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After unanimously among the members of the Greek government, the proposed referendum on the euro in Greece opponents first meeting among the ministers of the country. While the Greek Prime Minister held talks last night with his European counterparts to define the contours of the proposed referendum, two ministers expressed their opposition this morning at the initiative of head of state.

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.

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Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had "agreed to say that we had to have a substantial increase in the contribution of banks" in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

• Discount of up to 60% of the Greek debt

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Recapitalization of banks to the tune of 108 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece. In return for the effort required on the Greek claims, there are plans to recapitalize banks in Europe. Following a meeting of EU finance ministers, this Saturday, in preparation for the summit Sunday, no agreement had been finalized on this point, due to the persistence of disputes.

"We have made some progress on the banks" and "we have laid the groundwork for an agreement" which will still be subject to "discussions between heads of state" and called for European governments to meet in summit Sunday said Swedish Finance Minister Anders Borg. Countries of the European Union are considering a recapitalization of its banks to the tune of 107 or 108 billion euros to help them cope with the crisis, has also said a source familiar with the matter.

But according to European diplomats, "there is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF)." On the other hand, "the ministers are trying to agree on the minimum capital."The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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After winning nearly 4% last week, the CAC 40 has shown much hesitation on Monday. After opening on a positive note on Monday, rising 0.81% to 3243.93 points, it is passed back to balance, to 3218.06 points (-0.02%) on the stroke of 13 hours before significantly in the red sign at closing. In the final meeting, the CAC 40 shows a decrease of 1.61% below 3200 points at 3166.06 points.

The enthusiasm of the morning gave way to uncertainty about after German leaders who are very cautious about a future resolution of the crisis in Europe.

Investors have not long welcomed the determination shown by European finance ministers at the G20 Finance last weekend."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed ministers in statement.

Above all, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin.For its part, the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extremely vigilant" with regard to public finances.

Attempted to reassure the ability of the International Monetary Fund (IMF) to support countries in difficulty, Christine Lagarde, the Executive Director, has determined that the resources of the institution for the time were "appropriate" and "fit" to Micro Europe 1. And, while many European countries are considering to use the Fund to prevent contagion of the crisis in the euro area in case of bankruptcy of Athens.

Measures of expected savings on the U.S. side

On the other side of the Atlantic, U.S. President Barack Obama must include measures of fiscal consolidation through a savings plan.Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. In absolute terms however, the fiscal gap widened slightly compared to fiscal 2010, 0.4%, from the threshold of 1.299 trillion dollars, making it the second biggest deficit of the History of the United States.Concerns also weigh on U.S. growth, after the deterioration of consumer sentiment surprise U.S. beginning in October, falling incomes leading consumer expectations to their lowest level for over 31 years guaranteed approval cash advance loans.

Following the announcement of the failure of 20% of the 360,000 small businesses in Zhejiang Province since the beginning of the year, Beijing also pledged to "rebalance" its growth engines through a battery of measures this week.

The euro retreated slightly

On the foreign exchange market, the euro fell slightly against the U.S. dollar on Monday morning at 1.284 dollars (-0.21%). While oil was up in Asia after a barrel of "light sweet crude" for November delivery clinching 35 cents to 87.15 dollars in early electronic trading.Barrel of Brent North Sea crude for December delivery gained 18 cents to 112.41 him dollars.

Banks remain top values ​​to follow this Monday

• Banking

Standard & Poor's (S & P) announced Friday it lowered the long-term rating of BNP Paribas (-3.72% to 31.05 euros) from "AA" to "AA-" and the Bichri (Banking Industry Country Risk Assessment) of France in Group 1 Group 2. In this context, investors will keep an eye on Societe Generale (-2.81% to 20.25 euros) and Credit Agricole (-2.16% to 5.085 euros).

• Dexia (-16.71% to 0.578 euros)

The National Assembly will consider the draft supplementary budget by establishing a government guarantee.

• Air France-KLM (1.43% to 5.606 euros)

A special board meets Monday for the start RECORDED Pierre-Henri Gourgeon, as revealed by Le Figaro yesterday.In addition, three cabin crew unions (PNC) filed a strike notice for the weekend of All Saints to protest job cuts.

• Renault (-3.06% to 26.635 euros)

The new organization called the head of the manufacturer after the false spy case will come into force on 2 November as planned and strengthen the power of the CEO Carlos Ghosn with the aim to avoid the fiasco of the early recurrence in 2011.

• Axa (1.74% to 10.745 euros)

The French insurer Axa wants to eliminate by 2015 about 1,500 jobs in Germany, or one sixth of its workforce in the country, the Financial Times Deutschland on Monday.

• Eurosic (-0.43% to 32.35 euros)

The group has completed the acquisition of 22 office buildings with GE Capital Real Estate valued rights included 340 million euros.

• Edenred (-3.03% to 18.57 euros), Guyenne Gascogne (1.50% to 80.66 euros), Mercialys (-0.11% to 27.5 euros) will publish their results for the third quarter after Stock Exchange.

After starting the session in the green on Tuesday, following information about a possible takeover of Italian debt by Beijing, the CAC 40 is pressed far into the red on Tuesday. One hour after opening, it lost 2.86% to 2773.07 points, after starting the session up (1.53%). The other European financial centers remain hesitant: the Footsie-100 from the London Stock Exchange down 0.11%, the Dax in Frankfurt rose 0.26%, the FTSE MIB in Milan down 0.11% and the IBEX 35 Madrid is at -0.13%.

According to a report in the Financial Times, had asked Italy to China to perform major purchases of its sovereign debt.Senior Italian officials told the newspaper that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Despositi e Prestiti. After starting the session in the red, Wall Street has ended the session in the green Monday, the Dow Jones gained 0.63% on the session. This morning, Asian stock markets also popped up slightly. The day before, the Paris Bourse had ended the session on a sharp decline dropping 4.03% to 2854.81 points (their lowest level since April 2009), weighed down by banking shares.However, market rumors suggest that Beijing now hear is not finally ready to buy bonds in Italy.

Result: the banking sector is left in the red zone, having been literally massacred on Monday. For the record, the U.S. agency Moody's announced it would lower a notch notes BNP Paribas (-10.26% to 23.44 euros) and Credit Agricole (-2.01% to 4.73 euros) and two notches that of Societe Generale (-6.10% to 14.62 euros) because of their exhibits to Greece.

Investors are particularly concerned about the situation in Greece, including the possibility of bankruptcy is no longer excluded for many politicians. An output of Greece to the euro is now considered by many economists.To this must be added about this Monday, Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF), which estimates that Greece may have to undergo further restructuring of its debt. "What is likely to be more pronounced restructuring of the Greek debt," he said on iTV. German side, Angela Merkel is trying to catch up about his Economy Minister Philipp Rösler, who spoke Monday the event of a default of Athens.In a radio interview BBB, the Chancellor found it necessary to "avoid any uncontrolled process in the euro area."

Oil prices mixed

On the foreign exchange market, the euro was down slightly Tuesday against the dollar and the yen on Monday after falling $ 1.35 for the first time since February and the lowest for 10 years against the yen, and the voltage was strong, the markets fear more a possible failure of Greece. Around 8 am, the single European currency was worth 1.3665 dollars against 1.3680 dollars on Monday in 23 hours.

As for oil prices, they were mixed, helped by a relative weakening of the dollar-weighted but the latest projections of OPEC anticipates a lower than expected growth in demand for crude because of the nervousness of the markets.In early electronic trading, a barrel of "light sweet crude" for delivery in October gave himself 80 cents to 88.99 dollars a barrel while Brent North Sea crude for delivery in October, more sensitive to economic conditions in Europe, gave 52 cents to 112.25 dollars. "We see that oil has a weaker dollar," said Ker Chung Yang, an analyst at Phillip Futures commodity in Singapore.

On the front mécroéconomique, the consumer prices in France rose 0.5% in August from the previous month, said Tuesday the National Institute of Statistics (INSEE).This increase resulted mainly from the late summer sales but also reflects the higher prices, also seasonal, tourism-related services, these increases are offset by the seasonal decline in prices of fresh produce, INSEE said.

In addition, the current account deficit widened from France in July to 4.5 billion euros against 3.4 billion in June, due to an increase in the deficit of trade in goods, announced Tuesday Bank of France.

United States, the import price will be announced in late afternoon.

Values ​​to follow

Accor (-4.77% to 20.48 euros)

The hotel group announced on Tuesday a target for 2011 operating profit of between 510 and 530 million euros during the presentation of its new strategic objectives.

Renault (-2.69% to 23.33 euros)

The manufacturer has officially launched Monday in Maubeuge mass production of the Kangoo Zero Emission (ZE), which accounts for between 30,000 and 20.OOO vehicles per year.

PSA Peugeot Citroën (-2.91% to 16.04 euros)

The CEO of PSA Peugeot Citroen confirms Philippe Varin Tuesday in our columns his will "accelerate cost reductions," including employment.While ensuring that no significant slowing in demand was observed, explaining that the group wants to "guard against a possible market downturn."

Total (-2.29% to 31.38 euros)

The oil company announced Monday that he wanted to continue the search for shale gas in the southeast of France, while pledging not to use the method known as "hydraulic fracturing" now banned.

Interparfums

The group specializes in the design and marketing of fragrances, posted first half net profit up 33% to 17.1 million thanks to sales, according to a statement released Tuesday. This result should the "lead to revise upward its forecast for sales in 2011," added the group.

For the United States

"The direct consequence of the loss of" AAA "rating is going to be the most difficult to borrow, says Dominique Roux, professor of economics at Paris Dauphine. Interest rates will therefore rise. "The movement may be modest, however: despite the rumors of degradation rates of long-term interest Americans were still very low Friday. "The rating agencies do not set interest rates, although they may have an influence," Augustin Landier tempers, professor at the Toulouse School of Economics. In April 2002, Japan lost its rating "AAA" and the impact remained limited. Above all, the United States remains a country apart. "Today, the U.S. Treasury issues debt, which was bought by the Federal Reserve, the U.S. central bank.It is therefore run the printing press, "says François Chaulet, associate director at Montsegur Finance. Another consequence, some bond managers could be forced to sell U.S. debt because they are forbidden to hold securities other than "AAA".

For European states

Europe has its own concerns of public debt, particularly in Spain and Italy. However, some might find of interest. "There is a" AAA "less and there could be a technical delay of the remaining debts still having this notation," Judge Francis Soler, credit manager at Edmond de Rothschild IM. This is the case of Germany, but also of France.And S & P affirmed the ratings for France online payday loans.

For financial markets

"Markets do not expect the decisions of rating agencies to react," said François Chaulet. The deterioration of the American note was expected, which partly explains the decline in recent days. "It is the accumulation of bad news, especially the concern about future economic growth in the United States, which led to a drop of this magnitude of global exchanges, said Jerome Vineria, an analyst at IG Markets Markets. These elements are still there, implying that markets should remain volatile in the coming weeks. "But the bad news today all seem familiar. And a real international coordination could change the movement."If Monday's session can still be difficult, I think, however, that the balance of the week in Paris could be positive," Jerome Vineria ventures.

For households and businesses

For U.S. households, the main risk would be higher interest rates. Companies will also be affected by the rising cost of credit, but they could also benefit by acting as a hedge against weak states. "Today, many companies appear financially stronger than the most fragile states," Francis Soler edge.

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It's a real competition gigatisme. After the announcement by Prince al-Walid to build a tower more than a thousand feet high, the Burj Dubai skyscraper almost seem "small." Yet, this tower, which rises to 828 meters currently holds the record for the tallest tower in the world. And the number of buildings approaching that height now record, will increase in coming years.

The popularity of the towers is very strong especially in emerging countries, which will soon appear three new skyscrapers lying in a range in height from 500 to 800 meters. Symbols of modernity and economic development, they show by their names prosperity of their city or country. The Makkah Clock Royal Tower (601 m) should be opened in Saudi Arabia at the end of this year.The draft Jakarta Tower (588 m) in Indonesia, launched in 1997, should finally set up in 2012. As for the tallest tower in China, the Shanghai Tower (632m), with completion scheduled for 2014.

United States, where the tallest buildings are just above half a mile, top of a building 541mètres should dominate the sky in 2013. This is a skyscraper built on the ruins of the World Trade Center.

Christophe de Margerie confirmed and signed. In mid-April, the boss of Total has caused an uproar by saying that the super two euros per liter was something inevitable.This time the statements are more subtle but no less firm: on the margins of economic meetings in Aix-en-Provence, the head of the French company said that "the price (of oil) rather than being on the rise, so do not expect long-term prices (fuel) down. "

The issue is very clear to Christophe de Margerie, "If it does not reflect the increase in oil prices, the box runs." Under these conditions, while going on holiday will intensify in the coming days, the price the pump are about to take four to five cents extra.

The decision of the International Atomic Energy Agency (IEA) on 23 June, to tap into strategic reserves to lower prices will have had a very limited impact."The effect was instantaneous – crude has fallen from 115 to 107 dollars, almost four cents less at the pump – but the fundamentals of the market quickly regained the upper hand," said Jean-Louis Schilansky, President of the French Union of Petroleum Industries (Ufip).

$ 200 a barrel

In this case, is the increase in demand on prices. While the IEA has estimated that the outbreak in the spring classes began to slow global consumption, but the 90 million barrels per day (bpd) is no longer so distant. Moreover, if growth continues, the cap could be gone by the end of the year, according to the scenarios of the Agency.

Meanwhile, it is unclear how far prices will rise at the pump. At the end of last week, the Brent crude in London closed above $ 118."The courses tend gradually to 120 dollars," said Jean-Louis Schilansky which states that within a few days fuel prices should find their levels of early June. An average of 1.50 euro for unleaded 95 and 1.33 euro for a liter of diesel. As for the bar that fateful two euros per liter, it corresponds to the experts at a price of 200 dollars a barrel. "We still have some respite," said Jean-Louis Schilansky.

In this issue so sensitive fuel prices – especially in summer – the government continues to be very careful. A few days ago, they had encouraged retailers to pass quickly down the barrel instantly.This time, they should encourage stakeholders – oil and supermarkets – to smooth the rise in crude.

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

"The mobilization of our companies abroad is a government priority, the development of employment is directly linked in a global economy, the part played by French companies in international trade." Tuesday, moving in Nièvre, the Head of State gave foreign trade on the front of the stage. Well aware of the situation in France, which saw its market share eroded internationally for years – "We have a deficit of 51 billion euros, Germany has a surplus of 150 billion," he recalled – the head of state still refuses to "fate."

Critical mass

Visiting one of the workshops of the French Company prosecutors, now trying to sell its products abroad, Nicolas Sarkozy has stressed the need to develop the network of SMEs in exports and develop "competitiveness".In fact, contrary to our German neighbor, who has forged a strong network of companies exporting medium, capable of responding to global demand, the difficulty in France have companies whose critical size would allow them to expand into international markets . Why we must build on the best of them. This is the new mission entrusted by the government to Ubifrance, the public agency responsible mainly for support SMEs in international markets. So far, it was only quantitative targets. Now the quality will also put "Ubifrance will be more selective and take more businesses that have real potential for export," says one at Bercy.The idea is that a third of SMEs that have benefited from support actually end up doing business abroad.

During a roundtable Cosne-Cours-sur-Loire on "the mobilization and support for companies in their efforts to export," Nicolas Sarkozy has also urged the national and local actors to support the export – the state Ubifrance, chambers of commerce, regions, etc personal loans for bad credit. .- to work together to create a "team". "It must stop wars chapel!" Repeats all goes as Secretary of State for Foreign Trade, Pierre Lellouche. The latter wants to develop a single window – export houses in the region – which SMEs could use to get their guidance.And they lost more in the maze of financing offers, Ubifrance and OSEO will Coface now offers a unique catalog.

As for large groups, they will increasingly play the card of solidarity with the smallest. On May 5, several of them have signed a charter pledging to always consult the French subcontractors for their export sales, develop the port of SMEs or to develop indicators to monitor the increased participation of French SMEs to large export contracts.

Underlying this policy – even if no rule can be written in black and white, because the European Commission monitors – the government intends to encourage groups to seek more French subcontractors if they want to continue receiving certain export subsidies.And "if necessary, we shall make …" nevertheless dared Tuesday the head of state "It does still not accuse France of wanting that big French companies help small. There is … citizenship in all this, "he said.

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The games are not made. While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing for a leader from their ranks.

While for now, no Chinese is not on the list of potential candidates for the resumption of the post, the Middle Kingdom believes the new boss of the institution should be Chinese. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published by the Chinese newspaper Global Times. He adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China."He cited the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

For its part, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens. "This is the best candidate for the IMF," said the minister at the Mexican press.

Statements which echoes the words of the Brazilian Finance Minister Guido Mantega said Wednesday that the succession of DSK to head the IMF should not be "decided in a hurry" or reserved for a European.

For Lipsky, Christine Lagarde is one of the candidates "well qualified"

Since the establishment of the institution the item is traditionally given to a European Bank since management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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