una componente standard dei contratti dei titoli sovrani - è stato sempre quello di garantire che il paese emittente tratti allo stesso modo obbligazionisti dello stesso tipo. Ma è noto da sempre che i creditori senior - per esempio, il Fondo Monetario Internazionale - vengono trattati in modo diverso.

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