Paul Lachine

Une solution pour la Grèce: le défaut de paiement

WASHINGTON, DC – Bien que le Kazakhstan ne soit pas proche de la zone euro, son  actualité économique est instructive par rapport aux récentes difficultés de la monnaie unique. Alors que la zone euro est aux prises avec les crises et les plans d’austérité liés à l’endettement de certains pays, le Kazakhstan renoue avec une croissance forte après l’effondrement de son système bancaire.

Au cours de la dernière décennie, le Kazakhstan s’est gavé de prêts généreux accordés par des banques internationales – tout comme une grande partie du sud de l’Europe. Les emprunts contractés par les banques kazakhes s’élevaient à près de 50% du PIB. Cet afflux de fonds, qui a en grande partie servi à financer des projets de construction, a entraîné une augmentation des salaires, les prix de l’immobilier ont atteint des niveaux comparables à ceux de Paris et les Kazakhs se sont imaginés que leur pays était un nouveau tigre asiatique.

La fête a brutalement pris fin en 2009, lorsque deux banques d’investissement internationales ont avancé la date de remboursement de leurs créances, en espérant récupérer leur argent. Le gouvernement kazakh, qui peinait à soutenir ses banques privées surendettées au moyen d’injections de capitaux et de nationalisations, a décidé d’arrêter les frais. Les banques se retrouvèrent en  défaut de paiement et les créanciers durent accepter de lourdes pertes.

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