Euro crisis summit in Brussels

EU summit, the first act. The leaders of the EU started in Brussels on Sunday morning a summit with the goal of trying to overcome their differences on how to stem the debt crisis that is destabilizing the euro area. The meeting began around 10:20. However, no decision is expected at the end of the summit of which the second act is expected Wednesday. This afternoon, the summit will continue with a meeting of Heads of State of 17 countries in the euro area.

Europe is facing economically to "serious challenges", said President of the European Union, Herman Van Rompuy, at the opening of the meeting. He believed that the decisions to be taken by European leaders to address was "perhaps the most important" they've ever had to face the financial crisis.Greek Prime Minister George Papandreou, also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

German Chancellor Angela Merkel, however, dampened expectations about the outcome of the summit, from the outset, reaffirming that decisions could be taken next week. "For me it is important to reiterate that today we prepare the decisions of Wednesday" because the negotiations are about "subjects sometimes technically very complex, she said on her arrival in Brussels.

"You have to reassure the markets"

For its part, the Belgian Prime Minister Yves Leterme has tried hard not announce anything at all on Sunday, in light of market pressure."It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

What response to the crisis the Europeans do they negotiate? This response is intended in three stages. It must first stabilize the over-indebted Greece and save him a total failure. This will require further international loans and losses of creditor banks in the country. Europe the figure to at least 50%.According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21 payday loans for self employed. "We remain willing to explore options on a voluntary basis [for each facility, Ed] and realistic prospects for the economy of Greece and the return of that country on the capital markets," said Charles Dallara Saturday night , the president of the Institute of International Finance (IIF), which brings together major global banks.

In return, a bank recapitalization is provided. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. Remains to define the terms.

It will also strengthen the Fund's financial assistance for the euro area countries in difficulty, the EFSF, firewall against the contagion to Italy and Spain. But differences remain on how to do this, especially between France and Germany. Yesterday, the French proposal to grant a banking license in EFSF was discarded. Only two options are being discussed to increase the firepower of the device: the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

European governance side, Angela Merkel reaffirmed that a "change treaty should not be taboo", to improve fiscal discipline among member countries of the EU. The topic will be on the table at the summit today.Yesterday, the German foreign minister, Guido Westerwelle, proposed to bring in the future before the European Court of Justice countries too lax on the budget in the euro area through a revision of the Treaty of the European Union. In addition, leaders should appoint Herman Van Rompuy, the EU president, as head of the eurozone, according to a draft final declaration obtained by AFP.

For the summit this Sunday, German Chancellor and French President had also met Saturday night to try to resolve their differences, following a meeting of EU finance ministers. They both welcomed the "progress" and "advanced" made in the negotiations.

(With agencies)

ALSO READ:

"CRISIS SPECIAL – Fear of debt

"The EU is considering 108 billion to bail out banks

"Euro: Merkel will buy time until Wednesday

"GRAPHICS – The crisis of the euro, or the history of contagion

Everyone needs health insurance today. This is because of the ever rising costs of hospital bills and medicines. Not all insurance policies can be applied to our needs.

"The mother of all strikes" paralyze Greece

A country paralyzed, a city under siege. While millions of Greeks are called to go on strike for 48 hours, 10 police squads have erected fences riot around the place of parliament in central Athens. The movement must be "the mother of all strikes," warned Tuesday the leftist daily Ta Nea.

Nearly 20,000 protesters began to march at 9 am Wednesday in the capital to converge to the emblematic Syntagma Square, political heart of the country. In June, violent clashes with security forces had driven the rally.

"We will send a strong message to the government and political system," promised Tsikritas Costas, head of the ADEDY union representing public service. "We believe that the mobilization will be huge." The general strike could indeed be the largest since a long time.Administrations, public transportation, businesses, and even bakers are required to stop work and march against the rigor introduced by the Socialist government.

This is putting pressure on MPs to discuss for three days from Thursday, new austerity measures. The consideration for the payment of the next $ 8 billion euros, as part of the plan of 110 billion granted by the EU and the IMF in spring 2010.

"Blackmail"

Prime Minister George Papandreou has been determined: "All these people who blackmail and take the country hostage, occupying buildings, leaving garbage piled in the streets, closing ports and the Parthenon, must explain how this will help us get back on our feet Payday Loan for Bad Credit. "

He also called for unity."We must continue this war, as a people, as a government, as a caucus to enable the country to win it, he argued. We will win for the country, we will continue. That's why I'm here. "The head of government has a narrow majority of four seats in Parliament.

However, concerns remain on the eve of the vote of austerity on the discipline of PASOK. A member of the Socialist Group has resigned in protest Monday. Two others have threatened to vote against it. A small opposition party could come in and vote for reinforcement.

The new austerity measures, which account for 6.6 billion euros, include reductions in wages and pensions, designed to place laid off 30,000 employees and to establish a single salary scale in the public .The government also wants to lower the threshold of annual taxable income to 5,000 euros.

ALSO READ:

"The exodus discreet and inexorable Greek youth

"The Greek students who do not want to return

"Paris and Berlin ready to strengthen the stability fund

"SPECIAL – Depression, fear of debt

Barroso wants to recapitalize "emergency" banks

"The speed of the European Union should not be that of its slowest member," hammered José Manuel Barroso on Tuesday before the European Parliament. In the aftermath of the rejection of strengthening the European Fund for assistance to indebted countries (EFSF) by the Slovak Parliament, the President of the European Commission urged member countries to continue efforts to stop the contagion of sovereign debt crisis in the area euro. Jose Manuel Barroso called for a recapitalization "emergency" banks as part of a "roadmap" gathering proposals from the Commission to support the banking sector.The latter, weakened by the debt crisis, is under pressure from the collapse of the Franco-Belgian Dexia facility.

Bank recapitalization should be conducted in a "coordinated" by members of the euro area to counter "the threat of systemic crisis that is taking shape," said José Manuel Barroso. Specifically, it proposes to raise the minimum capital "hard" of banks, without giving precise figures. To achieve this, banks must first use of private sources of funding and, if necessary, seek the support of the national authority. If the state is not able to provide the necessary assistance to the bank, a loan will be contracted by the EFSF.

In the absence of recapitalization, the banks should not pay bonuses or dividends, said Jose Manuel Barroso.Their exposure to sovereign debt should be evaluated "in a transparent manner overnight pay day loans."

The EFSF, rose to be replaced mid-2012

In addition, the sixth tranche of aid to Greece must be paid, said the President of the Commission. The country should also get a second loan that would be based on "sufficient funding for the participation of public and private sectors."

Other Commission proposals: the EFSF must be increased to "maximize" his strike force. This must be done through a "leveraged" with no financial guarantees for new states. In addition, Jose Manuel Barroso called again to accelerate the establishment of permanent mechanism should succeed the EFSF. The "European Financial Stability Mechanism" (MES) is projected by the President of the Commission, to take effect mid-2012, not mid-2013 as planned.With 500 billion euros of lending capacity, this mechanism would directly buy the debt of the states in the primary market, not like today only in loans.

Finally, José Manuel Barroso is also income, without naming them, the "Eurobonds", or "Eurobonds", mentioned as a solution to the debt crisis. The Commission will present by the end of the year, a proposal to allow the creation of the "obligations of stability."

ALSO READ:

"Europe is willing to recapitalize banks

"Brussels pushing to recapitalize banks

Wall Street tumbles at the end

New eventful session Thursday on Wall Street. The indices, which have continued to increase their losses after the closing sharply down European markets fall at the close. The Dow Jones ended in a loss of 3.51% to 10,733.83 points, the Nasdaq lost 3.25% to 2455.67 points and the S & P drops 3.19% to 1129.56 points.

Like European and Asian stock markets, Wall Street is not immune to the anxiety surrounding the health of the global economy. This pessimism has been going on yesterday and pessimistic of the U.S. central bank. The Fed has held that the U.S. economic recovery was "slow" and threatened by "high risk". The central bank, in this context, announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."You can interpret this decision as the Fed's will not to launch three quantitative easing (monetary easing to boost the U.S. economy, ed) immediately, says Arnaud Poutiers, executive vice president of IG Markets.

The general concern about global growth has been reinforced by concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

In France, the growth of private sector activity in September fell to its lowest level since the beginning of the recovery in 2009, while in Germany, the composite PMI, which includes industry and services, has emerged to 50.8, its lowest level since July 2009 against 51.3 in August.

The U.S. Treasury Secretary Timothy Geithner also said Thursday in Washington that the slow economic growth was a challenge "greater" than the debt and that the governments around the world should give priority to support growth .

On the issue of European debt disturbing fact, little progress.Greece has just announced yesterday it will launch new austerity measures to get the funding it needs Troika in October to avoid bankruptcy.

Oil tumbles 6%

The announcement of a rise in weekly jobless across the Atlantic is not reassuring. According to the U.S. Department of Labor, 423,000 people registered as unemployed during the week of September 10 to 17. The consensus of analysts expected 420,000 new applications for unemployment benefits.

The increase in the composite index of U.S. economic indicators slowed in August, which is a sign of increased risks to growth, said Friday the Conference Board.This index, which includes ten indicators supposed to give an idea of ​​the changing conditions in the United States within six months, rose 0.3% compared to July, where he won 0.6% said the institute of private economy.

On the front real estate, the price of houses increased by 0.8% in July compared to June, according to data released by the Federal Housing Finance Agency. In one year, it appears down 3.3%.

In this context, oil has lost more than 6% of its value in New York, amid sharp strengthening of the dollar, within the scope of pessimistic compiled by the Central Bank of the United States, the leading consumer of gold black.

On the currency markets, the euro is trading at 1.3476 dollar.The oil, he lost more than 6% of its value in New York, against the backdrop of a sharp strengthening of the dollar, within the scope of pessimistic compiled by the Central Bank of the United States, the leading consumer of black gold. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery ended at 80.51 dollars, down 5.41 dollars (6.3%) compared to the previous day.

Values ​​to follow

On the corporate side, Bank of America (-5.02% to 6.06 dollars), Wells Fargo (-2.15% to 23.17 dollars) and Citigroup (-6.23% to 23.93 dollars) suffer further degradation of their notes by Moody's. The agency that the state may fly to their rescue.

Fedex (-8.17% to 66.58 dollars) has reported an EPS according to the consensus of $ 1.46 in the first quarter, a turnover of 10.52 billion dollars.

United Technologies (-8.75% to 68.32 dollars) will buy the equipment manufacturer Goodrich Aviation (10.10% to 120.55 dollars) to $ 16.5 billion (12.2 billion euros) cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

Euro: Sarkozy is expected to speak this afternoon

Nicolas Sarkozy could be expressed in the late afternoon, after his meeting with Herman Von Rompuy, confirmed Tuesday morning in his entourage Figaro. It would only be a few minutes of intervention, on the steps of the Elysée with President of the European Council. "Nothing is confirmed yet," says one, however. "It will also depend on market developments in the day," says an adviser.

While a government source announced the "initiatives" to support Franco-German Greece to face serious funding problems of its debt, the Elysee Palace denied."There will be no Franco-German initiative today," said the president requested by the AFP, saying also that no decision had been made about a possible speaking of Nicolas Sarkozy to Following his meeting scheduled at 17 am (Paris time) with the President of the European Union Herman Van Rompuy.

The Elysee was also opposed to a very firm denied rumors that a scenario out of Greece to the euro would be discussed at the Elysee. We emphasized above all the character "drama" of this to the Greeks themselves, but also for the euro area.

"To ensure compliance with the commitments of the July 21"

"This is not a desirable solution, we do nothing to make it desirable," confided a senior official Monday night Elysian following folder every minute."We try to be consistent: we are about to present to Parliament the rescue plan that was decided on 21 July in Brussels. We do not prepare in the wings is another scenario that would offer the exact opposite, "he continues.

The state still remains fragile in which finances are Greek, "We try to convince them to do everything to achieve compliance with the commitments of July 21," says this source. Tuesday evening, the Head of State may wish to print this message in a clear and solemn.

Paris and Berlin agreed before the summit on the euro

A first relief is visible on Thursday morning in the euro area, a few hours of the meeting of European heads of state in 13 hours, which is to lay the foundations for the rescue of Greece. Indeed, after a marathon meeting more than seven hours, which ended the night in Berlin, Nicolas Sarkozy and Angela Merkel have agreed on a "common position". The head of the European Central Bank Jean-Claude Trichet joined the French president and German Chancellor later in the evening, he joined the discussions.

No tax on banks in the European level

Nicolas Sarkozy and Angela Merkel did not present the details of the compromise. They prefer to reserve the premiere of the content of this agreement for seventeen countries of the monetary union when they meet in Brussels. The Franco-German consensus as a basis for negotiations between the countries of the eurozone.

Still, the Franco-German snatched in the night is "a prerequisite" to a European compromise in Brussels, said this morning on France 2 Valérie Pécresse, budget minister and spokesman of the French government. "We must find a way to stop international speculation and stabilize the euro area", had said his side in the evening the French Foreign Minister, Alain Juppe, in Madrid. He added: "If the euro broke out, it would be a catastrophe." If not addressed on Greece "the consequences will be felt throughout Europe and beyond," stated yesterday the President of the European executive, Jose Manuel Barroso, calling the situation "very serious". "Borrowing 30 years "

The plan under discussion would be based in part on a private sector contribution of 32 billion euros over three years no credit check payday loans.It would ease the debt of Athens and would extend the term of the loans (up to thirty years), while remaining sustainable for the Greek economy. Along the lines of this project, private creditors would participate actively in the rescue of Greece, but each of these banks would remain free to choose the terms of its contribution from three possibilities.

Moreover, the German daily Bild reported that several leaders of major European banks will be involved in discussions. Josef Ackermann, the influential head of the first German bank Deutsche Bank, will include some of the participants in the summit, said the newspaper.

Diversification and increase in Fund resources Stability

In addition, the amount allocated to the European financial stability, currently 440 billion euros, should be raised. Europeans could also expand its missions.The latter lend in Athens what buy its own debt in the market for a price usually mentioned by 60% of their face value. Such an option would have the advantage of reducing the debt burden of the country to enable it to regain growth and ultimately solvency. The fund could also reduce the interest rate and lengthen the maturity of its loans to Greece, flexibility Ireland and Portugal could then benefit.

The suspense will last a few hours, the agreement between the countries of the eurozone is expected in the evening. But now, after the meeting between France and Germany, the euro is slightly redrese 1.4254 dollars.

ALSO READ:

"The vast majority of Greeks are skeptical

"The leaders of the euro area no longer afford to make mistakes

Wall Street would open slightly higher

Moody's has pushed the debt of Ireland in the category of investment "hedge" by reducing the country's rating by one notch to "Ba1" with a negative outlook, saying the country might have needed new injections money before returning to the market.

Some officials of the Federal Reserve were willing to further easing in monetary policy if the recovery was too soft to flow back as long as unemployment and inflation is slowing, according to the minutes of the last meeting of the U.S. central bank released last night.The Fed had not so far as clearly suggested that a third series of so-called quantitative easing could be considered after the end of the second round of $ 600 billion at the end of June

Good news this morning, with the growth of China's GDP reached 9.5% in the second quarter, a faster pace than expected, which supported the Asian markets this morning.

On the foreign exchange market, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars. That of Brent North Sea crude for delivery yielded the same 43 cents to 117.32 dollars.

On the macroeconomic front, investors will also monitor the continued publication of results of companies in the United States.Alcoa opened the ball of the ads on Monday after closing. Its earnings were revealed in below expectations, but its sales exceeded estimates and Alcoa has confirmed its forecast for demand growth in aluminum.

JPMorgan Chase will be the first major U.S. banks to issue, with results expected tomorrow, the same day as Google, which will set the tone for the technology. Investors will know very quickly if the U.S. financial sector has suffered from the decline in trading activities. These results also give a taste of the figures will be announced later by European banks.

According to Thomson Reuters data, the results of listed companies on the S & P 500 should show an average increase of 7.3% compared to second quarter 2010.But this increase could be higher if a majority of companies beat the consensus.

Wave of redemptions

Meanwhile, mergers and acquisitions continue to multiply on Wall Street.

The side of values, Electronic Arts has announced the acquisition of PopCap Games, a provider of video games for $ 1.3 billion including $ 650 million in cash, 100 million and the balance in action in the form of contingent payments by December 2013. In addition, the company should record a first quarter loss per share 0.37 to $ 0.40 against a loss of $ 0.24 per share last year.The turnover should be between 500 and 525 million against 539 million a year earlier.

Always on the side of values, UDR announced the acquisition of three housing estates for community $ 687 million and four development projects for $ 375 million.

Validus Holdings Ltd submitted a proposal for redemption Transatlantic Holdings (TRH) at a price of 55.95 dollars per share.

In addition, the Icelandic company that collects money for the site Wikileaks has sent a complaint to the European Commission against the credit card giants Visa and MasterCard for blocking since the end of 2010 donations to the site, his lawyer said Wednesday.

Also note, the U.S. court on Tuesday approved an initial payment of $ 272 million to victims of the scam of the old American financier Bernard Madoff by the liquidator of the fund, Irving Picard.

Fuel prices: The Sparks Fly between Total and the state

The increase in fuel prices is again up for discussion Tuesday. An interview will take place during the day between the Minister of Economy Baroin and CEO of Total, Christophe de Margerie. It warned that rising oil prices would be passed to the pump. Fuels should be increased from one to four cents more when they have already returned about two cents last week.

The government, for its part, wishes to inform that he "will remain very vigilant: there is no question that this effect is faster in case of decline," said the ministry in a statement. "This commitment by fuel distributors and the government ensure its respect."A meeting between Christophe de Margerie and Energy Minister Eric Besson is also scheduled for July 19.

Policies in the running

In this time of holiday departures, policies are indeed in line to demand that the impact of oil price increase is gradual. Prime Minister François Fillon has ruled that the proposed Francois Hollande to freeze fuel prices during the summer fell within the "demagoguery." "We must also tell the truth", that is to say "that oil will rise" over time, said the Prime Minister on Europe 1. And rather than to invent solutions that make no sense if not to influence the growth or the French taxes, we must work on alternatives to oil. "

François Fillon also said he "found that in June, the decline has been very well reflected by the distributors.It's a little less sure about the month of May, we are doing checks. " It responds to the controversy that has swelled after the statements of Xavier Bertrand: "When the oil increases, prices (pump) increase immediately. When the oil drop, it is always more time. We must stop to consider that the French have no sense, "denounced the Minister of Labour on Sunday. "To say that the price evolution is faster in one direction than another is not fair," retorted the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky. Christophe de Margerie, in turn, ensured that the increase would take place Monday "as gently as possible."

Within the Socialist Party in the countryside for the primary election, the subject has provoked many reactions among candidates.Martine Aubry, said she was "very shocked by the decision of the President of Total" to pass on the rise the rise in oil prices: "I found both indecent and even provocative." To offset the price increases, the candidate suggested to lower the TIPP (domestic tax on petroleum products) and "tax the super oil profits."

"What is unacceptable today, it's that kind of inaction before a real scandal, said on his side Segolene Royal on BFM and RMC-TV. Total has 10 billion euros in profits (in 2010, note) and when the price of crude oil production decline, this decline is not passed to the consumer. " Finally, the spokesman for the PS, Benoît Hamon, assured that if the left came to power in 2012, "the impunity of the oil companies" would be "finished".

ALSO READ:

"Fuel prices will rise again

"Good tips to save fuel

»COMPUTER GRAPHICS – Change the fuel prices

Who's next boss Bercy?

• Baroin: • promoting Valérie Pécresse: reward • Bruno Le Maire: the outsider

The countdown is running. Christine Lagarde flew to Washington Tuesday. Wednesday and Thursday, she will spend his "great oral" before the Board of the IMF. Which will meet Tuesday to discuss the nominations before appointing a successor to Dominique Strauss-Kahn on June 30 at the latest. Barring a surprise, the Minister of Economy should take precedence over Mexico's Agustin Carstens. His entourage has the head across the Atlantic: "I proposed to the team Baroin to come and visit our offices to make the identification, said one adviser Christine Lagarde. They said: "It would be bad luck!" "

Several ministers are indeed in the running to replace Christine Lagarde. Budget Minister campaigned for weeks.His colleague of Agriculture, Bruno Le Maire, also dream of Bercy. But he seems to have thrown in the towel. The Minister of Higher Education, Valérie Pécresse, which has the support of Christine Lagarde, fingers crossed, too. "Lagarde loves Pécresse, provides an advisor to the Minister of Economy. She believes that appointing a woman to a woman's place is important. But it will not interfere. It is at a different level. It will soon have a status of head of state … "

First outsider, Valérie Pécresse seen its rating go up. She met with Nicolas Sarkozy on Wednesday, after the Council of Ministers. The head-to-head was officially on the large loan and the press conference the President on the subject Monday. But Sarkozy had discussed with her the replacement of Lagarde.In the majority, some believe that appointing a woman to this key position could serve as an able-fire against the candidacy of Martine Aubry in the primary PS, around June 28 "It is played between Pécresse and Baroin," believes a close associate of President. Anyway, the head of state will be careful not to harm women, already under-represented in key government positions since the departure of Rachida Dati and Michèle Alliot-Marie. "The president does not send negative signals about gender or diversity," Elysian swear an advisor.

"The king of herrings"

The head of state could also bring a handful of secretaries of state, whose arrival is announced in the fall. Two positions, at least, are vacant: Public Administration (since the departure of Georges Tron) and Veterans Affairs.If the president decides to bring more "new faces", it "out" of the incumbents. The Minister for Sport, Chantal Jouanno, could start to concentrate on the Senate. "We predicted a reshuffle at minimum, but the president could take this last opportunity to reshuffle the cards before the presidential election," warns a consultant Elysian.

Nicolas Sarkozy should especially take this opportunity to send signals to the centrists. "He wants to crack the clan Borloo," says an adviser. The Secretary General of the UMP, Marc-Philippe Daubresse, told relatives that he had received "assurances" of the president. He also began to prepare his cabinet. In a head-to-head, May 30, Sarkozy had mentioned to him a nomination "for Higher Education or Agriculture."The head of state could also try to "poach" the faithful lieutenant of Borloo, Laurent Hénart. Or, failing that, the former Minister for Overseas, Yves Jego.

The name of the UMP des Alpes-Maritimes, John Leonetti, who chose to live the radical sensibility within the UMP, runs well. The President has recently paid tribute to his "loyalty". But this expert on health does not agree with the health minister, Xavier Bertrand, who had vetoed his appointment in the latest revisions. MP centrist Maine-et-Loire Laffineur Marc is also discussed.

At the Elysee, is amused by this shell game. "The president in secrecy, says a consultant. It is the king of herrings. This will be between him and Xavier Musca. Even between him and …. "" The principle of a reorganization, is the surprise, "says the former minister Brice Hortefeux.

Baroin: promotion

Since coming into office in March 2010, Baroin was a faultless performance credit report. Budget Minister has managed to impose fiscal discipline to his colleagues in government, cutting spending and up to tackle the sacrosanct tax loopholes. Last week, under his leadership, the National Assembly adopted on first reading the supplementary budget, which confirms the removal of the tax shield and the reduction of the ISF. After inheriting the carrier parolat in November 2010, as Chirac ministers could it rise again in the government hierarchy? Many are in the majority, think he was already "well served". If appointed, the mayor of Troyes should release the carrier parolat. But it would keep the Budget. "The president likes him, but it a little suspicious," says a heavy weight of the UMP.The promotion, however, would give new pledges to Chirac, less than a year of presidential elections.

Valérie Pécresse: the reward

It was on the brink of being appointed Minister of Justice in November 2010. But the departure of Jean-Louis Borloo had distributed the cards, bringing the president to give the keys to the Place Vendome in centrist Michel Mercier. Valérie Pécresse has remained in Higher Education, under its charge since May 2007. A record of longevity that allowed him to impose the autonomy of universities, often presented as one of the most emblematic reforms of the quinquennium. "It showed it was broken in the dialogue," said a relative. Deemed "woodcutter" Pécresse is a graduate of ENA and HEC. She speaks English and Russian, and "getting by" in Japanese.Christine Lagarde to Chantal Jouanno, many women ministers would like to see at Bercy. But that Chirac, who sometimes appears as "a good little soldier," a disability: she has never been among the close to Nicolas Sarkozy, sometimes it annoys. For many in the majority, yet it seems that the "best position" to Bercy.

Bruno Le Maire: the outsider

Barring a surprise, Bruno Le Maire should remain in agriculture. He dreamed yet to be entrusted with the Economy, as he had dreamed of Foreign Affairs in 2010. "With each redesign, the Mayor is an active campaign, the air of nothing," enjoys a minister. The former right hand of Dominique de Villepin, whose rise in "Sarkozi" has been meteoric, has serious advantages. Normale technocrat and he mastered the economic issues. Also the IE speaks English, German and Italian started."This is a contest of economics, not of languages!" Squeaky Elysian counsel. The Mayor has invested heavily in the agriculture component of the G20, is prowling and multilateral negotiations. But Sarkozy fears of destabilizing the farmers, who appreciate their minister. The Mayor would also annoyed by "highlighting" the role of project manager in 2012: "For the president, only the Socialists in the country, says an adviser. Put themselves forward on the project was awkward. "Failing to be appointed at Bercy, the Mayor may be given door-parolat.

Mr. X: The temptation of an expert

The magnitude of the crisis in Greece could it bring Nicolas Sarkozy to choose an expert on economic Christine Lagarde to succeed? A heavy weight of the majority is seriously considering this option, arguing even the name of Thierry Breton, CEO of Atos Origin.The former Minister of Economy (2005-2007) mastered the issue of public debt. His appointment would also have political virtues, the source said, "Breton is a friend of Chirac, Raffarin and de Villepin. And they bite Borloo he is near. "Many consider this hypothesis unlikely:" What interest would have to leave the private Breton for an acting position on the eve of 2012? "Enjoys a counselor. The name of the centrist Anne-Marie Idrac is also cited. Edouard Balladur was blown to the president. Former Minister of Foreign Trade may assert a strong background at the head of the RATP and the SNCF. But it is "not aligned" with Sarkozy and "speaks her mind." The government, cohabitation was not always easy with its responsible Minister Christine Lagarde. However, the next holder of Bercy will get along with the next IMF chief.

New finance minister for Greece

The name was the most anticipated of the new finance minister. This will be the former Defence Minister Evangelos Venizelos, who is also Vice-Premier, announced Friday a spokesman of the Greek government.

The new finance minister succeeds George Papaconstantinou, in office since the victory of the Greek socialist party (PASOK) in the legislative elections of October 2009. Principal architect of the austerity suffered by Greece to cover its deficits, George Papaconstantinou was in the front line of the anger expressed in the street by the Greek people. Finance aside, it remains in the government team in charge of the Environment.

Curb the social crisis and negotiate with creditors

Before arriving in the team Papandreou, Evangelos Venizelos, 54, had held many ministerial posts in previous socialist governments in the mid-1990s, including the voice of the government, Minister of Justice and Minister Development. He will now have the task of curbing the financial and social crisis in Greece and negotiate with creditors.

In Defense Venizelos is replaced by a close associate of Prime Minister Georges Papandreou, Panos Beglitis.Another relative, Stavros Lambrinidis, was appointed Foreign Affairs.

Faced with conflicting pressures of creditors of the country and the street, and the refusal of the main opposition party the right to form a national unity government, the prime minister announced Wednesday he would proceed to reshuffle and he would ask in the wake of confidence in parliament. By sacrificing his finance minister, George Papandreou shade his last card. If the new team fails to resolve the crisis, keeping its own head of government will be compromised.The question is whether this game of musical chairs will be enough to calm the anger of the street.

ALSO READ:

"Greece is the menu of the Sarkozy-Merkel meeting

"The Greeks feel black sheep of Europe

"Greek Prime Minister Papandreou plays his all

"SPECIAL – Greece, a challenge for Europe