Wird der IWF zu Europa stehen?

CAMBRIDGE – Während die Krise der Eurozone sich weiter verschlimmert, erkennt der Internationale Währungsfond vielleicht endlich, dass er seinen Ansatz ändern muss. Die jüngste Aufforderung der neuen geschäftsführenden Direktorin des Fonds, Christine Lagarde, das bankrotte europäische Bankensystem müsse zwangsweise rekapitalisiert werden, ist ein guter Anfang. Die hitzige Reaktion europäischer Politiker – den Banken ginge es gut, sie bräuchten nur Unterstützung bei der Liquidität – sollte nur die Entschiedenheit des Fonds stärken, Europa genau zu beobachten.

Bisher hat der Fond liebedienerisch jede neue europäische Initiative zur Rettung der überschuldeten Eurozonen-Peripherie unterstützt und Griechenland, Portugal und Irland bisher mehr als 100 Milliarden Euro zugestanden. Leider riskiert der IWF damit nicht nur das Geld seiner Mitglieder, sondern letztlich auch seine eigene Glaubwürdigkeit als Institution.

Noch vor einem Jahr haben hochrangige Mitarbeiter des IWF beim Jahrestreffen in Washington allen, die es hören wollten, erklärt, die ganze Staatsverschuldungs-Hysterie in Europa sei ein Sturm im Wasserglas. Mit Hochglanzpräsentationen, die Titel trugen wie „Zahlungsunfähigkeit in den modernen fortschrittlichen Volkswirtschaften: unnötig, unerwünscht, unwahrscheinlich“, versuchte der Fond, die Investoren davon zu überzeugen, dass die Verschuldung der Eurozone nicht an den Grundfesten rüttelt.

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