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

Uma Nova Abordagem da Dívida Soberana da Zona Euro

ATENAS – A dívida pública grega voltou a constar da agenda da Europa. Na verdade, esta foi talvez a principal realização do governo grego durante cinco meses de impasse angustiante com os seus credores. Depois de anos de “protelação e de faz de conta”, é praticamente unânime a opinião de que a reestruturação da dívida é essencial. Mais importante ainda é que tal não se limita ao caso da Grécia.

Em Fevereiro, apresentei ao Eurogrupo (que reúne os Ministros das Finanças dos Estados-Membros da Zona Euro) uma lista de opções, incluindo, entre outras, obrigações indexadas ao PIB, que mereceram recentemente a aprovação de Charles Goodhart no Financial Times, e obrigações perpétuas para liquidar o legado de dívida nos registos contabilísticos do Banco Central Europeu. Espera-se que o terreno esteja agora preparado para a implementação destas propostas, antes que a Grécia se afunde ainda mais no oceano da insolvência.

Mas a questão mais interessante consiste no que tudo isto significa à escala global da zona euro. Os apelos perspicazes de Joseph Stiglitz, Jeffrey Sachs e de muitos outros no sentido de uma abordagem diferente à dívida soberana na sua generalidade necessitam de ser modificados para se adaptarem às características específicas da crise da zona euro.

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