O exemplo dos EUA
Misplaced hope that the enforcement problem can be solved by enshrining the fiscal compact in member states' constitutions might be based on a misunderstanding of the US system. To be sure, the US federal government has never bailed out a state, 49 of which (all but Vermont) have laws or constitutional provisions that limit deficit spending. But the main explanation for the absence of US moral hazard is that the right precedent was set in 1841, when the federal government let eight states and the Territory of Florida default. Eurozone leaders should have done the same with Greece a year or two ago.
Ever since 1841, the market requires that US states running up questionable levels of debt pay an interest-rate premium to compensate for the default risk. By contrast, Greece and the eurozone's other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same level as German bunds.
Ever since 1841, the market requires that US states running up questionable levels of debt pay an interest-rate premium to compensate for the default risk. By contrast, Greece and the eurozone's other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same level as German bunds.
