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

• Main Authors: Jean Messiha, Frédéric Teulon
• Format: Article
• Language: English
• Published: Association Recherche & Régulation 2013-06-01
• Series: Revue de la Régulation
• Subjects: Cyprus; financial crisis; regulation of the euro area
• Online Access: http://journals.openedition.org/regulation/10238

The European institutions have failed on the Cyprus issue, the opportunity to establish their credibility with it. Not only they have not benefited from the modesty of the Cyprus problem to show how they could prevent systemic risks grow in the euro area, but they additionally led an action proved pro-cyclical. Thus, faced with the deterioration of the situation in Cyprus, Europe, together with the IMF presented a first bailout, one action –the taxation of all deposits– has resulted aggravate the crisis she wanted to fight.A new plan was made more balanced by the Eurogroup on 25 March 2013. The partial taxation of deposits and the adoption of exchange controls drastically violate the pact of trust that binds far investors and their banks. Cyprus has been under de facto economic tutelage.