Následky Angely Merkelové

LONDÝN – Německo vede v Evropské unii opozici proti jakémukoliv odepisování suverénního dluhu krizí zmítaných členských států eurozóny. Místo toho souhlasilo se zavedením sanačních mechanismů, jako jsou Evropský fond finanční stability a Evropský mechanismus finanční stabilizace, které mohou dohromady půjčit až 500 miliard eur (680 miliard dolarů), přičemž Mezinárodní měnový fond je s to poskytnout dalších 250 miliard eur.

V podstatě jde o mechanismy refinancování. Silně zadlužení členové eurozóny se mohou ucházet o půjčku z těchto mechanismů za nižší než komerční sazbu pod podmínkou, že se zavážou k ještě drastičtější fiskální střídmosti. Jistina a úrok z dosud nesplacených dluhů zůstaly nedotčené. Neočekává se tedy, že věřitelé – zejména německé a francouzské banky – utrpí ze stávajících zápůjček ztráty, přičemž dlužníci získají víc času na to, aby si „dali věci doma do pořádku“. Taková je alespoň teorie.

Prozatím tohoto mechanismu využily tři země – Řecko, Irsko a Portugalsko. V polovině července 2011 dosahoval suverénní dluh Řecka 350 miliard eur (160% HDP). Řecká vláda musí v současné době platit za své desetileté dluhopisy úrok 25% a tyto dluhopisy se obchodují na sekundárním trhu s padesátiprocentní slevou.

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