La Crise de l'endettement des pays en développement

The indebtedness of developing countries broke out in 1982. It directly challenges the stability of the international financial system. It is in the Latin American countries that this indebtedness is most worrying. The crisis is mainly due to the combination of an abundant supply of liquidity due to the oil shock and the recycling of capital, the restrictive monetary policies of the developed countries, the functioning of the Eurocredit market, the lax behavior of the banks, the flight of capital to the rich countries and questionable economic policies in the face of the immediate and growing needs of the developing countries. There has been talk of a generalized rescheduling, a moratorium, or even a unilateral repudiation of debts. The solutions envisaged by the Paris Club focused on rescheduling and restructuring. Several solutions were considered, such as the Rohatyn, Solomon, Baker and IMF Plans, although debt repudiation was not chosen. The solutions put in place were aimed more at managing short-term financial constraints, without providing sustainable solutions. It is mainly a question of the international system avoiding the collapse of the banks.