Paul Lachine

No hay que temer a los eurobonos

SANTIAGO – Tal vez la hora de los eurobonos ya esté cerca. Lo que en otros tiempos parecía un remedio de charlatanes para resolver la crisis financiera de Europa, hoy es la única forma confiable de salvar al euro. Que el Banco Central Europeo comprara los bonos de Grecia, Irlanda y Portugal no salvó a estos países. Tampoco salvará a España e Italia.

Pero España e Italia son demasiado grandes para ser rescatados. El nuevo Fondo Europeo de Estabilidad Financiera (FEEF) no está a la altura de la tarea. Y para llevar el FEEF a un tamaño adecuado sería necesario un enorme endeudamiento adicional de Francia, lo que bien podría colocar a este país en la mira de un ataque especulativo.

Aquí es donde entran en juego los eurobonos. Los cinco países que están en dificultades necesitarán colocar nuevos títulos de deuda por miles de millones de euros, y renegociar los vencimientos de deudas anteriores en montos aún mayores. Hace ya mucho que los mercados dejaron de comprar bonos emitidos por Grecia, Irlanda y Portugal, y es posible que pronto se abstengan también de adquirir títulos de Italia y España (o que lo hagan solamente a cambio de tasas de interés prohibitivas). Pero los mercados estarían muy dispuestos a hartarse de bonos respaldados por toda la confianza y el crédito de la eurozona.

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