Die Bewältigung von Europas Schuldenberg

BERLIN: Laut Schätzungen des Internationalen Währungsfonds beliefen sich die krisenbedingten Nettokosten der Unterstützung des Finanzsektors durch die G20-Länder 2009 auf 1,7% vom BIP (905 Milliarden Dollar), während auf Konjunkturimpulse 2009 wie 2010 jeweils 2% vom BIP entfielen. Alle Euroländer mit Ausnahme Luxemburgs und Finnlands vermeldeten 2009 Haushaltsdefizite von über 3% vom BIP; Griechenland, Spanien und Irland häuften Defizite von mehr als 10% an. In nur einem Jahr erhöhte sich die Staatsverschuldung der Eurozone um fast 10 Prozentpunkte (auf 78,7% vom BIP 2009, gegenüber 69,3% in 2008).

Was Deutschland angeht, so weist der Bundeshaushalt 2010 ein Rekorddefizit von deutlich über 50 Milliarden Euro auf. Die Verschuldung des öffentlichen Sektors wird 1,7 Billionen Euro übersteigen und nähert sich damit 80% vom BIP. Die Zinszahlungen, die mehr als 10% des Bundeshaushalts verschlingen, werden zusammen mit der wachsenden Schuldenlast ansteigen – und dies sogar noch schneller, falls sich die Zinsen erhöhen.

Doch erklären die Finanzkrise und die sich anschließende Rezession dieses hohe Verschuldungsniveau nur in gewissem Grad. In Wahrheit haben viele Länder Europas und der G20 deutlich über ihre Verhältnisse gelebt – und dazu gehört auch Deutschland, trotz seines Rufs als finanzpolitischer Musterknabe.

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