Paul Lachine

Euro in Gefahr

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MÜNCHEN – „Nicht der Euro ist in Gefahr, sondern die Staatfinanzen einzelner europäischer Länder.“ So hört man es allenthalben, aber es stimmt nicht. Der Euro selbst ist in Gefahr, weil die Krisenländer ihre Druckerpresse in den letzten Jahren im Übermaß bedient haben, um sich zu retten. 90% der Refinanzierungskredite, die die Notenbanken der GIPS-Länder (Griechenland, Irland, Portugal, Spanien) ihren Banken gaben, dienten dazu, einen Nettozustrom von Gütern und Vermögensobjekten aus anderen Ländern des Euroraums zu erwerben. Zwei Drittel der gesamten Bestandes an Refinanzierungskrediten des Euroraums wurde in den GIPS-Ländern vergeben, obwohl diese Länder nur 18% der Wirtschaftsleistung des Euroraums umfassen.

88% der Summe der Leistungsbilanzdefizite dieser Länder während der letzten drei Jahre wurde durch eine Kreditvergabe im Eurosystem finanziert. Insgesamt sind über 300 Milliarden an Krediten geflossen, die im Wesentlichen von der Bundesbank kamen. In dieser Zahl enthalten ist eine gewaltige Finanzierung der Kapitalflucht aus Irland  heraus, die in den letzten drei Jahren bei etwa 130 Milliarden Euro lag.

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