L'Allemagne doit sauver la zone euro

PARIS – "Avril est le mois le plus cruel", écrivait T.S Eliot au début de son fameux poème intitulé La Terre vaine. Mais s'il avait été non un poète mais un investisseur qui aurait observé les marchés européens au cours de ces dernières années, je suis sûr qu'il aurait mentionné le mois d'août.

En août 2007, la banque BNP Paribas a fermé deux de ses fonds exposés aux dangers présentés par le secteur des crédits immobiliers à risque. Cela a entraîné une crise des liquidités qui a touché toutes les banques européennes. Cette même année, la grande rivale de la BNP, la Société Générale, a été sous les feux de l'actualité. Sa valeur en Bourse a dégringolé de plus de 14% en une journée à la mi-août, du jamais vu lors des deux ans et demi précédents. Il y eut aussi les rumeurs d'une dégradation possible de la note de la dette souveraine de la France par les agences de notation, accompagnées de spéculation quant aux conséquences pour les banques françaises.

Le coup fut rude pour ces dernières, d'autant que la France est le pays d'Europe continentale le plus respectueux de la convention qui veut que l'on ne puisse rien faire de vraiment efficace au mois d'août. Aussi elle a rapidement protesté, s'estimant singularisée à tort.

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