Invertendo a Renacionalização da Europa

NOVA IORQUE - Longe de diminuir, a crise do euro agravou-se nos últimos meses. O Banco Central Europeu conseguiu atenuar uma crise incipiente do crédito através da operação de refinanciamento de longo prazo (LTRO, na sigla inglesa), que emprestou mais de um bilião de euros aos bancos da zona do euro a uma taxa de 1%. Esta situação trouxe um alívio considerável aos mercados financeiros e a recuperação resultante abafou a ruína subjacente, mas é pouco provável que este efeito dure muito mais tempo.

Os problemas fundamentais não foram resolvidos, na verdade, o fosso entre países credores e devedores continua a aumentar. A crise entrou numa fase que pode ser menos volátil, mas que é potencialmente mais letal.

No início da crise, a ideia de uma ruptura da zona euro era inconcebível: os activos e passivos denominados em moeda comum estavam tão mesclados que uma situação de ruptura conduziria a um colapso incontrolável. Mas, com a evolução da crise, o sistema financeiro da zona euro tem sido progressivamente reorientado de acordo com os moldes nacionais.

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