Tim Brinton

معركة السندات

لندن ـ إن الجميع يعلمون أن اليونان سوف تتخلف عن سداد ديونها الخارجية. والسؤال الوحيد المطروح الآن يتعلق بالوسيلة الأفضل لترتيب الأمر بحيث لا يفهم أحد حقاً أن اليونان قد تخلفت بالفعل عن سداد ديونها.

وفي هذا الصدد، لن نجد نقصاً في خطط الخبراء ـ من بين هذه الخطط إعادة شراء السندات، ومقايضة السندات، وإنشاء سندات اليورو، وهي نسخة أوروبية من سندات "برادي" التي أصدرتها بلدان أميركا اللاتينية التي عجزت عن سداد ديونها في ثمانينيات القرن العشرين. والواقع أن كل هذه المخططات تتلخص في تكديس السندات فوق السندات في محاولة للقيام بمهمة مستحيلة تتلخص في علاج عجز اليونان عن سداد ديونها، وفي الوقت نفسه تقليص الخسائر التي قد يتحملها الدائنون ـ أغلب الدائنين بنوك أوروبية.

في كل أسبوع تتنقل جوقة مثيرة للضحك من المصرفيين ووزراء المالية الأوروبيين من عاصمة إلى أخرى لمناقشة خطة التخلف عن السداد/إعادة الهيكلة الواجب اتباعها. وفي الوقت نفسه تستمر معاناة اليونان، وتنتظر "الأسواق" للانقضاض على البرتغال وأيرلندا وإيطاليا وأسبانيا.

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