Сломать клюв стервятникам

НЬЮ-ЙОРК – На фоне продолжающегося спора между Аргентиной и «фондами-стервятниками», которые владеют облигациями этой страны, возник широкий консенсус по поводу необходимости механизма реструктуризации суверенных долгов. В противном случае, решение американского судьи Томаса Грисы развяжет руки безответственным игрокам, способным саботировать любую долговую реструктуризацию в будущем: Гриса обязал Аргентину выплатить «стервятникам» долг полностью, хотя 93% держателей облигаций уже согласились на реструктуризацию.

Международная ассоциация рынков капитала (ICMA) недавно опубликовала новые рекомендации по условиям выпуска гособлигаций. ICMA оставляет в стороне вопрос о том, что делать с уже выпущенными на старых условиях облигациями на сумму в сотни миллиардов долларов. Но в документе признается, что решение Грисы было неверным и что, оставаясь в силе, оно сделает невозможным реструктуризацию суверенных долгов.

В рекомендациях ICMA даются разъяснения оговорки pari passu, которая легла в основу глупого решения Грисы. Данная оговорка является стандартным условием любого выпуска гособлигаций. Она гарантирует равное отношение страны-эмитента ко всем владельцам облигаций одного и того же типа. Впрочем, всегда признавалось, что отношение к старшим кредиторам – например, к Международному валютному фонду – может быть иным.

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