Paul Lachine

منطقة اليورو والعجز عن سداد الديون

واشنطن العاصمة ـ قد تكون كازاخستان بعيدة كل البعد عن منطقة اليورو، ولكن تجاربها الاقتصادية الأخيرة كانت وثيقة الصلة بالمصاعب المؤلمة التي يمر بها اليورو في الوقت الحالي. ففي حين تكافح منطقة اليورو أزمات الديون والتقشف المالي في البلدان الأعضاء الأكثر ضعفاً، تخرج كازاخستان من الانهيار الحاد الذي شهده نظامها المصرفي مؤخراً وقد حققت انتعاشاً اقتصادياً قوياً.

كانت كازاخستان طيلة القسم الأعظم من العقد المنصرم تعتمد تمام الاعتماد على الإقراض السخي المسرف من جانب البنوك العالمية ـ تماماً كما كانت حال بلدان جنوب أوروبا. فقد بلغ إجمالي اقتراض بنوك كازاخستان من الخارج ما يعادل 50% من الناتج المحلي الإجمالي، وتم استخدام الكثير من هذه الأموال في تمويل مشاريع التشييد والبناء. ومع استمرار الأموال في التدفق إلى الداخل، ارتفعت الأجور، وارتفعت أسعار العقارات حتى بلغت مستويات نظيراتها في باريس، وخدع الناس أنفسهم فتصوروا أن كازاخستان أصبحت آخر نمور آسيا.

وفي عام 2009 انتهى الحفل الصاخب على نحو فجائي مؤلم حين قرر اثنان من البنوك الاستثمارية العالمية القوية التعجيل بعملية سداد القروض المستحقة لهما ـ على أمل استرجاع أموالهما. أما حكومة كازاخستان التي كانت في ذلك الوقت تسعى جاهدة إلى دعم بنوكها التي توسعت على نحو مبالغ فيه من خلال ضخ رؤوس الأموال وعمليات التأميم، فقد استسلمت وقررت الكف عن المحاولة. فعجزت البنوك عن سداد قروضها، وتحمل الدائنون تخفيضات ضخمة على القيمة الأصلية لمستحقاتهم أو ودائعهم.

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