Notas ao café…

Os “PIIGS”

Posted in notas ao café by JN on Fevereiro 11, 2010


Frederick Deligne

Escreve Jonny Dymond, da BBC, em Atenas:

Under leaden skies a long line of strikers trudged, umbrellas in hand, through Syntagma Square on Wednesday morning.

Teachers, nurses, doctors, dock workers, civil servants and airport staff walked with banners protesting at the Greek government’s plans to rein in the country’s deficit.

There is a fair amount of chanting, but on this grey day, there is not much enthusiasm about.

The seriousness of Greece’s situation seems to have infected even those agitating against the government’s proposed solution.

A Grécia, um dos “PIIGS” — Portugal, Itália, Irlanda, Grécia e Espanha, os países mais endividados da UE — esteve em greve. Os funcionários públicos protestaram contra as medidas de austeridade do governo para impedir a Grécia de entrar em colapso finaceiro, enquanto os dirigentes da UE tentam encontrar uma forma de ajudar, ou não, este país. A dívida pública da Grécia é de 113 por cento do seu produto interno bruto e tem um deficit três vezes superior ao permitido na zona do euro.


Paresh Nath, «The Khaleej Times»

No The Guardian, Claus Vistesen escreve que UE precisa de encontrar um mecanismo que a ajude a lidar com as economias que estão próximos da ruptura:

[T]his is not only about Greece and Spain. Portugal has the same symptoms as its southern European brethren. In particular, worries in the market point towards the fact that as the budget deficit in 2009 and 2010 is set to climb to close to 10% of national income and with a current account deficit in the region of 9% of GDP, Portugal may soon face the same headwinds as Greece as it tries to put its government bonds on the market in a grand scale.

The consequences for the euro and the eurozone of the current debacle are already severe, and may still prove to be catastrophic.

[…] In this context, the blame game is already well under way. Some see the current situation as a pure result of bad domestic policy of individual member states whereas others point the finger at the failure of a one-size-fits-all monetary policy to effectively accommodate the eurozone’s diverse economic landscape. The truth probably lies somewhere in between. However, it is important to note that with the current systemic set-up in the eurozone there is no formal way to handle a near default in one or several of its member states.

This more than anything signifies the challenge that EU policymakers face in the months to come. Finding someone to blame is pointless at the current juncture. The eurozone, the EU and the European Central Bank must now put utmost effort into paving a way back for Greece, Spain and Portugal. If they don’t, we will all be sorry.

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