Wie man dem Euro-Abgrund entgeht

ATHEN: Die neuerlichen Turbulenzen auf dem Anleihemarkt der Eurozone unterstreichen die Notwendigkeit einer Neubewertung der derzeit zur Überwindung der staatlichen Schuldenkrise in Europa verfolgten politischen Strategien. Tatsächlich lassen die jüngsten Wahlergebnisse in Frankreich und Griechenland, die eine deutlich breitere Ablehnung der Austeritätspolitik widerspiegeln, den europäischen Institutionen kaum eine andere Wahl.

Die Europäische Union, die Europäische Zentralbank und Kreditgeber aus dem privaten Sektor haben während der vergangenen zwei Jahre mehr als eine Billion Euro ausgegeben, aber die Eurozone ist heute nach wie vor in keinem besseren Zustand als im Herbst 2009, als sich der volle Umfang des griechischen Haushaltsproblems herausstellte. Zugleich vertieft sich die Rezession in der Eurozone, und die Arbeitslosigkeit steigt.

Zudem erhöht die Skepsis über die Entschlossenheit bzw. Kompetenz der Institutionen und führenden Mächte der Eurozone, die Lebensfähigkeit der Währung zu gewährleisten, das systemische Risiko. So fügt die Europäische Investitionsbank inzwischen in ihre Kreditgeschäfte mit griechischen Unternehmen eine Drachme-Klausel ein.

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