Tim Brinton

Die Schlacht um die Anleihen

LONDON – Jeder Mensch weiß, dass Griechenland seine Auslandsschulden nicht zurückzahlen wird. Die einzige Frage ist nur noch, wie man es am besten bewerkstelligt, dass niemand etwas von der Pleite Griechenlands bemerkt.

An Expertenplänen hierzu herrscht kein Mangel – genannt werden Anleihenrückkäufe, ein Anleihentausch und die Schaffung von Eurobonds, einer europäischen Version der „Brady-Bonds“, die in den 1980er Jahren von bankrotten lateinamerikanischen Schuldnerländern emittiert wurden. Alle diese Programme laufen darauf hinaus, Anleihen über Anleihen anzuhäufen und so die Quadratur des Kreises der griechischen Zahlungsunfähigkeit zu schaffen, um die für die Gläubiger – hauptsächlich europäische Banken – zu erwartenden Verluste zu minimieren.

Jede Woche pilgert eine groteske Clique aus europäischen Bankern und Finanzministern von einer Hauptstadt in die nächste, um darüber zu diskutieren, welchen Zahlungsausfalls-/Umschuldungsplan man annehmen soll. Unterdessen hält die Agonie Griechenlands weiter an und die „Märkte“ warten, bis sie sich auf Portugal, Irland, Italien und Spanien stürzen können.

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