Berlin turncoat. The German government has officially informed on Friday that he was open to assistance from the International Monetary Fund (IMF) for Greece, after long vigorously rejected this option. However, observers believed the case heard earlier this week. The Europeans had a specific plan, they said. Today, the hypothesis of an intervention of the International Monetary Fund (IMF) in favor of Greece resurfaced.
"The situation is confused, everything changes constantly," says an observer of the market in Frankfurt. "We came out of the Eurogroup, on Monday, with the idea of a specific action plan for Greece in case of need, but since patterns are changing." The markets reacted Friday to the renewed uncertainty .The yield on the 10-year Greek climbed nine basis points in early morning, reaching 6.44%, the highest since February 26, reports Bloomberg.
If Berlin exchange of views, the European Central Bank and Paris rejected an IMF intervention. "Bringing an external actor in the system is to acknowledge that lack a brick to the edifice of the euro area, as has long denounced the Anglo-Saxons," says Gilles Moec, economist at Deutsche Bank. For Jean-Claude Trichet, President of the European Central Bank, admitted this weakness is beyond question. This institution would be missing other than the European Monetary Fund recently proposed by Berlin.
The eye of Washington
Moreover, "the France and the European Central Bank fear of losing some control of European monetary policy by allowing the intervention of an international player," Peter Westerheide analysis, an economist at ZEW (Center for European Economic Research) payday loans! !???!!!???!!!. The largest contributor to the IMF is the United States, leave the international organization for Greece is to give Washington the right to inspect the functioning of the euro area.
This argument is however a double edged sword. "Leave the IMF to pay back the United States to repair the crisis they themselves have caused," said Peter Westerheide. "Overall, the IMF is fed by many countries, the coup European countries pay relatively less in each case of assistance to Greece.This last point was what to seduce Angela Merkel, embarrassed by public opinion strongly opposed to any aid to the Greeks.
The IMF also has expertise in this kind of crisis. And for good reason: to help the country to the brink of bankruptcy, it is his job. The argument is advanced on the European scene, the Italian Finance Minister Giulio Tremonti: "Do not see the IMF as an external organization that meddles with what does not concern him, but rather as a bank offering … its capital and experience. "
These arguments, which seem to convince Berlin, partly defuse the blackmail of the Greek Prime Minister George Papandreou, if European aid too slow, it threatens to turn to the IMF. "Anyway, Greece can hardly resort to the IMF without the backing of other European capitals," said Peter Westerheide."His partners have enough pressure, especially through the many aid it receives from Brussels."
See also:
"SPECIAL – Greece, a challenge for Europe
Caution and reluctance on Tuesday at the Paris Bourse. The CAC 40 ended marginally in green, up 0.15% at 3612.76 points, after a gain of 1.22% to 3607 points on Monday. The wait is placing on the European markets. In London, the Footsie closed up 0.38% to 5111.84 points while in Frankfurt the Dax finished at equilibrium, nibbling 0.24% to 5498.26 points
The markets are eagerly awaiting the meeting of European heads of state on Thursday. They could announce measures to help Greece out of the crisis. A prospect that delighted investors."If markets anticipate real risk of restrictive fiscal policy, growth in coming years will be reduced to decrease with an increase in taxation and / or a reduction in state spending, but analysts fear of Aurel.
In addition to the annual report of the Court of Auditors, the macroeconomic news is strong in the rest of Europe, the German export growth of 3% on the month in December, data adjusted for seasonal variations, and 3 , 4% yoy, according to the Federal Statistics Office Destatis.
The euro stood up against the greenback, going above $ 1.37. One hour of closing, the euro bought 1.3762 dollars against 1.3648 dollars Monday to 23 hours.The extreme volatility is enormous and paris.
Renault with Nissan looking
Unibail-Rodamco (-5.48% to 145.65 euros) has announced a recurring net profit per share rose 7.1% to 9.19 euros and foresees for 2010 a growth of that income between 0% and 2 % low fee payday advance . The group proposed a dividend increase of 6.7% compared to 2008.
The heavyweights of the Paris stock exchange, such as Sanofi-Aventis (-0.62%), EADS (-1.03%) or Total (-0.83%), the largest market capitalization of France, are still at trend.
Vallourec (+3.41%) is supported by an increase in recommendation and price target from JP Morgan.
The banking stocks such as BNP Paribas (+2.4%) and Societe Generale (2.84%), are well oriented.
Nissan, the Japanese partner Renault (+3.20% at 33.68 euros), plans to conduct in 2009-2010, a profit of 35 billion yen, against a loss of 40 billion previously expected.
Moreover, Carrefour (+1.35%) receiving a positive note from Morgan Stanley.
Euro Disney (-4.22% to 4.54 euros) announces revenues for the first quarter of 2009/2010 financial year fell by 10.5% to 292 million euros.
Faurecia (-3.50% to 13.78 euros) has reduced its net loss in 2009 to 433.6 million euros against a loss of 574.8 million in 2008, and wants to pursue cost reductions in 2010, where it is an "operating margin of over 200 million euros.
This should eventually happen. And the Dow Jones could suffer the same fate on Monday. The Nikkei fell below 10,000 points, a first since December 10, 2009. After last weekend that saw the Tokyo Stock Exchange lost nearly 3%, the Nikkei started the new week down 0.97% to 9959.79 points. In other parts of the area, the Stock Exchange of Hong Kong yields 0.21%, the Stock Exchange South Korea 0.93%, that of Sydney 0.16% and 1.35% in India.
Certainly, the current account surplus of Japan has more than quintupled in December on a year to 900.8 billion yen (7 billion euros). But it declined by 18.9% throughout 2009 to 13,278.2 billion (102.1 billion), said Monday the Ministry of Finance.This figure is lower than the forecast of economists who were expecting on average a surplus of 1.010 billion yen, according to a survey by Dow Jones Newswires.
Japan Airlines could stay with American Airlines
On the side of the news companies, the Japanese airline bankruptcy protection in Japan Airlines (JAL) should remain allied with his counterpart American Airlines, stay within the Oneworld alliance and break off negotiations with Delta Air Lines, said Monday Japanese media fast cash without a hassle .
Japanese carmaker Toyota, which is considering the recall of hundreds of thousands of Prius cars due to brake problems, may also recall the models and hybrid Lexus HS250h Sai said Monday the Nikkei daily.According to the newspaper, which cited no sources, this measure would cover some 28,000 cars in Japan and abroad (8000 Sai and 20,000 Lexus), with the same braking technologies that Prius.
The Japanese beverage maker Kirin Holdings will continue to seek strategic partners to become a global leading insisted Monday the director general of the group after the breakdown of merger talks with fellow Suntory.
Good news for the wallets of households: the regulated price of gas and fuel prices will not move from 1 January following the cancellation of the carbon tax by the Constitutional Council.
Currently set at 41.5 euros per megawatt hour (MWh) excluding taxes, the regulated price of gas for households would have increased 3.14 euros, with the introduction of carbon tax. With its removal, the price will be "not more expensive," said Department of Ecology and Energy and Sustainable Development.
The fuel and the fuel does not undergo an increase of 5 cents per liter initially planned for 1 January, according to the French Union of Petroleum Industries (Ufip). "Regarding our products, the status quo.For consumers, there will be no change, it is a white transaction, "said Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip).
China and EU are playing a funny game, that of customs duties. While Brussels said Tuesday the prosecution for 15 months of anti-dumping measures on footwear with uppers of leather originating in Vietnam and China, the latter responded the next day, announcing the establishment of anti-dumping "temporary" on nails and bolts in European steel.
Reaction "blow for blow" of the Chinese Ministry of Commerce, which "notes that the EU was dumping on the nails and bolts in steel in China and the Chinese industry (sector) has suffered physical consequences" according to a statement posted on its website to justify this decision.
A Chinese tax could reach 24.6%
From next Monday, importers of bolts and steel nails from the 27 EU countries must pay a bond, calculated according to the price between normal and that practiced in China, the ministry said. This fee could rise to as much as 24.6%.
In the euro zone, taxes are 10% for shoes imported from Vietnam, and between 9.7% and 16.5% for those from China. They were introduced in October 2006, initially for two years and are renewed for additional 15 months.China hopes to appeal to the World Trade Organization (WTO), said the spokesman of the Chinese Ministry of Commerce Jian Yao, in a statement.
Between protectionism and liberalism
If a company exports a product at a price lower than it normally charges on its own market, they say it uses the "dumping" for this product.To counter this phenomenon, which may cause loss of significant market share for companies initially present on the national territory, the government of that country may resort to antidumping measures, forms of customs duties on exports .
The issue of protectionism is central in trade relations between the EU and China, engaged for several years in a war without thank you, trying to protect their domestic industries with a lot of taxes more or less disguised. Measures known as "dumping" supposed to curb exports to their territories, or at least reduce the margins of the international competition for the benefit of local groups. A multitude of litigation between them now that the WTO is trying somehow to arbitrate.
London
The Conservatives have hit hard. Visiting at Thomson Reuters in Canary Wharf – the other lung financial London with the City – George Osborne, the rising star of the party presented its plan for the bonus. The finance minister's shadow cabinet, David Cameron, who did not 40 years, called the Treasury and the FSA, Constable of the British Stock Exchange, "to unite their forces to ensure that banks stop squandering their profits in huge bonus. " The highest paid bankers, including those with premium "six figures," Osborne says the BBC, should receive as 2 000 pounds maximum (less than 2 200 euros) in cash, the rest would be paid in shares.In the crosshairs, the British retail banks Lloyds, RBS, HSBC and Barclays, as well as their investment subsidiaries.
This proposal is intended to boost lending, while, according to George Osborne, the credit crunch is still raging in Britain "starved of credit and confidence". The initiative, temporary, could free him by 20 billion pounds for the trade or consumers.
The measure goes much further than those taken at G20 Pittsburgh last month, calling to pay only half the bonus tracks because, for the voice of Tory finances, "we can not expect a culture more responsible bonuses into place by itself. We must take urgent action. " The Conservatives took the example of the United States, where new policies of the Obama administration will lead to a reduction of 90% bonuses to employees the best paid."America works. Britain today does not, "Osborne Assen.
Labor has taxed George Osborne of hypocrisy. "The Conservatives have fought against all the plans that were put in place to support business and jobs," said Liam Byrne, secretary of the Treasury. "We have already introduced more stringent regulation in the world, says the Labor Party. We have not banned short bonuses in retail banking because it's impossible, but we are in talks with RBS and Lloyds about bonuses in 2009. The conservative discourse has also aroused the indignation of retail banks , who argue that "the culture of big bonuses is rather that of investment banks.
The United States as an example
The offensive conservative times, however timely.Last week, the CEBR Institute reported that in 2009 the bonus should be around 6 billion pounds in Britain, an increase of 50% compared to 2008. And on Monday, an IDS study found that if the bonus bosses 2008-2009, the largest UK listed companies have fallen by one third, increasing their salary has almost offset the decline. Two studies that provoke anger from the British while the macroeconomic data are poor, as evidenced by the contraction of GDP in the third quarter. At 8 months of a national election, the Tories have tried to show they had a plan of action to propose.
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