Com a globalização e integração financeira, os países europeus estão cada vez mais interligados em termos de fluxos financeiros, como se pode ver neste gráfico interessante do New York Times.
É fácil atacar o elo mais fraco, é difícil conseguir uma solução global sustentável e evitar que os disequilibrios voltem a aparecer no futuro.
Fonte: NY Times
Ver artigo sobre o EURO e os desequilibrios internos de dívida e capital
ResponderEliminarhttp://www.businessweek.com/news/2010-05-03/euro-is-in-fiscal-no-man-s-land-jonathan-story-and-ingo-walter.html
"Burden sharing with the creditors is the normal solution to any debtor insolvency problem". Exactly...divergence is only the other side of divergence.
ResponderEliminarCreditors made huge earnings from " the yield convergence play" since before the EURO was announced back in 1997-8. It turns out that the "convergence" went too far, and the yield differentials narrowed far too much. Now they are "correcting" and widening too much.
The problem is that "yield divergence" is only the visible symptom of the intra-EU trade imbalances which persist and threaten to increase as the Club Med economies are weakened further.
Austerity measures like raising the Club Med retirement ages to 67 is not going to be enough.
Northern pensioners continue to get nearly free healthcare in the sunnier retirement locations (your budget or mine?) , and the EU PAC benefits continue concentrated in northern farmers...
http://www.youtube.com/watch?v=5D0VhS8qXT0
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