La struttura del bailout da 750 miliardi (dal New York Times)

Interessante l'editoriale del New York Times di oggi, dedicato al superpacchetto da 750 miliardi di euro approvato ieri dai leaders europei. Ecco come si conclude:

Meanwhile, the banks that caused much of this mess are getting all their money back. A more equitable approach would require the banks to pay at least part of the bill — writing down the debts of some European governments or extending their maturities into the future to allow battered European economies time to recover.
This lopsided distribution of costs is built upon a distorted narrative: profligate governments from Europe’s less responsible nations spent beyond their means and now can’t repay their debt. Except for Greece, that is not what happened.
In 2007, before the financial crisis, Spain had a budget surplus of 2 percent of G.D.P. Ireland had a balanced budget. Portugal’s deficit of 2.6 percent was well within the euro area’s accepted limits. Today their budgets are all deep in the red because the global collapse slashed economic activity, boosted unemployment and required a large-scale government response.
We understand why European governments are not demanding that the banks share the burden. Rescheduling Greece’s debt, or that of other governments, could weaken the balance sheets of European banks and make financial markets more unstable.
That’s the reason the Obama administration went so light on American banks. Still, Europe may not be able to solve its problems without bringing the bankers in to pay their share.