money change hands out Edd Sowden/Flickr

Uma Regulamentação para a Dívida Soberana

NOVA IORQUE – Os governos precisam por vezes de reestruturar as suas dívidas. De outra forma, a estabilidade económica e política de um país pode ser ameaçada. Mas, na ausência de uma regulamentação internacional para a resolução de incumprimentos soberanos, o mundo paga por essas reestruturações um preço mais alto do que deveria. O resultado é um mercado da dívida soberana que funciona incorrectamente, marcado por conflitos desnecessários e por atrasos dispendiosos na resolução de problemas quando estes surgem.

Somos recordados deste facto uma e outra vez. Na Argentina, as batalhas das autoridades contra um pequeno número de “investidores” (os chamados vulture funds – NdT: fundos “abutre”, ou oportunistas) comprometeram toda uma reestruturação de dívida negociada (voluntariamente) por uma esmagadora maioria dos credores do país. Na Grécia, a maior parte dos fundos de “resgate” dos programas de “assistência” temporária são destinados a pagamentos aos credores existentes, enquanto o país é forçado a adoptar políticas de austeridade que contribuíram grandemente para um declínio de 25% no PIB e deixaram a sua população numa situação pior. Na Ucrânia, as potenciais ramificações políticas do desgaste causado pela dívida soberana são enormes.

Por isso, a questão de como deve ser gerida a reestruturação da dívida soberana, reduzindo a dívida a níveis sustentáveis, é mais premente que nunca. O sistema actual coloca uma fé excessiva nas “virtudes” dos mercados. As disputas são normalmente resolvidas não graças a regras que garantam uma resolução justa, mas por uma negociação entre partes desiguais, em que os ricos e poderosos normalmente impõem a sua vontade sobre os outros. Normalmente, os resultados obtidos não são apenas injustos, mas também ineficientes.

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