Greek Parliament Dimitrios Sotiriou/ZumaPress

债务积压的新协议?

美国剑桥—国际货币基金组织(IMF)承认希腊债务不可持续,这也许将是全球金融体系的一个分水岭时刻。显然,应对巨大债务负担的非正统政策应该获得更加严肃的对待,即使是在某些发达国家。

自希腊危机爆发以来,基本上存在着三个思维流派。首先是所谓的三驾马车(欧盟委员会、欧洲央行和IMF)的观点,它们认为债务重重的欧元区外围国(希腊、爱尔兰、葡萄牙和西班牙)需要强大的政策纪律以避免短期流动性危机演变为长期偿债能力问题。

正统政策药方是扩大给这些国家的常规过桥贷款,从而让它们获得时间解决预算问题并采取结构改革以增强长期增长潜力。这一方针在西班牙、爱尔兰和葡萄牙获得了“成功”,但代价是巨大的衰退。但是,三驾马车的政策没能稳定希腊经济,更不用说使之复苏了。

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