Tirar o Bico aos Abutres

NOVA IORQUE – No meio da disputa em curso entre a Argentina e os “fundos-abutre” (no original, vulture funds – NdT) que detêm as suas obrigações, emergiu um consenso alargado sobre a necessidade de mecanismos de reestruturação da dívida soberana (MRDS). De outra forma, a decisão do Juiz Federal dos EUA, Thomas P. Griesa, de que a Argentina deverá pagar integralmente aos abutres (depois de 93% dos restantes credores terem acordado uma reestruturação) dará rédea livre a comportamentos oportunistas que sabotarão reestruturações futuras.

Mais recentemente, a Associação Internacional dos Mercados de Capitais (AIMC) recomendou novas condições para as obrigações de dívida pública. Embora a proposta da AIMC deixe por resolver as centenas de milhares de milhões de obrigações subscritas segundo as condições antigas, o novo enquadramento diz na verdade que a interpretação de Griesa estava errada, e reconhece que a sua manutenção tornaria as reestruturações impossíveis.

Os termos contratuais que a AIMC propôs clarificam a cláusula pari passu que esteve no centro da confusa decisão de Griesa. A intenção da cláusula – uma componente normal dos contratos de obrigações soberanas – era assegurar que o país emissor trataria, de modo idêntico, detentores de obrigações idênticos. Mas tem sido sempre reconhecido que os credores importantes – por exemplo, o Fundo Monetário Internacional – são tratados de modo diferente.

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