Paul Lachine

Euro, addio?

MONACO – «Non è l’euro ad essere in pericolo, bensì le finanze pubbliche dei singoli paesi europei». È una frase che si sente spesso di questi tempi, ma che non corrisponde a verità. L’euro è a rischio, perché negli ultimi anni i paesi in crisi hanno sfruttato al massimo le macchine per stampare moneta europea.

Il 90% del debito di rifinanziamento che le banche commerciali dei paesi GIPS (Grecia, Irlanda, Portogallo e Spagna) possiedono con le rispettive banche centrali nazionali è servito per acquistare beni e asset dagli altri paesi dell’Eurozona. I due terzi di tutti i prestiti di rifinanziamento all’interno dell’Eurozona sono stati concessi ai paesi GIPS, anche se tali paesi rappresentano solo il 18% del Pil europeo. In effetti, l’88% dei deficit delle partite correnti detenuti da tali paesi negli ultimi tre anni è stato finanziato grazie all’estensione del credito messa in atto dall’Eurosistema.

Alla fine del 2010 i prestiti della Bce, erogati principalmente dalla Bundesbank, ammontavano a 340 miliardi di euro. Questi numeri includono il credito Bce che negli ultimi tre anni ha finanziato le fughe di capitale dall’Irlanda per un totale di 130 miliardi di euro. Il programma di salvataggio della Bce ha consentito ai cittadini dei paesi periferici di continuare a vivere al di sopra delle proprie possibilità, e ai ricchi possessori di asset di trarre profitti altrove.

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