segunda-feira, 8 de novembro de 2010

Quem paga manda

Fonte: Der Spiegel
O Ministro das Finanças alemão, Wolfgang Schäuble, em entrevista à Der Spiegel, merece uma leitura atenta. Os realces são meus.

Das relações económicas entre a Alemanha e a União Europeia com os Estados Unidos: «[t]he German export successes are not the result of some sort of currency manipulation, but of the increased competitiveness of companies. The American growth model, on the other hand, is in a deep crisis. The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies. There are many reasons for America's problems, but they don't include German export surpluses.»

A propósito da decisão da FED de prosseguir com acções de "quantitative easing": «I seriously doubt that it makes sense to pump unlimited amounts of money into the markets. There is no lack of liquidity in the US economy, which is why I don't recognize the economic argument behind this measure.»

A propósito de (próximas) futuras crises de dívida soberana no âmbito da União Europeia: «the European Union wasn't founded to create wealth for [private] financial investors. I imagine a two-stage process. If a country is having financial difficulties, the EU will launch an austerity and restructuring program, as it did in the case of Greece. In a first step, the maturities of those bonds that come due in this critical phase could be extended. If that doesn't help, private investors will have to accept a markdown on their claims, in a second step. In return, they'll receive guarantees on the rest.»

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