Das Schuldenabbau-Dilemma in den Schwellenländern Europas

LONDON – Der serbische Tigar-Konzern, ein privatisierter Autoreifen- und Schlauchhersteller, galt als Musterbeispiel für einen grundlegenden Unternehmenswandel in Übergangsökonomien. Dann allerdings kam der Schuldenabbau der Eurozone dazwischen und mittlerweile befindet sich das Musterbeispiel in ernsthaften Schwierigkeiten.

Als Tigar seine Reifensparte an den französischen Konzern Michelin verkaufte, investierte man den gesamten Erlös in neue Geschäftszweige.  Vielleicht waren die  Investitionsaufwendungen etwas zu ehrgeizig, aber man erreichte damit rasches Exportwachstum und in der Kleinstadt Pirot wurden über 2.000 Arbeitsplätze geschaffen. Die Belegschaft erzeugte Stiefel für europäische Fischer und New Yorker Feuerwehrleute ebenso wie technische Gummiprodukte.  In Ermangelung anderer Möglichkeiten, wurde die Expansion größtenteils mit kurzfristigen Krediten finanziert.

Viele Banken in Serbien und anderen Übergangsländern Europas sind in erheblichem Ausmaß auf die Finanzierung durch ihre Muttergesellschaften in der Eurozone angewiesen. Seit dem Ausbruch der globalen Finanzkrise allerdings reduzieren die Tochtergesellschaften der in der Eurozone ansässigen Banken ihr Engagement in der Region. In den Jahren 2009-2010 half die Europäische Bankenkoordinierungsinitiative – auch als „Wiener Initiative“ bekannt – eine systemische Krise in den aufstrebenden Ländern Europas abzuwenden, indem sie  die ausländischen Mutterbanken daran hinderte, sich in einer katastrophalen Massenpanik aus den Ländern zurückzuziehen.

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