{"id":281413,"date":"2026-08-31T03:38:09","date_gmt":"2026-08-31T03:38:09","guid":{"rendered":"https:\/\/www.europesays.com\/ro\/281413\/"},"modified":"2026-08-31T03:38:09","modified_gmt":"2026-08-31T03:38:09","slug":"ziua-in-care-o-moneda-a-fost-devalorizata-si-un-continent-s-a-prabusit","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ro\/281413\/","title":{"rendered":"Ziua \u00een care o moned\u0103 a fost devalorizat\u0103 \u0219i un continent s-a pr\u0103bu\u0219it"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Frica se transform\u0103 \u00een panic\u0103. Rezultatul va fi cunoscut sub numele de \u201e<a href=\"https:\/\/www.bot.or.th\/en\/our-roles\/special-measures\/Tom-Yum-Kung-lesson.html\" data-type=\"link\" data-id=\"https:\/\/www.bot.or.th\/en\/our-roles\/special-measures\/Tom-Yum-Kung-lesson.html\" target=\"_blank\" rel=\"noopener nofollow\">Criza Tom Yum Kung<\/a>\u201d \u2013 numele preparatului thailandez delicios.<\/p>\n<p class=\"wp-block-paragraph\">\u00cenceputul sf\u00e2r\u0219itului vine odat\u0103 cu un anun\u021b. \u00cen iulie 1997, Banca Central\u0103 a Thailandei abandoneaz\u0103 politica sa de curs de schimb fix fa\u021b\u0103 de dolar \u0219i permite monedei na\u021bionale \u2013 bahtul \u2013 s\u0103 floteze liber pe pie\u021be.<\/p>\n<p class=\"wp-block-paragraph\">Devalorizarea este rapid\u0103. Cu o zi mai devreme, Hong Kong-ul revenise oficial Chinei, cre\u00e2nd tulbur\u0103ri politice globale. Leg\u0103tura dintre cele dou\u0103 evenimente este decisiv\u0103: banii, care p\u00e2n\u0103 atunci se rev\u0103rsau din abunden\u021b\u0103 \u00een Asia de Est, fug de acolo \u00een mare vitez\u0103, <a href=\"https:\/\/www.naftemporiki.gr\/stories\/1975644\/i-mera-poy-ypotimithike-ena-nomisma-kai-katerreyse-mia-ipeiros\/\" data-type=\"link\" data-id=\"https:\/\/www.naftemporiki.gr\/stories\/1975644\/i-mera-poy-ypotimithike-ena-nomisma-kai-katerreyse-mia-ipeiros\/\" target=\"_blank\" rel=\"noopener nofollow\">scrie presa elen\u0103<\/a>.<\/p>\n<p class=\"wp-block-paragraph\">Frica se transform\u0103 \u00een panic\u0103. Rezultatul va fi cunoscut sub numele de \u201eCriza Tom Yum Kung\u201d \u2013 numele preparatului thailandez apetisant.<\/p>\n<p>\u201eMinunea\u201d<\/p>\n<p class=\"wp-block-paragraph\">Timp de un deceniu, Thailanda, Malaezia, Indonezia, Filipine \u0219i Coreea de Sud au fost prezentate drept miracole economice. Marile b\u0103nci, fondurile speculative str\u0103ine \u0219i chiar FMI \u00eensu\u0219i vorbesc despre \u201emiracolul asiatic\u201d: rate de cre\u0219tere de dou\u0103 cifre, investi\u021bii \u00een cre\u0219tere, bule imobiliare, pie\u021be bursiere umflate. Dar toate acestea se bazeaz\u0103 pe un model periculos: \u00eemprumuturi externe ieftine, deficite de cont curent, grad excesiv de \u00eendatorare \u0219i control minim al riscurilor.<\/p>\n<p class=\"wp-block-paragraph\">Thailanda absoarbe fluxuri uria\u0219e de capital pe termen scurt. B\u0103ncile sale acord\u0103 \u00eemprumuturi generoase pentru proiecte de infrastructur\u0103 \u0219i imobiliare pe termen lung, finan\u021b\u00e2nd investi\u021biile clien\u021bilor \u0219i proiecte speculative cu dolari.<\/p>\n<p class=\"wp-block-paragraph\">\u00cens\u0103, c\u00e2nd exporturile au \u00eencetinit brusc \u00een 1996 \u0219i China a \u00eenceput s\u0103 c\u00e2\u0219tige cot\u0103 de pia\u021b\u0103, modelul s-a pr\u0103bu\u0219it. Creditarea \u00een umbr\u0103, 58 de companii financiare cu probleme, creditele neperformante \u0219i rezervele valutare epuizate s-au pr\u0103bu\u0219it fulger\u0103tor.<\/p>\n<p>Domino-ul<\/p>\n<p class=\"wp-block-paragraph\">\u00cen c\u00e2teva s\u0103pt\u0103m\u00e2ni, efectul de domino se desf\u0103\u0219oar\u0103. Bahtul se pr\u0103bu\u0219e\u0219te \u2013 de la 25 la 1 dolar, ajung\u00e2nd la 40. Indonezia, cu o datorie uria\u0219\u0103 \u00een dolari, \u00ee\u0219i vede rupia pr\u0103bu\u0219indu-se, iar regimul Suharto se pr\u0103bu\u0219e\u0219te pe fondul unor tulbur\u0103ri sociale. Coreea de Sud pierde 40% din valoarea wonului s\u0103u \u0219i este obligat\u0103 s\u0103 accepte un plan de salvare de 57 de miliarde de dolari din partea FMI. Criza se extinde \u00een Rusia \u0219i Brazilia, provoc\u00e2nd instabilitate interna\u021bional\u0103, o sc\u0103dere a pie\u021belor americane \u0219i temeri privind o recesiune global\u0103.<\/p>\n<p>De la conspira\u021bie la responsabilit\u0103\u021bi \u0219i FMI<\/p>\n<p class=\"wp-block-paragraph\">Teoriile conspira\u021biei abund\u0103. Cei mai radicali v\u0103d o conspira\u021bie: George Soros \u0219i al\u021bi speculan\u021bi sunt acuza\u021bi c\u0103 \u201eatac\u0103\u201d bahtul. Cei mai reali\u0219ti indic\u0103 sl\u0103biciunea structural\u0103: libera circula\u021bie a capitalului \u00eentr-un sistem bancar imperfect supravegheat, sub un regim rigid de cursuri de schimb fixe.<\/p>\n<p class=\"wp-block-paragraph\">Politicienii au reac\u021bionat lent. Bancherii au favorizat prietenii \u0219i figurile partidului. Investitorii au \u00eenchis ochii \u00een fa\u021ba riscurilor. \u00cempreun\u0103, au sem\u0103nat semin\u021bele pentru furtuna perfect\u0103.<\/p>\n<p class=\"wp-block-paragraph\">Fondul Monetar Interna\u021bional intervine cu condi\u021bii dure: \u00eenchiderea b\u0103ncilor, reducerea cheltuielilor publice, impunerea unor rate ridicate ale dob\u00e2nzii pentru a men\u021bine stabilitatea cursului de schimb. Aceste politici agraveaz\u0103 recesiunea pe termen scurt \u0219i provoac\u0103 tensiuni sociale, \u00een special \u00een Indonezia \u0219i Thailanda. Cu toate acestea, criza este \u00eempiedicat\u0103 s\u0103 devin\u0103 global\u0103 \u2013 datorit\u0103 relax\u0103rii monetare din Occident \u0219i coordon\u0103rii b\u0103ncilor centrale.<\/p>\n<p>Costul \u0219i lec\u021bia<\/p>\n<p class=\"wp-block-paragraph\">Thailanda pl\u0103te\u0219te costul planului de salvare cu decenii de datorie public\u0103. Noua genera\u021bie suport\u0103 o povar\u0103 grea: 109 miliarde de dolari \u00een datorii, pl\u0103tite par\u021bial din impozite, austeritate \u0219i restructurare.<\/p>\n<p class=\"wp-block-paragraph\">Ziua care a \u00eenceput cu devalorizarea unei monede s-a \u00eencheiat cu pr\u0103bu\u0219irea unui continent. Iar 29 de ani mai t\u00e2rziu, amintirea crizei serve\u0219te drept avertisment.<\/p>\n<p class=\"wp-block-paragraph\">Nu doar pentru Thailanda, ci pentru o lume \u00eentreag\u0103 care a \u00eenv\u0103\u021bat c\u0103 bulele financiare se sparg \u00eentotdeauna. \u00centrebarea este dac\u0103 va exista o rezerv\u0103 de resurse data viitoare.<\/p>\n","protected":false},"excerpt":{"rendered":"Frica se transform\u0103 \u00een panic\u0103. Rezultatul va fi cunoscut sub numele de \u201eCriza Tom Yum Kung\u201d \u2013 numele&hellip;\n","protected":false},"author":2,"featured_media":281414,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[32,33,31,36,37,27,74,34,35,25,41,40,38,39,26,28,29,30,71,72,73],"class_list":["post-281413","post","type-post","status-publish","format-standard","has-post-thumbnail","category-international","tag-breaking-news","tag-breakingnews","tag-cele-mai-populare-subiecte","tag-featured-news","tag-featurednews","tag-headlines","tag-international","tag-latest-news","tag-latestnews","tag-news","tag-ro","tag-romana","tag-romania","tag-romanian","tag-stiri","tag-titluri","tag-top-stories","tag-topstories","tag-world","tag-world-news","tag-worldnews"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ro\/117188041513928171","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/posts\/281413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/comments?post=281413"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/posts\/281413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/media\/281414"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/media?parent=281413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/categories?post=281413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ro\/wp-json\/wp\/v2\/tags?post=281413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}