Europas Banken, Europas Krise

BRÜSSEL – Europa steht weiterhin im Mittelpunkt des zweiten Aktes der weltweiten Finanzkrise, die in der Eurozone mittlerweile zu einer Staatsschuldenkrise geworden ist. Es stellt sich die Frage, wie das passieren konnte, nachdem auf dem EU-Sondergipfel im Mai mit der Schaffung der Europäischen Finanzstabilitätsfazilität (EFSF) -  zumindest auf dem Papier - sämtliche Probleme gelöst und finanzielle Mittel im Ausmaß von rund 750 Milliarden Euro zur Verfügung gestellt wurden.

Diese im Mai abgegebenen Versprechen haben in der Zwischenzeit konkretere Formen angenommen. In Luxemburg wurde eine Zweckgesellschaft (SPV) gegründet, die bereits auf hunderte Milliarden Euro an Garantien aus den Mitgliedsstaaten zählen kann.

Würden alle in Aussicht gestellten Ressourcen (750 Milliarden Euro, einschließlich Mittel des Internationalen Währungsfonds) in vollem Ausmaß in Anspruch genommen werden, könnte die EU sämtliche unter Druck geratene Länder (Portugal, Spanien und Irland) für ein paar Jahre refinanzieren.  Überdies zeigte die Europäische Zentralbank ihre Bereitschaft, staatliche (und private) Anleihen aufzukaufen, wenn sie zu dem Schluss kommt, dass das Funktionieren der Märkte gefährdet sei.

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