El purgatorio de la periferia

ATENAS – La inminente visita a Atenas de la canciller alemana, Angela Merkel, será mucho menos tensa que los otros viajes que hizo al país durante la larga crisis financiera de Europa. Es cierto que los griegos no tienen a Merkel en alta estima, pero la modesta recuperación económica de Europa contribuyó a distender un poco las relaciones entre Alemania y las economías europeas más maltrechas.

De hecho, Europa dejó de ser considerada un riesgo para la estabilidad financiera global. Las economías del núcleo de la eurozona muestran signos de recuperación, y las condiciones financieras en la excesivamente endeudada periferia también están mejorando. Pero no es posible asegurar que estos avances se mantengan en el tiempo, dadas la escasez de capital, la falta de demanda y la lentitud de las reformas en la periferia de la eurozona.

Las economías de la eurozona peor afectadas por la crisis económica global han sufrido una inmensa y persistente caída de la producción y el empleo. El ingreso real (ajustado por la inflación) per cápita en el conjunto de la eurozona se mantiene más o menos en los niveles de 2007; pero en Grecia e Italia, se hundió hasta los niveles registrados en 2000 y 1997, respectivamente.

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