Die Wurzel aller staatlichen Schuldenkrisen

NEW YORK: Die griechische Schuldenkrise hat Fragen aufgeworfen, ob der Euro ohne eine nahezu unvorstellbare Zentralisierung der Fiskalpolitik überleben kann. Doch es gibt eine einfachere Lösung. Unverantwortliche staatliche Kreditaufnahmen an den internationalen Kreditmärkten setzen eine unverantwortliche Kreditvergabe voraus. Die Bankenaufsichten könnten eine derartige Kreditvergabe von Instituten, die bereits ihrer Aufsicht unterliegen, einfach untersagen.

Die Kreditvergabe an ausländische Regierungen ist in vieler Hinsicht per se riskanter als unbesicherte private Schulden oder Junk Bonds. Private Kreditnehmer müssen häufig Sicherheiten wie etwa ihre Häuser bieten. Diese Sicherheiten beschränken das Verlustrisiko der Kreditgeber, und die Angst vor dem Verlust der verpfändeten Vermögenswerte ermutigt die Kreditnehmer zu umsichtigem Handeln.

Aber Regierungen bieten keine Sicherheiten, und ihr hauptsächlicher Anreiz zur Rückzahlung – die Furcht, von den internationalen Kreditmärkten abgeschnitten zu werden – rührt aus einer perversen Sucht her. Nur Regierungen, die chronisch unfähig sind, ihre Auslagen durch Steuern oder Inlandsschulden zu finanzieren, müssen kontinuierlich große Summen im Ausland aufnehmen. Eine tiefe Sehnsucht nach der Gunst ausländischer Kreditgeber rührt gewöhnlich aus einer tief verwurzelten Form staatlicher Misswirtschaft her.

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