Paul Lachine

Eurobonds ohne Angst

SANTIAGO – Bald könnte die Zeit der Eurobonds kommen. Was einmal als Quacksalbermethode für die Lösung der europäischen Finanzkrise galt, ist heute die einzige verlässliche Methode zur Rettung des Euro. Dass die Europäische Zentralbank griechische, irische und portugiesische Anleihen gekauft hat, hat diese Länder nicht gerettet. Auch für Spanien und Italien wird dies nicht reichen.

Spanien und Italien sind zu groß für einen Bailout. Die neue Europäische Finanzstabilisierungsfazilität (EFSF) ist dieser Aufgabe nicht gewachsen. Und um die EFSF zu vergrößern, wäre eine stark erhöhte Kreditaufnahme Frankreichs erforderlich, was dieses Land selbst einer spekulativen Attacke aussetzen könnte.

Hier kommen die Eurobonds ins Spiel. Die fünf gefährdeten Länder müssen zig Milliarden neue Schulden aufnehmen und noch mehr alte Schulden prolongieren. Die Märkte kaufen schon lang keine griechischen, irischen und portugiesischen Anleihen mehr, und könnten bald auch aufhören, italienische und spanische zu kaufen – oder nur zu übermäßig hohen Zinssätzen. Um Anleihen, die durch die gesamte Eurozone garantiert wären, würden sich die Märkte dagegen reißen.

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