La “crise de l’euro” : la Belgique “nominée” à son tour

La “crise de l’euro” : la Belgique “nominée” à son tour

Après la Grèce, l’Irlande, le Portugal, l’Espagne, comme acteurs et postulants officiels à des interprétations nationales de “la crise de l’euro”, partition européenne de la crise eschatologique générale du système, section financière et monétaire, le nom de la Belgique est pour la première fois cité. L’étrange énoncé de cette série de catastrophes, réalisée, en cours ou in the making, ou en préparation intensive, ressemble à un double négatif d’une liste de nominations aux Oscars. Le commentaire de la crise lui-même est hors de contrôle des commentateurs, à l’image bien sûr de la crise, devenue une vaste coulée de lave incandescente qui n’épargne plus rien ni personne.

…Enfin, la nomination de la Belgique, au moins unie dans l’annonce de la catastrophe, dans le flot général de la crise, valait effectivement citation. C’est The Independent qui, ce 25 novembre 2010, signale l’événement dans son analyse générale.

«The euro plunged further into crisis yesterday as investors sold off Spanish, Portuguese and Belgian government bonds in record numbers on renewed fears that those nations would follow Greece and Ireland into the financial emergency ward, undermining confidence in the single currency.

»The spreading contagion suggests that the markets now view the break-up of the euro as a realistic possibility, and that “shock and awe” efforts to shore up individual economies with huge bailouts have not succeeded in insulating their neighbours from infection. Spain, in particular, is regarded as being "too big to save". Should Spain eventually need assistance it would also imply a much larger UK bilateral loan than the £8bn offered to Ireland – perhaps £20bn or £30bn. […]

»Slovakia's Finance Minister, Ivan Miklos, yesterday become the latest European figure to question the euro's long-term survival, saying that “the risk of a eurozone break-up is very real”. Slovakia joined the single currency last year. On Tuesday, the German Chancellor, Angela Merkel, reflected the deep anxiety felt in Germany about events when she commented that the euro was in an “exceptionally serious” position. Herman Van Rompuy said last week that the European Union itself was in a “survival crisis”. Or, as Chancellor Merkel has put it: “If the euro fails, Europe fails.” A poll of economists conducted by Reuters revealed that an overwhelming majority expect a bailout next for Portugal.

»But it is Spain that offers the single greatest challenge to the future of the euro. Many fear that even the resources of the €750bn European Financial Stability Facility, the vehicle for the current round of bailouts, will be insufficient to stem the tsunami of money flowing out of these stricken countries. So far the bailouts of €110bn and €80-€90bn for Greece and Ireland respectively have been big enough to meet their financing needs for the next two to three years. But such an exercise for Spain would mean finding a “whopping” €420bn, say analysts at Capital Economics. It could be more, however; Spain's banking system, hit hard by the bursting of a property bubble, has liabilities of €3,464bn, compared with €1,658bn in Ireland. […]

»With Belgium shaping up as the next “domino” to fall, the contagion of the euro crisis has spread from the peripheral and southern nations for the first time to a northern economy at the heart of the European Union.»

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