June 19, 2011, 5:42 AM
Πηγή: New York Times
του Π. Krugman
The reaction of European leaders and institutions to the Greek crisis is a sight to behold. Essentially, it boils down to the fact that default would be very inconvenient, both as a practical matter and in terms of prestige. Therefore default must not be considered a possibility, even though it has long been obvious that non-default is not an option.
So will they kick the can down the road once again? I don’t know. What I do know is that the costs of this strategy of delay are themselves badly misunderstood.
I keep seeing statements along the lines that delaying a full resolution of the Greek situation is costing hundreds of billions of euros, because estimates of the size of the needed financial rescue fund keep going up. But such calculations totally miss the point. The European Stabilization Fund isn’t a transfer program; it’s a credit line designed to provide liquidity to get past a temporary cash squeeze. Since that’s not the actual problem, the size of the fund is a measure of European delusion, not a bailout cost.