Un article paru dans Quartz signé Brett House, fellow senior la Fondation Jeanne Sauvé est cité par Bruegel Blogs dans son récent examen de quelques écrits sur le thème de la nouvelle proposition de cadre de prêt du FMI
Brett House writes that the IMF is considering a big shift in its lending rules. Eager to avoid a repeat of the massive loans it provided to the hopeless case that was Greece in 2010 – and Argentina in 2003 – the Fund has just released a staff paper that proposes major changes in its policy framework. The paper argues that the Fund should explicitly recognize that some sovereign crises fall in a messy middle — neither clear-cut insolvency, nor a temporary balance-of-payments problem. This gray zone calls for a new approach to crisis management. Rather than stretching credibility by certifying such cases as sustainable with ‘high probability’; or invoking the systemic exemption the proposed new policy would allow the Fund to lend in situations where the outcomes look less certain. Creditors would be asked to defer or reprofile their debt-service payments for a number of years.