La estrategia del dolor de la zona del euro

BRUSELAS – Por tercer año consecutivo, la zona del euro es el eslabón más débil en la economía mundial. En 2010, se centró la atención en las reacciones ante la crisis en la periferia de la zona del euro: Grecia, Portugal e Irlanda. En 2011, la crisis se trasladó al núcleo e Italia y España sintieron el calor y aumentaron las preocupaciones por la viabilidad de la propia zona del euro. La cuestión en 2012 es la de si esas tensiones se atenuarán o alcanzarán un  nuevo clímax.

Una vez más, la crisis griega es el centro de atención y ejemplifica los fallos de Europa. Una vez más, hay que adoptar decisiones difíciles sobre la reestructuración de la deuda y la prestación de asistencia suplementaria a Atenas y una vez más los europeos han de aceptar que la situación es más grave de lo que pensaban.

Pero la profundidad de los males de Grecia no debe hacer olvidar que es una economía pequeña y en muchos sentidos un caso especial y extremo. Ningún otro país incumplió las normas como Grecia ni ha acumulado una carga de la deuda pública tan grande y ningún otro país de la UE combina en la misma medida un Estado disfuncional y una economía privada no competitiva.

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