International News

In the wake of the Asian stock markets, down sharply this morning despite a slight improvement at the end, the financial center of Paris has long been reluctant to choose how to behave on Tuesday … In response to fears about economic recovery and the financial situation of countries The Paris index has been a roller coaster since the opening, from an initial technical rebound (2%), a new panic attacks (-3.08%) in the morning and a recovery in midday (0.82% to 3150.70 points). 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. Finally, the Cac 40 shows a gain of 1.63% to 3176.19 points, ending at eleven consecutive sessions of declines.

Volumes were again extremely high (nearly 7 billion euros), all displaying European stock exchanges by mid-day trading levels higher than their usual daily average.

The recovery technique recorded by Paris is divided into Europe: London won 1.89%, 2.80% Brussels, Amsterdam, 1.30%, Milan (0.52%) 0.60% and Brussels. Conversely, the Dax in Frankfurt (-0.10%) and Madrid (-0.04%) remained in the red

Pic of volatility

This new session, which was a bit of all the dangers Monday after a black market, was held in extreme nervousness. With a drop of 18% of the index in Paris in eleven sessions, the Cac 40 was defeated Monday again 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 shows 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.

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.

Moreover, according to figures released this afternoon by INSEE, the price of oil in dollars recovered in July (+2.3%) after declining by 1% in JuneThe price of imported industrial raw materials has, too, bounced: 1.9% in July, against 0.2% a month earlier. Same trend for raw food (+1.0% after -0.8%).

For its part, the Organization of Petroleum Exporting Countries (OPEC) also lowered its demand forecasts for 2011. In its monthly report published on Tuesday, the organization expects a demand for crude to 88.14 million barrels per day (bpd), against 88.18 million bpd set before.

The barrel still under pressure

The report is closely watched, the price of oil is very strong pressure for 15 days under the effect of 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 (78.92 dollars in mid-day) while the barrel of Brent crude down $ 100 for the floor, then back to 101.04 dollars.

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 when traders' confidence evaporates, "according to Jonathan Sudaria Capital Spreads.

The side of values ​​to follow:

Financials bounce (BNP Paribas takes 0.06% to 39.33 euros, Societe Generale advance of 3.54% to 26.01 euros and Credit Agricole gleans 1.94% to 6.88 euros). Natixis (+2% to 2.95 euros) goes back more vigorously the slope, as Axa (2.23 to 11.23 euros).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.

Alcatel-Lucent (9.22% to 2.42) shows the largest increase in the ACC after losing 31.5% over the past two weeks.

GDF Suez (1.01% to 20.02 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 (- 5.50% to 6.87 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 (12.68% to 5.60 euros) reported, 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.

Two world champions, yet two totally separate financial realities. This is the observation made on Tuesday after Camille Lacourt Stravius ​​and Jeremy have jointly won the gold medal in 100 meter backstroke in Shanghai (China).

The first saw its revenues increased more than sixteen in less than a year with new advertising contracts. 42,000 euros per year in August 2010, Camille Lacourt thus rose to 700,000 euros, much of which end of advertising contracts. Jeremy Stravius, it has at present still no agent and a single sponsor, Tyr, obtained through the French Federation of Swimming.

Thanks to a physique, Camille Lacourt has attracted luxury brands like Clarins and beauty, and earns 200,000 euros a year for six years, and Chanel, which pays 70,000 euros a year to wear its watches. But not only.These three gold medals taken down on three different disciplines at the European Championships in 2010 convinced the sponsors to leverage the rising value of swimming. This choice is paying now. "We have no logic, because the muse is the star product, it says Clarins. Such a partnership is a new and unusual practice for us. It's Camille Lacourt who came to us. President Christian Courtin had a crush on the athlete who shared our family values. It has in fact explained that her grandmother was attached to our products payday advance low fees. It has become our first ambassador. What we do not regret today. "

Banking on new talent to one year of the Olympics 2012

A speech that could also take Tyre, the last date of the associate sponsor of the club swimmers Marseille.Last June, the U.S. supplier has signed with him a three-year contract for a minimum of 80,000 euros per year. This amount could go up to 150,000 euros.

The gap is large with Jeremy Stravius ​​which according to our information, does not own advertising contract. But in the basin of Shanghai, the swimmer's club has yet matched the Amiens time Camille Lacourt, which is considered as one of the specialists in the discipline. Jeremy Stravius ​​therefore affect the same amount as for this fellow gold medal.

Amiens and the swimmer is reassuring: the current situation is reminiscent of Camille Lacourt a year ago, before it exploded and sports media to the general public.As long as Jeremy Stravius ​​this week confirmed its performance on other distances, it is not inconceivable that a brand can be associated with his image, in just one year of London Olympics in 2012.

ALSO READ:

"Lacourt, double joy

"Lacourt Stravius ​​and back to back

"Les Bleus take time at the World Swimming

Thursday milestone for the general construction equipment from France in optical fiber, the network of the future which must provide high-speed Internet to homes and replace the old telephone network today. France Telecom offers to all competitors who wish to offer access to its future fiber optic network in sparsely populated areas, with the possibility of co-financing. He has published Tuesday offers a very detailed in this direction. And it seems to do so fair play as Free immediately signed a co-financing rates ruling "economically reasonable".

After roaming agreement on 3G mobile, the partnership of the fiber is the second major agreement signed between France Telecom and Free in the space of a few months. But the incumbent would also be discussion of the fiber with SFR and Bouygues Telecom.This agreement will give a boost to fiber deployment in France, whose government is a priority. "What are the different actors as their strength together and avoid a dispersion of investment is really a giant step, which launches the real start of the top fiber," said Pierre Louette, secretary general of France Telecom.

If the number of Internet subscribers high-speed barely reaches 150 000 in late June, Nicolas Sarkozy has set a target coverage of 100% of the country with broadband by 2020. In the heart of major cities, very densely populated areas and therefore profitable, Orange, SFR and Free deploy each with its own fiber network. But the issue is acute in areas less dense. France Telecom's offer and provide an initial response to the many local officials who want high-speed on their territory.

Sixty cities

In concrete terms, with the agreement signed between France Telecom and Free the cities of Dijon, Brest, Reims, Le Havre, the community of loops of the Seine around Chatou near Paris, some sixty in total, representing 1,300 Public and 5 million homes will be equipped from 2011 to 2012. France Telecom will deploy its network and will own in the end. But competitors can participate in the financing and get strong trading network usage. "It's very flexible. Our competitors can buy access rights for every 5%. They are true indefeasible rights of use, kind of very long-term concessions, renewable, and can assimilate into their investment accounts, "said Yves Parfait, program director at France Telecom fiber.Since France Telecom agrees to work with its competitors, exit the idea of ​​a centralized national structure "Fibre France" imagined by some. "This fantasy of a national operator vanishes," said Pierre Louette.

The agreement validates the framework established by the regulator (Arcep) and meet in Brussels considered it too little binding. "The framework adopted in France is good, since it works, that France Telecom did what was expected of her and it avoids wasting public money," says Pierre Louette.

In total, France Telecom will invest 2 billion euros by 2015 in deploying fiber. It has covered 3600 and communes, 3440 outside the areas dense. It aims to cover 10 million households in 2015 and 15 million in 2020, nearly 60% of French households.

The difference is certainly on the thickness of the line but it still twists his neck to popular belief. An evaluation of the Ministry of Labour with the redeployment of unemployed Le Figaro has obtained, employment center gets better results that private placement (OPP) to which the accompaniment of hundreds of thousands of job seekers job was outsourced. In other words, the public would be more effective than the private sector to find new jobs for the unemployed.

This assessment focuses on two categories of job seekers who have benefited, in November 2009 and March 2010, a reinforced support: the unemployed far removed from the market (long-term, seniors …) and CTP-fired economic CRP (devices for one year guaranteeing a subsidy equivalent to 80% of the last gross wage). Just under 5000 people were interviewed.In both cases, the rate of return to work thirteen months after the start of the support is higher for employment center.

47% of retrenched in CTP-CRP followed by public service employment benefit and employment (employed or not), against 43% for those followed by a private placement (employment agency, company … reclassification). Less than one in three point still unemployed after thirteen months, against 38% for a PPO. The private sector, which offers support more regular and reinforced, in the end proves better than the public service on one point: the rate of CDI won, higher than 5 points to the result displayed by employment center.

More CDI

The difference is greater for the second cohort of unemployed: the unemployed far removed from the labor market.49% are employed and thirteen months after the start of their employment center for support, against 43% for those followed by a PPO. Unlike the retrenched, the CDI rate is even higher in the public service (44% against 39%). Worse, the number of unemployed, thirteen months after the start of the accompaniment, are higher in PPOs (45% against 41%).

These results revive the controversy over the use of OPP – the cost of an unemployed investment returns twice as expensive (2200 euros on average per year, against 1100 at employment center) – to relieve the crews of the public service of employment in case of downturn. The popular option is to use only an "outsourcing of specialty", on a more targeted, less numerous and where the added value of OPP is proven. Should, in this case, review their terms of payment by paying more in income.PPOs now affecting half of their performance in support of an unemployed, 25% when in use and 25% if there is still six months later. The idea is often put forward to move to a 35% share in the care and placement for 65% effective (against today 50/50). A useful discussion since the OPP always accompany nearly 150,000 job seekers.

ALSO READ:

"The action deemed insufficient employment center

"Job center: the Senate wants performance bonuses

Tenders for the smart grid and waste recovery, today announced the first six institutes of technology and equipment of the first wave of excellence, creation of national fund boot which will have 400 million to invest in young innovative companies … Just in recent days, the operations related to the investment program for the future have not failed! And it lasts for eighteen months …

The program, which must prepare "the France of tomorrow" will be the subject of the press conference of head of state this morning. "Nicolas Sarkozy is that this topic is important and can not talk enough about this initiative should restore the competitiveness of France," said his entourage. Yet René Ricol leads to the rod.Appointed commissioner-general for investment to drive the program, the former ombudsman of credit has one goal in mind: to create wealth and employment in France over time.

In December 2009, Nicolas Sarkozy set the priorities for the future supported by the large loan. Following the recommendations of the report Rocard-Juppe, he announced 35 billion euros of investment and ultimately rejected the idea of ​​a popular loan – a form of financing too costly at a time when the debt of France is under the eye markets. Five priorities were identified: higher education and training, research, industry and SME development and finally digital. Today, all 35 billion euros is in the hands of the public operators (ADEME, OSEO, the CDC …) that are responsible for distributing the money.

The concern comes on Wednesday in U.S. markets. At the close, the Dow Jones, who was sitting in the balance, lost 0.65% at 12,111 points, the Nasdaq 0.67% to loose 2669 points and the S & P was down 0.64% to 1287 points. On Tuesday, the New York Stock Exchange finished sharply higher.

Markets have plunged into the red after the speech of the U.S. central bank. This has lowered its growth forecast for the year and maintained its interest rates near zero.

These announcements were sealed atmosphere. But Wall Street seemed relieved by the vote of confidence of the Greek Parliament in the new government. In fact, last night, the Greek Prime Minister George Papandreou, was full of socialist votes. But despite the vote of that night, Greece remained in a serious situation.The country needs to pass before June 30, the austerity plan that provides savings of 28.4 billion and 50 billion privatization until 2015. On the foreign exchange market, the vote of confidence of the Greek Parliament supports a slight decline in the European currency. At the time of the opening, the single currency was worth 1.4402 dollars against 1.4408 late Tuesday.

In terms of oil, U.S. crude stocks fell more than expected last week, said Wednesday the U.S. Agency for Energy Information (EIA). On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in August finished at 95.41 dollars, up $ 1.24 from the previous day.

Rain orders for Boeing at Le Bourget

The U.S. aircraft manufacturer Boeing (-2.50% to 72.13 dollars) is particularly surrounding this Wednesday while orders are pouring at Paris Air Show.The U.S. should, however, is exceeded by its European rival Airbus.

Always on the side of values, after the close of Wall Street Adobe Systems (-6.26% to 30.01 dollars) announced a 54% increase in earnings in the second quarter thanks to strong demand for its software, despite a depressed economic conditions. The leading design software has reported a net profit of $ 229.4 million, or 45 cents a share, against 148.6 million (28 cents) a year earlier. Excluding items, earnings per share were 55 cents, while the consensus gave 51 cents.Revenues increased 9% to $ 1.02 billion.

Also in the technology sector, Apple (-0.81% to 322.67 dollars) could launch the new version of the iPhone in September and work on a version of the famous low-cost phone.

The search engine Google (-1.22% to 487.01 dollars) has crossed the symbolic threshold of one billion unique visitors last month. This is the first online service to achieve this level of attendance, according to data collected by comScore. Microsoft sites (-0.46% to 24.65 dollars), however, follow closely with nearly 900,000 unique visitors in May

For his part, Jabil Circuit (3.29% to 19.47 dollars) made from earnings per share in the third quarter of $ 0.58 against $ 0.57 and $ 0.25 expected last year.Turnover reached 4.23 billion dollars against 4.14 billion expected.

U.S. bank JP Morgan (-0.54% to 40.69 dollars) is ordered to pay $ 153.6 million for taking positions against one of its own customers, the fund Magnetar. The Securities and Exchange Commission (SEC), gendarme market, estimates that JPMorgan did not inform his client of positions on a lower mortgage when he invited him to invest. Also note, JP Morgan announced Wednesday the launch of its offer of "prime brokerage" services (investment funds) in Europe.

The shareholders of National Semiconductor (-0.36% to 24.65 dollars) approved the acquisition of Texas Instruments.

Western Union (-1.90% to 19.59 dollars) announced an agreement with Serviban that will allow the launch of an international service PAYMENTS Peru.

The Organization for Economic Cooperation and Development (OECD) maintains its pressure on Switzerland and its banking secrecy. The Global Forum on transparency and exchange of tax information, which includes 101 countries, under the auspices of the OECD released Wednesday night, Bermuda, his verdict on nine countries, including France, United States, Switzerland and Singapore, two financial centers deemed opaque.

Not surprisingly, the OECD does not spare the Swiss Confederation. The report highlights several "shortcomings" of the Swiss legislation in the light of new international agreements on tax matters. In March 2009, following the UBS scandal in the United States, and under pressure from the G20, which forced the OECD to draw up lists of black and gray havens, Switzerland pledged not to oppose its banking secrecy when investigation for tax evasion.To exit the "gray list", where she had fallen at the time, the Confederation has revised most of its bilateral tax agreements – 29 new agreements have been signed since – to include the latest standards of fiscal transparency required by the OECD.

Problem: According to the OECD Global Forum, the Swiss legislation, pending approval by Parliament, is still too restrictive, preventing the de facto transfer of information on tax evaders. Indeed, the new Swiss legislation stipulate that the requesting State must have the name and address of the alleged fraudster, to avoid "blind fishing" for information.

New promises

Result: "a minority" of the new agreements are found to comply with OECD standards.Alerted this winter, it might be re-pinned to its opacity in the exchange of tax information, Switzerland has made amends, at least orally. Last February, the Ministry of Finance Helvetian committed to make adjustments in its legislation by February 2012 so that the absence of name of alleged fraudster is no longer a barrier to information sharing.

Hailed by the OECD, this new concession Bern was very badly received by the Swiss financial sector, which fears of losing the whole banking secrecy fearing further withdrawals of funds for the benefit of Asian financial centers, less scrupulous. In Switzerland, where the subject is very sensitive, conservative politicians of the UDC accuse the federal government to yield to the injunctions of Paris and Berlin.They hope that at the end of the race, a referendum will force the federal government to reconsider its promises.

Helvetic anger is even stronger than the OECD report on Singapore, released at the same time, is more lenient. The gaps relate to the authority in charge of investigations for tax evasion. According to the World Forum, this institution is not equipped with adequate investigative powers to obtain information from banks and offshore companies. Now it is to Singapore as the most hidden funds have sought refuge in Switzerland for two years.

SNCF would she yielded to the temptation of quotas? A belief in Le Parisien, Aujourd'hui en France, SNCF controllers have actually quantified targets to be achieved. A confidential memo was sent in April to all employees of a commercial Train (ECT) in Paris to show them to achieve "four cases per day, with 41% of the amount of PV cashed directly for a minimum of 50 euros per day, the newspaper said.

A bonus system also encourages officers to be zealous by directly targeting travelers who can pay right away, writes the daily. On each transaction, the agents receive a percentage of the total amount, the newspaper said, noting that this system is much more advantageous for controllers if passengers pay on the spot.And that can pay big dividends: The Parisian-Today in France indicates that controllers can receive monthly bonus of up to 700 euros, depending on the zeal and grade. But often, these bonuses, paid from the thirtieth euros harvested, have little impact on total compensation for officers, the newspaper said.

"It will help you be muted

Better performance would also facilitate subsequent ascension of hierarchical controllers. "Everyone knows that if you're a good little soldier, you will have more incentive and it will help you be transferred to the TGV, where you will be better paid," says Sebastian Tarbes, Controller and activist South Rail at Paris- Today in France. Conversely, agents that do not quite verbalize would be punished, according to the newspaper, which cites the case of three officers who received a layoff of five days.They would not have achieved their objectives.

In an interview with Le Parisien, Aujourd'hui en France, Patricia Lacoste, director of operations at the station, says "there is no political figure but a political fight against fraud." The ruling added that "the objectives are defined in terms of rate control and non-regularization. "The number of adjustments made by a skipper is measured and observed by the average of its capital," says Patricia Lacoste. It also states that "controllers have four objectives: safety, security and backup service."

"Contrary to company policy"

Contacted by lefigaro.fr, CFDT Railwaymen also stresses that "controllers are primarily responsible for sales agents Security and welcoming travelers.In addition, the organization said they had not been aware of the note and "if such guidelines were handed down to us, we would have intervened with management," said a spokesman. The union added that this type of instructions is "contrary to company policy which is not in a logic of repression but rather in a desire to preserve revenue. As for the Advancement of supervisors, the union says they are based on passing examinations, seniority and rating agents.

ALSO READ:

The all-TGV "reached its limits

"The station unveils its latest generation of TGV

The new prime minister, in power since last March, addresses the problem of unemployment, which remains the black spot in the Irish economy. Enda Kenny has presented on Wednesday a package of measures aimed at creating 100,000 jobs over four years.

The plan provides for reduced charges on low wages, a lower rate of VAT from 13.5% to 9% on some goods and services related to tourism to boost the sector and an increase in infrastructure spending for roads and schools. The government also wants to facilitate the upgrading of the unemployed through training programs.

Since 2008, hundreds of thousands of jobs have been destroyed under the impact of financial crisis, the bursting of the housing bubble, bank failures and austerity plans to repeat that the government had to place to contain soaring deficits and debt.In recent years, the unemployment rate has skyrocketed from 4% in 2007 to 14.7% today. The country is also facing an exodus of the population, especially young people, who try their luck in Canada or Australia. After the tutelage of the IMF and the EU, which granted in November a plan to help 85 billion euros in the country, the government faces a budget deficit of 32% of GDP, provides for a very narrow scope.

Rebound in exports

To finance this plan, Enda Kenny has decided to introduce a new tax – 0.6% – on pension funds, which should bring 470 million euros per year, totaling 1 instant credit report.9 billion euros . This has inevitably raised strong criticism in the profession. Growth side, the latest forecasts predict a return to the green this year, after three years of recession.The main institute in the situation, ESRI, reported Wednesday its forecast, anticipating a rise in GDP of 2% this year and 3% in 2012. A result that is nevertheless perspective, because this new dynamism "based entirely on exports," says ESRI report, given that domestic demand will fall further this year. Knowing that this rebound of external trade is linked to many multinationals operating in Ireland. Moreover, the GNP, which does not take into account their business will only grow 0.5% in 2011, according to ESRI.

Precisely for this reason that the Prime Minister does not intend to compromise with its European partners, who demand a higher rate, very attractive, the corporate tax (currently 12.5%) in exchange for a relaxation of the rescue plan negotiated by his predecessor, Brian Cowen."The Irish have made some overtures in that domain," says one good source, however, the French Ministry of Economy. Negotiations could therefore release in the coming weeks.

ALSO READ:

"Ireland is very close to losing his rank of reliable borrower

Finance ministers of the euro area hoping to keep their meeting Friday night at the Chateau de Senningen, Luxembourg, secret. Not a chance. It was stale, in real time by the website of the magazine Der Spiegel, the most famous of Germany, who found a little faster, there was talk of an "exit" of Greece to the euro area. A new contradicted on all sides, which was enough to plunge the euro of 1.30%, to $ 1.43 on Friday night.

If the output of the euro was a rumor "completely fanciful" in the words of Bercy, the financial position of Greece was indeed part of the discussions in the Grand Duchy.A situation so explosive, with a debt of 350 billion euros in early 2011 (150% of GDP), that this appointment did not appear on any official agenda …

Were present in Luxembourg: Jean-Claude Juncker, head of the Eurogroup, which took the initiative of the meeting, Christine Lagarde, Wolfgang Schäuble, Julio Tremonti of Italy, the Greek Finance Minister George Papaconstantinou; Minister Spanish Solgado Elena, the ECB president, Jean-Claude Trichet and European Commissioner for Economic Affairs, Olli Rehn.

"We did not discuss output Greece to the euro! It's a stupid idea! We do not want the euro area explodes! "Insisted Jean-Claude Juncker after the meeting, visibly annoyed. "We also exclude the option of restructuring the heavily cited by the markets," he added."Greece needs a further adjustment program," he insists.

Rejected by France, the ECB, the European Commission and the boss of the Eurogroup, who fear the contagion effect in the euro area (see below), the assumption of a debt restructuring Greek has nevertheless been mentioned, as "mild" a debt rescheduling. But it was not accepted as a reasonable assumption, including the Germans. "This is not the agenda," says Will we in Berlin, even though the Liberals in the coalition are pushing for banks to charge, and, failing to leave Greece in the euro area …

A hole estimated at 30 billion

Leaving aside these two extreme options, there is only one solution: a new financial extension beyond the 110 billion euros of loans already granted by the EU and the IMF to Greece.This amount is insufficient today to cover the financing needs of Greece to June 2013, when the rescue plan will expire today.

To fill a hole estimated at 30 billion euros, before the coming into force the European mechanism of stabilization (TSS), a new form of rescue was considered, in Luxembourg.

According to the Greek finance minister, he would "use the recent European Council decision authorizing the Fund to redeem the debt Greek." This is not Greece which would directly lesmarchés in 2012, as agreed at the first save, but the Fiscal Stabilization Fund (EFSF), which would acquire the newly issued debt by Athens at the height of 25-30000000000 euros. The EFSF, sovereign rated 'AAA' markets, has 440 billion euros of lending capacity.

ALSO READ:

"Greece: After Berlin, the ECB suggests a restructuring