quarta-feira, agosto 24, 2011

'Euro Bonds Would Destroy the Euro'

Interessante debate no Spiegel Online sobre a crise do euro. Nem preciso dizer qual partido eu tomo. Seguem alguns trechos de Hans-Werner Sinn:

"Euro bonds would destroy the euro zone. If all countries -- regardless of their creditworthiness -- were to pay the same interest rate, the last impediments to excessive state indebtedness would fall away."

"The very fact that we have a common currency today is why we need interest-rate differentials in order to keep capital flows in check. Every government has it in its power to bring its public finances into order and, in doing so, to convince its creditors that the money will also be paid back. There is absolutely no reason to communitize debts via euro bonds. Euro bonds are like a little piece of socialism. They don't belong in our economic system."

"Heavily indebted countries need to finally face reality. They can no longer maintain the artificial boom they've been financing with other people's money."

"You view euro bonds as a tool for restructuring. I say that euro bonds would destroy the euro. They would only encourage profligacy. The countries on the periphery would go on living above their means. I'm in favor of keeping the euro."

"The euro is needed for business and trade. If we don't want to damage it even further, we have to put an end to all this debt creation."

"Taken together, Greece, Ireland, Portugal, Spain and Italy have €3.1 trillion in state debt. That's twice as much as German reunification cost. Do you seriously want our children to be liable for those debts?"

"With euro bonds, you are creating a danger of contagion via public finances. It's a basic principle of the market economy that one is liable for the decisions that one takes. In the mid-1970s, New York was forced to put its tax revenues up as security because no one lent a hand."

" I propose that we help the crisis-stricken countries step by step, to a limited degree and only when their creditors are willing to relinquish a portion of their claims. At a fundamental level, the countries have to learn to live without our loans. The German taxpayer cannot ensure the living standard of people in these countries over the long term."

"Previous decisions have already made Germany liable for almost €400 billion. And now there is also the issue of an additional €3.1 trillion that we are supposed to be joint and severally liable for. At some point, even Germany's power is exhausted. It's about the survival of our political system. You shouldn't forget that."

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