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

Un nuovo approccio al debito sovrano dell’Eurozona

ATENE – Il debito pubblico della Grecia è stato reinserito nell’agenda dell’Europa. É stato forse il principale obiettivo del governo greco durante i cinque mesi di agonizzante distanza presa dai creditori. Dopo anni di “estensioni e pretese”, oggi sono quasi tutti d’accordo sulla necessità della ristrutturazione del debito. E la cosa più importante è che vale non solo per la Grecia.

In febbraio, ho presentato all’Eurogruppo (che riunisce i ministri delle finanze degli Stati membri dell’Eurozona) una lista di opzioni, inclusi i bond indicizzati al Pil, come proponeva recentemente Charles Goodhart nel Financial Times, obbligazioni perpetue per estinguere il debito contratto sui registri della Banca centrale europea e così via. La speranza è che ora ci sia il terreno adatto per far radicare tali proposte, prima che la Grecia sprofondi ulteriormente nelle sabbie mobili dell’insolvenza.

Ma la domanda più interessante è cosa significa tutto ciò per l’Eurozona nel suo insieme. I preziosi appelli di Joseph Stiglitz, Jeffrey Sachs e di molti altri economisti per un diverso approccio generale al debito sovrano devono essere modificati per adattarsi alle specifiche caratteristiche della crisi dell’Eurozona.

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