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Um passo em frente para a dívida soberana

NOVA IORQUE – Todos os países avançados têm legislação sobre falências, mas não existe um enquadramento equivalente para mutuários soberanos. Este vazio legal tem importância porque, como se vê agora na Grécia e em Porto Rico, pode sugar a vida às economias.

Em Setembro, as Nações Unidas deram um grande passo no sentido de preencher esse vazio, aprovando um conjunto de princípios para a reestruturação da dívida soberana. Os nove preceitos (a saber: o direito de um estado soberano a iniciar uma reestruturação de dívida, a imunidade soberana, o tratamento equitativo de credores, a reestruturação com o apoio da (super)maioria, a transparência, a imparcialidade, a legitimidade, a sustentabilidade, e a boa-fé nas negociações) formam os rudimentos de uma regra eficaz de direito internacional.

O esmagador apoio a estes princípios, com os votos a favor de 136 membros da ONU e apenas seis votos contra (liderados pelos Estados Unidos), demonstra a extensão do consenso global sobre a necessidade de resolver as crises da dívida de uma forma oportuna. Mas o próximo passo – um tratado internacional que estabeleça um regime global para falências que vincule todos os países – pode revelar-se mais difícil.

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