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Le plan de sauvetage de Chypre : frein ou accélérateur du risque systémique en Europe ?

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  • Messiha, Jean
  • Teulon, Frédéric

Abstract

Les institutions européennes ont manqué, sur le dossier chypriote, l’occasion d’asseoir leur crédibilité à bon compte. Non seulement, elles n’ont pas profité de la modestie du problème chypriote pour montrer comment elles pouvaient empêcher les risques systémiques de se développer dans la zone euro, mais elles ont de surcroît mené une action qui s’est avérée pro-cyclique. Ainsi, face à la dégradation de la situation à Chypre, l’Europe, de concert avec le FMI, a présenté un premier plan de sauvetage, dont l’une des mesures – la taxation de l’ensemble des dépôts – a eu pour effet d’aggraver la crise qu’elle souhaitait combattre.Un nouveau plan plus équilibré a été conclu par l’Eurogroupe le 25 mars 2013. La taxation partielle des dépôts et l’adoption d’un contrôle des changes drastique constituent une violation du pacte de confiance qui liait jusqu’à présent les épargnants et leur banque. Chypre a été mise de fait sous tutelle économique.

Suggested Citation

  • Messiha, Jean & Teulon, Frédéric, 2013. "Le plan de sauvetage de Chypre : frein ou accélérateur du risque systémique en Europe ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 13.
    • Handle: RePEc:rvr:journl:2013:10238
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    References listed on IDEAS

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    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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