Mit neuen EU-Regeln zur Zahlungsunfähigkeit

BRÜSSEL – Die explodierende Staatsverschuldung Griechenlands versetzt die europäischen Finanzmärkte erneut in Unruhe. Aber wie kann die Überschuldung einer so kleinen, unbedeutenden Volkswirtschaft – die weniger als 3% des BIPs der Eurozone erwirtschaftet – so bedeutsam sein?

Die Antwort ist einfach: Der gesamte regulierende Rahmen des Finanzsystems basiert auf der Annahme, dass Schulden der öffentlichen Hand risikolos sind. Jede staatliche Zahlungsunfähigkeit in Europa würde diesen Eckpfeiler der finanziellen Regulierung zerstören, und dies hätte schwerwiegende Folgen.

Das wird vor allem im Banksektor sichtbar. Die international vereinbarten Regeln schreiben vor, dass Banken entsprechend der Risiken, die sie beim Investieren der Ersparnisse ihrer Kunden eingehen, Kapitalreserven bilden müssen. Aber wenn Banken ihren eigenen Regierungen Geld leihen oder deren Anleihen halten, müssen sie keine Reserven bilden, da angenommen wird, Staatsschulden seien risikolos. Schließlich kann eine Regierung immer in ihrer eigenen Währung bezahlen.

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