Украина против стервятников

ОКСФОРД – Помимо всех своих других бед, Украина не может расплатиться с кредиторами. Страна нуждается в дополнительном финансировании, серьезной реформе и переносе сроков погашения своего долга. Тем не менее, даже лучшие усилия Международного валютного фонда, США и Европейского Союза по достижению этих целей будут отягощены инвестиционными соглашениями, которые они наложили на Украину и многие другие развивающиеся экономики. Действительно, Украина может оказаться перед лицом череды сложных и дорогостоящих судебных дел.

В последние годы проницательные юристы-кредиторы утверждали, что инвестиционные договоры дают держателям облигаций те же права, что и прямым иностранным инвесторам, и тайком протаскивали случаи с суверенным долгом через международные арбитражные разбирательства каждый раз, когда находили инвестиционные договоры с открытым, широким определением. Недавний опыт Аргентины, Греции и Кипра подчеркивает «отскок» в реструктуризации суверенного долга.

Первым таким делом было Абаклат и другие против Аргентинской Республики, которое началось в 2008 году. Тысячи итальянских держателей облигаций отказались от сделки с Аргентиной по реструктуризации долга, успешно утверждая, что итало-аргентинский инвестиционный договор дает им право на получение компенсации через арбитражный суд государства-инвестора.

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