Greece: "Confidence in the eurozone is at stake"

Reassuring markets panicked, convinced German parliamentarians to grant a loan to Greece. Such is the dual mission survey completed Wednesday afternoon Dominique Strauss-Kahn (DSK), director of the International Monetary Fund, and Jean-Claude Trichet, president of the European Central Bank (ECB) during a joint press conference Berlin, the German Parliament.

Dominique Strauss-Kahn said he was "confident" about the resolving the financial difficulties of Greece. On the condition that "the euro area and the IMF act quickly." Even reassuring speech by Jean-Claude Trichet: "I am the working hypothesis that we will reach a good result at the end of this negotiation. It depends on us and it depends on the Greek government. I am confident. "

The two leaders apparently he managed to complete their first mission, to reassure markets.The cost of insurance on debt Greek, CDS (Credit default swaps), has fallen sharply to 690 basis points, while they peaked at 822 points the day before, Markit News reported. On equity markets, investors remain worried. In Paris the CAC 40 lost including another 1% at 16 hours at 3805 points. Elsewhere

German parliamentarians were they sensitive to speech and Strauss-Kahn Trichet? The fact is that they have hammered the Bundestag. "Do not act in time could have consequences beyond Europe," warned the director of the IMF, joining on this point the Greek Prime Minister George Papandreou. It is "confidence in the euro area is at stake," he added. A recurring theme echoed by Jean-Claude Trichet, president of the ECB.The latter stressed the need for "absolute" for Germany to decide very quickly, to avoid contagion in the euro area quick payday loans.

100-120000000000 aid discussed

The Director of the IMF also warned Greeks next level consequences of international aid: "The reforms will be painful," he warned, without deciding for the moment on a total allocation, as discussions with the Greek government will not be closed. The Greek Minister of Employment has already indicated that Greece refused to make the wage cuts demanded by the IMF and the ECB.

Earlier in the afternoon, a German deputy, Juergen Trittin, however, had said that the overall plan of aid to Greece should reach 100 to 120 billion euros over three years, saying, quote the director of the IMF speaking in the chamber of the Bundestag.In return for this support more than expected, Greece should refrain from market to finance themselves during the next three years, understands J?rgen Trittin.

Other information gleaned from the Bundestag, where Jean-Claude Trichet, ECB president, and Dominique Strauss-Kahn spoke this afternoon, the ECB and the IMF would have rejected the request of some German parliamentarians to engage in some banks plan help set up, according to statements by a member of the CDU, the party of Chancellor Angela Merkel.

On this occasion, the German parliament, which could give trouble to the leaders of the eurozone and the IMF launched a warning: their support for Germany's plan to help Greece will "not automatic".

GM would pay its debt this week

The American manufacturer is expected to announce Wednesday a plan for early repayment of its outstanding debt, it must always states U.S. and Canada. The 4.7 billion dollars could be settled this week, instead of June initially raised by the company, according to information from the Wall Street Journal.

Edward Whitacre, CEO of General Motors (GM), has made debt repayment a central tenet of its strategy to recapture the American consumer after the bankruptcy of the manufacturer last year.Following the rescue of Washington, which had injected nearly $ 50 billion in total, though the company had until 2015 to meet its debt by $ 6.7 billion in cash, the rest being paid in share capital.

The rival Ford, which did not require such a rescue has benefited greatly from its game in recent months, with sales up 38% in March, year on year. GM lost 4.3 billion dollars over the first half of 2009, but Edward Whitacre expects the results "solid" for the first three of the year. The figures will be published next month.

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.

ALSO READ:

The Greek debt riskier than ever

"SPECIAL – Greece, a challenge for Europe

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. "

ALSO READ:

The Senate wants to limit the autoentrepreneuriat 3 years

"The building is angry against the autoentrepreneurs

"INTERVIEW -" Self-entrepreneurs distort competition "

The former CEO of Vinci justify his salary

Prosecuted for abuse of social good, Antoine Zacharias came to explain Thursday morning in court. His trial was held today and tomorrow before the fifteenth penal court of Nanterre. Specifically, it accuses the former CEO of Vinci have intrigued to receive a disproportionate amount. 12.5 million severance bonus when he left the company in June 2006, over two million annual pension from a salary of 3.3 million in 2004 and stock options with a greater potential value of 124 million.

To penetrate this mystery to date, the judges were interested in changing the membership of the Compensation Committee of Vinci in May 2004. Indeed, it is this committee that changed the method of calculating the salary of the big boss."It was good to renew the committee because some members like Alain Minc were benefits to Vinci, which deprived them of a form of independence," said Antoine Zacharias fast cash !!!???!!!??? !. A demonstration unassailable except that Zacharias had still left Alain Minc continue to serve on the board of the world leader in construction as the conflict of interest was the same.

Another element that is the problem, the consulting firm Towers Perrin had been consulted by the compensation committee on whether to remove ceilings on wages of Zacharias. He said it was negative, citing "inflation risks." But his advice was not followed or even communicated to the Board of Directors has decided to enforce rules that made Zacharias the highest paid boss of France.

"China underestimated its trade surplus

Lefigaro.fr / jdf.com Do you think China can show a trade deficit in March, as Beijing has warned?

Antoine Brunet regard to China, everything is possible! There are thus two sources to monitor developments in foreign trade of China: Beijing publishes official figures very soon, the International Monetary Fund (IMF) released later the algebraic sum of trade between China and each of its trading partners. In general, the external surplus established by the IMF is almost twice higher than that displayed by Beijing.

China over time, underestimate the reality of its surplus. For example, the government does not include exports of Chinese subsidiaries of foreign groups, which is not justified economically. This largely explains the discrepancy with the IMF data.

Why China would try to hide it a part of its trade surpluses?

This strategy is an integral part of Chinese diplomacy to delay the possible revaluation of the yuan. Plus his "score" is impressive, the more the world takes umbrage, and China shows a healthy insolent foreign trade, the more she exposes herself to scolding of its trading partners. Countries suffering from sluggish growth, combined with a deficit due to China, very legitimately claim a revaluation of the yuan.

Do you, as some analysts that Beijing let the yuan rise by around 4 to 8% in the coming months?

Recent Chinese statements are not encouraging and should be completed in arm wrestling. The Chinese government has the support of the people and businesses.They know that the prosperity of China is largely due to the undervaluation of the yuan.

Beijing also likes to test the true responsiveness of Westerners. China will probably go to the balance of power. How will this happen? It will withstand international pressure calling for a higher yuan. Only if the U.S. put in place tariffs of around 40% on Chinese goods that China will negotiate an appreciation of the yuan.

China Has no interest in lowering the yuan?

Some Western commentators are their wishful thinking and believe that Beijing revalue the yuan to fight against inflation and speculative bubbles. But China did not need this tool.To reduce inflation it suffered through the commodity denominated in dollars, China supports the current rise in the price of the greenback against the euro. It pretty much control the evolution of the Shanghai Composite Index through exchange controls that isolates the Chinese market from the rest of the world. Finally, it relies on direct supervision of mortgage lending to limit the rise in house prices.

The CAC 40 is expected to decrease

The Paris stock exchange should follow the trend of sluggish markets. In the absence of major economic indicators, investors took profits on Wall Street Friday night. The Dow Jones dropped to 0.35% to close 10,741.98 points. The markets have been particularly burdened by the sectors related to raw materials.

This morning, Asian stock markets are marking time (The Nikkei in Tokyo was closed for holiday). And Friday, European markets finished down slightly after a meeting mainly dominated by technical operations and by tensions within Europe on the Greek crisis.The CAC 40.

The indices on future CAC 40 due April 2010 predict an opening Monday to drop from 0.41% to 3912 points.

No major statistical, neither France nor in Europe nor the United States is expected on Monday.

Thales wins major contract

New twist in the case of tankers. While Europeans appear again on the trail of the contract to U.S. $ 35 billion, with EADS, the Russian company United Aircraft Corp. of Russia (UAC) is expected to announce formally on Monday they joined via a joint venture to an American company to bid.

The subsidiary of Thales, Thales Alenia Space, has been selected by ESA for the manufacture of next generation satellites.The contract, which escapes from EADS Astrium, is estimated at over one billion euros.

Renault and Daimler are tempted to ally payday advance . The two groups are negotiating a cooperation on small voitures.Des exchange holdings are mentioned but unlikely in the immediate future.

Also on the front car, many groups are interested in buying the participation of 20.7% of Renault in Volvo, said Director General of Swedish manufacturer of heavy trucks in an interview to a German newspaper.

Coup of Sanofi

According to La Tribune, heart medicine, the Multaq, Sanofi-Aventis could never be sold. A big blow for the French pharmaceutical group. Moreover, the reform of American health care system was adopted yesterday.The whole sector will remain under observation on Monday in exchange.

The operator Bouygues Telecom will launch in early April a mobile phone specifically designed for seniors, a market that is proving increasingly buoyant and which are already present SFR and Orange (France Telecom) since September, said the specialized manufacturer Doro.

The Elysee Palace has denied reports that Yazid Sabeg, the current commissioner of diversity and equal opportunities, was chosen to succeed Anne Lauvergeon head of Areva.

Analysts said the leadership of France Telecom has the qualities needed to improve its social atmosphere without damaging its financial targets. Social criteria will be considered for the award of bonuses.

A follow today Eurazeo, Seloger.com Transgene and will publish their annual results.

Greece borrowed a further 5 billion euros

After the presentation of new austerity measures, Greece has launched a new bond issue market of a maximum volume of 5 billion euros, according to ministerial sources and markets.

It's ten-year bonds that should elapse from Bloomberg at a higher rate of 310 basis points above the benchmark, the German Bund. Five banks have been authorized for this program: Barclays, HSBC, Nomura, National Bank of Greece (NBG), Bank of Piraeus, Greece according to the Agency debt.

"Demand is very strong and this operation will be heavily oversubscribed", announced in mid-morning Ciaran O'Hagan, strategist at Societe Generale."An hour after the launch of the operation, the subscription book (book) had already reached 11 billion euros and the obligation is dealt 35 cents above the final price."

This success contrasts with the alarmist investors in recent days. And because, as the strategist in Paris: "Greece is very cheap compared to its note." Athens has raised over 13 billion euros on the market since the beginning of the year, said Wansquare.

See also:

"SPECIAL – Greece, a challenge for Europe

OpenSkies flies to Washington five times a week

Started quietly on a niche market with any business flights between Paris and New York, L'Avion the company had managed to find its place. It has since been bought by British Airways, which was renamed OpenSkies and that crisis requires, thought for a time to sell. To retract the landing slots at Orly is of such value that it would be a pity to discard it.

If OpenSkies had to stop the line between Amsterdam and New York, however she managed to win the Paris-New York, granting itself more than a quarter of market share. This low cost dedicated solely to the business class will open May 3 next traffic between Washington and Paris, it will operate five times a week B757-200 equipped with 72 seats. The call price will be 1,200 euros return. Other rates, depending on the filling, can reach 4 . Dexia (-3.02% to 4.11 euros, Societe Generale (-1.78% to 39.35 euros), BNP Paribas (-1.40% to 49.14 euros).

LVMH (-4.28% to 77.96 euros), said that addressing the Year 2010 "with confidence", saw its sales fall by 4% on a comparable basis in 2009 to 17.053 million euros, with a return to organic growth (1%) in the fourth quarter alone.

Nexity (-3.20% to 26.35 euros) anticipates a fall in its turnover to around 2.5 billion euros in 2010, having recorded an unexpected increase of 6% to 2.838 billion in 2009.

EDF (-2.43% to 38.28 euros) has announced the formation of a tighter management, including the arrival of Thomas Piquemal, who leaves his post as CFO of Veolia Environnement to occupy the same positions within electrician.

Bureau Veritas, stable at 34.80 euros, would use its "strong cash flow generation" to make acquisitions in the first half of 2010 and it plans a gradual return to organic growth in the second half. The world number two of the certification issued a turnover in 2009 rose 1.9% to 2647.8 million euros.

Teleperformance (-2.12% to 24.48 euros) issued a turnover up 3.5% in 2009, but said that its sales had declined sharply in the fourth quarter, mainly because of degradation of its business in Europe.

Hermes (+1.51% at 98.55 euros) grew by 8.5% of its turnover in 2009 to 1.91 billion euros. In 2008, the French luxury group had a net profit of 290.2 million euros. Net income in 2009 will be released March 25.

Two other companies publish their turnover for 2009, Friday: Eiffage, stable at 37.14 euros, and Bongrain (-0.21% to 58.18 euros).