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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.

Lovers of trekking in the Sahara desert sores will go their way. The tour operator Voyageurs du Monde (Nomad, Terdav), specializing in custom travel and adventure, closed end of 2010 all its destinations in Algeria, Mauritania, Mali, Libya and Niger. Because of the very uncertain political climate in these countries (historically 3% of sales), the group "does not plan to reopen until at least two or three years, unfortunately," warns Lionel Habasque, Executive Director.

So, the tour operator sells proportionately more trips to the United States, its first destination (6.7% of sales in the first half), Italy (4.3%) and Vietnam (3.7%). However, the weight of Morocco (3.4%) and especially Egypt (3.2%) melted over the last year.The brochure Israel-Palestine, launched a year ago, has attracted 800 customers, 2 million euros in turnover.

Last year, Voyageurs du Monde has 130,000 people travel, having to afford a vacation cost between 1500 euros (Terdav) and 2200 euros (Voyageurs du Monde). This year, they should be more numerous, and their average spending unchanged.

Since September, the backlog for this winter is stable. In the first half, Voyageurs du Monde recorded a turnover of 101.5 million euros (3.60%), and a net loss of 3.2 million (- 1.9 million a year earlier) . "We are structurally deficient in the first half because we support 50% of charges with only 40% of our annual," says Alain Capestan, Executive Director.If prognostic already year 2012 "difficult", it aims for 2011 an increase of 2 to 4% of sales, operating income stable, but net income declined, mainly because of differences currency movements.

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The European Central Bank keeps its cool. Faced with signs of recession in the eurozone and while a leading European bank, Dexia, is faltering, the ECB has decided not to ease monetary policy. It has left its main interest rate unchanged at 1.50%. A level considered "low" by the Board of Governors of the Central Bank.

At its last monthly press conference as president of the monetary institution, Jean-Claude Trichet said the ECB expects inflation "clearly above 2% in the coming months," before descending. One way to tell between the lines that interest rates are unlikely to be lowered over the next two months. Inflation in the euro zone peaked at 3% in September, a point above the objective of the ECB.

Still, the market calls for a rate cut."It reflects a lower rate of 0.5", observe the economists Societe Generale. Waiting judged "crazy" in the short term by the Luxembourg member of the Governing Council of the ECB, Yves Mersch.

The case for a rate cut was not, however, rule out of hand. For if the decision was consensus among the governors of the institution, the discussions were long, admitted Jean-Claude Trichet: "There was a discusion about the pros and cons of a rate cut or a maintenance of rates. After this long discussion, which was, I would say, as thorough and comprehensive as possible, we decided by consensus to maintain the rates. "

Some analysts point to a worrying season looming disaster on the front of the activity in the eurozone."The risks to growth, was talking about last month the President of the European Central Bank Jean-Claude Trichet, materialize," are economists at BNP Paribas CIB. In addition, "forecast the ECB behind sluggish growth at year end," they add online pay day loans.

Semi-surprise

The inaction of the ECB, however, is only half surprised. Jean-Claude Trichet, whose every word, in its public statements, is weighed, has not hinted in September that the ECB cut rates. Moreover, "the guardian of the euro zone will wait to act to have more evidence that inflation and growth will slow," noted economist of Nomura.

Observers expect more on a rate cut later this year. "Jean-Claude Trichet is expected to set the stage Thursday in a future rate cut in the next three months," analysts at Nomura advance.

Measures for banks

Taking note of the tense situation of European banks, the ECB launched a series of measures. It provides two refinancing operations unlimited volume of about a year in October and December. This exceptional instrument had not been asked since December 2009.

Jean-Claude Trichet also announced a relaunch of the repurchase program bonds. This will cover 40 billion euros between November 2011 and October 2012. The "bonds" are essentially backed securities real estate, and essential to the survival of many specialized banks in Europe. The purpose of all these operations is "to ensure that banks in the euro area are not limited in regard to liquidity," said French.

The ECB has also called for a recapitalization of institutions in the euro area. They must "do whatever is necessary to strengthen their balance sheets," pleaded Jean-Claude Trichet, using it for their profits, or paying wages "moderate".

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UBS has not finished paying the consequences of fraud valued at 1.5 billion euros of one of its traders in London. Beyond a tarnished reputation, the scandal threatens the investment activity of UBS and its credit rating, sesame to borrow on the markets. In fact, Moody's has been quick to draw. In the evening, the rating agency has under surveillance the notes of the first Swiss bank to a possible degradation. If the loss due to fraud is "manageable" by the bank, Moody's noted, "these losses raise questions about the group's ability to successfully rebuilding its investment banking operations," said the specialist assessment Financial. More worryingly, Moody's believes that the event shows the "weaknesses in risk management group."

The rating agency also reserves the possibility to study "the implications of such an event on the ability of management to grow the sales of the investment bank in a suitable manner in terms of risk and the potential impact on profits of another setback on that front free business cards. " And Moody's adds: "Similarly, we will consider the potential implications of such an event on the reputation of UBS to its customers of its private banking and wealth management."

However, Moody's believes that the examination of the situation "is unlikely to lead to damage of more than one notch."The bank in turn stated that the case was likely to plunge into the red its third quarter results, but that customers should not suffer directly.

Markets, the penalty was immediate: the title UBS closed Thursday down 9.75% to 10.80 Swiss francs in a market up 0.29%. It must be said that the bank accumulated problems. In 2008, she was among the banks most exposed to subprime. More recently, the bank paid the $ 780 million U.S. in tax evasion Affiris. And some observers are quick to mention the outright end of the business of investment bank UBS.

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While many criminal investigations are underway in the United States against Goldman Sachs, the management of the investment bank is taking the lead. Concordant sources, its chief executive, Lloyd Blankfein, has hired Reid Weingarten, a lawyer outside the company. The establishment said that such recruitment is not exceptional. Thus, a spokesman for the group stated that: "As is common in such situations, Lloyd Blankfein and other members of society must be heard as part of an investigation by the Justice Department U.S. response to the issues raised by a report (of a commission of inquiry of the Senate) have hired a lawyer. "

But in exchange, the reaction was particularly violent: the title of the bank plunged 4.7% to 106.51 dollars on Monday.The action that had opened up a hook at the very end of the session in the wake of the announcement by Reuters, the recruitment of Reid Weingarten. The decline then continued as in trade after the market fell to 105.45 dollars. The markets are worried because of legal troubles that will face the bank and could affect the company and its future profits.

Profile Reid Weingarten feeds the fears of Wall Street

The profile of the chosen lawyer, Reid Weingarten, fueling fears of investors. The latter is one of the most renowned lawyers in the defense of white collar crimes. He has defended the former CEO of WorldCom, Bernard Ebbers and former CFO of Enron, Richard Causey credit reports free. Both men are currently incarcerated for fraud.Reid Weingarten recently said to be "used to defend difficult cases where my clients are hated by all." He has also defended including the former legal adviser to the U.S. energy broker Tyco, former executive director of classifieds site Monster.com employment and CEOs of U.S. Neteller online banking and the reinsurer Gen Re . All suspected fraud, tax or other.

After being hired by executives of Goldman Sachs, some are asking: "Why hire someone like that?" And for them, "it means only one thing: they take the matter seriously."

Goldman Sachs is not his first brush with the law. Accused of misleading its customers at the height of the crisis, the bank had paid $ 550 million in June 2010 to settle a complaint by the U.S. authority to regulate stock exchanges (SEC).And recently, the U.S. Senate issued a 650-page report very critical of the bank for its handling of the subprime crisis. The Justice Department is also continuing its investigation into Goldman Sachs and questions about its activities and its role in financial crisis. The bank is particularly accused of misleading its customers shortly before the outbreak of the financial crisis. She also denies two years of accusations of fraud and conflict of interest.

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In the wake of the Asian stock markets, down sharply Tuesday morning despite a slight improvement at the end, the financial center of Paris does not know how to behave on Tuesday … Faced with fears of economic recovery and the financial situation of countries, the Paris index is in fact the yo-yo since the opening, from a technical rebound in early trading, a new panic attacks (-3 , 08%), 1:30 after the opening. The Paris index is even pressed for less than a minute to below 3000 points, a threshold that had not crossed since July 13, 2009. This excitement is not surprising, the magnitude of the losses yesterday on Wall Street (close to 600 points for the Dow, or 5.5% decrease) who confirmed the complete absence of calm in the markets.

The Cac 40 started his session on a net increase of more than 2%, to 3188.27 points …before declining (-3.35% to 3020.46 points at 10:45). Shared a tendency in Europe: Frankfurt, after opening down, quickly moved into the green before sinking to 3.01% at 5745 points. In Madrid, the Ibex 35 also passes into the red in 10 hours (-1.67% to 8318.30 points). Only the London remained in the red since the opening (-2.75% to 4929.54 points).

Pic of volatility

This new session, that of all the dangers after Black Monday in the markets, not immune to the extreme nervousness of investors. With a drop of 18% of the index in Paris in eleven sessions, the CAC 40 lost again yesterday his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama reveals that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis. European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index. From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

Investors console themselves with the publication at 14.30 on U.S. productivity figures for the second quarter, which could give a little more on the state of the world's largest economy. In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros. At noon will also be released by INSEE oil prices and imported materials for July. For its part the Organization of Petroleum Exporting Countries (OPEC) will release its monthly report.

The barrel still under pressure

A report should be carefully watched, the price of oil is very strong pressure for 15 days, reflecting the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening.In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (77.78 dollars in mid-day in Asia, 7 pm, Paris time), while Brent crude was down the floor of 100 dollars to 101.04 dollars back then.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing. The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and as the traders confidence evaporates, "according to Jonathan at Capital Spreads Sudaria.

The side of values ​​to follow:

Financial stocks limited case (BNP Paribas was down 1.08% to 38.88 euros, Societe Generale down 1.27% to 24.80 euros and Credit Agricole lost 0.28% to 6.73 euros). In turn Natixis (1.28% to 2.93 euros) and Axa (0.82% to 11.08 euros) came to stay in the green.Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

GDF Suez (-1.82% to 19.46 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (-16.23% to 6.09 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (0.60% to 5 euros) has been little state, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.

In launching his new business tuna in the Indian Ocean in 2007, Yannick Lauri, president of Sapmer rubbed to a less pleasing to fishing in Seychelles waters: the fight against piracy. Used to fight against illegal fishing in the Southern Ocean, its historical business, the second French fishing vessel owner must now deal with direct attacks against ships, conducted off the coast of Somalia, Kenya and Tanzania. "A real paramilitary organization," also describes the leader, the tuna-freezer Franche-Terre foiled a pirate attack in 2010.

To avoid being faced with demands for ransom of up to tens of millions of euros, the group has had to adapt.After the first fishing season in September 2009 carried out without any protection, fleet Sapmer has adopted a "for the protection of its crews, under the strong incentive of the state," explains Yannick Lauri. The measures are rather restrictive and expensive …. The obligation to "binômage" (navigation of ships by two, alternating with fishing time) in effect reduces the effective time fishing and limits the free movement of ships. "Especially since we had to navigate a given speed, which has a significant effect on fuel consumption." This obligation has been reduced on June 1, but could be reconsidered in case of renewed attacks.

Insurers ship their bets

But the effect on fishing in itself is a first illustration of the additional costs incurred by piracy.Faced with these increased risks, insurers have been quick to react. "The coverage of these risks represent 10% of our insurance for our tuna fleet, about 75,000 euros for our fleet of three tuna," said Yannick Lauri.

Finally, a report by the Institute of Higher National Defence Studies (IHEDN) which participated Sapmer, released in June, estimates that several hundred thousand euros a year ship the additional security measures.

This cost may seem exorbitant, but due to the requirement for owners to use the personal protection of their ships. Cost is in addition to the measures on navigation, and insurance-costs. For example, Arnoult Gauthier, president of sales VNavy benefits of private military companies (PMCs) from 4000 to 9000 dollars (2800 to 6200 euros) per day per boat.For the heavier the device includes boarding protection teams on boats.

Armed men on board for the protection of marine

For shipowners flying the French flag as Sapmer, these are men from the bodies of state (marine commandos, marines, etc.). Who come to protect the crew. Five armed men complement the 33 sailors present on each of the three tuna of the group. Considering that their vigilance decreases after six weeks, the state imposes, by that time, a return to earth for five days of rest before returning to sea This is not consistent with the ten weeks during a campaign fishing, and induced costs of accommodation and logistics for tracking weapons.

If the teams are state bodies, is financially Sapmer "put to work" for the care of these men.Yannick Lauri, which does not specify the percentage of participation, while acknowledging the nature of effective protection measures by professionals.

To a use of private protection?

As for use of private companies, "this device is not yet approved for vessels under the French flag, although discussions are ongoing, and there is some legal uncertainty on the issue." Currently, MPI experiments with private companies to protect the devices that need to be as effective as the protection of embedded military teams, but technically lighter. But for now, no alternative "has not yet developed," says Yannick Lauri.

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Carrefour and its major shareholders still have progress to make to master the subtleties of samba. The merger of the Brazilian subsidiary of global distributor with the second casino, Grupo Pao de Acucar (GPA), is abandoned.

Scaffold for months in the back of its local partner Casino Abilio Diniz (President and owner of 21% of GPA), with the support of BNDES, the Brazilian equivalent of the Deposit, the project would have allowed Crossroads take control of all activities involving the two Brazilian groups. The company, known as Pao de Acucar Novo, would have made 30 billion euros in sales and held 32.3% of the local market, against 11.1% for the U.S. WalMart.

Las.Faced with fierce opposition from Casino, which supports the development of this project is contrary to the shareholders' agreement binding Abilio Diniz, BNDES announced its withdrawal on the night of Tuesday to Wednesday. While Diniz seeks private investors to substitute for Brazilian BNDES, he lost some of its political support.

This halted the project is mostly a failure for Carrefour, which had the most to gain. The group chose to take advantage of the disagreement between Diniz and Casino to join in a risky project, rather than seeing the Brazilian partner with WalMart. If successful, Carrefour could forget his many disappointments. The group is not out of a serious area of ​​turbulence in its domestic market, putting pressure on its outstanding CEO Lars Olofsson and its principal shareholders, Groupe Arnault and Colony Capital payday advance lenders.The latter, entered the capital of the retailer in March 2007, when the action was worth 53 euros, have increased the project, or attempted to bounce the stock price, which dropped by half since: sale of Brazilian and Chinese subsidiaries , public offerings of real estate branch, split Dia. In vain.

Brazil lost the battle has also cast a cruel light on the performance of Carrefour in the country, its first growth opportunities ahead of China. Abilio Diniz revealed that the operating profitability of Carrefour Brazil was 1%, seven times less than that of GPA. Casino and pointed the loss of market share of hypermarkets in Brazil, for the benefit of supermarkets and convenience stores.If its chain of wholesale stores Atacadao is a success, Carrefour, local leader, sees its hypermarkets suffer against those of Extra, a subsidiary of ABM.

Overconfidence

After 550 million of provisions recorded by Carrefour last year as a result of accounting fraud at its Brazilian subsidiary, the latter saw his image tarnished again. The withdrawal of the BNDES also shows that Carrefour had underestimated the political power relations in Brazil, or too trusted Abilio Diniz …

If new proposed combination with GPA must be submitted to the board of Carrefour in the coming months, it would still be opposed to casino, and no political support in Brazil. This time, the independent directors of Carrefour might well make their voices heard.

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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While the crucial talks between government and private creditors of Greece continued the last few hours across Europe, they rose sharply in Paris. Reportedly, the French Treasury and financial institutions have agreed on the night of Friday to Saturday on a proposal that they hope to win their European partners now. Important first step, a highly anticipated meeting of the IIR (International Institute of Finance), which groups 400 banks worldwide, will be held on Monday in Rome.

It will be remembered, European governments have launched negotiations Wednesday with the holders of Greek debt. They are seeking a contribution of banks, insurers and other pension funds to the tune of 30 billion euros, backed by a new extension of Europe and the IMF to Greece.So far, the proposal on the table was simple: the voluntary, private creditors agreed to reinvest in due proportion the debts repaid by Athens over the next three years in new loans Greek to 5 years. It is the "rollover". However, private capital, especially German, had requested that these new loans are guaranteed in one way or another by Europe. But Angela Merkel, German Chancellor, refused this demand, which is to transfer the responsibility of the public an additional part of the burden.

Hence the impasse. The problem for private financiers, is to pay a state that nothing says it will be out of trouble in five years, the plan has expired. Of course, under pressure from governments, banks and insurers could be convinced.But specifically, if the process is not perceived as voluntary, rating agencies may raise the flag of the "default" and the plan falls overboard because the ECB can no longer accept sovereign debt and stigmatized in the refinancing of Greek banks cash advance no fax.The French proposal is a parade, making the "rollover" both more attractive and relevant to them and to Athens, by lengthening maturities.

New loans to 30 years

In addition to the original proposal, a working group led by BNP Paribas, in fact, imagined an alternative, opening the opportunity to reinvest only 70% of amounts received in connection with the Greek borrowing fell 50% are allocated to Greek new loans issued this time in 30 years as to 20%, they are placed on what the financial call a "zero coupon", ie a fund invested in securities of high quality self-reinforcing through then cumulation of interests: the piggy bank somehow secures new borrowing Greek, as would have government guarantees.According to the discussions, these borrowings could be long carry an interest rate equivalent to that of Greece pays vis-à-vis its "rescuers" public, with the addition of a variable interest rate likely to be linked to an economic indicator Greek, such as GDP.

In any case, this alternative would yield less per creditor only 50% returned to the Treasury Greek but is likely to attract more people. And above all, by providing funding for 30 years, she pushes the horizon in part refunds for Athens. The French solution began circulating in the corridors of the European Council on Friday. "We received an initial favorable response," says a close case.

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