La fuga de capitales de Italia

MUNICH - En agosto, la crisis de balanza de pagos europea atravesó la periferia de la eurozona y comenzó a golpear a Italia. Los diferenciales de interés para bonos del gobierno italiano comenzaron a elevarse, la administración del primer ministro Silvio Berlusconi se alarmó lo suficiente como para poner en práctica un programa de austeridad, y el Banco Central Europeo contribuyó con liquidez adicional.

El BCE ordenó a los bancos centrales de todos los países de la eurozona comprar enormes cantidades de bonos del gobierno italiano durante la crisis. Si bien los bancos centrales nacionales no han revelado el volumen que adquirieron, el volumen agregado de todos los bonos del gobierno adquiridos pasó de € 74 mil millones ($ 102 mil millones) el 4 de agosto a € 165 mil millones este mes. Es probable que la mayor parte de este aumento se haya destinado a comprar bonos del gobierno italiano.

El Bundesbank alemán, que se vio obligado a comprar la mayor parte de los bonos, se opuso tenazmente al programa pero no pudo detenerlo. En respuesta, el economista jefe del BCE, Jürgen Stark, presentó su renuncia. Siguió al presidente del Bundesbank Axel Weber, quien había renunciado en febrero debido a la recompra de bonos realizada con anterioridad. Mientras tanto, el nuevo presidente del Bundesbank, Jens Weidmann, se opone abiertamente al programa, mientras que el presidente alemán, Christian Wulff, ha acusado en público al BCE de eludir el Tratado de Maastricht.

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