Alexis Tsipras and Euclid Tsakalotos Marios Lolos/ZumaPress

Der tödliche Aufschub der griechischen Umschuldung

ATHEN – Der Sinn einer Umschuldung liegt darin, das Volumen neuer Kredite zu reduzieren, um einen zahlungsunfähigen Schuldner zu retten. Kreditgeber bieten einen Schuldenerlass, um einen Mehrwert zurückzuerhalten und so wenig neue Finanzmittel wie möglich an den zahlungsunfähigen Schuldner zu vergeben.

Griechenlands Kreditgeber halten sich erstaunlicherweise nicht an dieses Prinzip solider Finanzierung. Bei der Verschuldung Griechenlands hat sich in den letzten fünf Jahren ein klares Muster herausgebildet, das bis zum heutigen Tag gültig ist.

2010 haben Europa und der Internationale Währungsfonds dem zahlungsunfähigen Griechenland Kredite in Höhe von 44 Prozent seines Bruttoinlandsproduktes gewährt. Schon die bloße Erwähnung einer Umschuldung war unzulässig und Grund dafür, diejenigen unter uns lächerlich zu machen, die es wagten, deren Unvermeidlichkeit auszusprechen.

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