Paul Lachine

سندات اليورو بلا خوف

سانتياجو ـ لعل يوم سندات اليورو بات قريبا. وما كان ذات يوم يُعَد فكرة أطلقها دجال أو مشعوذ لحل أزمة أوروبا المالية تحول الآن إلى الوسيلة الوحيدة الجادة لإنقاذ اليورو. ذلك أن شراء البنك المركزي الأوروبي لسندات اليونان وأيرلندا والبرتغال لم يمنع احتياج هذه البلدان إلى الإنقاذ. ولن تنجح نفس الطريقة في إنقاذ أسبانيا ولا إيطاليا.

ولكن أسبانيا وإيطاليا أضخم من أن يتسنى إنقاذهما. ولن يتمكن مرفق الاستقرار المالي الأوروبي الجديد من تحمل مثل هذه المهمة. فضلاً عن ذلك فإن توسعة مرفق الاستقرار المالي الأوروبي إلى الحجم المناسب سوف يتطلب اقتراض فرنسي إضافي هائل، وهو ما قد يضع فرنسا ذاتها عند الطرف المتلقي لهجمات المضاربة.

وهنا يأتي دور سندات اليورو. ذلك أن الدول الخمس المتعثرة سوف تحتاج إلى وضع عشرات المليارات من اليورو في ديون جديدة وترحيل كميات أضخم من الديون القديمة. ولقد توقفت الأسواق منذ فترة طويلة عن شراء السندات التي تصدرها اليونان وأيرلندا والبرتغال، وقد تتوقف قريباً عن شراء السندات التي تصدرها إيطاليا وأسبانيا ـ أو قد لا تشتريها إلا بأسعار فائدة باهظة. ولكن الأسواق سوف تقبل بكل سعادة على السندات المدعومة بالإيمان الكامل وائتمان منطقة اليورو.

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