The markets resumed their breath on Tuesday. Paris, who had crossed the wall last Thursday of the 4,000 points for the first time since January 19, has fallen below the psychological threshold. The CAC 40 has indeed slipped 0.33% to finish the session at 3987.41 points exactly. The volumes remain thin. Less than 3 billion changed hands on the great values of the Paris stock exchange. Elsewhere in Europe, markets have evolved sawtooth almost all day. Everywhere in Europe, investors have finally decided to pocket some of their gains on the values that have risen more recently. In London, the FTSE lost 0.67% and in Frankfurt the Dax dropped 0.23%.

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The debt of States remains a central concern.The results of the bonds issued yesterday by Greece and that was a test case in the eyes of the markets were "mixed" as Aurel BGC easy pay day loans. "Demand was only 7 billion euros to 5 billion borrowed, while the two previous operations had attracted at least three times more demand than supply," they explain.

The atmosphere was a little less gloomy on Wall Street. The U.S. consumer confidence rebounded more than expected in March. In addition, housing prices in the U.S. in January were unchanged from the same month a year earlier, the first three years. Apple was the star. The title claiming responsibility over 2% to a new record over $ 237.The Wall Street Journal the firm at the apple will produce a new version of its iPhone that would work on all mobile networks, ending the monopoly of AT & T. Investors are also banking on the success of the iPad, the new digital tablet that must be put on sale this weekend.

The Paris takes the initiative. It hosts an ambitious project to organize the market of CDS (credit default swap) for the euro area. These swap against the default risk of a third party have been accused, especially during the Greek crisis, making the game of speculation and amplify shocks to the markets. Their trade OTC accentuating the impression of opacity. For over a year, the G20 called for regulation. The French authorities have taken for themselves the message, advocating a specific solution to the eurozone.

The appeal was heard by LCH.Clearnet SA, the Paris branch of British group. It was launched Monday a platform for the clearing of credit derivatives in euros. For this one day, twenty operations, which were recorded Friday were treated to a total of 220 million euros.The clearinghouse secure participants (counterparties), ensuring that the warranty providers are creditworthy. For now, she can count on the support of four major French banks: BNP Paribas, Societe Generale, Natixis and Credit Agricole. It's already better than his competitor for the euro area, German Eurex, with only two users, the Italian UniCredit and the Japanese Nomura.

"With the involvement of French banks, this platform is hoped to position itself as the first euro zone," said Jean Tricou, director of investment banking and market to the French Banking Federation easy payday loans. Deutsche Bank, JPMorgan and Goldman Sachs to carry three of them, 40% of the CDS market analysis Christophe Hemon, the CEO of LCH.Clearnet SA.Our goal is to attract at least one of its establishments, and ideally all three. "

Counters of the ECB

The governor of the European Central Bank, Jean-Claude Trichet, has repeatedly stressed the importance for the euro area to have its own clearing house, so they benefit from direct access to refinancing by euro, with ECB counters. It is also for European regulators to access information on transactions made on derivatives, potentially systemic, and are now mostly available from London and American actors.

"This is an important first step. We must expand these efforts to compensate for all derivatives markets over the counter, by anchoring infrastructure in rural Europe.It is not only an issue of European regulation but also competitiveness, "emphasized Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF).

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United and satisfied: the European family welcomed Friday to have averted a major crisis, after having reached an agreement Thursday to come to the aid of Greece when the latter feels the need. "The euro area takes its destiny in hand, welcomed Nicolas Sarkozy, speaking of" not major "countries in the euro area. After the tensions of recent weeks, the French president stressed the agreement between France and Germany. "I think it was a relief for all of Europe to see that we were able, in the service of the European ideal, to reach an agreement," he said.

Angela Merkel has also spoken of "important day for the euro, saying" very satisfied "with the agreement reached.Indeed, the Germans have left their mark on this mechanism: they did accept the principle of a partially provided by the IMF and obtained a de facto veto power, since the aid plan can be triggered that with the unanimous agreement of the Twenty-September But Berlin has not sacrificed as much for the idea of Europe, has assured the Chancellor, compared to the "Iron Lady" Margaret Thatcher into the German press. "These decisions show that Member States will not allow the euro area is destabilized and solidarity that exists," she stressed.

European officials have reiterated that no good practical help and had been decided that the goal was paradoxically not use the device. "We hope it will not need to be activated," assured the President of the European Council, Herman Van Rompuy.The idea is enough to reassure markets that they agree to lend again to Greece at lower rates. The initial results were encouraging faxless cash advance . On Friday, the risk premium difference between good Greek and German 10-year fell by 9 basis points to 304 points. One that is still very high.

Build trust

In Athens, the relief was palpable. The agreement sends "a very positive signal to markets," assured the Prime Minister George Papandreou and the government will launch a new loan "timely."

The European Awards for their part, reacted mixed, while the euro was on top of $ 1.34 (it had plunged to below $ 1.33 before the summit)."I hope that financial markets will now act on facts, not fiction," said President of the European Commission, Jose Manuel Barroso.

It is indeed crucial to build trust. "There is no country that is in a situation comparable to that of Greece, on Friday assured the leader of the Eurogroup Jean-Claude Juncker. But markets fear a domino effect. Portugal is the first line, which has seen its rating deteriorated by Fitch. Ireland, Italy and Spain are on a tightrope, with their finances well into the red. More broadly, 20 states on 27 of the EU are subject to excessive deficit procedure; this week, the Commission expressed concern about their optimism about their strategy for ending the crisis.And for Economic Affairs Commissioner Olli Rehn, "this year will be the first real test for the implementation of the budget strategy adopted last year.

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From our correspondent in Brussels

A pain in childbirth. After a head-to-head tight between Angela Merkel and Nicolas Sarkozy, the sixteen countries of the euro agreed Thursday on a plan of aid to Greece. He shared the role of lender of last resort between the Europeans and the International Monetary Fund.

Germany, long reluctant to directly support Athens has finally agreed to contribute financially, with other countries. In return, France and Brussels institutions will accommodate themselves to a "substantial involvement" of the IMF, led by Angela Merkel in the European fold. Beyond the Greek emergency, countries of the euro should also prepare for a new diet on the budget model Germans.

As for Greece, the Franco-German compromise provides for a "European framework" consisting of bilateral loans and coordinated by the States.Getting an added "complement" of IMF lending, minority according to Paris. The details of the text remains to tie up. The envelope said to be in Brussels, should be between 20 and 22 billion euros. Greece was considered "quite acceptable". The method could be extended to other countries plunged into the red.

On the fiscal side, the France accept the German demand for a say on strengthened European national deficits, "including sanctions." This tightening could indicate the end of the year, with a revision of treaties. Grant to Berlin, Paris is already planning "all legal options".

The Franco-German compromise, dictated by the urgency, did not dispel all misunderstandings. Berlin, veiled, concerned about the French penchant for French growth based on consumption and public investment.In contrast, Paris has openly criticized, Christine Lagarde, German model based on savings and export feed which comes deficits neighbors.

The Franco-German agreement was expanded in the evening to the sixteen countries of the Eurogroup meeting on the sidelines of emergency summit in Brussels European cash advance . It dictates the immediate requirement that the EU would apply beyond Athens to all countries in the euro area exceeded its deficits. Explosion of debt, sluggish growth and low productivity, Portugal, Spain and Italy share the same ills as Greece.

The pill is bitter ahead for Premier Papandreou. He waited for Europe to help to refinance at a lower cost. Athens must find 15 billion euros by early May and 50 billion by the end of the year.The conditions imposed by Angela Merkel are the joint support of the EU and IMF use a strong deterrent.

Greece can not make call as a last resort, in full only if the sixteen countries of the euro note – unanimously – that it can not refinance market. The European funding will be "no element of subsidy. IMF side, the rates appear more attractive. But they relegate Greece to rank countries attended. They also spend an extra dose of austerity that Athens would have trouble passing against the social anger.

On the merits, Angela Merkel has essentially dictated the law to the EU. At first isolated in its orthodoxy, Germany has shown that nothing can be done without it in a Europe in crisis. Inflexible, the Chancellor has imposed his choice.Nicolas Sarkozy, head of the ECB Jean-Claude Trichet, president of the Eurogroup Jean-Claude Juncker, the head of the EU executive Jose Manuel Barroso, all would have preferred a purely European. All saw the use of IMF interference in the pride and independence in Europe. But Thursday night, the threat of a collapse on the euro does them no choice.

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The euro has hit a low last ten months amid European agreement for assistance from the International Monetary Fund (IMF) in Greece. In the early morning, the euro traded against less than $ 1.34 in London. The euro had recovered to around $ 1.38 last week, but the statements of German Chancellor Angela Merkel this weekend, hostile to European intervention in Greece, drove the currency earlier in the week.

Tuesday evening, the unofficial announcement of an agreement on French assistance from the IMF under a Greek rescue plan Wednesday morning precipitated the fall of the euro. "The emergence of the IMF sounds like an admission of weakness of the euro area, which does not seem able to run on her own problems," Nordine Naam analysis, currency strategist at Natixis."Suddenly the market was relocated to the sale."

These days, the euro could fall to $ 1.30, according to the strategist, according to news from Brussels. At three months, the currency could drop to $ 1.28 and stabilize around $ 1.30 by end of 2010.

Service stations offer soon Total sales of products traded by the retail giant reveals the Parisien on Monday. If the agreement is not finalized yet, but it should be signed in "coming weeks", the newspaper said.

2000 service stations on the 4,500 that currently account for Total in France are concerned. A lucrative potential market for the retail giant, is seeking to develop, under the leadership of its CEO Lars Olofsson, its network of small supermarkets. With 2,000 additional outlets, the group undergoing a transformation might indeed find a market for its products, and therefore exert additional pressure on its suppliers.It is on this point is that Total advantage partnership: distributing products purchased by Carrefour but not necessarily brand Carrefour, the retailer said the oil group could see lower prices and gain competitive teletrek no payday advance .

For the economic model of service stations relies increasingly on the sale of products with or unrelated to the essence. In a context where the consumption of petroleum products tends to decline, and where the imposition of environmental criteria reduces the margin of these operators, the sale of food takes a bigger share of profits generated by the stations. However, their number decreases in the territory inexorably.After Shell and BP, Total has recently announced its intention to close 500 of its outlets in France …

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In this day of "Four Witches" which is characterized by the end indices and futures, the Paris Bourse continued its forward march. Halfway through, the CAC 40 climbed 0.48% to 3957 points. Other European markets follow the same trend: the German Dax rose 0.42% to 6037 points and the FTSE-100 in London ahead of 0.76% to 5685 points.

In the absence of major economic indicators and publications of corporate earnings on Friday, investors should look back to Greece. The tension between Europe and the country led by George Papandreou weighed on markets.

Shortly before the opening of the Paris Bourse, the President of the European Central Bank, Jean-Claude Trichet, held a conference in Brussels. On Thursday, the United States issued a series of positive indicators. The CAC 40 ended the session down 0.50% at 3938 points.

The euro rose slightly against the dollar Friday after falling sharply yesterday, penalized by the continuing uncertainty surrounding a possible European plan to rescue financial Greece, facing a budget crisis without precedent.The single currency rating under 1.36 dollars.

The CAC 40 sees life almost any green

As for values, virtually all the CAC 40 spring up, with the exception of some values that are still hesitant, as Veolia (-0.33% to 24.52 euros) and Vallourec (-0.78% to 145 , 50 euros).

So they have penalized the CAC 40, Thursday, banking stocks posted on Friday, solid gains: Credit Agricole rose 3.19% to 12.61 euros and Dexia advance of 1.08% to 4.57 euros

After that Brussels has cleared EDF accused of abuse of dominance, the electrician's actions continue to increase: + 1.80% to 38.38 euros no teletrack payday loans !!!???!!!??? !.

EADS (+0.65% at 14.78 euros) has informed the Pentagon of its possible interest in participating in bidding for tanker aircraft for the U.S. Air Force despite the end of its partnership with Northrop Grumman, said Thursday the Pentagon.

Tidjane, the Director General of the British insurer Prudential, said Thursday evening to have declined a position as director of Societe Generale, saying want to focus on its proposed acquisition of the Asian subsidiary of AIG. Societe Generale shares advancing 2.12% to 45.60 euros.

Carrefour (+0.74% at 35.94 euros) announced Thursday the appointment of Vicente Trius the Executive Director responsible for Europe Belgium, Spain, Italy, Poland, Greece, Cyprus and Romania.The officer made the most of his career with the retailer Wal-Mart.

Belvedere (+0.71% at 29.93 euros): The spirits group said Thursday evening that its CEO had requested an appointment to the Chair of the Financial Markets Authority (AMF) to obtain explanation of the administrative order procedure launched by the regulator.

Athens loses patience. Having established an austerity plan unprecedented more than 10 billion euros to reduce its deficits, the Greek government requested that the European Union to turn goodwill. Prime Minister Georges Papandreou requested Thursday that European leaders to reach agreement at the summit next week on a mechanism to help Greece.

The head of government, speaking before the European Parliament in Brussels, was also skeptical about the suggestion by Angela Merkel, to be able to exclude a country from the euro area. "Just punishment could not be the solution. And punish and exclude a country would be a failure not only for the country (excluded) but also for the Union "Money as a whole, he said.

Besides the penalties, "the important thing is that we must ensure that countries that have problems are also supported," he said. On this point, George Papandreou reiterated that his country "does not claim to help": "We are not asking for money from Germans, French, Italians, and other workers or taxpayers."

"What we are saying is that we need strong political support to enable us to make necessary reforms and ensure that we will not pay more than necessary to implement these reforms, he explained to MEPs, before threatening again to resort to using the International Monetary Fund (IMF). This last possibility is rejected by the European Central Bank and by France and Germany.

The European Commission has however said Thursday morning contemplating to use the IMF was "normal, logical and prudent."

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PSG back, this time on the judicial scene. Since last Monday, said the trial of "questionable transfers" opened at the Paris Correctional Court.

At the helm, Lawrence Perp?re and Francis Graille, the presidents of the football club Paris at the time, the club itself, Nike France, two of its leaders and new players' agents, referred to "forgery and using false and unauthorized practice of the profession of players, like Richard Bettoni or Rako Stojic.No player is concerned, even if they could tax adjustments.

Between 1998 and 2003, the PSG players like Ali Bernabia or Ronaldinho would have received salary supplements that enabled PSG to pay less payroll and players less taxes, as magistrates pole of the Palais de Justice , Paris Renaud van Ruymbeke and Fran?oise Desset, who are investigating this issue since 2005.

Fictitiously inflating their role and responsibility, all 25 players involved have been inflating their commissions, and creating images contracts with Nike, they hit pay additional cash advance . These are the components of the charge.

The image rights dispute

The President, Quentin Chantal, the court stated that "some abuse of social good has been a non-place '.In other words, there was no personal enrichment.

On the image rights of players, Nike France says she bought them with consideration. But the president noted the "messages" which, for the prosecution proves the carat?re fraudulent transactions between Nike and the PSG. "If it happened that the sponsorship contract is terminated, the PSG is committed to guarantee the payment of such sums," Francis Graille mentioned in a note.

This issue of image rights will be discussed on Tuesday and Wednesday. The trial is expected to end April 14. The three remaining weeks will be spent on transfers.

The defendants face up to three years imprisonment and 225,000 euros fine for corporations. PSG may also pay 5.8 million euros that could be claimed by Urssaf.

"Surprising." "Moved". "Not yet" … The reactions of economists and analysts to interview with the Financial Times by Christine Lagarde is unanimous. The Minister of Economy French expressed doubts about the durability of a German model which penalizes it believes other European countries.

While Germany has deliberately chosen to stake everything on offer to boost its exports at the expense of domestic demand and of exports and other European countries, "it's still hard to criticize a countries, which introduced considerable reforms over the past ten years and whose discipline enables him to get away well, "said Marc Touati, economist at Global Equities.

France has no lesson to give Germany, and especially could receive, say analysts."It's fun for a country that lacks the courage to take the steps it must take to address a friend and partner, accusing him of being just too good student," quipped Marc Fiorentino, Euroland Finance.

"The remarks by Christine Lagarde is a form of displaced unmanageable," according to Marc Touati, that reservation, however, about the conditions of the interview and the return of his remarks.

Christine Lagarde Where does she come?

"I'm not sure that the German model based on the downward pressure on labor costs is sustainable over the long term," said Christine Lagarde, criticizing the trade surplus in Germany. She called Berlin to develop its domestic demand for the good of all Europe.

For Olivier Bizimina economist at Credit Agricole, these remarks are not really the place to be."There is a structural difference between Germany and France: the German household consumes less than the French household," says he. The Germans, when they have more money, save more and invest more. The French consume.

Moreover, the criticism of the Minister does not seem justified in the sense that "it's not as if there had been a competitive devaluation," he said payday loans no teletrack . Germany as France, have in effect the same currency: the euro.

A very contrasting Europe

Christine Lagarde continues to advocate solidarity and convergence between European countries, when Germany chose to focus on its competitiveness and displays its austerity facing European countries in difficulty.In other words, Marc Fiorentino, France asked the European harmony, but that will take place in Germany drawing down "to less jealous, rather than setting goals to the height its neighbor. A vision he considers "pitiful."

The meeting on Monday afternoon, the finance ministers of the euro area in Brussels on aid to Greece, following the joint conference between Gordon Brown and Nicolas Sarkozy in London promises to be stormy. The Franco-German tensions would be increasingly felt, according to some analysts, and contrast with the cordial political relations displayed by Nicolas Sarkozy and Angela Merkel with the media.

SOS eurozone

In a crisis, while Europe is expected to weld, "such criticism" has no meaning and could "put in pole position the idea of an ever more diverse," says Marc Touati .It is time the European harmony, reflection on a European "with clear rules for all countries with a federal …», continues bubget economist. Otherwise, "in 2020, the euro area has disappeared.

Marc Fiorentino, in an editorial on BFM radio this morning, has sanctioned the remarks of Minister of Economy of the verdict without appeal: "It is time that we have a cabinet reshuffle. It speaks of Christine Lagarde Foreign Affairs. This is good news, "he quipped.

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