Ein Schnitt für Argentinien

CAMBRIDGE – Die jüngste Staatspleite Argentiniens wirft für Politiker unangenehme Fragen auf. Natürlich sind die periodischen Schuldenkrisen oft das Ergebnis selbstzerstörerischer makroökonomischer Maßnahmen. Aber dieses Mal wurde die Pleite durch eine bedeutsame Änderung bei der internationalen Staatsschuldenregulierung ausgelöst.

Diese Änderung führt zu einer Bevorzugung kompromissloser Gläubiger bei Anleihen, die unter US-Recht emittiert wurden. Angesichts des langsameren Wachstums der Schwellenländer und steigender Auslandsschulden sind neue rechtliche Auslegungen, die zukünftige Abschreibungen und Umschuldungen erschweren, für die Stabilität des weltweiten Finanzsystems nicht hilfreich.

In dieser Geschichte gibt es keine Helden. Die argentinischen Politiker, die vor zehn Jahren versucht haben, unilateral eine massive allgemeine Abschreibung unter ausländischen Gläubigern durchzusetzen, gehören sicherlich nicht dazu. Auch Ökonomen, die den „Konsens von Buenos Aires“ als neue Art des Wirtschaftens gepriesen haben, sehen rückblickend ziemlich dumm aus. Der Internationale Währungsfonds gibt seit langem zu, dass er beim Zusammenbruch der unhaltbaren argentinischen Dollarbindung im Jahr 2001 dem Land zu viele Rettungskredite gegeben hat.

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