Ein neuer griechischer Test für Europa

PRINCETON – Im Laufe des vergangenen Jahres war es leicht, die griechische Schuldenkrise aus den Augen zu verlieren. Randvoll mit öffentlichen Geldern, war Griechenland offensichtlich auf dem Weg zur Besserung. Obwohl sich die Privatisierungspläne verzögerten, erwarben sich die Griechen für ihren Haushaltssparkurs einen guten Ruf. Im europäischen Sommer des stillen Triumphes waren die Erwartungen am Boden und leicht zu übertreffen.

Aber Griechenland wird Europa erneut einem schweren Test aussetzen.

Die griechische Krise war von spektakulärem Ausmaß. Nachdem offensichtlich wurde, dass eine griechische Regierung nach der anderen ihren Teil zu den riesigen Haushaltsdefiziten und makroökonomischen Ungleichgewichten beigetragen hatte, verlor Griechenland den Zugang zu den internationalen Anleihemärkten. Seit 2010 ist das Land abhängig von öffentlichen Rettungsgeldern in nie dagewesener Höhe. Aber weil die Gläubiger der Griechen – der Internationale Währungsfonds und die europäischen Staaten – die Probleme des Landes unterschätzt hatten, führte die Rettung lediglich dazu, dass der unvermeidliche Staatsbankrott verzögert wurde, die griechische Wirtschaft rapide zurück ging und die Schmerzen dadurch verstärkt wurden.

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