Pas de bouée de sauvetage pour les détenteurs d'obligations !

CAMBRIDGE – Un an après que le gouvernement américain ait laissé couler la banque d'investissement Lehman Brothers mais soit intervenu peu après en faveur d'AIG, et après que beaucoup d'autres gouvernements partout dans le monde aient sauvé un grand nombre d'autres banques, une question essentielle reste sans réponse : quand et comment les autorités doivent-elles aider les institutions financières ?

On s'attend maintenant à ce que l'Etat vienne au secours de celles jugées "trop grande pour couler". Mais jusqu'à quel point doit-il intervenir ? Contrairement à ce qui s'est passé lors de la récente vague de plans de sauvetage, les prochains ne devraient concerner que les créanciers des institutions secourues et le filet de sécurité de l’Etat ne devrait plus s'étendre aux détenteurs d'obligations de ces institutions.

Dans le passé, les détenteurs d'obligations bénéficiaient fréquemment de l'injection d'argent par l’Etat, les plans de sauvetage protégeant tous ceux qui avaient contribué au capital - à l'exception des actionnaires, censés subir des pertes ou parfois totalement ignorés.

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