Ripagare o non ripagare i debiti?

BRUXELLES – Da mesi imperversa ormai una lotta sulla ristrutturazione del debito sovrano: da un lato c’è chi insiste che la Grecia debba continuare ad onorare il proprio debito, dall’altro chi pensa che il debito ellenico debba essere in parte cancellato. Come spesso accade in Europa, il fuoco incrociato tra dichiarazioni contraddittorie ufficiali e non ufficiali getta i mercati nel caos. C’è troppa confusione. Urge chiarezza.

La prima domanda è se la Grecia è ancora solvente. È più complicato valutare questa situazione rispetto alla solvibilità di un’azienda, perché uno stato sovrano ha il potere di tassazione. In teoria, tutto ciò che serve per tirarsi fuori dai debiti è aumentare le imposte e tagliare le spese.

Ma il potere di tassare non è infinito. Un governo determinato ad onorare ad ogni costo il proprio debito spesso finisce con l’imporre un peso fiscale sproporzionato rispetto al livello di servizi forniti; ad un certo punto, la discrepanza diventa insostenibile sia a livello sociale che politico.

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