Des obligations Brady pour la zone euro

WASHINGTON – On estime généralement dans la zone euro que la crise est terminée. La forte inquiétude, parfois de nature existentielle, du début de cette année quant à l'avenir de la devise commune s'est dissipée et la situation est à nouveau sous contrôle, croit-on.

Mais ce point de vue est en complète contradiction avec la réalité. Les marchés obligataires européens envoient à nouveau un signal inquiétant aux responsables politiques de la planète. Avec la valeur des obligations des pays périphériques de la zone euro qui continue à chuter, le risque souverain est plus élevé que jamais pour l'Irlande, la Grèce et le Portugal.

Le plan de sauvetage établi conjointement en mai par l'Union européenne, le Fonds monétaire international (FMI) et la Banque centrale européenne (BCE) pour la Grèce et le programme d'achat des obligations des pays périphériques de la zone euro mis en place par la BCE n'ont pas changé la donne. Le FMI dont les assemblées annuelles ont lieu dans quelques semaines (suivies par le sommet du G-20 à Séoul en novembre) cède aux pressions et verse des sommes toujours plus élevées au profit de l'UE, en y mettant de moins en moins de conditions.

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