Argentinië afgeknepen

NEW YORK – Net zoals personen, bedrijven en andere particuliere firma’s die vertrouwen op faillissement procedures om een excessieve schuldenlast te reduceren hebben landen soms een ordelijke schuldensanering of -vermindering nodig. Maar het voortdurende juridische gevecht van Argentinië met schuldeisers laat zien dat het internationale systeem voor ordelijke herstructurering van landen met schulden wellicht kapot is.

Personen, firma’s of regeringen kunnen met teveel schulden blijven zitten vanwege ongelukkige omstandigheden, slechte beslissingen of een combinatie van beide. Als je een hypotheek krijgt maar daarna je baan verliest heb je ongeluk. Als je schuld onhoudbaar wordt omdat je teveel geleend hebt om op lange vakanties te gaan of om dure spullen te kopen is je slechte gedrag de schuld. Dit zelfde geldt voor bedrijven; sommige hebben ongeluk en hun businessplannen mislukken, terwijl anderen teveel lenen om hun middelmatige managers buitensporig te belonen.

Ongelukkig en slecht beleid kunnen ook leiden tot onhoudbare schuldenlasten voor regeringen. Als de handelscondities (de opbrengsten uit de export) van een land verslechteren en een grote recessie lange tijd aanhoudt kunnen de inkomsten van een land krimpen en kan de schuldenlast excessief worden. Maar een onhoudbare schuldenlast kan ook resulteren uit leningen om daarna teveel uit te geven, het falen om voldoende belasting te innen en ander beleid dat het groeipotentieel van de economie ondermijnt.

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