{"id":1144,"date":"2015-10-28T09:51:07","date_gmt":"2015-10-28T09:51:07","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=1144"},"modified":"2015-10-30T09:37:57","modified_gmt":"2015-10-30T09:37:57","slug":"labc-de-la-dette-latino-americaine-carnet-de-voyage-en-argentine","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/10\/labc-de-la-dette-latino-americaine-carnet-de-voyage-en-argentine\/","title":{"rendered":"L\u2019ABC de la dette latino-am\u00e9ricaine : carnet de voyage en Argentine"},"content":{"rendered":"<p>Je viens juste de passer deux semaines en Am\u00e9rique latine \u00e0 l\u2019occasion des <a href=\"https:\/\/bondvigilantes.com\/francais\/2021\/12\/23\/proces-verbal-de-la-reunion-dautomne-fmibanque-mondiale\/\"><strong>r\u00e9unions du FMI<\/strong> <strong>\u00e0 Lima<\/strong><\/a>. La r\u00e9gion traverse divers bouleversements\u00a0: recul des prix des mati\u00e8res premi\u00e8res, d\u00e9t\u00e9rioration des bilans, croissance en berne et d\u00e9gradation budg\u00e9taire, besoin urgent de r\u00e9formes structurelles et probl\u00e8mes politiques importants. Il y a mati\u00e8re \u00e0 r\u00e9flexion, si bien que dans les prochains jours, je vais publier une s\u00e9rie de blogs ax\u00e9s sur l\u2019ABC de la dette latino-am\u00e9ricaine\u00a0: Argentine, Br\u00e9sil et Colombie.<\/p>\n<p>Premi\u00e8re \u00e9tape, l\u2019Argentine. Voici un r\u00e9sum\u00e9 de mon voyage, notamment ce qui constitue selon moi les probl\u00e8mes majeurs du pays et mes impressions \u00e0 cet \u00e9gard.<\/p>\n<p>Apr\u00e8s un vol de nuit sans sommeil de 13 heures au d\u00e9part de Londres, j\u2019ai d\u00e9cid\u00e9 de me m\u00e9nager pour ma premi\u00e8re journ\u00e9e et de donner un caract\u00e8re \u00e9ducatif \u00e0 ma journ\u00e9e de tourisme. Le Congr\u00e8s argentin et le Mus\u00e9e de la Dette Ext\u00e9rieure (tous deux li\u00e9s \u00e0 l\u2019\u00e9volution du march\u00e9) semblaient une pr\u00e9paration id\u00e9ale \u00e0 ma tourn\u00e9e d\u2019investisseur.<\/p>\n<p>Officiellement, pour en revenir \u00e0 l\u2019objet principal de ma visite, les \u00e9lections l\u00e9gislatives pr\u00e9vues ce dimanche ont repr\u00e9sent\u00e9 le premier sujet de conversation. De l\u2019avis g\u00e9n\u00e9ral, le prochain gouvernement sera pr\u00e9f\u00e9rable \u00e0 celui en place, ce qui a aid\u00e9 la dette argentine en devise forte \u00e0 se placer au 4<sup>\u00e8me<\/sup> rang des dettes souveraines depuis le d\u00e9but de l\u2019ann\u00e9e. Malgr\u00e9 l\u2019imminence des \u00e9lections, il est possible que Daniel Scioli, le candidat le plus proche du gouvernement existant, remporte le premier tour. Autrement, il devra affronter un second tour en novembre contre l\u2019un des deux candidats partisans d\u2019une \u00e9conomie de march\u00e9 (Mauricio Macri et Sergio Massa\u00a0; Macri est actuellement en t\u00eate des sondages). Je suis toujours convaincu de la victoire de Scioli au premier tour.<\/p>\n<p>Les difficult\u00e9s du pays et les mesures \u00e0 prendre sont parfaitement claires. Ce qui est moins \u00e9vident est \u00e0 quel rythme Scioli va s\u2019attaquer \u00e0 ces difficult\u00e9s et combien de temps sa p\u00e9riode de gr\u00e2ce va durer aupr\u00e8s des march\u00e9s. A mon avis, les march\u00e9s vont lui accorder entre 3 et 6 mois avant de manifester leur impatience et de commencer \u00e0 metter \u00e0 l\u2019\u00e9preuve l\u2019approche progressive et non conflictuelle de Scioli.<\/p>\n<p>L\u2019Argentine se heurte \u00e0 deux difficult\u00e9s\u00a0:<\/p>\n<p>Primo,\u00a0les r\u00e9serves nettes internationales ont atteint des niveaux extr\u00eamement bas. L\u2019acc\u00e8s de l\u2019Argentine aux march\u00e9s financiers s\u2019est trouv\u00e9 fortement restreint en raison du litige persistant avec les fonds ayant refus\u00e9 la restructuration de la dette. Jusqu\u2019\u00e0 sa r\u00e9solution, les contr\u00f4les des capitaux (\u00ab\u00a0cepo\u00a0\u00bb) restent en vigueur, ce qui g\u00eane les investissements directs \u00e9trangers et maintient des spreads \u00e9lev\u00e9s alors que la r\u00e9serve de liquidit\u00e9s du pays s\u2019amenuise. Un accord \u2013 au moins avec les principaux cr\u00e9anciers r\u00e9calcitrants \u2013 est une condition n\u00e9cessaire mais non suffisante pour stabiliser les perspectives macro-\u00e9conomiques difficiles du pays. Cela permettrait \u00e0 l\u2019Argentine de lever progressivement les contr\u00f4les des capitaux, de favoriser la reprise de certains investissements directs \u00e9trangers et d\u2019\u00e9mettre de nouvelles dettes ext\u00e9rieures en vue de reconstituer ses r\u00e9serves. Un accord devra \u00eatre rectifi\u00e9 par le Congr\u00e8s argentin, et a des chances d\u2019\u00eatre adopt\u00e9, m\u00eame si aucun candidat n\u2019a atteint la majorit\u00e9 absolue. C\u2019est une question de d\u00e9tail.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-CC-Argentina_FR.png\" data-rel=\"lightbox-gallery-OR6eZe8C\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1164 size-full\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-CC-Argentina_FR.png\" alt=\"L\u2019ABC de la dette latino-am\u00e9ricaine : carnet de voyage en Argentine\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-CC-Argentina_FR.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-10-blog-CC-Argentina_FR-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Secundo, outre l\u2019accord avec les fonds r\u00e9calcitrants, l\u2019Argentine doit parvenir \u00e0 l\u2019\u00e9quilibre dans trois domaines\u00a0:<\/p>\n<p style=\"padding-left: 30px\">a) Le taux de change officiel est manifestement sur\u00e9valu\u00e9 et va probablement subir une d\u00e9valuation \u00e0 un niveau interm\u00e9diaire entre le taux officiel actuel (9,50) et le march\u00e9 parall\u00e8le (16,00), avec \u00e9galement la possibilit\u00e9 d\u2019un double r\u00e9gime de change \u00a0;<\/p>\n<p style=\"padding-left: 30px\">b) Les taux d\u2019int\u00e9r\u00eat r\u00e9els (Badlar) restent n\u00e9gatifs et devront augmenter pour stabiliser la d\u00e9valuation\u00a0;<\/p>\n<p style=\"padding-left: 30px\">c) La situation budg\u00e9taire (-6 \u00e0 -7\u00a0% du PIB) est insoutenable \u00e0 moyen terme, \u00e0 moins d\u2019un red\u00e9marrage robuste de la croissance. Au mieux, toutefois, nous allons assister \u00e0 un ajustement de 1 \u00e0 2\u00a0% par le biais d\u2019une r\u00e9duction des d\u00e9penses et d\u2019une baisse des subventions au secteur de l\u2019\u00e9nergie \u00e0 la fin du 1<sup>er<\/sup> trimestre 2016.<\/p>\n<p>En conclusion, la dette argentine devrait selon moi continuer \u00e0 se n\u00e9gocier aux alentours des niveaux actuels au cours des prochains mois, dans l\u2019hypoth\u00e8se d\u2019une victoire de Scioli (et d\u2019un redressement si l\u2019opposition l\u2019emporte, ce qui n\u2019est actuellement pas envisag\u00e9). J\u2019entrevois \u00e9galement un sc\u00e9nario binaire apr\u00e8s le 2<sup>\u00e8me<\/sup> trimestre 2016\u00a0: une correction \u00e0 des rendements de 12 \u00e0 13\u00a0% si les probl\u00e8mes indiqu\u00e9s plus haut ne sont pas r\u00e9gl\u00e9s de mani\u00e8re satisfaisante, ou un rebond \u00e0 moins de 8\u00a0% si c\u2019est le cas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Je viens juste de passer deux semaines en Am\u00e9rique latine \u00e0 l\u2019occasion des r\u00e9unions du FMI \u00e0 Lima. La r\u00e9gion traverse divers bouleversements\u00a0: recul des prix des mati\u00e8res premi\u00e8res, d\u00e9t\u00e9rioration des bilans, croissance en berne et d\u00e9gradation budg\u00e9taire, besoin urgent de r\u00e9formes structurelles et probl\u00e8mes politiques importants. Il y a mati\u00e8re \u00e0 r\u00e9flexion, si bien que dans les prochains jours, je vais publier une s\u00e9rie de blogs ax\u00e9s sur l\u2019ABC de la dette latino-am\u00e9ricaine\u00a0: Argentine, Br\u00e9sil et Colombie. Premi\u00e8re \u00e9tape, l\u2019Argentine. Voici un r\u00e9sum\u00e9 de&#8230;<\/p>\n","protected":false},"author":90,"featured_media":1164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7],"tags":[140],"class_list":["post-1144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macroeconomie-et-politique","category-pays","tag-marches-emergents"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>L\u2019ABC de la dette latino-am\u00e9ricaine : carnet de voyage en Argentine - Francais<\/title>\n<meta name=\"description\" content=\"Je viens juste de passer deux semaines en Am\u00e9rique latine \u00e0 l\u2019occasion des r\u00e9unions du FMI \u00e0 Lima. 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