Los bancos de Europa, la crisis de Europa

BRUSELAS – Europa sigue siendo el epicentro del Acto II de la crisis financiera global, que ahora ha mutado para convertirse en una crisis de deuda soberana dentro de la eurozona. ¿Cómo pudo pasar esto cuando, al menos en los papeles, todos los problemas aparentemente habían quedado resueltos durante la cumbre extraordinaria de la UE en mayo, que creó un Instrumento de Estabilidad Financiera Europea (EFSF por su sigla en inglés) y aseguró una financiación total de casi 1 billón de dólares?

Aquellas promesas de mayo, en el ínterin, se han vuelto más concretas. En Luxemburgo se ha establecido un "vehículo para un propósito específico" (SPV por su sigla en inglés) que ya cuenta con cientos de miles de millones de euros en garantías de parte de los estados miembro.

Si todos los recursos prometidos (750.000 millones de euros, incluido un financiamiento del Fondo Monetario Internacional) se utilizaran plenamente, la UE podría financiar por completo a todos los países en problemas (Portugal, España e Irlanda) durante un par de años. Es más, el Banco Central Europeo ha manifestado su voluntad de comprar bonos del gobierno (y privados) si considera que el funcionamiento del mercado se ha visto perjudicado.

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