L'alchimie financière de l'Europe

CHICAGO – Tout le monde reconnaît que la diffusion des CDO (collateralized debt obligation ou dettes obligataires), les infâmes structures dédiées qui ont transformé une dette mal notée en une dette bien notée a été un facteur clé à l'origine de la crise financière de 2007-2008. Initialement, ce que ces structures perdaient en popularité à Wall Street, elles le regagnaient de l'autre coté de l'Atlantique.

Le Fond européen de stabilité financière européenne (EFSF) créé par les pays de la zone euro en mai dernier constitue le plus grand CDO qui ait jamais existé. De même que les CDO, l'EFSF a été présenté comme un moyen de réduire les risques. Et le résultat pourrait être le même : l'ébranlement de tout le système financier.

Les CDO, c'est de l'alchimie financière : des structures dédiées qui achètent l'équivalent financier du plomb (des titres adossés sur des prêts hypothécaires mal notés) et se financent avec l'équivalent financier de l'or (des obligations notées AAA très recherchées). Cette transformation repose sur un principe sain et sur deux principes boiteux.

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