euro coin Ulrich Baumgarten/ Getty Images

FMI vete a casa

BRUSELAS – Se levanta el telón para otro acto del drama de la deuda griega. Los ministros de Finanzas de la zona euro y el Fondo Monetario Internacional han acordado con Grecia, a consecuencia de las exigencias del FMI, comenzar a proporcionar algún alivio de la deuda para este país, y liberar 10,3 mil millones de euros (11,6 millones de dólares) en fondos de rescate. Grecia, por su parte, se ha comprometido a una nueva ronda de austeridad y reformas estructurales.

Hasta hace poco, el FMI insistió en que participaría en el próximo programa de rescate griego sólo si se consideraba que la deuda griega era sostenible. Sobre la base del más reciente análisis de sostenibilidad de la deuda que realizó el FMI, ese no es el caso. Alemania, sin embargo, insistió en que el FMI continúe abordo – y, con el acuerdo más reciente, parece que esa insistencia prevaleció, a cambio de que Alemania acepte el alivio de la deuda al que se oponía.

La victoria puede bien no valer el sacrificio realizado. De hecho, habría sido mejor dejar que el FMI saliera, por dos razones. En primer lugar, las evaluaciones de sostenibilidad de la deuda realizadas por el FMI con respecto a Grecia se ven socavadas por un profundo conflicto de intereses. En segundo lugar, y esta es la razón más importante, los créditos del FMI son demasiado caros.

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