Philippe Mimran – all depends what you mean by "safe." If this is the sense of repayable loan, the answer is yes. France is able to repay its debts. However, if the sense of an investment that does not generate short-term losses, the answer is no. In other words, the French government bonds are no longer as safe as German bonds. Financial markets expect interest rates continue to rise. This difference of 190 basis points is the same as that between Italian bonds and German bonds in July.The French bonds are more risky than a month ago, European banks sell massively.

Why?

The rules for accounting for government bonds in banks' balance sheets have changed. Until then, when a bank subscribed to an obligation of 100 million euros to 2.5%, it maintained that amount on its balance sheet and collected an annual coupon of 2.5%. And, regardless of the carrying amount of the obligation. Now, if the title is only worth 90 million euros, it instantly suffer a loss of 10%. The balance sheet of banks is affected. For secure, regulators require them to strengthen their capital.

The FIGARO. – The agreement between the PS and the Greens provides the closing of 24 nuclear reactors by 2025 if elected president Francois Hollande. What do you think?

Nathalie Kosciusko-Morizet. – Is the culmination of an absurd kind of negotiation, "a reactor against a constituency." Conventional wisdom says that does not mix the cabbage and carrots. Contrary to their denials, that's exactly what the Greens and the PS. This is not serious about the nuclear issue but it is a fundamental problem for all subjects, a method that has been seen at work in 1997-2002. The program of the Socialist Party does not contain anything about the environment, it subcontracts these questions to the Greens who, themselves, pursue political goals payday loans with no fax.While a tsunami can occur at Fessenheim in Alsace, imagine how to react in a situation of utter devastation, whatever the causes, natural or human, as a result of a terrorist attack, for example. IRSN proposes to determine the list of essential safety equipment of a reactor which must be "overprotected." An example: sand filters, which, in case of accidents, prevent the spread of radioactive cesium in the environment, could be consolidated. These measures will likely assume additional investment. Again, the economy should not limit the collateral.

Greece but also Italy crystallize the main concerns have increased as rumors of leaving the Prime Minister Silvio Berlusconi, immediately denied by the latter. Nevertheless, if the vote to be held tomorrow at the Chamber of Deputies on the budget is negative, the departure of Cavaliere seem inevitable.

At the same time, the finance ministers of the euro area gathered in Brussels last night stepped up their pressure on Athens and Rome to the two countries meet their commitments to reduce deficits.In the process, Wall Street ended on an optimistic note. This morning, Asian markets have proven uncertain and divided: while Tokyo closed down 1.27% to 8655.51 points, Hong Kong is the balance just before 8 am (Paris time) around 19,696 , 11 points.

In this context, oil prices were up this morning in early electronic trading. The barrel of "light sweet crude" for December delivery gained 8 cents to 95.60 dollars. Barrel of Brent North Sea crude for December delivery advanced on his side of 22 cents to 114.78 dollars.

In terms of macroeconomic indicators, the figures of foreign trade in value in September will be unveiled today at 8:45. INSEE also publish the price of oil and raw materials in October at noon.

Early this morning, the Greek Finance Minister Evangelos Venizelos was the first raised his voice in that. While the prime minister suggested yesterday that the referendum will focus on "whether the Greeks or not to stay in the euro area," Evangelos Venizelos has swept the issue with the back of the hand. In the eyes of the man who played the head of the party George Papandreou in 2007, "the place of the Greek people in the euro is a historic achievement of the people that can not be questioned.This can not depend on a referendum, "he said in a statement. The minister stressed the importance of having the new tranche of aid "without delay". In fact, under the sixth tranche will not be released until the political situation has not been clarified.

The sling number two government was quick to be followed by the Greek Minister of Development, Michalis Chryssohoïdis. It called for a European financial rescue of Greece was quickly ratified by parliament, in fact opposed to the proposed referendum on Prime Minister said on public television Net. "This release is the ratification by Parliament of the Agreement (European) Greece comes out of the impasse," said Michalis Chryssohoïdis as television.

Neither the European Commission's exhortations asking Bratislava to endorse the extension of funds or calls Jean-Claude Trichet speaking in a crisis "systems" need to "fight with great determination" n 'So it will not change. Nor the assurances of the German Chancellor, Angela Merkel, a trip to Vietnam, according to which euro area "political will to overcome the crisis."

Iveta Radicova, Slovak Prime Minister, had nevertheless put pressure, making the vote on the European relief fund about trust, it has finally add fuel to the fire. A party member of the governing coalition, the Freedom and Solidarity movement (12.1% of the vote), who refused from the beginning to support the EFSF, from the outset has responded by announcing that he would not participate simply not election. For weeks, he keeps saying that Slovakia is a country too poor to pay for the mistakes of others and pay 7.7 billion euros. Moreover, in all 124 deputies present, 55 elected representatives voted in favor, 9 against and 60 did not vote.

Early elections

Remains a second vote could take place quickly, as the Constitution allows it, it was said in Bratislava.The ruling coalition without a majority in Parliament, the government would not have other means to turn to the opposition. The Social Democratic Party understands the benefit to be derived from the situation: this very night, the Smer-SD announced its readiness to support the strengthening of EFSF, provided that early elections are held. "If the talks begin, I believe that voting can take place this week," said the spokesman of the party.

In short, just a few days of the summit of European governments scheduled for October 23, the rescue of the euro remains an issue that can not stop dividing.

It would almost forget that a new had to reassure the Greek Prime Minister George Papandreou.Troika (European Commission, European Central Bank and International Monetary Fund) has given the green light Tuesday to release "probably in early November," the new $ 8 billion promised to Greece as part of the loan to was granted last year.

The teams of the troika, which had suspended in early September, their on-site because the government was not fast enough in its reforms, believe that additional measures of rigor taken since mid-September "should be sufficient" to address the situation of the country and achieve the deficit to 14.9 billion next year.

Although they recognize that the revenues from privatization will be "significantly lower" to 5 billion euros that had been planned for this year.Similarly, they note the upward revision of the public deficit to 8.5% of GDP (gross domestic product) instead of 7.4% for 2011. But they keep their hopes for sales of state enterprises still bring 35 billion to Athens late 2014.

ALSO READ:

"Aid to Greece, the euro suspended Slovak vote

In a statement, the three governments reaffirmed their solidarity in the search for a solution that is shaping the future of Dexia, and ensure the management of the banking group, their full support."The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals", they said, without giving more details on how they have learned.

A purchase of 100% of the Belgian branch

Sunday morning, Finance Minister Didier Reynders had indicated in an interview with the RTBF channel that Belgium did not exclude to redeem all of Dexia Bank Belgium (DBB), the Belgian entity of the bank. The price of DBB is estimated between 3 and 7.5 billion euros, and the Belgian State is priced in the low end. "The state will rise sharply in power. If we were 100% (in the capital of Dexia Bank Belgium), I do not rule, we do not intend to stay indefinitely. This does not mean that we will stay three months or six months, "he said.Given the scale of the debt crisis, the Minister of Finance estimated even possible that the state is still present in the capital of DBB in three to five years on line pay day loans.

The scheme favors dismantling of Dexia now a nationalization of the Belgian entity, Dexia Bank Belgium and in France the creation of a new bank dedicated to local communities. This would take the portfolio of loans to local Dexia's a small part comes in the form of toxic loans in the heart of the turmoil for several months. Other assets such as Denizbank, the Turkish subsidiary, Dexia BIL in Luxembourg or be sold. Quatar's sovereign wealth fund would also be interested in the latter entity. The amount of these operations is unknown.

Belgium Dexia has already saved the first time in 2008 by injecting, like Paris, three billion euros.So now it seeks to limit the bill, said Saturday the Belgian daily L'Echo.

In the spirit of Belgian politicians, the idea is to have a solution on the table before Monday morning and the opening exchanges in Europe. Belgian Prime Minister Yves Leterme wants the government proposals to be endorsed soon.

(With agencies)

ALSO READ:

"The Belgian branch of Dexia could be nationalized

"Dexia swells debate on the consequences of support

"" Bad bank "when the state pays the piper

"The rescue of Dexia organized emergency

"When Dexia dreamed of conquering the world

Poster of the 2011 edition of the Festival of grandfathers. DR.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

The extent of the fraud trader in London, Kweku Adoboli, has had because of this determination. "The Board regrets the decision of Oswald Grübel. The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. " This case was discovered on September 15, caused a stir in the world of finance. Rating agencies Standard & Poor's and Moody's immediately placed under review with negative implications the debt rating long-term 'A +' the Swiss bank.

Reputation under pressure

First estimated at $ 2 billion, losses due to fraudulent transactions conducted by Kweku Adoboli were revised upwards three days later business card.They eventually reach $ 2.3 billion (1.66 billion euros). An internal investigation was opened. UBS tracking the failures of its system of risk control. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses suffered by the bank. "The board is deeply disappointed by the loss from unauthorized transactions and fully support the independent investigation. Furthermore, it will ensure that support measures are in place to prevent such cases could occur again in the future, "promises UBS.

It must be said that the bank is under pressure, as he tried in recent years to restore its reputation tarnished by the crisis "subprime" in 2008.The Federal Housing Finance Agency, the U.S. federal agency to oversee the mortgage market, accuses him of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking to return $ 900 million. The Swiss bank is also under investigation in France on suspicion of using tax evasion. Anxious to maintain the confidence of its customers, it manages the fortunes, the bank sent them a letter last Saturday. "Your assets are safe with us," she assured.

For its part, Kweku Adoboli, the trader, 31, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

ALSO READ:

"Fraud: UBS under surveillance by the rating agencies

"UBS revises upwards the bill for the trader

But these sharp increases conceal a very strong tension that dominated the entire session, enhanced by the excitement of Wall Street in the afternoon. The indices have been a roller coaster, changing direction at the rate of market rumors regarding the euro area.For example, one on a veto of Austria to strengthen the European support fund, has reduced the CAC in the afternoon, before being denied and allow a rise in prices.

Operators have reacted strongly to all new they had prior to the call for debt in Athens tonight, between the Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel. They expect this meeting to real progress on the issue of Greece's debt.

The Polish Finance Minister, whose country holds the rotating presidency of the EU, has poured oil on the fire by stating that Europe was "in danger". Conversely, José Manuel Barroso has played the appeasement card confirming the presentation of a study on options for the creation of Eurobonds, desired by the market mechanism guaranteed online personal loans.Pending possible support more concrete, Chinese Premier Wen Jiabao in turn referred to a strengthening of Chinese investment in Europe.

Side values, the banking sector has best illustrated the nervousness of investors. Despite degradation by Moody's debt of Societe Generale and Credit Agricole, and the maintenance of a negative watch for BNP Paribas, the banks had continued to rebound early in the day. But the trend was reversed late in the session. Finally, BNP Paribas 3.93% drops to EUR 26.90 and signs the worst performance of the CAC. Societe Generale lost 2.88% to 17.38 euros (the share was still over 8% in half an hour of closing). Crédit Agricole manages to stay in the green of accuracy (1.22% to 5.21%).

Areva decline (-2% to 20.58 euros) despite the announcement by the BBC of an order of over one billion euros by EDF (3.20% to 19.98 euros).Michelin, which maintains its targets for 2011, gaining 5.13% to 46.49 euros.

ALSO READ:

"The nervousness takes over the Paris Bourse

"Europe" must do more "(Geithner)

Basis of bank balance sheets, equity protect in case of hardship, by absorbing the losses. For decades, regulators consider that the level of capital a bank against its commitments is the best indicator of its strength. The 2008 financial crisis has only reinforced this analysis for the simple reason that supervisors realized they had been unable to prevent it. Thus, their goal now is to reduce the impact of future crises, by ensuring that banks have sufficient buffers.In particular, the new international regulations, Basel 3, requires that by 2019 no later than the banks' capital should represent at least 7% of their commitments "hard equity" against a floor equivalent to 2% before the crisis .

• 400 billion already raised

In other words, the race started in the capital for a long time in Europe. First in 2008 and 2009 to offset losses from the crisis. And since 2010 to meet the requirements of Basel 3. The European Commission amounted to 340 billion euros state aid in the form of recapitalization of banks that it has validated between 2008 and 2010. Between January and April 2011, banks have continued to increase their capital by 50 billion euros. In total, nearly 400 billion euros were injected into the European banking system in three years. And it's not over.Portugal, Greece or Spain, the governments push to consolidate their banking sectors. European authorities concluded, following stress tests conducted in May, as eight banks of these countries had an immediate need for 2.5 billion euros. But the amount should be much higher because 16 banks, including Germany, remain in a tie no fax payday advance. For European banks, finally, the question is whether the economic downturn will thwart the rise of their ratios by reducing their profits. In which case they will either raise capital or reduce their commitments.

• Who are the deep pockets?

If Christine Lagarde calls on European banks to seek priority to private investors, the plummeting share price of Barclays and other general company since the beginning of the year complicates the equation.The UniCredit, Deutsche Bank and Commerzbank have had the chance to increase their capital just before the stock market crash of the summer. French banks, they have got just in time a boost through the stock dividend. In this context, it is no coincidence that the last few days of sovereign wealth funds and other major investors are back. Last week, Warren Buffett – who won $ 1.7 billion by betting $ 5 billion over Goldman Sachs in 2008 – has placed a ticket 5 billion in Bank of America. In addition, the merger of the second and third Greek banks is supported by a fund of Qatar. In 2007 and 2008, already, Singapore, Kuwait or China were brought to the rescue of troubled banks in the world.All did not keep good memories, like the fund of Abu Dhabi, Adia had placed $ 7 billion in Citigroup.

However, if by chance the private shareholders do not jostled, European states began to organize to ensure public support for the banking sector. This is the case in Spain, for example. In addition, the Summit of July 21, European governments have decided to allow the European stability fund to recapitalize banks directly if necessary.

ALSO READ:

"Europe defends its banks