Grecia debe abandonar el euro

NUEVA YORK – Ya está cerca el desenlace de la tragedia griega del euro: es muy probable que este año o el que viene, Grecia declare la cesación de pagos de su deuda y abandone la eurozona.

Posponer la salida para después de la elección de junio, con un gobierno nuevo comprometido con alguna variante de las mismas políticas que ya fracasaron (austeridad recesiva y reformas estructurales), no restaurará el crecimiento y la competitividad. Grecia está atascada en un círculo vicioso de insolvencia, pérdida de competitividad, déficits externos y una depresión cada vez peor. La única forma de cortar este círculo es iniciar un default con abandono del euro, en forma ordenada y con coordinación y financiación del Banco Central Europeo, la Unión Europea y el Fondo Monetario Internacional (la “troika”), de modo de minimizar los daños colaterales para Grecia y el resto de la eurozona.

El último paquete financiero otorgado a Grecia con supervisión de la troika redujo el endeudamiento del país mucho menos de lo que se necesitaba. Pero, incluso con una reducción de la deuda pública considerablemente mayor, Grecia no puede volver a crecer si no recupera rápidamente la competitividad. Y si no vuelve a crecer, la carga de la deuda seguirá siendo insostenible. Pero todas las alternativas para recuperar la competitividad demandan una depreciación real de la moneda.

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