Home > Economia e Política no Mundo > Auditando a Dívida Europeia

Auditando a Dívida Europeia

Excelente artigo de Costas Lapavitsas no The Guardian:

“Public debt is at the heart of the eurozone crisis. Greek public debt, already very high for years, has grown extraordinarily since 2009. Irish public debt has escalated once the debts of private banks were added to it. Portugal and Spain threaten to go the same way. Similar trends can be seen in other European countries, the UK not excluded.

Common patterns usually have common causes. The global crisis of 2007-9 resulted in huge costs, partly due to rescuing the financial system, partly due to falling output and rising unemployment. In the eurozone things were made worse because the common currency had weakened peripheral countries, giving rise to large current account deficits. Peripheral weakness was masked for a while by credit-fuelled booms in real estate and consumption, but this only made the blow of the crisis more severe. […]

Working people have been called upon to shoulder the burden of public debt, but have they been properly informed about its composition, its terms, and its sources? The answer is a resounding no in several European countries. Publicly available information is scant, partial and hard to obtain. Important aspects of issuing debt, such as the operations of banks in the bond markets, remain shrouded in mystery. Even less is known about the role of politicians and their connections with financial institutions, property developers and other captains of private enterprise. Parliamentary elections are completely insufficient to shed light on these questions. […]

In Greece and Ireland the issue is burning. Can we be certain that the bulk of Greek public debt is legal, given especially that it has been contracted in direct contravention of EU treaties which state that public debt must not exceed 60% of GDP? The creditors – mostly core European banks – were fully aware of flouting this legal requirement when they lent to the Greek state. Is Irish public debt legitimate, given than much of it is speculative bank lending with a public tag placed on it? […]

They must have powers to demand public documents, call upon civil servants and others to give evidence, and even access bank accounts. On this basis they should examine public debt to determine whether it is illegal, illegitimate, odious, or simply unsustainable. Society will then have more secure grounds to decide how to tackle public debt. Not least, audit commissions could act as a first step in exercising democratic control over future public debt, instead of accepting the arbitrary rules that Germany now wishes to impose on the constitutions of eurozone members.”

Costas LapavitsasSupport the campaign to audit Europe’s public debt – The Guradian

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(*) Agradeço à colega Iren Levina por ter enviado o link.

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