Brady Bonds für den Euroraum

WASHINGTON, D.C. – Was den Euroraum angeht, wird heute allgemein angenommen, die Krise sei vorbei – die intensiven, häufig existenziellen Befürchtungen vom Frühjahr über die Zukunft der Gemeinschaftswährung wurden beschwichtigt, und jetzt ist alles wieder unter Kontrolle.

Das entspricht keineswegs den Tatsachen. Denn wieder haben die europäischen Anleihenmärkte eine niederdrückende Botschaft für die politischen Entscheidungsträger weltweit. Die Anleihen der „Peripherieländer“ der Eurozone verlieren weiter an Wert, sodass das Risiko eines staatlichen Zahlungsausfalls für Irland, Griechenland und Portugal höher ist denn je.

Dies ist trotz des gemeinsamen Rettungspakets so, welches die Europäische Union, der Internationale Währungsfonds und die Europäische Zentralbank im Mai für Griechenland geschnürt haben, und trotz des laufenden EZB-Programms, in dessen Rahmen die Bank Staatsanleihen von EU-Peripherieländern kauft. Der IWF, dessen Jahrestagung in wenigen Wochen bevorsteht (gefolgt vom G-20-Gipfel in Seoul im November), beugt sich nun dem Druck und steckt immer höhere Summen mit immer weniger Bedingungen in die EU.

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