Faced with the crisis, governments (notably China) and international financial institutions are taking the place of the private sector. The countries of the Global South were thus encouraged to take on debt during the 2010s, be-fore seeing their access to financing from private creditors reduced from 2022 onwards, and then, for some of them, defaulting on their debts or coming close to doing so. As was the case during the 1980s, public lenders – especially multilateral ones – took the place of private creditors who were no longer willing to lend because it represented too great a risk of not being repaid or because it was more attractive to lend to the North.  […]