Margaret Scott

El embrollo de la deuda de la Argentina

BUENOS AIRES – La Argentina se encuentra ante un dilema. Antes de su canje de deuda soberana, su Asamblea Legislativa promulgó una “Ley Cerrojo”, que impedía cualesquiera ofertas futuras a los titulares de bonos de los que la Argentina había declarado suspensión de pagos en 2002. Si bien la Ley Cerrojo contribuyó a aumentar la participación en el canje de 2005, siguen existiendo acreedores que se negaron a participar en él y han presentado demandas para exigir el pago.

A finales de noviembre, Thomas Griesa, juez federal de un juzgado de Nueva York (Estados Unidos), ordenó a la Argentina que depositara 1.330 millones de dólares adeudados a los acreedores en una cuenta de garantía el 15 de diciembre, a más tardar. Griesa levantó la suspensión de su orden cautelar a partir de febrero de 2012, tras recibir las indicaciones del Gobierno de la Argentina de que se proponía incumplir el fallo, incluidas declaraciones públicas en las que denominaba “fondos buitres” a los titulares de bonos que no habían participado en el canje y la promesa de la Presidenta Cristina Fernández de Kirshner de que nunca pagaría. La sentencia, pendiente de apelación, deja a la Argentina con tres opciones: violar su propia legislación, violar la legislación de los EE.UU. o volver a suspender pagos.

En su fallo, basado en la cláusula pari passu (“en condiciones de igualdad”) incluida en los bonos, Griesa incluyó el Banco de Nueva York Mellon (el fideicomisario de los titulares de bonos) entre las entidades que actúan “en concertación y participación activas” con la Argentina y le advirtió que no transfiriera los fondos, si este país incumplía la orden. A consecuencia de ello, si la Argentina opta por pagar a los titulares de los bonos canjeados como de costumbre, el Banco de Nueva York Mellon puede negarse a hacer la transferencia de los fondos, con lo que desencadenaría una suspensión de pagos técnica.

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