Paul Lachine

Momento crucial para Alemania

BRUSELAS – Una serie de acontecimientos que ocurrieron durante las últimas semanas pusieron en marcha una espiral descendente para la eurozona. A menos que las autoridades – en especial las autoridades alemanas – actúen con rapidez, el veredicto que dictarán los mercados financieros va a ser despiadado.

En primer lugar, la eurozona no ha logrado revertir la situación. Mario Draghi, Presidente del Banco Central Europeo, tenía razón al señalar que, pese a las numerosas reuniones ministeriales y a las tres cumbres, aún no se implementa la decisión de aumentar significativamente la capacidad de respuesta de la artillería del Fondo Europeo de Estabilidad Financiera (FEEF). En la actualidad existen crecientes dudas sobre la eficacia del FEEF.

En segundo lugar, y en parte como consecuencia, prácticamente todas las operaciones bursátiles relacionadas a la deuda de los países de la eurozona se negocian a un descuento en comparación con los Bunds (Bonos Federales) alemanes. Si bien era necesario asignar con mayor precisión un precio al riesgo, es difícil creer que los Países Bajos, con un ratio de deuda de casi 20 puntos porcentuales menos que el ratio de Alemania, merezcan ser evaluados como un país con un riesgo de moratoria más alto. Pero ahora, hasta el poderoso Bund alemán ha comenzado a sufrir por la intensificación de la ansiedad en el mercado.

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