¿De crisis financiera a crisis de la deuda?

CAMBRIDGE --  Todo el mundo -desde la reina de Inglaterra hasta los trabajadores de la industria automovilística despedidos en Detroit- quiere saber por qué no hubo más expertos que vieran acercarse la crisis financiera. Se trata de una pregunta embarazosa. ¿Cómo pueden estar tan seguras las autoridades de que la catástrofe financiera no reaparecerá pronto cuando, para empezar, parecieron no tener idea de que semejante crisis ocurriría?

La respuesta no es demasiado tranquilizadora. Esencialmente, sigue existiendo un riesgo de que la crisis financiera esté hibernando simplemente, mientras se metamorfosea lentamente en una crisis de deuda gubernamental.

Para bien o para mal, la razón por la que la mayoría de los inversores tiene ahora mucha mayor confianza que hace unos meses es la de que los gobiernos de todo el mundo han colocado una enorme red de seguridad bajo gran parte del sistema financiero. Al mismo tiempo, han apuntalado las economías incurriendo en déficits en gran escala, mientras que los bancos centrales han reducido los tipos de interés casi a cero.

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