Despicar a los buitres

NUEVA YORK – En medio de la disputa entre la Argentina y los “fondos buitre” que son tenedores de los bonos emitidos por este país, ha surgido un amplio consenso relativo a la  necesidad existente de tener mecanismos de reestructuración de la deuda soberana (MRDS). De lo contrario, el dictamen del juez federal estadounidense Thomas P. Griesa que ordena que Argentina pague a los buitres en su totalidad (después de que el 93% de los otros tenedores de bonos acordaron una reestructuración) dará rienda suelta a comportamientos oportunistas que sabotearán las reestructuraciones futuras.

Muy recientemente, la Asociación Internacional del Mercado de Capitales (ICMA) recomendó nuevas cláusulas para los bonos de deuda pública. Aunque la propuesta de la ICMA deja sin resolver los cientos de miles de millones de bonos suscritos bajo las antiguas condiciones, el nuevo marco dice, en efecto, que la interpretación de Griesa estuvo ​​equivocada, y reconoce que mantener firme dicho dictamen haría que sea imposible llevar a cabo reestructuraciones.

Las cláusulas contractuales propuestas por la ICMA clarifican  la cláusula pari passu que estaba en el corazón del confuso dictamen de Griesa. La intención de la cláusula –  un componente estándar de los contratos de bonos soberanos – fue siempre asegurar que el país emisor trate a los tenedores de bonos de forma idéntica. Pero siempre se ha reconocido que los acreedores séniores – por ejemplo, el Fondo Monetario Internacional – reciben un trato diferente.

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