Spanish Central Bank Dominique Faget/Getty Images

En Europa se hace un rescate de deudas secreto

MÚNICH – Mientras el mundo se preocupa por Donald Trump, el Brexit y el flujo de refugiados de Siria y otros países en guerra, el Banco Central Europeo sigue trabajando sin pausa y discretamente en su plan de reestructuración de deudas (también llamada flexibilización cuantitativa, FC) para aliviar la carga de los países de la eurozona sobreendeudados.

Según el programa de FC del BCE (iniciado en marzo de 2015 y que probablemente se extenderá después del final previsto para marzo de 2017), los bancos centrales de los países de la eurozona tienen 1,74 billones de euros (1,84 billones de dólares) para comprar títulos en el mercado privado, de los que más de 1,4 billones de euros están destinados a comprar deuda pública del país al que pertenece cada uno de esos bancos.

El programa de FC parece simétrico, porque cada banco central compra deuda de su propio gobierno en proporción al tamaño del país. Pero el efecto no es simétrico, porque los títulos de deuda de los países del sur de Europa (lugar de los mayores excesos de endeudamiento y déficits de cuenta corriente del pasado) se recompran mayoritariamente en el extranjero.

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