La gran división de la deuda europea

BRUSELAS – Los mercados financieros casi lograron desintegrar la zona euro. Por ello, la idea de aprovechar el poder del mercado y la ingeniería financiera para garantizar la viabilidad de largo plazo del euro podría parecer paradójica. Pero este es precisamente el objetivo de nuestra propuesta de dividir la deuda soberana de la zona euro en porciones principales y subordinadas.

Las porciones principales comprenderían deudas de hasta 60% del PIB de cada país participante. Posteriormente estos países juntarían sus deudas y emitirían garantías solidarias y mancomunadas. El “bono azul” resultante (nombre asignado por el color de la bandera europea) sería un activo extremadamente seguro y muy líquido, comparable en volumen con los bonos del Tesoro de los Estados Unidos, y ayudaría así al fortalecimiento del euro como moneda de reserva internacional y aseguraría costos de refinanciamiento bajos para el grueso de la deuda de la zona euro.

Por el contrario, cualquier deuda superior al 60% del PIB tendría que emitirse como “bonos rojos” subordinados que serían responsabilidad exclusiva de los gobiernos nacionales. Estos “bonos rojos” harían que los préstamos superiores al 60% del PIB fueran más caros, fortaleciendo así la disciplina fiscal y reforzando los objetivos establecidos por el Pacto de Estabilidad y Crecimiento.

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