Christine Lagarde IMF/Flickr

La crise de l'euro du FMI

OXFORD – Au cours des dernières décennies, le Fonds Monétaire International a tiré six leçons importantes sur la façon de gérer les crises de déficit public. Pourtant dans sa réponse à la crise grecque, le FMI n'a tenu compte d'aucune de ces leçons.

La participation du Fonds à l'effort de sauvetage de la zone euro aurait pu redorer son blason et séduire les Européens. Mais son échec, ainsi que celui de ses actionnaires européens à se conformer à ses propres meilleures pratiques, risquent finalement de causer sa perte.

Une leçon clé a été ignorée dans la débâcle de la Grèce : quand un plan de renflouement est nécessaire, il doit être mis en œuvre une bonne fois pour toutes. Le FMI a appris cela en 1997, quand un renflouement insuffisant en Corée du Sud a contraint à un second tour de négociations. En Grèce, le problème est encore plus grave, car le plan de renflouement de 86 milliards d'euros (soit 94 milliards de dollars) actuellement à l'étude suit un plan de renflouement de 110 milliards en 2010 et un plan de sauvetage de 130 milliards en 2012.

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