Steht die Eurozone erneut am Rande des Abgrunds?

ISTANBUL – Als der Präsident der Europäischen Zentralbank Mario Draghi Ende Juli ankündigte, die EZB würde „was immer nötig ist“ tun, um das sogenannte „Redenominierungsrisiko“ abzuwenden (die Gefahr, dass einige Länder gezwungen sein könnten, den Euro aufzugeben und wieder eigene Währungen einzuführen), fielen die Renditen spanischer und italienischer Staatsanleihen umgehend. Anfang September dann billigte der EZB-Rat Draghis Schwur, was die Märkte weiter beruhigte.

Die Krise, so schien es, war dabei, abzuebben, insbesondere nachdem in Deutschland das Bundesverfassungsgericht den Europäischen Stabilitätsmechanismus – den Rettungsfonds für Europa – für verfassungskonform erklärt hatte. Trotz der Auflagen der EZB gegenüber den Nutznießern ihrer „potenziell unbegrenzten“ Anleihekäufe erholten sich die Finanzmärkte in Europa und den USA deutlich.

Es scheint freilich, als wäre diese Euphorie von kurzer Dauer gewesen. Die Renditen spanischer und italienischer Staatsanleihen steigen langsam wieder an, und die Stimmung unter den Aktienanlegern trübt sich ein. Was also ist schief gegangen?

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