Abstract
This article analyses the crisis generated by the getting into debts of the three countries of central Maghreb: Morocco, Algeria and Tunisia. It shows how the crisis is deeply rooted in the fundamental unbalance due to the economic policies of the different countries. Caught between the need financing and the logic of the repayments, the Maghreb states had to revise, under the pressure of the I. M.F., the expansionist policies started in the 1970. But the adjustments that were supposed to settle the economic problems produced the reverse effect: the balance of payments is still in the line of chronic deficit, the amount of debts is increasing dangerously, investments are slowing down, the unemployment rate is rising, and the private sector fails to take over from the public sector.
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