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Act II, Scene 1. The projectors, which have attracted the eyes of the world on the "Greek tragedy", saw to the west and now targeting Spain. There have been rumors in trading rooms on Tuesday, saying that Spain could seek some 280 billion euros at the International Monetary Fund (IMF).

"The information here is running, but nothing is certain yet. In any case, it is expected that the notes of Spain has deteriorated, "said a trader at Soci?t? G?n?rale. A spokesman for London, however, Fitch assured Tuesday that the rating agency confirmed the AAA rating of Spain, and its stable outlook. Standard & Poor's downgraded the rating of Spain last week.Other major rating agency, Moody's does not express recently.

Given these speculations on a possible deterioration of the Spanish note, wins the Madrid Stock Exchange on Tuesday, from 3.2% to 12.30, approaching the bar dangerously technical and psychological 10,000 points at 10,090.1 points. Mid-April, the Ibex index of 35 largest market capitalizations Spanish trading at over 11,500 points.

It took two peaks and a half-dozen ministerial appointments, but the sixteen countries of the euro are finally able to determine in detail the safety net for Greece. The European system, officially operational since Sunday, includes up to 30 billion euros in bilateral loans to an interest rate target of about 5M for a term of three years.

"Until now, the Sixteen had taken decisions in principle, we now show that there is money behind," said Jean-Claude Juncker after a video conference involving Ministers Euro zone finance. "All the tools are in place and operational immediately," said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

Athens has not yet decided to use this financial plan. But it was time to measure reliability.Greece, seriously diminished his credit, is to resume tomorrow's Calvary borrower, raising 1.2 billion of Treasury bills at six and twelve months. Repeatedly announced but never detailed the mechanism difficult to convince the markets for two months. The litmus test is committed immediately. By late May, Athens faces more than 10 billion euros maturity on a debt estimated at 300 billion. It must still find 32 billion before the end of the year. The figures broken down on Sunday in Brussels, more generous than expected, seem a priori to the scale of the challenge.

For 30 billion that could unlock the Sixteen would be added the joint contribution of the IMF. If we follow the rule laid down by 2/3-1/3 the last EU summit, Greece could therefore be based if necessary on a cushion of more than 40 billion euros in loans this year.No estimate has yet been advanced for years.

Mechanism triple expansion

With an interest of around 5% on loans for three years, the Sixteen still follow the principles laid March 25. As a last resort, Greece could be financed at a lower price than it does now on the market (more than 7%). But she would not receive any subsidy-provided imperiously posed by Germany, nor any advantage over other heavily indebted countries like Portugal, Ireland, Spain or Italy. If the ETF would be implemented, "Greece would be encouraged to return quickly to the market" to finance themselves forward Jean-Claude Juncker.A hypothesis that will be realized when Athens will be able to raise money at rates lower than the European plan.

Faced with deadlines looming, the Greek prime minister, George Papandreou, had struck these days on all doors so that Europe finally joins the action to the word. To impress the financial, "we must put a loaded revolver on the table," he said Sunday at the Greek newspaper "To Vima". "The question, he added, is whether the device will persuade the markets (…) Otherwise, it could well be used …"

At the announcement of decisions taken by the Sixteen, the Greek Minister of Finance was confident.George Papaconstantinou welcomed an agreement "very important", confirming that he had not requested the activation of the mechanism: "We believe we can continue to borrow freely on the markets."

It was at Athens that he would take the initiative, confirmed Sunday the Commissioner Rehn. But the mechanism is at least triple expansion. The European Commission, the ECB and the IMF all have their say or their conditions to ask. Finally, the loans would only be released only by unanimous consent of the Sixteen, which gives a veto to Germany. George Papandreou today has a net credible.But it has not finished with the tightrope.

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"SPECIAL CASE – Greece, a challenge for Europe

Wall Street began the final day of the week in the green but without euphoria. At the opening, the Dow Jones gained 0.21% at 10,864 points, the Nasdaq climbed 0.33% to 2405 points and the S & P 500 is 0.69% at 1168 points.

The opening in the green indicates a positive response to the European Agreement on aid to Greece. However, enthusiasm is not appropriate, the dissent is still present between the leaders of the European Union. Discussions are also continuing this Friday. Yesterday the U.S. markets have ended almost in equilibrium, the indices being taken down at the very end of the meeting by the rising dollar.

Indeed, the foreign exchange market, the Franco-German compromise obviously does not reassure. The stern warning from the ECB president, Jean-Claude Trichet, the idea of intervention by the International Monetary Fund, weighs on the currency.This Friday, the euro recovers slightly (0.44%): 1 euro traded at 1.3363 dollar opening on Wall Street.

Note that oil prices rose slightly in the opening exchanges in New York, driven by a decline in the dollar. The barrel of light sweet crude for May delivery traded at 80.79 dollars, up 26 cents from the close of yesterday.

In the U.S., investors were awaiting the final figure of U.S. economic growth for the fourth quarter of 2009. The first two estimates showed a growth of U.S. GDP by 5.7% and 5.9%.Finally, economic growth was revised slightly downwards to 5.6% yoy overnight pay day loans .

Moreover, the index of consumer confidence from the University of Michigan appears to 73.6 in March, exactly the same level as in February. It is a little better than 73 points expected by analysts.

Oracle released its quarterly results

On the side of values, Oracle (-1.84% to 25.56 dollars) said Thursday after Wall Street closed with a 13% increase in sales of new software under its third fiscal quarter in due to a rebound in corporate investments.

Also in the area of technology stocks, Qualcomm (+0.26% to 42.30 dollars) a manufacturer of chips for mobile phones, has revised upward its sales for the second quarter.

The values related to energy and raw materials should still be under pressure, affected by fluctuations in the dollar on the foreign exchange market. Exxon Mobil (0.62%) and Chevron (0.87%) regained some ground from yesterday, as the DuPont chemist (0.54%). These companies mainly produce and bill dollar suffer doubly from the rising greenback against other currencies.

Ambac is in trouble again. Authorities in Wisconsin have reported taking control of about 64 billion dollars of impaired assets of U.S. credit enhancer, because a group's financial situation became uncertain. The Exchange sanctions: -8.94% to 0.60 dollars.

The marketing director of Ford (1.16% to 13.96 dollars) said the U.S. automaker is expected to increase its market share in the United States in March.

LE FIGARO. – Prime Minister, you take the 25 and 26 March in Paris at the Forum for Investment and Finance of Qatar. What do you expect from this meeting?

Sheikh Hamad Bin Jassim Bin Jabr Al-Thani. – There are many opportunities for our two countries and this forum can be positive for France and Qatar. This can help to rescue some struggling companies and then many French companies wishing to establish relations with Qatar. We are open to any investment which could bring benefit to both parties. We've already invested a lot in Europe in the fields of finance, industry and even agriculture and we are ready to consider other initiatives. This explains our enthusiasm and our strong representation at this forum.

A number of large French companies are very active in Qatar, like Total, Areva, Thales and Alcatel.What are the areas where the French could invest?

There are opportunities in several areas especially in energy. We will sign several agreements. But our domestic market is limited and in our relations, there is not that investment in Qatar. Why not consider financial partnerships Franco-Qatari to invest jointly in third countries? From our side, we are including in talks to enter the capital of Areva. For now, we're still in talks.

Qatar is a major producer of oil and gas. What do you think of the turmoil in energy markets?

It is important to have on the energy market, a balance between supply and demand, which allows an equilibrium price.If prices rise so exaggerated, it's bad for the market in the same manner as a rapid decline is bad because it hinders investment. In recent years we have been a yo-yo prices upwards and downwards. I prefer that prices do not rise sharply because it would hamper the global economy. Moreover, the markets hate the big gap.

What is for you the fair price of a barrel?

In my opinion, the reasonable price of a barrel now stands between 75 and 85 dollars. Ten years ago, when a barrel was at $ 7, Western countries were telling us it's the law of the market. But when the barrel has exceeded $ 140, the same did not want to hear about the market.If, since the great oil shock of 1973, oil prices had increased steadily in line with inflation (2% per year), the price would be at 125 or 130 dollars and the public as the market would find nothing to say. Besides, a car that cost 10 000 dollars in 1973 is now worth 150 000 dollars. In fact, we still want the right balance.

How satisfied are you with the global economic situation, are we out of the crisis or are you afraid of a relapse?

In my opinion the worst is over. But there are still dangers including the high indebtedness of many states that have intervened to support markets and growth. The runaway Scholarships seems also unhealthy, and an adjustment will be necessary. The steps to correct these excesses require cooperation of all countries, because we are collectively responsible for this bubble.However, it is not necessary that some officials are trying to use the crisis to impose constraints on political economy. Market regulation inherently good, but it is important to avoid politicizing it.

The Qatar now has an intense diplomatic activity. What initiatives your country could take to help resolve the Israeli-Palestinian conflict?

I am not very optimistic. I am convinced that the United States are making sincere efforts and sustained to achieve a just and lasting peace. But for its part, Israel calls for negotiations for a just peace with its measurement, which is unacceptable to the Arabs and very dangerous. Nothing has been done to call on Israel to stop its settlements in Jerusalem and it is clear that Israel managed to get away from any sanctions the UN or other international bodies.That fed the frustration, anxiety and thus increasing terrorism. I hope the U.S. give up its veto to protect Israel, to allow the legitimate rights of Palestinians. We have good relations with Israel, we would like to strengthen, but why Israel must accept the legitimate rights of Palestinians.

Westerners, France and the United States in particular, were very concerned about the readiness of Iran to develop nuclear weapons. What role can your country to help a solution?

The French and American officials familiar with the role that we play with Turkey and several other countries to find a diplomatic agreement without resorting to force. It is a very important issue for Qatar. Sanctions against Iran would have no effective results.That's why we want a negotiated solution to avoid increasing tensions in the region.

The Qatar made great efforts in education. All young Qataris have access to education. English is your second language after Arabic. What do you expect of France in the field of education and culture?

English is our second language because we lived under British mandate. Furthermore, it is a major international language. This does not prevent us from developing the use of French. We have many French schools and we have partnerships with universities and French schools. My two children also attend a French school in Doha.

The Qatar is bidding to hold the FIFA World Cup 2022. Will you be ready by then?

The Qatar has already proven itself in organizing the Asian Games.From all accounts, it was a great success. We mobilize all our human and financial resources with a strong commitment by the government. We will therefore be fully ready in 2022 to organize the World Cup football and make it a huge success.

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The austerity plan of the Greek government seems credible to Standard & Poor's. The rating agency affirmed the country's rating to BBB +, "she said Tuesday, ending the period of supervision of Greece. It has nonetheless imposed the Greek note a negative outlook.

"We believe that the fiscal consolidation program of the government to ensure sufficient current rating," said in a news analyst Marko Mrsnik. The rating agency Fitch also grants the BBB + debt Greek.

This decision should be the effect of a pleasant surprise in Athens. The agency S & P had in fact announced in February that it intended to degrade in 30 days the Greek notes. Such a measure would have stored the Greek debt in the class of investments called "speculative".

Athens is not provided out of business."Despite the new measures, we believe it will be difficult for Greece to meet its goal of reducing the public deficit to 5.6% of GDP in 2011 and 2.8% in 2012, it does not implement new measures in the coming years, "said Marko Mrsnik. S & P is in fact the government too optimistic when it expects growth of 1.5% in 2010 payday loans . As a result, tax revenues should not be as high as expected.

Change your

The change in tone of the rating agency came after the presentation of new austerity measures in early March. A plan welcomed by the EU markets.Finance ministers of the euro area have also met again on Monday to "clarify the technical arrangements" for any "help coordinate" for Greece, said the head of the Eurogroup Jean -Claude Juncker. No amount has been officially reported, but the figure of 20 billion euros circulating in Brussels.

The Greek prime minister has asked again for his part in the European Union to demonstrate solidarity. "We need the solidarity of Europe to combat financial speculation," he said Tuesday. He said the establishment of a "European Monetary Fund to promote economic growth and competitiveness is necessary.

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'SPECIAL: Greece, a challenge for Europe

130 000 138 000: the number of managers who should be recruited this year, according to the annual survey of the Association for the use of frameworks (APEC). A decrease between 10% and 4% compared to 2009, the year already with a disastrous 28% decline in recruitment.

For if France was recovering from recession, the economic outlook remains uncertain. So, most leaders, including major groups, which at the height of the crisis have tightened the bolts in terms of wages than new hires, no plans, for now at least, change policy.

In this gloomy climate, the most affected will be like last year's graduates (bac + 4 and above). "Their situation will be the worst ever," said Jacky Chatelain, director general of APEC. The figures speak for themselves.Post engineering schools, business schools or university, they will be 120 000 to enter the labor market. But according to Pierre Lamblin, Director of Studies and Research of APEC, 21 000 to 23 000 only, 000 against 29 last year and nearly 45 000 in 2008, will be recruited with the status under this year, the lowest figure since … 1993. In addition, at the time, the number of graduates was far lower savings account payday advance .

This further deterioration due to several factors. First, the longer the duration of the contribution of assets born after 1948 to receive a full pension, which mitigates the effects of "aging population".Second, firms prefer hiring young professionals and executives confirmed mostly (five years minimum experience) that represent more than half of the hires in 2010.

Improvement from 2011

By sector, after a sharp decline in 2009 (- 34%), recruitment in the industry are still in decline (between – 14% – 23%). The construction and trade are also strongly affected. In contrast, services (banking, insurance, specialized distribution, engineering …) will be resistance and could stabilize the level of recruitment.

Finally, little sign of optimism, though short-term horizon of the job market for executives is quite stuffy in the medium term it is expected. Forecasts of APEC, recruitment would increase steadily from 2011 to regain a high level in 2012.And in 2014, companies would hire more than 240 000 frames, which constitute a record.

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Two years after changing hands, the airline flies in Europe Airpost clear skies. His transition from La Poste Group's specialist in the transport ASL Group (owned by Belgian capital: fund Peter Cam and Compagnie Maritime Belge) is, to date, a no-fault. This despite the air holes through which the airline industry since late 2008 in the wake of the crisis. Airpost europe is among the few companies to have made money in 2009. The company specializes in short and medium haul transported 750 000 passengers and 63 000 tonnes of cargo last year and net income of 6 million euros from a turnover of 231 million euros.

To explain its resilience, it highlights the diversification policy and an economic model based on a unified fleet of Boeing B 737 "works" 24H/24H with their conversation fast cargo service aircraft in the night transport of passengers flying on the day. In addition our location in the province which makes us the first charter company out of the province it represents only 520 000 passengers, "says Jean-Francois Dominiak, CEO of the airline.

Diversification policy strengthened

This activity builds on its historical legacy of the prestigious Aeropostale, provider of express transportation on behalf of La Poste, Chronopost but the Royal Mail in the UK under contracts that were renewed for two years. Beyond that, nothing is on.Therefore, the company celebrates its tenth anniversary this year, accelerating its diversification policy. It will thus rise to power in transporting passengers with the introduction of three new aircraft including 2 Boeing 737-700 aircraft from April 2010 to early summer in the air.

These devices from Dublin, Paris and Nantes must allow new routes to Egypt, sub-Saharan Africa and in Iceland. The objective is to transport between 850 000 and 900 000 passengers this year on behalf of tour operators. Europe Airpost is indeed the major provider of air signatures of tourism such as Thomas Cook, Fram or Club Med.

Meanwhile, the company launched in co-chartered by offering several tour operators to come together on the same plane and it will develop fuel hedges to offer its customers fixed prices throughout the year. Europe Airpost also studying a solution co-charter dedicated to major express carrier such as Fedex, DHL or UPS on a new European cargo routes. This new service could be launched in 2011.

For better and for worse. The formula is devoted to marriages as a glove in Hong Kong. China, with its tremendous growth (10.7% last quarter 2009), certainly takes the resumption of the Special Administrative Region (SAR), politically subservient to Beijing but economically and financially independent. However, it also threatens to plunge the country into a spiral of overheating.

"The potential risk of forming bubbles is high," says Norman Chan, Executive Director of the Hong Kong Monetary Authority.

In China, prices are rising for several months now so excessive, and many experts are warning the country against the dangers of relapse.Mid-January, during the Asian Financial Forum, Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) called for the establishment of measures of capital controls in Asia, stating: "Until is temporary, it probably only means to avoid the bubble shape. Beijing does nothing when the bank credit limit to 7.500 billion yuan (773 billion euros) in 2010, against 9590 billion yuan (966 billion) per annum penny.

"The Chinese spend freely"

The Government of Hong Kong is believed to be safe. But it was forgotten that the two powers "are linked by two-way interests perfectly understood one side or the other, as recalled Victor Visot, president of advisers of Foreign Trade of France.

The city is a work in progress."500 buildings out of earth each year, observes Edward Yau, Minister of Environment, pointing to the towers being built around his office. While height and meet new environmental standards, "says he, anxious to point out that 70% of the land remains wild.

Even 710,000 Hong Kong dollars (66 cash advance in one hour .700 Euros) per square meter for an apartment overlooking the sea, tearing programs like hotcakes. The mainland Chinese are the first customers of Hong Kong developers."All the establishement of Beijing and Shanghai, all top managers have a pied-?-terre here that they have or not a business, said Edward Leung, chief economist at the Hong Kong Trade Development Council. They are the ones who buy goods more expensive and they have that, unlike the financial crisis of 1997-1998, house prices do not collapse. "

They invest more easily than the Chinese authorities have allowed banks on the continent to settle in Hong Kong. In the luxury shops of the Central neighborhood, one recognizes immediately the Chinese in their Mandarin while everyone here speaks Cantonese. "They have money, they spend freely and today supply 60% of sales of major brands," said Victor Visot.

After declining 20% in fall 2008, housing prices soared again, observes Helen Chan, senior economist for the government.Especially in the high end, where they rose 30% in 2009, at the same time that transactions were exploding, driven by interest rates very low (0.5% base rate).

While "the risk of a bubble is not imminent," dithers Nomura specialist on site. But it is real enough that Hong Kong officials, while saying "do not control capital movements, consider taking administrative measures to curb overheating. As they did last October, raising the deposit on the most luxurious apartments.

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In the wake of Grants in Asia this morning, the CAC 40 on a downward trend during the early exchanges. It lost 0.53% to 3669 points before embarking on his decline of 1%.

Meanwhile the employment figures in the United States, which will be published in early afternoon, the French public deficit rose to a record 138 billion euros in 2009 against 56.3 billion euros last year. As the trade deficit, it was absorbed in 2009 to 43,03 billion euros against 55.14 billion euros. Other important economic indicators are expected in Europe: Industrial output for the month of December and for 2009, Germany, and producer prices in January, Great Britain.

Finally, the finance ministers and central bankers of the G7 meet in Iqaluit, Canada.

The detailed values to follow

After criticizing the organization of the nuclear industry, Henri Proglio blames the system of distribution of gas and electricity, according to the financial daily Les Echos, Henri Proglio would have felt during a trip to Mount de-Marsan January 25 last, that the current organization involving EDF and GDF Suez in the distribution of gas and electricity, through their respective subsidiaries and ERDF GrDF, figure was "nonsense".

As for unions, the direction in which this issue is not a surprise, but "the idea of separation is a major concern in the year 2010, the newspaper reported.

Already in early January Francony Michel, CEO of ERDF, had indicated that the joint service between ERDF and GrDF was "faced with the necessity of (the) provide organizations and own way of functioning, better able to respond to issues more and more different and sometimes contradictory.

Moving with the times

Force is indeed clear that the context has changed since the time when both companies have been reconciled. EDF and GDF were then public monopoly . GDF Suez is now closed and the market is competitive.

Yet about 45,000 employees, are 95% of the total workforce of ERDF and GrDF continue to work respectively for the maintenance of power lines and gas pipelines.

Henri Proglio recovery and the idea of messing up the organization.But he will face unions and local politicians who advocate mixed organizations and public service mission, and legal provisions, but "around".

The case should take its time …

Michel Francony on an ejection seat

Also according to Voices, the new boss of EDF had proposed to his colleague Michel Francony leaving office, whose mandate expires in 2012. But it should not let them. Implied, another slow and choppy affair prepare.

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