Rus News Journal

The USA suggest to legalise a default

financial crises
Yesterday the American newspaper The Wall Street Journal has informed that the USA have suggested to change rules of release of promissory notes of developing countries. In these obligations default possibility should be stipulated. Something similar already offered IMF. It is necessary to convince only developing countries and creditors.
the deputy minister of the finance of the USA Randall Kuorlz (Randall Quarles) has declared: Our purpose is change of existing market practice . It is a question that now buyers of bonds of developing countries, as well as the countries industrially developed, believe that the money back in full has the right to receive and in need of to bring an action against the defaulter. It complicates negotiations about re-structuring of debts because all creditors should agree to this re-structuring. Now the USA suggest to specify in bonds that money on them will turn out not so necessarily. Thus, at difficulties with payments the country can agree with the majority of creditors about instalments or about debt reduction, and it is necessary to this arrangement to obey to other creditors.
it is possible to remind that last year IMF has already put forward the plan according to which the countries can declare legally themselves bankrupts, agreeing with creditors about reduction of payments (about it some times wrote). According to the IMF plan it is possible to agree too not with all creditors, and with the majority. Then the minority should obey and dismiss idea to demand by court action the money in full. Putting forward this plan, the IMF tried to remove from itself a duty to give huge emergency credits to the countries like Argentina which on the debts all the same cannot pay off. However, the plan concerned debts already available for developing countries. Offers of the USA concern only the bonds which are let out in the future.
as marks a Treasury Department of the US, in the near future it will try to agree with the Ministries of Finance of other industrial countries, and also with the largest borrowers like the republic of South Africa, Brazil, China, Mexico and Russia about that the new system of release of bonds has been entered all over the world. Because if on - new will let out bonds only some countries, buyers will solve, what exactly they are going to declare a default. It, of course, does not mean that these bonds to buy at all will not be. Simply on them the raised percent will demand. However, after financial crises in the East Asian countries, Russia, Brazil, Turkey and Argentina buyers of bonds of developing countries on the experience were convinced of a default reality. And without any new system the raised percent demand under their bonds.