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Greece: Europe could put his hand to Portfolio

Rumor conveyed by the German magazine Der Spiegel that Greece had threatened on Friday to leave the eurozone was denied on all sides. "A provocation" by the Greek Minister of Finance, a "dumb idea" according to the chairman of the Eurogroup Jean-Claude Juncker, a "completely fanciful hypothesis" for Bercy.

However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, Christine Lagarde, and his counterparts from Germany, Italy, Spanish and Greek. At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "

Accelerating privatization

At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient.

A sum which would, according to business daily, covering almost all the financing needs of the country in 2012. With a deficit recently revised upwards to 10.5% of GDP against 9.4% previously, it seems unlikely that in Greece reaches, as originally envisaged, to borrow again by itself on the market bond in 2012 no teletrack payday loans.

Previously, the Greeks will make new efforts, however, warned the Europeans. Including accelerating the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.

Debt restructuring again rejected

However, the assumption of a debt restructuring Greek seems once again rejected by the participants.While Lars Feld, one of economic advisers to Angela Merkel on Sunday felt that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem" President of the Eurogroup Jean-Claude Juncker reiterated after the meeting that such an option was excluded.

Greek newspapers have relayed their side, however, the slopes on Saturday morning "workout" soft "after they discussed Friday. The opportunity for Greece not to pay interest rate for two years in exchange rate subsequently increased, or lengthening the duration of bonds maturing in 2011 and 2012 have been particularly considered. The financial situation of Greece will once again be the next meeting of the Eurogroup on 16 May.

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The Figaro.fr – Can there be too many funds in the economy?

Jean-Louis Arcand – According to our work, there is a turning point from which the size of the financial sector is beginning to have a negative effect on the economy. More precisely, when the total amount of loans granted by banks to their clients, individuals like firms, exceeds 110% of gross domestic product (GDP, that is to say, the wealth produced by a country). We observed that states with the most prominent financial sectors have suffered more than others during the last crisis.

Why finance has grown as she?

During the past three decades, the U.S. financial sector has grown six times faster than the economy.If banks have grown so much is because they knew, taking risks to maximize their profits, in case of generalized bankruptcy they would be saved. Clearly, they have tended to over-lend to their clients because they underestimated the cost of a possible bankruptcy.

Should we establish by law an unsurpassable level of 110% finance?

It is useless to determine a bar impassable. This does not work, as evidenced by the European rule of a maximum debt equivalent to 60% of GDP make quick cash. It was enough that the powerful countries, France and Germany are close to this threshold so that they overcome them in the mid 2000s. Oting the same time any credibility to this political rule.

How then to control the growth of the financial sector?

Some argue that we must rein in salaries to encourage bankers to take fewer risks.This solution would not change populist: firms always find a way to reward talent. We believe it would be better that the regulator forces banks to keep their coffers sufficient financial reserves to cope with a situation of widespread bankruptcy. By increasing the so-called capital adequacy of institutions, they are forced at the same time to take fewer risks.

The current reform of the banking system, known as Basel III is along these lines …

The proposed controllers do not go far enough. The ratio of equity currently under discussion is 7%. In our view, reserves should be higher by several points to this goal. But the banks already reluctant to adopt this new threshold, saying it will reduce their profitability. This argument is not proven.

European banks are seeking 100 billion

And three. Europe prepares to submit its banks for a third round of stress tests. The objective is always the same: to reassure markets on the strength of the European banking system. And thus enable it to finance itself without the help of the European Central Bank.

On Friday, the European banking authority has announced details of the exercise, whose results will be announced in June, as promised, the device has been hardened by the previous album. This time for the 91 European banks subject to the "check-up cross bar higher than 5% of capital" hard ", even in stormy weather on real estate, sharp rise in rates or further increase in funding costs. Last July, investors have found the stress tests implausible.Moreover, four months after seeing their health bulletin buffered by the ECB, two Irish banks had called for help.

Last year, the stress tests had highlighted a need for equity of only 3.5 billion euros. Since then, Deutsche Bank, BBVA and other Standard Chartered has increased its capital by 10.5 billion, partly to fund acquisitions, partly to prepare for the increased requirements of Basel 3. But it is still far off. By adding the "hole" of 24 billion euros of Irish banks, the 50 billion that could cost the "cajas" in Spain, the 20 billion estimated on Italian banks, and even the 11 billion announced last week by Commerzbank the 100 billion euros of capital requirements is taken blithely.

Contain contagion

The announcements follow one another.Furthermore Commerzbank, Intesa Italian unveiled last week its intention to raise $ 5 billion one hour payday loan. These projects were well received. The markets want to believe that four years after the explosion of the subprime credit bubble in the U.S., the continent is poised to contain the contagion. Governments, in fact, began to worry about the soundness of their banking system. Permeability between banks and the U.S. has never been more evident. Last winter, the woes of the Anglo Irish Bank and other Bank of Ireland Ireland compelled to seek help from Europe and the IMF.Conversely, it is under pressure from his own bank, choked by the degradation of the Portuguese sovereign risk, that Lisbon was forced last week to accept the lifeline.

Typically, Portugal's decision could put pressure on Spain, next on the list of countries deemed sensitive. It did not happen at this point. Madrid took the lead in addressing, since January, the restructuring of its savings undermined by the housing crisis.As for Italy, the governor of the central bank has conveyed the message that he wanted much better capitalized institutions.

Then, build equity far? The gap between, on one hand, the high solvency ratios – above 10% – set by the Swiss regulator, which the UK could follow suit and the other, the Germans and French, that warn against the risk of escalation. The debate is far from complete.

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Bank stocks support the CAC40

ACC 40poursuit its momentum, driven by corporate earnings considered in good order. At the close, the index in Paris gained 1% to 4151,26,14 points in trade volume expanded (4.59 billion euros treaties). Elsewhere in Europe, optimism was also practiced. The Footsie-100 from the London Stock Exchange ended on a rise of 0.80% to 6085.27 points and the Dax in Frankfurt Stock Exchange has eaten 0.19% to 7414.30 points.

On the macroeconomic front, the news was mostly American with the publication of figures on many indicators for the month of January. Rather mixed, but they can not reverse the upward trend observed since the opening.In January, housing starts in the U.S. rebounded more than expected, 14.6%, while building permits fell more than expected, 10.4%.

Higher-than-expected also for producer prices in January, they (seasonally adjusted) advanced 0.8% over the month, against 0.7% expected by analysts.

Finally, industrial production fell 0.1% in January, penalized by the return of harsher winter temperatures. An unexpected drop in the consensus building on a 0.5%.This is the first decline since June 2009.

On the foreign exchange market, the euro gained ground Wednesday against the dollar bending under the weight of disappointing U.S. figures published yesterday, but the single currency remains under pressure as concerns about the fiscal health of the fragile zone Euro persistent.Vers 18:00 to Paris, the euro bought 1.3581 dollars against 1.3488 dollars on Tuesday at 23:00.

Societe Generale its dividend multiplied by seven

On the podium of the largest increases in the CAC 40, are banking stocks, buoyed by the good results of Societe Generale. It wins 4.86%, to 51.24 euros. Credit Agricole took 4.76%, to 12.21 euros and Natixis jumped from 3.56% to 4.16 dollars. Sanofi-Aventis follows (3.51% at 51.55 euros), supported by the announcement last night of an agreement with U.S. biotech Genzyme.

In contrast, PPR, which reports tomorrow, shows the largest decrease (-2.07% to 113.40 euros) in its wake LVMH (-0.97% to 116.90 euros).

Societe Generale: + 4.86% to 51.24 euros

Meanwhile, good news comes from the results published by companies, including Societe Generale. After publishing the results in line with market expectations, the banking group has increased its dividend in September by Societe Generale in its wake Credit Agricole (4.76% to 12.21 euros), BNP Paribas (+2, 93% to 58.97 euros) which must publish its results tomorrow, Thursday before the opening of the Bouurse.

Banks also benefit from a buoyant economic environment and the easing of tensions on sovereign debt, while the Eurozone is currently developing measures to help the troubled country.

Sanofi-Aventis: + 3.51% at 51.55 euros

Another announcement that should be reacted in financial markets, even if she was waiting for: the acquisition by Sanofi-Aventis U.S. biotech Genzyme. The two groups have reached an agreement in principle after the French laboratory which will provide $ 20.1 billion plus a certificate of conditional value.

Renault: 0.34% to 45.82 euros, Peugeot: -0.65% to 29.83 euros

For the EU, new car registrations fell 1.4% in January to 1,041,650 vehicles, announced Wednesday the Association of European Automobile Manufacturers (ACEA).Renault sales fell by 5.2% and Peugeot, 3.4%.

A new salvo of results

Atos Origin: + 0.02% to 41.36 euros

Atos Origin has more than tripled its net profit in 2010 to 116 million euros, indicating that they had "achieved its objectives."The group is confident for 2011.

Imerys: -0.23% to 51.52 euros

Imerys will rely on the growth of demand in its markets, particularly in emerging countries and in the paper and steel, to take over the restocking that has supported its findings in 2010, told Reuters its general manager.

Euler Hermes: -2.67% to 73.00 euros

Euler Hermes announced Tuesday a strong rebound in its annual results, driven by a drop in claims, and the resumption of a dividend to its shareholders.

ADP + 0.85% to 65.06 euros

ADP reported a January traffic up 5.5% from 2010.

Bic: -2,16,06% to 62.93 euros

The group of stationery and disposable Bic has made a net profit up 36.7% to 207.5 million euros in 2010, thanks to gains in market share and reported a very good start 2011.

Orpea: + 0.25% to 34.68 euros

Orpea reported Wednesday in a double-digit growth of its business in 2010, supported by organic growth of 8.7% and its external development. Group homes was confident for 2011.

After market, it was the turn of Bricorama (turnover in the fourth quarter) and Icade (results in the fourth quarter) to submit their figures. Is also awaited the outcome of the meeting of the Monetary Policy Committee of the U.S. central bank, held tonight at 20:30.

The Paris Bourse is recovering

So that Monday, the Paris Bourse was heavily affected by the rise of the pressure on Portugal, the CAC 40 colors found on Tuesday morning, up from 0.52% to 3821.99 points.

The benchmark index of the Paris, which ends just above 3800 points yesterday, however, remains fragile. In taking down this psychological threshold during the meeting, the CAC 40 also received a major graphics support drawn December 31.

"The trend becomes clearly negative in the short term. In the very short term, the first resistance is at 3765 points.Below, all indicators are flashing with 3730 points as fast target, "according to technical analysis.

Help Europe, good action of the moment

Europe is again shaken by fears of the need for Portugal to do, its tour after Greece in spring 2010 and Ireland in the autumn, the demand for EU aid to avoid financial collapse. Tuesday, Lisbon will unveiled its monthly bulletin of the Bank of Portugal, together with its economic forecasts.

On Tuesday, Japan's Minister of Finance, Yoshihiko Noda, announced Tuesday that his government planned to buy bonds from the European financial stability (EFSF) to help stabilize the euro area.The other Asian giant, China has already expressed its readiness to help European economies most exposed to a debt crisis, promising to buy government bonds directly from Greece, Portugal and the Spain.

The euro has surged in the wake of the announcement of Japan, from a few minutes dollar 1.2989 1.2910 dollar in Tokyo. He then lost much of its gains and was trading at 1.2940 dollar at 4.30, against 1.2950 dollars the previous day at 23h in New York. According to Yuji Saito, a specialist in foreign exchange at Credit Agricole, the single European currency is then quickly reversed its gains when traders realized that Tokyo would use its reserves in euros to acquire the bonds, which means no massive buying euros is to be expected.

On Tuesday, opening, banking stocks catch up part of their heavy losses the previous day.Credit Agricole rises of 2.35%, BNP Paribas 1.73%, 1,7.3% of Société Générale and Axa of 1.57%. Natixis rises of 0.9%.

Alstom is taking the lead in the index, up 3.26% to 36.14 euros.

On the other hand, EDF has the lowest (-0.99%).

Competition "fair" for tankers

Barack Obama on Monday promised to Nicolas Sarkozy fair competition for the award of the tanker market in the U.S. Air Force, reported the French presidency. The American Boeing and European consortium EADS (0.89% to 19.33 euros) in competition for this market of 50 billion dollars (37 billion euros) which is in his third bid.

Renault: 0.48% to 47.73 euros Reportedly, two of the three executives have accounts in Switzerland and Liechtenstein supplied by a Chinese company, according to private investigators.Employees attend their meeting on Tuesday to advance to a possible dismissal.

Furthermore, Renault sold last year 2.6 million vehicles (+14%) is less than one million PSA Peugeot Citroen.

As telecom rival Free (subsidiary of Iliad (-0.09%)), the second largest French mobile, a subsidiary of Vivendi (+0.3%), SFR will include effective January 18 calls to mobile the unlimited package for its new Internet box "Evolution", as revealed last night the Twitter site specializing N9ws.

The world's largest steel ArcelorMittal ArcelorMittal has extended its offer until Jan. 21 acquisition of Canadian producer of iron ore Baffinland.

CGG Veritas: 0.53% to 22.60 euros The availability rate of its vessels was 84% in the fourth quarter of 2010, against 87% in the third and 86% in the fourth quarter of 2009.

Air France-KLM: 14.64 +0.10% to EUR The company announced yesterday, Monday, the arrival of the Saudi national carrier Saudi Arabian Airlines in the SkyTeam marketing alliance which will strengthen its presence the Middle East.

Vinci: 0.28% to 39.75 euros The group reported Monday the inauguration, last weekend, the duplex A86, a ten kilometer long tunnel that connects Rueil-Malmaison (Hauts-de-Seine) and Velizy (Yvelines), thus completing the A6, the "super device" in the Paris region. The tunnel, whose first section was in service since July 2009, representing an investment of 2.2 billion euros.

Wall Street remains cautious before quarterly results

The Dow Jones Will he be able to bring up a seventh week on Wall Street? The first exchanges do not seem to support this hypothesis. The Dow Jones actually declined from 0.30% to 11,640 points on Monday, while the Standard & Poor's 500 and Nasdaq 100 display respective withdrawals from 0.57% to 1264 points and 2687 points to 0.58%.

Last week, despite job creation figures below expectations, Wall Street had not yet lost the enthusiasm which will definitely reach throughout the month of December: the Dow Jones and have concluded a sixth consecutive week, earning 0.84% to close Friday at 11 674.76 points. The Nasdaq, dominated by technology, has gained 1.90% to 2703.17 points and the Standard & Poor's 500, 1.10% to 1271.50 points.On the only meeting last Friday, the disappointing employment figures and the Fed's speech, however, slightly tarnished the atmosphere.

"The Fed chairman did indicate last Friday that the pace of U.S. economic growth should be moderately stronger in 2011, said Franklin Pichard, director of Barclays stock. Ben Bernanke believes that four to five years more may be needed to completely normalize the job. " The Dow Jones has nevertheless increased in the week to levels seen since August 2008, while the S & P 500 was renewing record of early September 2008 and the Nasdaq with those of December 2007.

Beige Book menu macroeconomic and inflation

On the macroeconomic front, nothing to report on the agenda of U.S. data on Monday. This Tuesday will still be issued figures for wholesale inventories for November.Investors look especially carefully, this Wednesday, the Fed Beige Book, economic reports of the U.S. central bank. Will also be well attended, the import price on Wednesday, the producer prices on Thursday and those for consumption, on Friday. The same day, the sales figures for December will detail scrutinized.

Alcoa opens the dance publications of the 4th quarter

But investors could, this week, will leave a little more guided by the news business than by macroeconomic indicators.

On Monday, in fact begins the dance of corporate earnings for the last quarter of 2010, at the opening, today, the aluminum producer Alcoa payday loans no teletrack.Including any successor, this Thursday, the maker of Intel microprocessors, followed the next day by bank JPMorgan Chase.

Dupont Danisco Acquires Sara Lee and attracting investment funds

The big event of the car also opens its doors on Monday in Detroit. It marks the return of General Motors (0.56% to 39.20 dollars), Ford (0.71% to 18.40 dollars) and Chrysler.

Indonesia has given fifteen days to the Canadian manufacturer of BlackBerry, Research in Motion (-0.89% to 61.13 dollars) to prevent access to pornographic sites on their phones without restricting its services. The ultimatum, which comes from the Indonesian Minister of Communications and Information Tifatul Sembiring according to the Globe Jakarta, Sunday attracted a wave of protests over the internet.Research In Motion (RIM) on Monday pledged to filter "as soon as possible" the Internet in Indonesia in response to this ultimatum.

The sector is under pressure since last Friday, ruling in a Supreme Court invalidated two Massachusetts foreclosures conducted by Wells Fargo (-0.85% to 31.23 dollars) and U.S. Bancorp (+0.08 % to 26.11 dollars). A decision that could set a precedent.

The American chemist Dupont (+0.38% to 21.07 dollars) for his part said Sunday it would buy the Danish food group Danisco (23.79% to 14.31 dollars) $ 5.8 billion dollars, signing a new foray into a high growth sector. This transaction will enable DuPont to enter the market niche that is the area of food additives.An area hitherto dominated by International Flavors and Fragrances.

Finally, a consortium of investment funds, including Apollo Global Management, is interested in a buyout leveraged buyout (LBO) Sara Lee (2.48% to 17.86 dollars) and came into contact with the U.S. food group said on Sunday a source familiar with the matter. The Wall Street Journal was first to report that information, adding that the consortium also included Bain Capital and TPG Capital. If ever Sara Lee, whose market capitalization is about $ 11 billion, was taken via an LBO, this would be the largest such operation since the credit crunch occurred in 2008.

TV connected threat PAF

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Wikileaks: hackers-cons attack

Operation "Retaliation" ("Payback," in English) is launched. Many financial sites in conflict with Wikileaks made these days the subject of computer attacks, which consist of sites targeted flood of requests to block their function. This is particularly the case of Mastercard, whose website is unavailable for several hours Wednesday.

Supports Julian Assange, founder of Wikileaks, claimed in a Twitter message responsibility technological problems Mastercard. "We are pleased to announce that http://www.mastercard.com/ is down and this is confirmed," wrote on the social network a group calling itself Anon0ps and arguing against censorship.

American society has recognized experience "heavy traffic" on its website, saying she tried to restore service Wednesday."The technical problems of the site did not affect consumers who use their credit cards for secure transactions," the company said, which was suspended Tuesday its relations with Wikileaks, blocking donations for the site .

"This is a gel, not a confiscation"

Other U.S. companies such as Visa, Amazon.com, Every DNS or PayPal have also cut ties with Wikileaks. PayPal, which has encountered problems on its website Monday, but said it had received no pressure from the United States urging him to block the account of Wikileaks. "This is a gel, not a forfeiture," says the spokesman for the company. The suspension could last "180 days maximum."

Swiss PostFinance banking department of the Swiss Post, has also closed a donation account in favor of Wikileaks and took protective measures to counter a wave of attacks.

Mark Stephens, chief advocate of Assange in London, denied that the founder of Wikileaks has issued instructions to launch attacks against other websites.

These attacks are part of a wave of support for Wikileaks after the arrest of its founder, Julian Assange, which was delivered Tuesday to the Metropolitan Police. Currently detained in Britain, he tried to resist extradition to Sweden. The justice of this country wants to hear after the charges of rape and sexual assault brought against him by two Swedes.The website and e-mails of counsel for these two women were targeted by a cyber attack and the site of parquet (aklagare.se) was rendered inaccessible by the same pirates grouped in u group called Anonymous. "

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