El significado de lo sucedido en Chipre

BRUSELAS – La causa del problema de Chipre es bien conocida. Sus dos bancos principales habían atraído depósitos enormes del extranjero, en gran medida de Rusia, y la mayoría –es de suponer– de personas que deseaban escapar del control en su país o en otros lugares. Después los beneficios se invertían en bonos estatales griegos y préstamos a empresas griegas. Cuando se produjo la implosión de Grecia, las inversiones se deterioraron y los bancos chipriotas que habían adoptado esa estrategia acabaron en la insolvencia.

En vista de esa situación, la opción lógica para el país debería haber estado clara: si el Gobierno quería sobrevivir, los depositantes extranjeros debían participar en las pérdidas. Así, pues, resulta difícil entender por qué el Gobierno de Chipre se mostró al principio tan renuente a infligir pérdidas a los depositantes.

Pero la solución que al final se acordó es acertada: se ha encontrado una solución eficaz para los dos bancos mayores del país. Se separarán sus activos tóxicos, que irán reduciéndose con el tiempo. Ni el Gobierno de Chipre ni los contribuyentes europeos aportarán fondos suplementarios a esos bancos. Así, pues, las pérdidas que queden después de que se hayan eliminado los activos tóxicos habrán de recaer en los acreedores no asegurados de los bancos, que en este caso son los que tienen depósitos de más de 100.000 euros (130.000 dólares).

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