Una Europa con liquidez

BRUSELAS – ¿Está la eurozona alejándose del borde del abismo? Esto, realmente, podría ser posible, debido a que las directrices emergentes del nuevo marco para resolver la crisis de la deuda soberana en curso contienen un componente clave que, hasta ahora, hacia falta. En verdad, la ausencia de dicho componente es lo que se encontraba detrás de la crisis financiera que este verano se propagó más allá de los países pequeños y periféricos, como Grecia, Irlanda y Portugal, atacando sistemáticamente a países importantes, como Italia y España.

El contagio comenzó cuando los inversores se dieron cuenta que el fondo europeo de rescate, denominado Fondo Europeo de Estabilidad Financiera (FEEF), fue diseñado para proporcionar apoyo financiero de emergencia únicamente a los países periféricos. Este fondo simplemente no tiene, y nunca tendrá, fondos suficientes para financiar la masiva compra de bonos que se necesita a fin de estabilizar los mercados de deuda de las grandes economías, como ser las de España e Italia.  El FEEF va a tener, a lo mucho, €440 mil millones a su disposición (un aumento podría hacer peligrar la calificación AAA de Francia), mientras que la deuda pública combinada de Italia y España es de más de € 2 billones.

A principios de agosto, el efecto dominó de la crisis de la deuda soberana en la periferia de la eurozona empezó a activarse, ya que los mercados financieros no esperan a que se disminuya la calificación crediticia de un país y luego del otro. Al contrario, los mercados tienden a anticipar el final, o por lo menos un posible escenario; concretamente en este caso, el desmoronamiento de toda la estructura de la crisis y el contagio.

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