O problema “Europa” dos mercados emergentes

PARIS - De Hong Kong a São Paulo, e todos os pontos que ficam no meio, uma palavra domina todas as outras, entre os grandes investidores: Grécia. Será que os gregos permanecem na zona euro? O que irá acontecer com a União Europeia e com a economia global se não permanecerem?

Até recentemente, a Europa era uma espécie de espelho que confirmava às principais economias emergentes a natureza espectacular dos seus sucessos. Elas podiam contrastar as suas altas taxas de crescimento com os elevados níveis de endividamento da Europa. Elas podiam opor a sua “energia positiva” ao pessimismo que domina as mentes europeias. Elas só gostavam de aconselhar a Europa a trabalhar mais e a gastar menos, à medida que o legítimo orgulho se misturava com um desejo compreensível de resolver os resultados históricos e de atenuar os seus legados de submissão colonial e de humilhação.

Mas, hoje, os países emergentes crescem muito preocupados com aquilo que eles avaliam, e com razão, de graves riscos para as suas próprias economias, implícitos na fraqueza excessiva na Europa, que continua a ser o líder mundial do comércio. Além disso, o mal-estar da Europa ameaça a estabilidade política de muitos desses países, bem como, dada a estreita ligação - especialmente na China - entre a legitimidade dos acordos existentes e a continuação do crescimento económico rápido.

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