Selon le directeur de l’IFF (Institute of
International Finance) Charles Dallara, qui
s’exprimait lors d’un entretien à Bloomberg, la BCE
deviendra insolvable dans l’hypothèse où la Grèce
quitterait l’Euro. Il
ajoute que l’Europe devra de toute urgence recapitaliser sa Banque
Permettez moi de demander, mais comment donc l’Europe pourra
t’elle recapitaliser la BCE ? En imprimant des Euros ?
un extrait de cet entretien ci-dessous.
Greek Euro Exit May Exceed
1 Trillion Euros
The cost of Greece
exiting the euro would be unmanageable and probably exceed the 1 trillion
euros ($1.25 trillion) previously estimated by the Institute of International Finance, the group’s managing director said.
The Washington-based IIF’s
projection from earlier this year is
“a bit dated now”
and “probably on the low
side,” Charles Dallara
said in an interview in Rome today.
“Those who think that Europe, and more broadly the global economy, are
really prepared for a Greek exit should think again.”
The European Central Bank’s
exposure to Greek liabilities is more than twice as big as the ECB’s capital,
said Dallara, who represented banks in their negotiations with the Greek government on its debt restructuring.
As a result, he predicted the bank would be unable
to provide liquidity and stabilize the euro-area financial
“The ECB will be insolvent” if Greece were to exit the euro, Dallara said. “Europe would have
to first and foremost recapitalize
its central bank.”
In February, the IIF estimated
that Greece’s liabilities, in the event of a
euro exit, could be crippling. “It is hard to
see how they would not exceed 1 trillion
euros,” the group said in an internal Feb. 18 report that hasn’t been made
It’s not clear whether Spain will need a bailout as it seeks to help its banks weather
the euro crisis, he said.
“The only way to
help markets see past that obscurity
is to remove the cloud of uncertainties of
national fiscal position and move toward
unification,” Dallara said.