Fruits and vegetables producers' anger

Was rotten to the producers of French fruit and vegetables. Multiply these actions to raise awareness of the state of their precarious economic situation. Vegetable growers now call their members to "strike of public payments," inviting them to no longer pay their payroll and other taxes. "I did not revive the disastrous situation of 2009, laments Angelique Delahaye, president of vegetables in France. Treasuries of our 40,000 businesses are very tense, 10% to 15% risk of extinction. We invite them to put themselves insolvent employer contributions to the MSA, deadlines and other bank charges. We must keep what little cash we have left to pay our employees and our local suppliers, "she says.

The gardeners feel they have lost 20% to 40% of their turnover since the crisis of cucumber, late MayAfter the questioning of vegetables by the German authorities in the bacterium E. coli, there has been a surplus of vegetables in the European market. With, as a consequence, a collapse in prices. These never reached the levels of last year payday loans. First victim, the tomato, which is officially in economic crisis last week.

Finally, the bad weather came to tarnish the situation. "The winter vegetable pot-au-feu or those consumed in béchamel as cauliflower are selling well right now over their cost," says Angelique Delahaye.

Targeted actions

Fruit growers are hardly better off. They have the advantage of cross-over for the holiday challenge on the road. "Sos Fruits, Europe guilty, absent policies …" be able to read on the tolls or stickers on banners hung on the bridges of the A7."We sell our fisheries currently 30 cents below our cost, deplores Regis Aubenas, producer of peaches in the Drome, the cause of this action by the FDSEA. We call policies to regulate the market so that the Spanish leading provider of fisheries in Europe, stop the dumping by selling eg 35 cents per kilo in Hamburg at Lidl. "

The player is used by default in the articles of figaro.fr. Maj7

Sony will reopen Wednesday its PlayStation Network in Japan

Sony will begin a new chapter Wednesday. Services PlayStation Network (PSN) for online games, and Qriocity for video, will reopen Wednesday in Japan. This is the last country in which Sony has to return to work "normal". Mid-June, the NSP has opened in South Korea and Hong Kong. The group was waiting for the approval of the "authorities" after hackers suffered since early April that forced him to interrupt his service. "We will restore the entire PSN as soon as possible, as soon as the national authorities will be comfortable with the protections we have put in place," explained the beginning of June, Le Figaro, Kaz Hirai, who became president last week Sony games division. He left his position as general manager Andrew House, Welsh origin, like Howard Stringer, the chairman of the Sony Group.

The matter is serious.More than 100 million accounts were hacked Sony, whose 77 million just for the PSN. The data on 23 million credit cards in use were recovered by "hackers" Pirates of the Internet. The group's data center in Tokyo, located in San Diego, has been more than a dozen attacks.

The origin of piracy, according to Kaz Hirai spoke with Le Figaro, at the show for video games? "I do not know who the pirates who want the Sony group as a whole. Individuals or groups of "hackers" are attacking us to tell the world that they were able to pass our security checkpoints. We have suffered denial of service from a group of hackers known as Anonymous, related to the fact that we have tried to protect the intellectual property of the PlayStation 3. But it does not seem that there is a link between the group Anonymous and piracy.It does not appear that there is an increase in fraud since the breach in the PSN. We have not been contacted by consumers who have complained of the misuse of their personal information. Or personal data were not stolen, the target of hackers did not use the information, but to tell the world that the FBI, Sony or another company were attacked. "

The investigation is ongoing. The group of pirates "Lulz Security", which has decided to disband, has posted online more than 2 million customer names from Sony. One of its alleged members was recently arrested by Scotland Yard.

Faced with these attacks, Sony has taken in May, a provision of 14 billion yen (120 million euros). This amount should be reassessed after the latest attacks? "No, says Kaz Hirai.The biggest potential risk was the breach of the PlayStation Network. Thus, the estimate is based on the attack. But we are not sure what information is taken or the potential misuse of data could be made pirated. Our service was closed and we made an offer to return to clients who have returned over the network online. That's why we made this estimate. "

The injury picture is not yet rated. But Sony is comforted by explaining that "customer loyalty is incredible." For "where we have restored the PSN service, 90% of the activity returned to normal. This is the case in the United States and in most countries where we have restored. Less than 1% of customers ask to close their account on PSN. That's why we are very grateful to them.We can not thank them enough. This incident would not have happened, "admits the president of the division games.

The Cac hesitates on the threshold of 4000 points

The Paris Bourse is stabilized Friday morning after a nice session of increase recorded last night leCac 40 opens to the balance (-0.01% to 3981.96 points, still close to 4000 points a threshold that has not been touched for a month. The Greek situation reassured the financial world yesterday, as the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of a next tranche of aid from the European Union and the International Monetary Fund. The euro has risen, moving at more than $ 1.45 this morning.

To be continued this morning Markit manufacturing PMI this afternoon and consumer confidence from the University of Michigan in June (2nd estimate), construction spending in May and the ISM index of activity in industry in June.

Investors also will monitor the U.S., where the issue of debt escalates.One report indicates that U.S. lawmakers should agree within three weeks on raising the debt ceiling, or the country will default.Timothy Geithner, the Secretary of the Treasury, would resign.

The figures in the automotive market

The Committee of French Automobile Manufacturers (CCFA) has released figures this morning the car market for the month of June and first half: the new car registrations in France fell 12.6% in June, in gross, with 210,236 units sold, Renault (-0.88% to 40.52 eruos) showing a plunge of 29.3%, said Friday the Committee of French Automobile Manufacturers (CCFA).

Renault breaks the price of his Renault Twingo, faced with falling sales, will sell for the first time one of his vehicles, the little Twingo at a price lower than the Logan, the model input range of its Romanian subsidiary Dacia, according to La Tribune.

PSA (-0.63% to 30.67 euros) is increasing in India The automaker is expected to invest 620 million euros in building its future manufacturing site in India, according to Les Echos. PSA will implement this facility in the state of Tamil Nadu, south of the country.

EDF EN signs a big contract

EDF. EDF Energies Nouvelles (-0.13% to 39.64 euros), a subsidiary of French group dedicated to renewable energy, has signed with the Danish Vestas Wind Systems for the use of wind turbines in Europe and the United States pay day loan lenders. The contract could provide the French operator up to 2000 megawatts over the period 2012-2014. The transaction amount was not disclosed.

LVMH (-0.36% to 123.65 euros).Philippe Pascal, who led for ten years, watches and jewelry division of LVMH, has been appointed adviser to Bernard Arnault, CEO of the world's number one luxury.

Areva (0.08% to 25.73 euros) said Thursday that the strategy developed since the creation of nuclear group by Anne Lauvergeon was a "success" and that his replacement did not involve a change of course.

EADS (-0.35% to 23 euros) Thursday announced the successful acquisition, through its subsidiary Eurocopter, the Canadian aerospace supplier Vector Aerospace, 98.32% of shares were made to the offer made in late May.

TF1 (0.48% to 12.60 euros) Thursday announced to be in negotiations to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

Carrefour (-0.35% to 28.22 euros) has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau (0.37% to 14.90 euros), leading manufacturer of sail, said that sales in the first nine months of fiscal year 2010-2011 and the level of its order book allowed him to confirmed its target of annual turnover of 920 million euros.

BioAlliance (-4.92% to 5.80 euros) Friday announced the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag .

CGG Veritas (-3.13% to 24.60 euros): Goldman Sachs cut its price target to 29 euros against 31 euros previously and released the value of its company preferred.

Teleperformance (0.96%) would be an ideal target for a fund specializing in buyout leverage (LBO), analysts said while the global call center is not in debt and that its Capital is not controlled.

Valeo (2.47% to 48.24 euros) from the list of preferred values ​​of Morgan Stanley. The intermediate course is 67 euros.

Christine Lagarde to the American

From our correspondent in Washington.

America will now discover Christine Lagarde. Despite his six years at the head of the general business law firm Baker & McKenzie in Chicago, the French selected to head the International Monetary Fund (IMF) is not yet a well-known in the United States. The IMF does not enjoy the rest of America is its perceived prestige in Europe.

Those in the world of private finance and business in the United States had the opportunity to listen to Christine Lagarde, for example when she came to New York or Texas, explained the French economy, were impressed by his mastery of English style "professional" and his knowledge of capitalist values ​​cherished by Americans.

Its role in the G20 to build consensus on complex issues is also widely recognized.Including his prowess to have convinced the Chinese to accept the indicators for measuring imbalances that contribute to the weakening global economy. The weekly Bloomberg BusinessWeek points out that the style of Lagarde includes both an original look, built on its French elegance, her athletic figure, his tan, his white hair and a deliberate absence of ego that promotes the combination of points opposing views.

In 2009 the most American of French ministers had dared to participate in the satirical and political cable channel Comedy Channel. With a beret on her head, she had learned to his iconoclastic host, Jon Stewart, pronounced in French "catastrophic economic recession."In the movie produced by HBO about the financial crisis, the American actress Laila Robins plays the role of Christine Lagarde, s is to severely criticize Treasury Secretary Hank Paulson for allowing Lehman Brothers to fail: "This is a horrifying error," said she. This view, popular in Europe in 2008, is now about a real debate: let the shareholders of a bank that does not matter systems suffer all the consequences of errors of its leaders is seen to contrary by many American experts as perfectly justified. Systematic rescue of banks is seen by contrast as a source of distortion that increases the crisis and to encourage risk taking.

Reviews

Nevertheless, many who are familiar with the IMF were against the appointment of Christine Lagarde at the head of the institution. "If Mrs.Lagarde became boss of the IMF, it is likely to continue to dump loans in the euro area mired in its problems. If preventive programs are determined even for Spain, Italy or Belgium, the IMF will need to ask its shareholders at least another 1 trillion dollars in credit lines.Lagarde personifies the strategy of betting the euro area which aims to ensure his resurrection with other people's money, "explained a month ago, Simon Johnson, former chief economist of the IMF faxless cash advance.

One of his predecessors, Raghuram Rajan, argued that the choice of a European political figure would be bad: "The Fund is designed to defend policies hard to countries that have mismanaged their finances, not to win popularity contest "sums up the Indian economist, skeptical about a European is once again chosen to head the IMF.

In addition, Rajan is concerned about the lack of economic training of the French Minister: "We expected the IMF chief that he has opinions … we can not ask the staff to make decisions for you."This is where the boss DSK was ideal for the IMF: it could discuss on equal terms with technocrats Fund fundamental issues such as the relative effectiveness of tools to address a country in dire fiscal situation, or how best to control fickle capital flows without distorting market trends. Christine Lagarde does not have the technical knowledge to win such debates, very important in the IMF.

The most scathing anti-position Lagarde came from Sebastian Mallaby, Senior Fellow at the Council on Foreign Relations, "Lagarde is the latest person to whom he must look for a new approach and independent advice."Like many, the author of several books on multilateral institutions, Christine Lagarde believes that is partly responsible for the current crisis of the euro and therefore can not act with credibility to change the way it should be managed.

Mohamed El-Erian, head of the largest bond fund in the world, PIMCO, has taken some of these arguments. A former senior official of the IMF had proposed that it be called once just to finish the term of DSK, ie until November 2012. Beyond that, it could be renewed if it had been proven.

"Ms. Lagarde was also criticized, like other European political leaders for mishandling the crisis of the euro since its inception and now obliged to be in a hurry to clean the problems they have created" reminds his side a journalist from The New York Times.Far from judging that the triumph of Christine Lagarde is simply the consecration of real qualities, rather than the Americans consider their new responsibility will test his ability to play a role as conciliator not of divergent views, but the substantive decision-maker to decide in both technical issues but also political, forgetting that it is European.

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Google sued in the Commercial Court in Paris

The blows rained down from all sides on Google. Friday, the U.S. competition has announced the opening of an investigation into the Internet group. Today was the turn of French society 1PlusV attack. Editor of topics such as search engines ejustice.fr, Google it assigns to the court of commerce of Paris to seek redress for damages caused by anticompetitive practices of the American giant. 1PlusV assesses his damages at 290 million euros, corresponding to the lost revenue (74 million) and potential revenue lost since the establishment of its business in 2007. The company also claims the publication of the disputed practices on the home page of the famous search engine.

"Unfair Competition"

This assignment in Paris in addition to two cases brought against Google by 1PlusV in Brussels.The first complaint, filed in February 2010, led the European Commission to investigate Google in November 2010. A few months later, in February 2011, filed a complaint 1PlusV further to extend the complaint to all of its search engines. It accuses two things at Google. First, the search engine "rigged" results in both favoring its own thematic search engines (called "vertical"), as in the book, video, maps, and feeding its index data Public collected without the consent of the site publishers guaranteed high risk personal loans. On the other hand, Google would have prevented 1PlusV to monetize their sites with advertising by conditioning access to its advertising to the use of its search technology (tying).

"We launched search engine in 2007, but they could not develop because of discriminatory practices of Google.Our company was nipped in the bud, "said Bruno Guillard, founder of 1PlusV. He now believes it has evidence, found by a bailiff, on practices that dereferencing Google was guilty. "There is unfair competition to the extent that Google gives the impression that their engine is more powerful than us. This assignment, which is intended to redress, the complaint does not stop Europe, covering an injunction to stop these practices, says Bruno Guillard. We believe that Google has answers to give. "

The Commercial Court of Paris could take from 16 to 24 months to rule on this complaint. Brussels, meanwhile, is in the process of peeling the replies to questionnaires sent to various European actors in the Web in early January as part of its investigation.While the debate over Net neutrality has been raging, it could well be extended to search neutrality.

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La Bourse de Paris brings out the 3800 points

Rain of bad news and stock prices in free fall: markets reconnect with painful memories. Investors reacted badly because the new rescue plan for Greece: after being disturbed by an incident technique over an hour, the Cac 40 closed the session on a drop of 0.63% to 3799.66 points .

Featuring Dax index of the Frankfurt Stock Exchange was down 0.19% to 7150.21 points in closing. For its part, the London Stock Exchange lost 0.38% to 5693.39 points.

In Milan, the stock market fall of 2.01% at 19,692 points after the warning from the rating agency Moody's on Friday night. The agency said Friday it planned to lower the debt rating of Italy, currently set at "Aa2."The agency said the risks to growth, financial markets and the government's ability to reduce the deficit.

The plan does not relieve the Greek market

Despite a new rescue plan for Greece launched last night by finance ministers in Europe, markets remain worried and disappointed: "Investors continue to demand a quick solution is not the working time of European political authorities. The difficulties in finding compromises will continue to maintain the highest concern, "warns one at CM-CIC. After the reassuring words of French and German leaders who have displayed a welcome unity Friday, the firm tone adopted by the ministers said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.

In an interview with The Tri bune, the Belgian Finance Minister Didier Reynders compare failure of Greece to the bankruptcy of Lehman Brothers. He said the risk of contagion is real."If Greece was the first to default, then the looks would turn to other countries such as Ireland, Portugal, Spain, Italy, Belgium can be but also France."

On the currency side, the euro rises gently sloping against the dollar: the time of closing in Paris, the single European currency was worth 1.4315 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.

The banking sector still suffering

The banking sector suffered the brunt of the growing concerns over the Greek debt and the risk of contagion to other countries in the euro area.Natixis lost 1.52% to 3.50 euros, Axa loose 1.32% to 15 euros, Crédit Agricole drops 0.99% to 10 euros, BNP Paribas was down 0.86% to 51.75 euros, Societe Generale de 0.83% to 38.76 euros, excluding CAC 40, Dexia yield 2.24% to 2.22 euros.

All eyes are turned to the Paris Air Show, which opens Monday. Bad news for Airbus (parent company: EADS: -0.84% ​​to 21.26 euros) last night, an incident of a private Airbus A380 giant aircraft flight, the aircraft had struck the wing a building while it was towed to the taxiway of the airport. But a Korean company has agreed to lend one of its A380 for the demonstration. Boeing, he launches the new version of its popular 747 jetliner, highly anticipated. Both manufacturers have launched the traditional race for orders.

In addition, the CEO of EADS, Louis Welsh, said the sale of 22.5% stake held by French and German states could be done without exposing the group to a hostile takeover, note leFinancial Times. Louis Welsh evokes an existing structure "extremely hard" for the development of the company.

NYSE Euronext (0.11% to 23.28 euros) announced Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the go Green of the Financial Markets Authority (AMF).

Areva (-3.91% to 25.53 euros) / EDF (-0.84% ​​to 25.96 euros). According to reports in The Tribune, Nicolas Sarkozy has warned a week ago the CEO of EDFHenri Proglio the departure of Anne Lauvergeon.He finds himself in a strong position.

Saint-Gobain (-0.77% to 41.42 euros) received a volume of orders representing 90% of the shares Verallia proposed under the IPO of its subsidiary in glass packaging, said Monday two Sources close to the operation. Saint-Gobain has set an indicative price between 29.50 and 36 euros per share for the IPO, and hopes to draw 958 million euros from the sale of 40% Verallia.

Sanofi (-0.71%, to 52 euros) An investigation into a corruption case involving employees of the pharmaceutical group in Germany was opened, said Sunday a spokesman for prosecutors in Verden. "Sanofi confirms that there is an ongoing investigation and that he will cooperate with the authorities related to this investigation," said his side a spokesman for the group.

PSA Peugeot Citroën (0.10% to 29.03 euros).The mayor of Aulnay-sous-Bois (Seine-Saint-Denis), Gerard Segura, announced Friday it had requested an appointment at Industry Minister Eric Besson for clarification on the future site of PSA Peugeot Citroën.

Publicis (0.01% to 38.29 euros). The French group bought the Chinese Genedigi, specializing in public relations, events and digital marketing, with about 400 employees, for an undisclosed amount, he said Monday.

"CONTEST: Estimate the Cac 40 in late June

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The Ideal City in 2050

Atlanta Barcelona instead. That is the conclusion from the report today entitled "Cities of the future, the future of cities." Barcelona is 26 times less extent that Atlanta, which reduces transportation and therefore energy consumption. "In Barcelona we consume ten times less energy than Atlanta," it said in the report, which draws the portrait of the ideal city by 2050. A city that is sure to play the card of density but without falling into the excesses of Mexico, a "monstruopole" of 22 million people suffocated by its size, which has the largest slum in the world.

To avoid this shift, Shanghai with 17 million inhabitants has a plan: develop nearby cities to ensure that services are not concentrated only in the city world fast payday loans. Another challenge: finding the right level of decision in these cities more and more large.In Toronto, for example, the five municipalities that made up this megalopolis since the early twentieth century were merged in 1995 to save money while making governance more effective. A political choice that has not been successful: the "New Toronto" was still recruited 3,500 people for its operation. And some red tape remains in decision-making.

Facebook declined in North America

Endtime, accident or simple miscalculation? The latest results are already hearing from Facebook debate. Produced by the research department of the information website Inside Facebook – Facebook is independent of the company itself – these statistics indicate that the most famous social networks would decline among Internet users in North America. Facebook has lost 6 million users in the United States between April and May, and 1.52 million in Canada. The community site will now respectively 149.4 and 16.6 million active members.

Based on his own analysis tool, Inside Facebook has also found a small erosion of over 100,000 active users, markets UK, Norwegian and Russian. Box of 687 million active members worldwide, Facebook has however continued to rise over the period.Drawn by Brazil, Mexico and India, the social network has expanded by nearly 12 million Internet users.

Other alerts

Inside Facebook remains cautious about the meaning of these figures. "We're going supervision is closely to see what trends emerge over the long term, note the service. Bugs in the Facebook advertising tool and we get this information, seasonal changes, such as for studies, and other factors can influence short-term figures on a month and hide what is really happening. "

It is also not the first time that analysts observed a drop in speed at Facebook in the U.S.. Last March, the Institute of audience measurement Comscore noted a slowdown in the growth of Facebook in the United States. In April, Nielsen had warned about a decline in time spent by users on Facebook.Farther still, Nielsen had been a decline of 5% of Facebook users in the United Kingdom in early 2008! Explored by 8.5 million UK Internet users then, the social network now boasts over 29 million.

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Greece: Restructuring considered inevitable and frightening

Click on the thumbnail to enlarge the graphic.

While European leaders seek to reassure financial markets by saying that Greece's debt will not be restructured, some strategists say the opposite. "To get out of financial crisis plan which moved the European countries, Greece should be restructured" hard, "said Christophe Donay, chief strategist at Pictet & Cie. In other words, Europe must draw a line under some of Greece's debt-what I call a partial-defect, while recapitalizing banks recorded losses due to restructuring. "

However, the solution currently under discussion at EU level aims to do everything to avoid a "credit event" on the Greek debt, that is to say a default. It is thus considered a new loan to pay 60 to 65 billion euros by 2014.The private sector would also be involved, banks are encouraged to continue investing in the Greek debt to the tune of 15 to 20 billion euros.

"But by giving more money to Greece, Europe or the private sector maintain the regime crisis," says Christophe Donay. "Reading the financial markets on the debt of European countries has changed. Until then, they adopted an accounting approach. In other words, they wondered how Europe should pay to save a troubled country. Today, they wonder whether the European countries generate enough growth to pay off their debts to five or ten years. "

45 years to meet the Maastricht

For Strategist Pictet, the conclusion is clear: the growth rates of financially troubled countries (Greece, Portugal, Ireland and Spain) are insufficient to finance their debts payday loans.Thus, Greece, Ireland and Portugal are expected to show annual growth of 21%, 13% and 8% in ten years to achieve a debt / GDP ratio of 60% as required by the Maastricht criteria. And if one was considering realistic annual growth rate (2%), it would take 45 years to Greece to meet this criterion and 30 years of debt to Ireland. "It is not clear that financial markets are waiting so long," concluded Christopher Donay.

Time is the right thing yet to the euro zone, according to Anton Brender, Chief Economist at Dexia AM. "Lack of Greece, alone, does not pose a problem in itself," he said. But such an event is likely in the current fragility of other countries in the periphery, causing a phenomenon of contagion.If Greece fails, why not also Ireland or Portugal, who also receive assistance from the European Union and the International Monetary Fund, will wonder when the markets.

Beyond even this group of countries at risk, "there is a risk of transmission of the crisis countries such as Belgium, Italy and Spain," continues the economist. "You have to give time to the latter, especially, to leave the area of ​​infection by standing on a stable trajectory of debt reduction", defends Anton Brender. For this, one must combine austerity and growth, two goals are incompatible in the short term.

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German banks at the forefront in Greece

If European leaders want to involve rescuing investors from Greece, they will have to negotiate primarily with German banks. They are in fact those who hold more government debt, amounting to $ 22.7 billion (15.5 billion euros), according to figures released Monday by the Bank for International Settlements. The French came second, with an exposure of 15 billion dollars (10.3 billion euros).

A total exposure of all European banks in Greece's debt stands at $ 52.3 billion (35.8 billion euros). By adding the two other countries receiving EU aid and the IMF, Ireland and Portugal, the figure stands at 100 billion euros. German institutions hold almost two thirds of this amount.

Particpiation private

Friday, EU leaders said they reached agreement on the extension of aid to Greece. About 60 to 65 billion euros that the new plan would cost a quarter, or 15 to 20 billion euros would come from the private sector. He would ask investors to reinvest in Greek debt money recovered when their bonds mature.

Such an initiative would demonstrate that participation in the effort from the private sector has been explored, "said Justin Knight, strategist at UBS AG, quoted by Bloomberg. "This could lead to voters to accept a new European public aid" to Greece business card. The Germans would, however, according to Die Welt, go further and require banks to extend loan periods, exchanging bonds maturing by other securities of a longer duration.

Default risk

However, "some sources suggest that asking banks to exchange the Greek bonds could trigger precisely a failure," says Luigi Speranza, an economist at BNP Paribas CIB. The rating agency Fitch estimates for its part in a note published Monday that even an exchange of debt on a voluntary basis, if it is unfavorable to creditors, may be considered a "credit event", ie ie a payment default.

In this context, EU leaders are walking a tightrope. Especially since the European Central Bank reiterated Monday his opposition to the restructuring of state debt. "Imposing a discount to private investors can seriously disrupt the real economy and financial creditor and debtor countries, has said Lorenzo Bini Smaghi, board member of the institution.Therefore a restructuring would be done as a last resort, that is to say when it is clear that the debtor country can not repay its debts. "

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