money change hands out Edd Sowden/Flickr

Una legge per il debito sovrano

NEW YORK – I governi a volte hanno bisogno di ristrutturare il loro debito. Altrimenti, la stabilità economica e politica di un Paese potrebbe essere minacciata. Tuttavia, in assenza di una legge internazionale in materia di insolvenza sovrana, il mondo paga un prezzo più alto del dovuto per tali ristrutturazioni. Il risultato è un mercato del debito sovrano scarsamente funzionante, segnato da una inutile lotta e da ritardi onerosi nell’affrontare i problemi quando sorgono.

Ce ne ricordiamo di tanto in tanto. In Argentina, le battaglie delle autorità con un numero esiguo di “investitori” (i cosiddetti vulture fund) hanno messo a rischio la ristrutturazione di tutto il debito su cui si era accordata – volontariamente – una enorme maggioranza di creditori del Paese. In Grecia, la maggior parte dei fondi di “salvataggio” nei temporanei programmi di “assistenza” viene ripartita per i pagamenti ai creditori esistenti, mentre il Paese è obbligato ad accettare politiche di austerity che hanno contribuito fortemente a un calo del Pil del 25% e che hanno lasciato la popolazione in condizioni misere. In Ucraina, le potenziali conseguenze politiche del pericolo del debito sovrano sono enormi.

Pertanto la questione relativa alla gestione della ristrutturazione del debito sovrano – per ridurre il debito a livelli sostenibili – è più urgente che mai. L’attuale sistema ripone eccessiva fiducia nelle “virtù” dei mercati. Le controversie sono generalmente risolte non sulla base di norme che garantiscono una equa risoluzione, ma negoziando tra disuguali, con i ricchi e i potenti che solitamente impongono la loro volontà sugli altri. Le conseguenze generalmente sono inique, ma anche inefficienti.

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