Paul Lachine

¿Adiós al euro?

MUNICH – “No es el euro lo que está en peligro, sino las finanzas públicas de algunos países europeos”. Esta afirmación se oye por todas partes actualmente pero no es cierta. El euro mismo está en riesgo porque en años recientes los países en crisis se han excedido en la utilización de las imprentas monetarias de la eurozona

Aproximadamente el 90% de la deuda de refinanciamiento contraída por los bancos centrales de los países GIPS (Grecia, Irlanda, Portugal y España) con sus respectivos bancos comerciales se utilizó para adquirir bienes y activos de otros países de la eurozona. Dos terceras partes de todos los créditos de refinanciamiento en la eurozona se concedieron en los países GIPS, pese al hecho de que esos países únicamente representan el 18% del PIB de la eurozona. En efecto, el 88% de los déficits en cuenta corriente de estos países se financiaron en los últimos tres años mediante la expansión del crédito en el sistema del euro.

Para finales de 2010, los créditos del BCE, que se originaron principalmente en el Bundesbank alemán, ascendían a 340 mil millones de euros. Esta cifra incluye el crédito del BCE que financió la salida de capitales de Irlanda por un total de 130 mil millones de euros en los últimos tres años. El programa de rescate del BCE ha permitido que la gente de los países periféricos siga viviendo más allá de sus posibilidades y que los tenedores de activos se lleven su riqueza a otros lados.

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