Was macht Griechenland zum Sonderfall?

BRÜSSEL – Die Eurokrise scheint im Wesentlichen vorbei zu sein. Die Risikoaufschläge fallen weiter auf breiter Front, und zwei Länder – Irland und Portugal – haben ihre Anpassungsprogramme bereits abgeschlossen. Sie können sich nun selbst am Markt finanzieren, und ihre Volkswirtschaften scheinen wieder zu wachsen.

Griechenland dagegen hat nach wie vor Probleme, die Ziele seines Anpassungsprogramms zu erfüllen, und steht in scheinbar endlosen Verhandlungen über ein neuerliches multilaterales Finanzierungspaket. Das Problem lässt sich mit einem Wort zusammenfassen: Exporte (oder vielmehr, Mangel an Exportwachstum).

Die Nachrichten aus Griechenland werden dieser Tage durch die Meldung bestimmt, dass die Regierung 2013 einen primären Haushaltsüberschuss (Haushaltssaldo minus Schuldendienst) erzielt habe. Erstmals in Jahrzehnten war der griechische Staat in der Lage, seine Ausgaben mit seinen eigenen Einnahmen zu bezahlen.

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