Das Problem mit den Eurobonds

MÜNCHEN: Bundeskanzlerin Angela Merkel hat dem Drängen der Südländer Stand gehalten. Es wird keine Eurobonds geben. Für die Märkte ist das enttäuschend, aber einen anderen Weg für diese Länder, als jetzt beharrlich auf eine Phase der Schuldendisziplin und ein Ende der lockeren Budgetbeschränkungen zu drängen, gibt es nicht.

Die Anleger in Europas Krisenländern bekommen auch so schon genug Geschenke. Die Beschlüsse der Staats- und Regierungschefs der Eurozone vom 21. Juli, nach denen die Europäische Finanzstabilisierungsfazilität – begrenzt lediglich durch die EFSF-Kapazität – Altschulden zurückkaufen darf, laufen bereits auf eine Art Eurobond hinaus. Und die Europäische Zentralbank wird ihre Bail-out-Politik durch Kredite an die in Schwierigkeiten geratenen Euroländer und Ankauf ihrer Staatsanleihen ja ebenfalls munter fortsetzen.

Die Südländer drängen dennoch mit Macht auf den vollen Umstieg in die Eurobonds, um die Zinsaufschläge im Vergleich zu Deutschland wegzubringen, die die Märkte ihnen abverlangen. Das ist verständlich, war doch die Hoffnung auf eine Zinskonvergenz seinerzeit ein entscheidender Grund für den Eurobeitritt. Und für ein gutes Jahrzehnt, von 1997 bis 2007, ging die Hoffnung auch in Erfüllung.

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