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2012-05-21

Mohamed A. El-Erian om Grekland, Mercedes, Staten och Kapitalet

Nyligen hade jag här ett inlägg med rubriken "Grekland, Mercedes, Staten och Kapitalet".

En kvinna i Grekland har köpt en Mercedes. Daimler-Benz AG har fått sina pengar för bilen.
Det är någon bank, kanske Deutsche Banks filial i Grekland, som, dumt nog, har lånat ur pengarna till kvinnas bilköp.

Kanske bankerna har ett ansvar, var min tanke.

Nu läser jag en artikel av ingen mindre än Mohamed A. El-Erian.
Jag tror på Mohamed. brukar jag säga. Här ett utdrag med länk.

Hold on, I hear you say. For every debt incurred there is a credit extended. You are right.
The over-lending was so widespread that at one point it drove down the yield differential between Greek and German bonds to just six basis points
Mohamed A. El-Erian, Project Syndicate 17 May 2012

Greece’s private creditors were more than happy to pour money into the country, only to shirk their burden-sharing responsibilities when the artificial boom could no longer be sustained.

The over-lending was so widespread that at one point it drove down the yield differential between Greek and German bonds to just six basis points – a ridiculously low level for two countries that differ so fundamentally in terms of economic management and financial conditions.

But neither the Greek government nor its private creditors acted in a vacuum. Both took comfort from the political cover provided by the European unification effort

Remember, the large core economies (France and Germany) were among the first members to breach the budgetary rules that were established when the euro was launched.

Most likely, they will end up getting off too easy, especially compared to the real victims of this historic tragedy – the most vulnerable segments of the Greek population, who will become much worse off, today and for many years to come, as jobs disappear, savings evaporate, and livelihoods are destroyed.

And they may not be alone. Millions of others may experience collateral damage, as financial contagion risks spreading to other European countries and to the global economy as a whole.

In a fairer world, these vulnerable citizens would be entitled to claw back the salaries, official privileges, and bonuses that the four parties to blame enjoyed for too long.

In the world as it is, they are a compelling lesson for the future.

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