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Europe is gaining time, but did not extinguish the fire in Greece. Following a conference call Saturday, finance ministers of the euro area have given the green light to release "by July 15" 8.7 billion euros in loans that should add 3.3 billion paid out by the International Monetary Fund (IMF). This decision was expected after the adoption this week by the Greek Parliament of the austerity program imposed by his European creditors. "It (the decision) strengthens the international credibility of Greece", immediately congratulated the Greek finance minister, Evangelos Venizelos.

As the new Executive Director of the IMF, Christine Lagarde, to take office Tuesday, the organization welcomed the developments."We welcome the commitment of the Eurogroup to a funding strategy that ensures that the Greek economic program is fully insured," said the spokesman for the IMF, Caroline Atkinson. No details however were given about a possible date on which the Board could meet to release the funds.

Berlin puts pressure

If these 12 billion euros to Greece should avoid going bankrupt in the short term, it is not enough to save the country permanently and fully reassure the financial markets. For this, the country has called for a second bailout International 110 billion euros. Finance ministers of the euro zone have promised yesterday decisions "in the coming weeks." For its part, the German finance minister, Wolfgang Schäuble, more prudent, spoke of an agreement by the fall only.Berlin looks indeed to be certain that Greece implement austerity measures quickly that the country has promised. "After the release of the fifth installment of the countries of the euro area and the IMF, the next step must be addressed decisively: the measures passed in Athens should be implemented quickly. Privatization, for example, must be launched without delay, "responded the German Minister of Finance. Response of Athens: the austerity plan of 28.4 billion euros will be implemented before mid-September.

Ireland, Portugal, Italy and Spain could knock on the door

These two months of rest should also help to advance on a second rescue plan 110 billion euros. Finance ministers of the euro area have not spoken on this subject last night.They expect to clarify the private sector, banks and other creditors, imposed by Berlin to a new plan to help decide. "The details and extent of the involvement of private and official sources of additional funding will be determined in the coming weeks," they said.

Time is running out: Ireland and Portugal may need a new international aid. As for Spain and Italy, both countries are under pressure from rating agencies. "The failure of European political leaders to resolve the crisis quickly and decisively hits the rest of the euro area," says Ben May, economist at Capital Economics. The United States pressed more in Europe to solve its debt problems to avoid a global impact."If Greece fell deeper into recession following the new austerity measures, it could reduce the willingness of governments to implement additional fiscal measures," says Ben May.

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The numbers are staggering. In Germany, the financial damage caused by cyber crime amounted to 61.5 million euros in 2010, according to figures released Thursday by the criminal police and the Federation of high tech Bitkom. This is equivalent to an increase of 66% over the previous year. As the United States, the FBI estimated the cost of crime to some digital $ 560 million in 2009. A world-wide, according to McAfee, cyber crime would have generated some 1000 billion in 2008, about 1.64% of world GDP for that year. Remains that, without minimizing the scale of the scourge, these figures are perplexing.

Many experts give little credence to these studies because most of them emanate from computer security specialists. For the record, other than McAfee is the world number two antivirus software.In addition, "less than 10% of companies report having experienced cyber attacks," said Jean-Paul Pinte, senior lecturer in strategic intelligence at the Catholic University of Lille. According to the specialist risk management and cyber terrorists of enterprises affected societies fear the bad publicity due to media coverage of cyber attacks.

Jean-Paul Pinte, "we know nothing of the legacy and financial losses suffered indirectly." He added: "If an attack is to relieve a company of sensitive information, loss of data will generate multiple costs, such as loss of competitiveness, or the upgrading of security."

"Hard to get a comprehensive view"

Director of the National Security Information Systems (Anssi), Patrick Pailloux abounds in this direction."When a site is the victim of an attack, he takes as an example, it is first blocked, causing a shortfall. Then we must add additional costs to set up a hotline strengthened. "And on the practices of industrial espionage initiated via the Internet," How can we measure in terms of losses that a competitor could steal ?, "asks the director of Anssi. Clearly, "it is difficult to get a comprehensive view of the problem," says he.

Despite these criticisms, these figures are held up to each event on Cybercrime. However dated, the estimated one trillion dollars of McAfee is authoritative. Last May, it appeared even in the "reminder" of the fourth Parliamentary Forum on Information Society in Geneva, on the initiative, among others, the United Nations.Trompe-l'oeil, the text quoted a source stamped Europol, the pharmacy police intergovernmental European Union, which actually refers to the numbers … the software publisher.

If governments do not hesitate to chopping these impressive figures, it is often necessary to legitimize, but costly reinforcement of their agencies against digital piracy. Or clear, make the pill easier to swallow from taxpayers. In January, the UK has estimated that cyber attacks cost him a whopping 27 billion pounds per year (32.2 billion euros) in a government study.An amount (by far) greater than the harm claimed by the United States … A few days before making public figure, London has announced the release of 650 million pounds over four years to "strengthen its cyber security "…

International cooperation in the war-horse

Without waving the national figures, France is no exception, as evidenced by the announcement of piracy Bercy in March. Patrick Pailloux it was for the state to "lead by example" to encourage companies to report piracy they wipe. The Director of Anssi said that 150 computers were then infiltrated by hackers to steal documents for the French presidency of the G20. "We were able to counter the threat," he goes on, noting that thirty experts have been mobilized for two months to "clean up" more than 130,000 positions in the Department.A communication that is timely, since Anssi plans to double its workforce (360 employees) by 2013.

Such methods may be distasteful, but experts and politicians agree: there is no time to waste on the face of digital crime. "For a long time in France, we thought that hacking and computer intrusions were not really dangerous, says Jean-Paul Pinte. But now we know that it's become a real business, and that the threat can come from anywhere: a simple USB key, hard drives or even photocopiers, which, connected to the Internet can become the target of hackers ".

Therefore, international cooperation, which requires significant resources, is "a priority," insists Patrick Pailloux. And for good reason: "90% of attacks are international," says the director of Anssi.In the columns of The Tribune, Laurent Wauquiez, Minister for European Affairs, recently recalled that a hacker "can be installed in Latvia, while in France to intervene through a Canadian site." He even considers urgent that Europe adopts "a kind of cyber-FBI-backed Europol" to stem the digital crime. And one last statistic to shoot, ensuring that "a user of thirty lost money in Europe over the last year" due to a hacker.

Businesses, prey selection

Having surveyed 45 U.S. companies in 2010, the Ponemon Institute found that on average, the financial damage caused by hackers and data theft was $ 3.8 million.Like that of McAfee, this figure is to be taken lightly, as though Ponemon shows his independence, his study was commissioned by ArcSight, a specialist in digital security. However, it appears that large groups are increasingly being targeted by hackers. Since the beginning of the year, the list of companies or institutions that have suffered cyberattacks has continued to grow. Sony has suffered more than ten attacks since mid-April, leading to theft of confidential data of more than 1 million customer accounts. Recently, Sega has had the same misfortune: the editor of the series of Sonic hedgehog found in mid-June have been stolen names, email addresses, birth dates and passwords of almost 1.3 million customers on its servers.Google or Citigroup also suffered cyber attacks.

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François Gipouloux specialist in the Chinese economy and researcher at the Ecole des Hautes Etudes en Sciences Sociales (EHESS)

Lefigaro.fr – The stock market crash experienced by the materials last week he requires investors to be more responsive?

Fabrice Cousté – We have entered a period in which electronic exchanges and automated to make faster and faster. This is not about to stop! Uncertainties about the euro and oil prices have created an appetite among investors for increasing trading currencies and commodities with a time horizon ranging from several days to a few seconds! Since early May, some hedge funds that had long positions in commodities and the euro came out massively causing a sharp drop of nearly ten dollars on oil. Meanwhile, the euro flirted with the $ 1.50 fell below the $ 1.45 and is now heading towards $ 1.40.These movements in raw materials could weigh on the CAC 40, including through lower oil stocks: Total, Technip and Vallourec.

What do you attribute the return of the volumes traded on the CAC 40 (six billion euro traded on average over the first two sessions of the week)?

These sessions illustrate the volatility of financial markets. And when I talk about financial markets, I do not take into account only the Paris stock exchange but also the Forex (currency market), which weighs 1000 times more than the CAC 40 (4000 billion dollars are traded daily on forex).

Is it out of raw materials?

The sharp drop ('sell off') shows that we are witnessing a situation of bubble that formed on certain assets (gold, silver, oil) and deflates even faster than many of the positions initiated at purchases were intended to hedge against a weakening greenback pronounced. This one covers the force, these positions are unwound or reversed, thus amplifying the plunge.

I would say that the recent plunge in oil is only a pause in a structural increase. I remain convinced that indeed the global economy is experiencing recovery, albeit slow, raw materials remain structurally high levels. Indeed, the double-digit growth in emerging countries may decrease, but these countries are on track for rapid expansion that will require more and more natural resources.We need to get used to the prospect of a sustained oil price at $ 100 a barrel and more in years to come. This new environment should promote market recovery for companies in "green business" (new energy, recycling, energy conservation).

What impact on portfolio management?

The sector rotations will be more frequent. In the short term we will also know where you have a new focus on defensive stocks such as telecoms and technology sectors expanding. As for values ​​that have real pricing power (the ability of firms to impose higher prices, Ed), the ability to pass the rising cost of raw materials in their products are preferable. This is where the champions of luxury such as LVMH and PPR values ​​but also with strong brands such as Danone and Essilor.

Conversely, investors should stay away from utilities and automobiles. Regarding the oil companies, I am negative court term and long-term positive. Good surprises are also possible for banks, but these are values ​​highly speculative and totally dependent on how the policies will manage the debt crisis of the Greek.

A more reactive wrong does not accentuate the lack of interest for individual stocks, considered a distribution medium or long term?

Today, it is true that individuals invest more to take risks but to protect themselves. They therefore turn to the massive gold or stone. The market environment has changed. It is uncertain therefore more complex to understand.But those who still believe the shares are able to adapt their trading, also passing through alternative platforms that will become the next referent of finance or by taking advantage of new business tools ("stop loss" orders intelligent programming strategy) that are available to them. Although the regulator wants to break the speed of trades and trading high frequency counter, it can not prevent the development of these platforms.

The Cac 40 barely exceed the 4200 points for three months. How do you explain it?

The revival of the Cac 40 depends mainly comeback banking shares. In view of its excellent results, BNP Paribas can return to a range between 70 and 75 euros and Societe Generale between 60 and 65 euros by the end of the year.The CAC 40 should not drop below 3800 points for corporate earnings in the first quarter are still excellent. Conversely, as the uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 may not exceed the 4200 points.

Click image for larger graphic.

Starting this week, the French will receive in their mailbox the usual blue print from the tax: the tax return. The Department of Budget commences in fact its shipments to 36 million homes Tuesday and completes tax May 4

This time he is to declare the income year 2010, revenues will be used to calculate the income tax (IR) paid in 2011. Households that still use the paper return will have until May 30 at midnight to do their job.Those who declare on Internet impots.gouv.fr – it will be possible from April 26 – as usual will have additional time: until June 9 to midnight for departments numbered 1-19, until 16 June for those numbered 20-49 and until 23 June for those numbered 50-974.

This year, Bercy has further simplified the statement by the Internet, increasing the number of pre-filled boxes (which are already numerous, both on the Web than on paper)."The information télédéclarées the previous year as the full names of children or the details of actual costs will préaffichées on the Web," says one of the department budget payday loans in 1 hour.

Monthly modular

Also new, having declared online and conducted a simulation of their tax liability, taxpayers will be able to adjust their monthly payment.

Bercy hopes to convert a few more taxpayers to the Web. "We went from 3.5 million in 2005 to more remote declarations from 10 million last year, welcomed yesterday Baroin. The Minister also took the opportunity to highlight the involvement of the Directorate General of Public Finance (DGFIP) Authority of calculating and collecting taxes. "25,000 workers were mobilized to accompany the French this year," he said.In 2010, officials of the DGF Live IP helped 4.7 million people to make their statements and answered 3.1 million calls. The game is worth it: the IR reported to the state 47 billion euros in 2010.

Final point: the explanatory statement attached to said that tax loopholes are now capped at EUR 20 000 plus 8% on income and capital gains from sale of stocks and bonds are subject to payroll taxes at 1 first euro transfer.

Despite the return of large mergers and acquisitions, the CAC 40 remains in the red, while the growing concern over Portugal after ratings agency Moody's has further worsened the country score. At mid session, it loses 0.62% to 4017.94 points.

At the Stock Exchange Frankfurt, the DAX 30 lost 0.36% to 7149.51 points, for its part, the Footsie-100 from the London Stock Exchange was down 0.32% to 5997.69 points.

With the exception of the Nikkei, which lost just over 1%, most Asian stock indices move in the green. On Monday, the Dow finished at its highest closing level since early June 2008, at 12,400.03 points.

On the macroeconomic front, growth in activity in the services sector accelerated further in March to its fastest pace since last August. The services PMI rose to 60.4 against 59.7 in February. An initial estimate had been given to 60.7 on March 24.

For the euro area, this index stood at 57.2 against 56.8 in February, its highest level since August 2007. It is superior to the flash estimate of 56.9.

Also for the euro area, retail sales came out slightly down from 0.1% in February compared to the previous month after rising 0.2% in Jan.

In the U.S., the ISM index of activity in services is expected in March to 16 hours.

On the currency markets, the euro fell slightly against the dollar at 1.4181 at midday in Paris.

Oil prices retreated Tuesday morning. In morning trading, a barrel of light sweet crude for May delivery lost 0.39% to 108.05 dollars.

EDF, the biggest drop Cac 40

The values ​​of energy (EDF, GDF Suez, Total, Air Liquide) are also tracked by investors.EDF lost 3.69% to 28.45 euros, GDF Suez fell by 3.25% to 27.35 euros and Air Liquide was down 0.25% to 95.52 euros, in contrast, loses 0 Total , 20% to 43.29 euros.

The government announced the cancellation of the rising gas prices on 1 July and the study of a new pricing formula. In contrast, electricity prices will rise by 2.9% on 1 July. Matignon has also confirmed that the oil companies will be involved to curb the soaring fuel prices one hour payday loan.

Banks battered on Tuesday after Moody's downgraded the rating of Portugal. The rating agency does not lower it again.Societe Generale loose 2.37% to 44.72 euros, BNP Paribas dropped 1.73% to 51.83 euros, Credit Agricole sells 2.73% to 11.39 euros and Natixis was down 0.96% to 4 , 01 euros.

STMicroelectronics: 2.72% to 9.02 euros

STMicroelectronics benefits of the takeover bid by Texas Instruments of National Semiconductor for $ 6.5 billion (4.6 billion euros).

Areva: 2.12% to 31.75 euros

A list of candidates shortlisted by the Supervisory Board of Areva to hold the presidency of the Executive Group was deposited on the office of Nicolas Sarkozy, according to Liberation, citing near the head of state.

L'Oreal: -1.36% to 82.77 euros

According to the daily 20 minutes, the boss of L'Oreal, Lindsay Owen-Jones would be the subject of a complaint filed by Janez Mercun, a Slovenian who had a contract with L'Oreal granting the exclusive distribution market Russia.

PSA Peugeot Citroën: 0.39% to 28.58 euros

Gefco logistics group, a subsidiary of PSA Peugeot Citroën has signed with Italian funds RP3 Venice and a contract to acquire their share of 70% stake in Gruppo Mercurio, an Italian specialist transport and distribution of vehicles .

Cap Gemini, +0.01% at 41.55 euros

Cap Gemini is expected to announce Tuesday the acquisition of two French companies, and Artesys Avantias for $ 40 million, according to Les Echos.

Havas: -1.41% to 3.85 euros

Havas announced the acquisition of the independent agency Farm Strategy, without specifying the amount of the transaction.

Technip: +0.10% to 77.10 euros

Technip awarded a contract by RWE Dea for the development of gas field Clipper South in the North Sea.

Belvedere Trading on shares was suspended on Tuesday at the request of the company after the resolution of the preservation plan of the group of wines and spirits, delivered Monday by the Tribunal de Commerce de Dijon. The stock closed Monday up 8.67% to 66.20 euros.

This is not the form of real estate sales the most common. Figures from the Higher Council of Notaries, selling life, which provides that the purchaser pays an annuity to the seller, while the latter may continue to occupy the property it sells, even in decline for several years. According to the latest available statistics, notaries recorded 779 sales in 2009 Life in the provinces, that is to say 0.2% of transactions. Numbers declined sharply relative to those published in the 1990s: the number of lifetime would then exceed the threshold of 1500 or 0.7% of all sales. Moral restraint buyer betting somehow the death of the seller or unfortunate experiences of life such as signed by a notary with the former dean of the French … Calment French buyers have opted for more conventional transactions.

A revival

Yet in some regions, the Ile-de-France and Côte d'Azur in particular, selling life experiencing a resurgence. Some agencies specialize in the niche, and on the websites of real estate there are currently more than a hundred offers and much Paris to Nice. The quota is significantly lower in the north and east.

According to professionals, such sales may have several avantages.Pour the seller first, which can thus remain in place, pocketing most of the time part of the sale in fixed capital and the rest of the bunch as annuity. The annuity may also benefit from a tax reduction from 30% to 70% depending on the age of the seller.

For buyers the life is a way to buy a property hoping for a better price than the market.Real estate agents see it as a way to put property on the market that suffers from the shortage. Finally, selling life can be seen as a response to the problem of pensions and dependency by allowing seniors to live in their homes but are living better thanks to the additional income. These benefits would also not escape the government is currently seeking the expertise of solicitors on the record to revive the form.

Warranty too low

For if life is less common than before, also because the notaries prefer … to discourage sellers. "The purchaser is a kind of bet he can do a good deal. If in the end, it pays more than expected, it is part of the game The seller is not in this context, he wants to play and win get the right price for his property, "explains Pierre Lemée the Supreme Council of Notaries .Yet for him the procedure is not secure enough. "When selling well in life and that the purchaser, called debtor, dies, the burden of paying rent to the seller, the annuitant is transmitted to the heirs," he says. Heirs of the seller does not know and who are perhaps not creditworthy. If Débirentier can not ensure payment, the guarantee that the seller is not always sufficient. "The seller has no lien to recover its dues before other creditors. If the debtor is implementing a procedure for debt, the annuitant is featured on the list, the same rank as a banker, "says the lawyer.Especially since the termination of the contract of life can be complicated.

Another drawback of the formula put forward by Pierre Lemée: the risk to the seller to be the victim of an "arrangement between friends," the purchaser pushing the owner to sign a life with knowledge of his fragile health. A notary has thus been removed pourune similar case in La Baule, Loire-Atlantique.

Given these uncertainties, preference goes to the Pierre Lemée reverse mortgage. Founded in 2006, this formula also allows the owner of a property to obtain resources without having to sell it. The owner can get this loan from a credit institution and choose to collect the money as a lump sum or an annuity. The refund is the death of the borrower, the sale of the property, or earlier if the owner decides to leave her home.If the sale price exceeds the debt, the heirs recover the balance. Otherwise, however, the debt is not spread. The latter may also prefer to repay the loan and keep the property at the estate. A less risky.

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The maker of Smirnoff vodka and Guinness beer is poised to become the specialist of Turkish raki. The British giant Diageo puts his hand on Içki Mey, the leading Turkish spirits, after paying 1.5 billion euros from TPG Capital and Actera.

This group, who performed last year a turnover of 355.6 million euros, controls 80% market raki, the national famous alcohol with anise, and 65% of that of vodka. By seizing Mey Içki he coveted for several months, Diageo strengthens the distribution of its own brands in the Turkish market where it previously occupied fourth place with 4% market share of spirits, to Pernod Ricard (3% ).

"Turkey is an attractive market for Diageo and developed with strong growth in gross domestic product, says the CEO of Diageo, Paul Walsh.The acquisition of Mey Içki improves our position in the spirits market with high growth. " A market, boosted by the emergence of the Turkish middle class, which is still dominated by raki and alcohol cheap.

Rebalancing strategy

After several years of strong volume growth, they should nevertheless settle for 2015. "Diageo is betting on the transfer of consumption to international brands as they become more accessible," says Jeremy Cunnington, senior analyst at Euromonitor. The various taxes, which penalize hitherto imported international brands, should gradually decline by 2018. Diageo hopes to take full advantage with its broad portfolio of brands.

The acquisition of Mey Içki also part of a rebalancing strategy in emerging countries.During its last fiscal year (2009-2010), 67% of the volumes still came from the United States and Western Europe. It is precisely in Europe – particularly Greece, Ireland and Spain, where sales fell 13% in the first six months of fiscal year 2010-2011 – the slowdown has been most marked. "While growth in sales of Pernod Ricard was twice that of Diageo's first half is due to the lack of presence of the latter in emerging countries, China and India in mind," says Jeremy Cunnington.

Diageo, who had preferred to leave India after the Asian crisis in 1998 gave way to Pernod Ricard, which now owns 8% of the market. Diageo is now trying to regain a foothold in the region.He has just returned to 24% stake in the spirits of the Vietnamese leader (Halico) after taking control late last year of a heavyweight Chinese (Quanxing). China will become this year … second country, ahead of France, Pernod Ricard.

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The year 2010 was the year of improvisation in crisis, 2011 should mark a reordering that we hope soothed. Without taking any formal decisions, the bloc will draw on Friday the contours of their anti-debt strategy, before stopping in the coming weeks the overall plan for deciding the future of the euro.

A year after Greece has triggered the alarm, a cautious optimism has returned. It is fed by the release include the "spreads, interest rate differentials that have brought forth last year scenarios bursting of the euro area. "The markets are turning around," we welcomed Thursday at the Elysee.

Striking Force strengthened

The lull depends largely on the hopes invested in the "total package" of relief as the Europeans have announced the end of March, but failed again to agree on the content.This overview is based on a short notice on a strike force for the enhanced relief fund for insolvent countries. And in the medium term, to a serious reordering of national policies to ensure the future competitiveness of Europe.

The second chapter, and policy is driven largely by Germany, has dominated the debate until Thursday. Question of credibility. France weighs for the "economic government" of the euro. She proposed Thursday that the seventeen countries in the single currency will meet at the summit at least once a year. It would, they say at the Elysee, to take "concrete commitments to which all Member States subscribe.Clearly ensure consistency in depth, beyond the areas of EU competence.

But it is a more technical aspect that the markets expect the euro to its immediate evidence: the reform of the European financial stability, the first line of defense of the single currency. After having dragged their feet, Germany has just signaled it is prepared to endorse an increase in enrollment to 440 billion euros in the response capacity of FESF. It remains to determine the practical arrangements for the rise.

Nine months after the rescue of Greece and ten weeks after that of Ireland, it also becomes necessary to permanently reduce the interest burden for two countries that are struggling to keep their heads above water. In the closed session of the summit, it will be the essential issues.Without neglecting course neither Portugal nor Spain, to which Angela Merkel Thursday awarded a certificate of good conduct.

To ensure the efficiency and flexibility of the relief fund, it is lacking in Europe nor scholars nor financial arrangements feelers: Flexible credit lines, purchase obligations of debtor countries on the primary and / or school, targeted cuts in interest rates. "There are so many ideas that could take months to explore them all," said one European official. The real question will be chosen at the appointed hour, he says in substance. That is to say the decisive summit on 25 March.