MP Panagiotis Lafazanis and Yanis Varoufakis MP Panagiotis Lafazanis and Yanis Varoufakis/George Panagakis/ZumaPress

Nový přístup k suverénnímu dluhu eurozóny

ATÉNY – Řecký veřejný dluh se vrátil do evropské agendy. Možná to byl hlavní úspěch řecké vlády během trýznivých pětiměsíčních jednání s věřiteli. Po letech „protahování a předstírání“ se dnes téměř všichni shodují na tom, že restrukturalizace dluhu je nezbytná. Nejdůležitější přitom je, že to platí nejen pro Řecko.

V únoru jsem předložil Euroskupině (kterou tvoří ministři financí členských zemí eurozóny) nabídku variant včetně dluhopisů indexovaných podle HDP, které Charles Goodhart nedávno vyzdvihl v deníku Financial Times, trvalých dluhopisů, jež by vyrovnaly dluhové dědictví v účtech Evropské centrální banky, a dalších opatření. Nezbývá než doufat, že půda je dnes lépe připravená na to, aby v ní podobné návrhy zakořenily dříve, než Řecko zabředne ještě hlouběji do bažiny insolvence.

Zajímavější otázka však zní, co to všechno znamená pro eurozónu jako celek. Prorocká volání Josepha Stiglitze, Jeffreyho Sachse a mnoha dalších po odlišném přístupu k suverénnímu dluhu obecně je zapotřebí upravit tak, aby odpovídala konkrétním charakteristikám krize v eurozóně.

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