Las consecuencias de Angela Merkel

LONDRES – Alemania ha estado encabezando el rechazo en la Unión Europea a hacer cualquier reducción de la deuda soberana de los miembros de la eurozona que este en dificultades. En cambio, ha aceptado establecer instrumentos de rescate como el Fondo Europeo de Estabilidad Financiera y el Mecanismo Europeo de Estabilización Financiera, que en combinación, pueden ofrecer créditos de hasta 500 mil millones de euros (680 mil millones de dólares), y el Fondo Monetario Internacional puede dar otros 250 mil millones de euros adicionales.

Se tratan esencialmente de mecanismos de refinanciamiento. Los miembros de la eurozona fuertemente endeudados pueden solicitar créditos a una tasa menor a la comercial, con la condición de que se comprometan a aplicar una austeridad fiscal cada vez más drástica. El capital principal y los intereses de la deuda pendiente quedan intactos. Por lo consiguiente, -los acreedores –principalmente los bancos alemanes y franceses- no esperan tener pérdidas en sus créditos existentes, mientras que los prestatarios ganan más tiempo “para poner orden en sus casas.” Eso, al menos, es la teoría.

Hasta ahora, tres países –Grecia, Irlanda y Portugal- han aprovechado este mecanismo. A mediados de julio de 2011 la deuda soberana de Grecia alcanzó los 350 mil millones de euros (160% del PIB). El gobierno griego actualmente debe pagar el 25% de sus bonos a diez años, que se están comercializando con un descuento del 50% en el mercado secundario.

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