Alexis Tsipras Wassilios Aswestopoulos/ZumaPress

Warum der griechische Deal funktionieren wird

LONDON – Jetzt, da die griechischen Banken wieder geöffnet haben und die Regierung Zahlungen an die Europäische Zentralbank und den Internationalen Währungsfond angewiesen hat, bedeutet die Nahtoderfahrung Griechenlands den Ende der Eurokrise? Die konventionelle Antwort ist ein klares Nein.

Die meisten Ökonomen und politischen Kommentatoren sind sich einig, dass das neueste Rettungspaket für Griechenland kaum mehr war als ein Schmerzmittel. Es wird die Schmerzen für kurze Zeit lindern, aber die tief sitzenden Probleme des Euros werden Metastasen bilden, und die Aussichten für die Einheitswährung und vielleicht sogar für die EU selbst sind düster.

Aber diese Allgemeinplätze werden sich vielleicht als falsch erweisen. Das Abkommen zwischen Griechenland und den europäischen Institutionen ist tatsächlich vorteilhaft für beide Seiten. Anstatt den Anfang einer neuen Phase der Eurokrise zu markieren, ist es gut möglich, dass das Abkommen als der Höhepunkt einer langen Reihe politischer Kompromisse in die Geschichte eingeht, im Zuge derer einige der schlimmsten Fehler der Konstruktion des Euros korrigiert und die Bedingungen für eine Erholung der europäischen Wirtschaft geschaffen wurden.

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