Ucrania contra los buitres

OXFORD – A todos los problemas de Ucrania se suma otro: no puede pagar a sus acreedores. El país necesita más dinero, una reforma seria y una reprogramación de su deuda. Sin embargo, incluso los mejores esfuerzos del Fondo Monetario Internacional, los Estados Unidos y la Unión Europea para lograrlo se verán perjudicados por los acuerdos de inversión que ellos mismos han presionado a Ucrania –y a muchas otras economías emergentes– a aceptar. De hecho, Ucrania podría enfrentar una sarta de complejos y costosos casos legales.

En los últimos años, los astutos abogados de los acreedores han argumentado que los tratados de inversión otorgan a los tenedores de bonos los mismos derechos que a los inversores extranjeros directos y han logrado contrabandear los casos de deuda soberana para ingresarlos en procedimientos de arbitraje internacional cada vez que encontraron tratados de inversión con definiciones amplias y abiertas. Las recientes experiencias de Argentina, Grecia y Chipre destacan el «reflujo» de la reestructuración de la deuda soberana.

El primero de estos casos fue Abaclat y otros contra la República Argentina, que comenzó en 2008. Miles de tenedores italianos de bonos rechazaron el acuerdo de reestructuración de deuda argentino, argumentando exitosamente que el tratado de inversión entre Italia y Argentina les otorgaba derecho a reclamar una compensación según un arbitraje entre los inversores y el estado.

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