Christine Lagarde IMF/Flickr

La crisis del euro del FMI

OXFORD – En las últimas décadas, el Fondo Monetario Internacional ha aprendido seis lecciones importantes sobre cómo manejar las crisis de deuda gubernamental. Sin embargo, en su respuesta a la crisis en Grecia, se ignoraron todas y cada una de esas lecciones.

La participación del Fondo en el esfuerzo por rescatar a la eurozona puede haber elevado su perfil y jugado a su favor en Europa. Pero su incapacidad, y la de sus accionistas europeos, para adherir a sus mejores prácticas puede terminar resultando un paso en falso fatal.

Una lección clave que fue ignorada en la debacle de Grecia es que cuando un rescate se vuelve necesario, se lo debe implementar de una vez y para siempre. El FMI aprendió esto en 1997, cuando un rescate inadecuado de Corea del Sur exigió una segunda ronda de negociaciones. En Grecia, el problema es inclusive peor, ya que el plan de 86.000 millones de euros (94.000 millones de dólares) que se está discutiendo hoy surge después de un rescate de 110.000 millones de euros en 2010 y otro de 130.000 millones de euros en 2012.

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