Europe is ready to provide emergency aid to Greece

Pressed by the markets which seem to question the reality of the support plan for Greece, the central bankers in the euro zone agreed Friday on the financial terms of emergency loans to Athens. "An agreement has been reached" at a meeting of experts in Brussels, assured on Friday, several European sources. It can be triggered at any time if Greece requests.

The compromise is the price of bilateral loans that are granted by governments and the IMF to Greece under the rescue plan. "For loans up to three years, the rate of special drawing rights (SDR) plus 300 basis points plus 50 basis points of service charge," added the sources said.

Under discussion for ten days, the interest rate is a crucial point of the plan, anxiously awaited by investors.Germany insisted that loans be granted to Greece "no subsidy" that is to say, the market price, while France and Italy were ready to make a flower in Greece.

Berlin was right partners, obtaining successful even in the smallest details. "A premium of 350 basis points above the SDR rate – the benchmark for the IMF – is the average for the market this week," said Dominique Barbet, head of market research at BNP Paribas. "For a country of the euro area is very expensive," he adds. "But at least Greece is attached to his fate," said the economist.

What interest could she Greece to seek EU aid, if the price of loans is not less than the market? "In the markets, lenders are not obliged to pay, even if the price is attractive: it is all the difference," said Dominique Barbet.If Greece asks EU aid, she knows she will obtain a price fixed in advance, which will never be below the market price, because the latter will naturally.

Spectrum of banking crisis

For now, Athens has not seen fit to seek the help of the euro area and the IMF, even if the markets will grow, calling for a rate of 7% for loans to ten years, or surcharge of 4% compared to Germany.

Although the markets have calmed down a bit Friday, Greece is at the foot of the wall. It may not only failure refinancing at its next bond issue, but also a banking crisis. Fearing bankruptcy, the Greeks have already withdrawn 10 billion euros of deposits and place them in foreign banks.

On Friday, ratings agency Fitch lowered the debt by two notches to BBB-Greece, citing "budgetary challenges" growing."The sharp rise in interest rates will make it harder for the government to achieve its goal of reducing the budget deficit to 8.7% this year," says the rating agency. Fitch is particularly heard it was the first to degrade Greece December 8, 2009, giving the signal for the Greek financial crisis.

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Novelli defends autoentrepreneurs

The attacks are increasing in recent weeks against the status freelancer who has since 1 January 2009 400 000 French to have a second income and easily create their own business. The unemployed who start their company, may also adopt this status.

The president of the National Insurance retirement professionals have been accused of threatening the financial stability of pension professionals. The CGT denounced examples of undocumented workers forced to adopt the status of self-contractor.

Building professionals and artisans in turn accused them of practicing unfair competition. "The autoentrepreneurs who make no sales for a year and no declaration shall lose their status.The others must be forced to create a company after the second year, "Patrick said Thursday Li?bus, president of the Confederation of Crafts and Small Business Building (Capeb). He welcomed the approach of Senator Jean Arthuis (Centrist Union), chairman of the Senate Finance Committee, author of an amendment to regulate the status of self-contractor.This text was discussed Thursday in the Senate proposed under the consideration of the bill on the sole proprietor limited liability already voted by the deputies.

Can change status

Herv? Novelli, Secretary of State for Trade, Crafts and SMEs, has vigorously fought the amendment, which requires self-contractors to make a "statement of work" regardless of the amount of turnover and wants to "limit to three years the benefit of this scheme for the micro-specific self-contractors who work primarily.

Determined to "put an end once and for all the untruths," it quoted a study of the Order of Accountants demonstrating that self-pay business expenses that substantially all of the other individual entrepreneurs.A trader on the internet that makes 69 000 euros annual turnover of EUR 8 966 payroll taxes if it adopts the status of self-contractor and 9 010 euros if he selects the micro-enterprise. "If there is competition, it is simply a competition simplicity. If there is a battle to be fought, it is that the extension of the simple system of self-contractor to the 1.5 million individual entrepreneurs, "he said.

Fran?ois Hurel, President of the Union of self-entrepreneurs, and Maria Nowak, President of Adie, support it. They have launched a petition against the amendment championed by Jean Arthuis. "Do not complicate a reform which shows that it works because it is simple, says Fran?ois Hurel. Do not create doubt.We must instead accompany self-entrepreneurs to enable them to change their status or plan if they wish. "

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Greek debt riskier than ever

More bad news for Greece, amid soaring interest rates. The rating agency Fitch Ratings downgraded Friday by two notches note long-term debt Greek, from BBB + to BBB-. The new note carries a negative outlook.

"The lowering of the rating reflects the intensification of fiscal challenge, caused by poor economic forecasts and a higher cost of debt," Fitch justified. Interest rates on debt Greek surged beyond the 7.5% Thursday in a volatile market but very few shares traded flexcheck cash advance. The markets are testing the limits of patience of the Greek government and wants to know he will decide to use the European rescue plan.

The increasing volatility on the Greek government bond market also forces many investors to withdraw.

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The Paris Bourse at the highest end of the year

The CAC 40 gained 0.49% to finish at 4053.94 points, its highest level since the beginning of the year. Frankfurt has won 0,27% 0,62% and London.

After four days of Easter break, European markets greeted the resumption of job creation in the United States, announced last Friday as well as good numbers of activity in services and real estate published in recent days.

U.S. markets plying highs not seen since late 2008, however, regained their breath. The day before, while Wall Street took note of good statistics published during the week end, the Dow Jones closed up 0.43% and the Nasdaq had allotted 1.12%.

After this beautiful hike, investors preferred to play the card of caution before publication in the night "minutes" of the Fed.A document that transcribes the discussions that took place at the last meeting of the Monetary Policy Committee of the Fed and many analysts imagine animated. Although directed at the opening, the Paris market has reduced its earnings in mid-session, affected by Wall Street and by new concerns about Greece which weighed on the euro.

Raw materials and surging oil

On most major world stock markets, the values related to raw materials and light winds were driving the increase. The latest U.S. statistics have dramatically raised prices. The barrel is trading around 86 dollars in New York, on the summits of 18 months!

In Paris the title of the mining company ArcelorMittal has spent virtually all sitting at the head of the CAC 40 with a gain of nearly 4%, followed closely by oil services Technip and Vallourec disputed second on the podium.On the deferred settlement (SRD), Eramet jumped more than 7%. The title was borne by a positive note, analysts at Exane BNP Paribas, which have raised their price target to 260 euros against 175 previously.

iPad: estimates revised upwards

Saturday, the day of its launch, the iPad has sold over 300,000 copies in the United States. Over one million applications from the App Store and more than 250,000 digital books in his store iBookstore were downloaded during the first day.

Success is recognized Stock Exchange: Investors bought shares Apple Monday, allowing the group to climb over 1.07% at the close of the meeting. Actions cotent and 238.50 dollars, and shot while the index of technology stocks, the Nasdaq, rising.

Price target raised to 30% at JP Morgan

This enthusiasm was immediately relegated to the level of financial analysis.Mark Moskowitz with JP Morgan raised its price target on the value of 240 to 305 dollars, almost 30% more, believing that "iPad is a first step towards a new kind Honourable products" saving account payday loan. According to the strategist, the U.S. giant will sell 825,000 tablets in the quarter ending in June

For Peter Misek, Canaccord Adams, sales could reach 3.7 million units in the fiscal year. His first estimate, made before the launch was 1.2 million units.

SelonCharlie Wolf of Needham & Co., the iPad is a product "that nobody needs but everybody wants."

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The gas bill increase by 10%

The recall should not rejoice homes. As announced a week ago, the gas bill will swell from this Thursday. The rate-regulated natural gas will increase by about 10%. A decision had already been endorsed by the Regulatory Commission of Energy (CRE) on the proposal of GDF Suez.

Specifically, for households using gas for cooking, the bill will increase by an average of 12 euros every year (including VAT). Those who use them also for their hot water will have a note saltier than 25 euros on average per annum inclusive. Finally, the largest increase, from 85 euros in the year, will be felt for consumers who use gas for cooking, hot water and heating.

First increase in two years

This rate increase is the first since August 2008 online payday loans.It is also the highest since November 2005. Hence the fierce opposition of consumer groups, trade unions and the opposition, which have increased sharply denounced as "outrageous" and "unjustified" in times of crisis.

"This announcement seems so surreal that you might expect to a joke," joked the Consumers' Association CLCV, for whom the increase "seriously undermines the purchasing power of consumers."

In turn, GDF Suez said that natural gas "remains the most competitive energy for heating.

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Paris and Berlin agree on a tax on banks

In Berlin

That's all smiles as Wolfgang Sch?uble, German Minister of Finance and his counterpart, Christine Lagarde, have been presented to the press after the German Council of Ministers which, for the first time a foreign minister was able to attend. After quarrels on the question of rescue of Greece and the tensions in the German economic model, the French Minister has stressed "the very friendly and warm hospitality" of his German colleagues. Asked about his remarks about the controversial German exports, Christine Lagarde has countered that she had wanted to "congratulate" the German competitiveness. "I am very careful not to criticize, because we must first put its own house," she smiled.

The Franco-German reconciliation was played around a tax on banks that Berlin wants to impose on the European and international level, with the support of Paris.The compulsory levy, calculated in terms of systemic risk – that is to say the risk of contagion that would expose their failure to the rest of the economy – should contribute to a fund to help financial institutions.

More than one billion euros

In Germany, such a tax would yield 1 to 1.2 billion euros per year. "A bill must be presented before the summer holidays, and could be adopted in the second half of the year," said Wolfgang Sch?uble. For the Minister of Finance taxation of banks should remain "moderate" to avoid compromising their role in providing credit to the economy that is recovering from recession.

To avoid distortion of competition, Paris and Berlin argue like the International Monetary Fund (IMF) for a tax credit internationally.Christine Lagarde believes it is important to act "on a double angle: Prevention and Accountability" of financial institutions. But the tax credit mechanism must also "maintain a set level playing field between banks involved in international markets.

One issue still under discussion between the two countries: the destination of the tax. While Paris wants to assign to the state budget, the Germans are considering creating a special fund.The national rules will be required, although the mechanism is doomed to fall within a framework of European regulations or international.

"The Franco-German cooperation is narrow, it becomes more and more, and is based on trust," said the German finance minister, who will attend an upcoming French Cabinet, a priori, April 7.

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