El último respiro del euro

NUEVA YORK - Al igual que un preso en el corredor de la muerte, el euro ha recibido otro aplazamiento de última hora: va a sobrevivir un poco más. Los mercados están celebrando, como lo han hecho después de cada una de las cuatro anteriores cumbres de "crisis del euro", hasta que comprendan una vez más que aún no se han abordado los problemas fundamentales.

Hubo buenas noticias en esta cumbre: los líderes europeos entendieron que finalmente no va a funcionar la operación circular en que Europa presta dinero a los bancos para salvar a los fondos soberanos, y a los fondos soberanos para salvar a los bancos. Asimismo, ahora reconocen que los préstamos de rescate que dan al nuevo acreedor un mayor orden de precedencia sobre los demás empeoran la situación de los inversores privados, que reaccionarán simplemente exigiendo tasas de interés todavía más altas.

No deja de ser profundamente preocupante el que las autoridades europeas se hayan demorado tanto en ver algo tan obvio (y evidente hace más de una década y media en la crisis del Este asiático). Pero lo que falta en el acuerdo es aún más significativo que lo que hay. Hace un año, los líderes europeos reconocieron que Grecia no iba a poder recuperarse sin crecimiento y que el crecimiento no puede lograrse únicamente con austeridad. Y sin embargo, es poco lo que se ha hecho para corregir el asunto.

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