Die Ukraine gegen die Geier

OXFORD – Zusätzlich zu all ihren anderen Problemen ist die Ukraine nicht in der Lage, ihre Gläubiger zu bezahlen. Das Land braucht mehr Geld, ernsthafte Reformen und eine Umschuldung. Aber sogar die besten Absichten des Internationalen Währungsfonds, der Vereinigten Staaten und der Europäischen Union in dieser Richtung werden durch Investitionsabkommen behindert, die sie selbst der Ukraine und vielen anderen Entwicklungs- und Schwellenländern aufgezwungen haben. In der Tat könnte die Ukraine vor einer Reihe komplexer und kostspieliger Gerichtsverfahren stehen.

In den letzten Jahren haben durchtriebene Anwälte der Kreditgeber argumentiert, dass Investitionsabkommen Anleiheneignern dieselben Rechte gewähren wie ausländischen Direktinvestoren, und haben, wann immer sie Investitionsabkommen mit weiten, offen gehaltenen Bedingungen fanden, Fälle von Staatsverschuldung in internationale Schiedsgerichtsverfahren geschmuggelt. Die kürzlichen Erfahrungen von Argentinien, Griechenland und Zypern spiegeln den „Rückschlag“ bei der Restrukturierung von Staatsschulden wider.

Der erste solche Fall war Abaclat und andere gegen die Argentinische Republik, der 2008 begann. Tausende italienische Anleiheneigner lehnten Argentiniens Schuldenumstrukturierung ab und argumentierten erfolgreich, das Investitionsabkommen zwischen Italien und Argentinien gebe ihnen das Recht, über Schiedsgerichtsverfahren zwischen Investoren und dem Staat Entschädigungen zu verlangen.

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