money change hands out Edd Sowden/Flickr

Proposition de réglementation des faillites souveraines

NEW YORK – Les Etats doivent parfois restructurer leur dette. S'ils ne le faisaient pas, la stabilité politique et économique de leur pays pourrait être menacée. Mais l'absence d'une réglementation internationale pour traiter un défaut de dette souveraine aggrave considérablement leurs conséquences. Cela se traduit par un mauvais fonctionnement du marché de la dette souveraine, des tensions inutiles et des retards coûteux pour s'attaquer à l'origine des problèmes.

Cela se vérifie à intervalles réguliers. En Argentine, la lutte des autorités contre un petit nombre d'investisseurs (des fonds vautour) a mis en danger l'ensemble de la restructuration de la dette qui avait été acceptée par l'énorme majorité des créanciers. En Grèce, la majorité des fonds de "secours" accordés dans le cadre des programmes "d'assistance" servent à rembourser les créanciers existants, tandis que le pays est contraint d'adopter des mesures d'austérité qui ont largement contribué à la chute de 25% du PIB et dramatiquement appauvri la population. En Ukraine, les conséquences politiques possibles de la crise de la dette souveraine pourraient être colossales.

Aussi la question de la manière de restructurer les dettes souveraines pour les amener à un niveau soutenable est-elle cruciale. Le systéme en vigueur repose beaucoup trop sur les "vertus" du marché. Il n'existe pas de législation pour trouver une solution équitable en cas de crise de la dette souveraine. A la place il y a un marchandage dans lequel celui qui est riche et puissant impose le plus souvent sa volonté aux autres. Le résultat est en général non seulement inéquitable, mais aussi inefficace.

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