parthenon Robert Wallace/Flickr

Un nuevo comienzo para Grecia y Europa

KIEL – Grecia necesita ideas claras con urgencia. La única razón de que el país no haya caído en el impago de su deuda es que el Banco Central Europeo sigue dando fondos al banco central griego a través de su plan de préstamos de emergencia (ELA, por sus siglas en inglés), que presta dinero a los bancos comerciales del país. Estos prestan a su vez a los ciudadanos griegos y los acreedores extranjeros. El problema es que ambos grupos de prestatarios han estado transfiriendo grandes sumas de dinero a otros países.

Como resultado, en los últimos meses los créditos en descubierto al banco central griego han aumentado en cerca de 1000 millones de euros al día en los últimos meses. Si Grecia cae en el impago de la deuda y abandona la eurozona, estos sobregiros no se pagarán.

La financiación del ELA supone que la economía griega tiene problemas de liquidez temporales, pero no que carece de solvencia. Evidentemente, se trata de un falso supuesto. A pesar de todo lo que ha sufrido el país (una caída del 30% de la demanda total desde el último máximo cíclico y un aumento del paro a más de un 25% de la fuerza laboral), su economía todavía no se acerca a lograr una competitividad que le permita pagar sus deudas.

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