The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.The hotel is also in advanced negotiations for the buy out its Indian partner Geojit Financial Services in a joint venture institutional brokerage, according to two sources familiar with the matter cited by Reuters.

According to La Tribune, Crédit Agricole is expected to announce during November job cuts, mainly in its branch banking and investment (CA CIB).

France Telecom: according to banking sources, the proposed sale of Orange Switzerland, a subsidiary of telecom, receives funding of around one billion euros arranged by the seller. The sale could be completed before the end of the year.

This is the revision of judgments that led the twin peaks of yesterday to look at both a greater debt forgiveness by the banks (see below) and a substantial extension of the second plan Support Service promised this summer.Signal of the malaise, the ECB has refused to endorse some of the assumptions of the report and the IMF dragging its feet to validate the final tranche of aid Papandreou government.

Three years late

109 billion euros announced July 21, the financing requirement of Athens may rise to 252 or even 440 billion in the darkest scenario of the troika. Greece, which was initially successful in refinance markets from 2021, could see the deadline extended until 2027. In the meantime, the countries of the euro should cover the dead as they have formally committed and maintain a drip Greece, backed up by the IMF payday loans with no fax.

Implicitly, the troika questions the validity of the treatment and the backlash seems he underestimated.Since the summer, "the situation in Greece has worsened," she notes prior to drive the point home: the plan adopted at the summit in July "reduced the pace of debt (the country) but the effect is more than offset the macroeconomic and political. " Clearly, the state of the patient's health deteriorates and Europe continues to hope for a better.

As a complicated medical treatment, management of side effects is crucial. Contrary to expectations, "Greece, part of a very low fail to juggle internal devaluation (through lower wages, Ed), tackling its budget deficit and the completion of its program privatization ", experts say the troika.

Privatization, expected to bring the Treasury Greek part of the resources it lacks, offer a good illustration of the inability to juggle all aspects of shock therapy.According to Troika, the recession and the collapse of financial markets have already reduced 66-46000000000 Product maximum expected disposals of businesses by the Greek State. Athens logically reluctant to sell off its assets at the worst of conditions. European experts in the wake recognize that the program has already taken three years late.

Innovation and Networks, protection of privacy, digital divide, security against cyber attacks are on the agenda of the conference New World 2.0. However, "there will be no statement after the conference, because there is already the declaration of Deauville, Le Figaro said Eric Besson. I wanted to spend New World 2.0 principles into action. It is time to materialize. "

Participants include, among others, Elliot Schrage, head of public policy for Facebook, David Drummond, Senior Vice President in charge of development of Google and Stéphane Richard, CEO of France Telecom, and Neelie Kroes, Vice President of the European Commission , in charge of the digital agenda. "This is progress as concretely as possible. These are issues that must be discussed together. New World 2.0 will bring together participants from 18 countries from five continents and all walks of life: ministers, large companies, startups, bloggers, venture capitalists, civil society, "explains Eric Besson cash advance today.

Value of content

The question remains networks at the heart of the debate. "There would not have the current development of the Internet without investing heavily in networks. In addition, we are only at the beginning of the increased use of networks.This raises the question of standards, quality of networks and investments, "says the minister. Before continuing, "On networks, we also work with the Americans. We do not want to trap them. What is the value of networks that are circulating over the contents. Our goal is to involve all major players. Thus we are able to be in the same round table number 2 on Google and the boss of France Telecom. "

If no resolution is produced at the end of this seminar, we must also rely on the goodwill of the United States, who will take over the presidency of the G8, to wedge the next go digital . "The event was to bring Internet to the agenda of the G8. And the highlight today is to bring together so many Internet stakeholders to implement together the principles of Deauville, "said Eric Besson.

However, this increase could be fragile. Investors may be tempted to take some of their gains after an increase in the Dow Jones 7.7% since the start of the week. Despite disappointing indicators in China (record deficit and a slowdown in trade surplus), U.S. carriers have in fact largely welcomed the progress of the week on the back of the Greek debt.

Uncertainties before the preparatory meeting of the G20

Once again, they will therefore be watching much of the session on the other side of the Atlantic, in Paris, which starts tonight and tomorrow until Saturday the preparatory meeting of G20 finance for the Cannes summit of November 3 and 4. The day after the green light by the Slovak Parliament to strengthen the European Financial Stability Fund (EFSF), European markets are waiting for concrete proposals to resolve the debt crisis in the eurozone. An expectation that the more salient, despite the slight relief seen this week on this subject, fears have resurfaced, with degradation that night by Standard & Poor's to the next level of the sovereign rating of Spain, "AA – "combined with a negative outlook.The rating agency's estimation likely further deterioration of the Spanish financial system.

These bad signals sent by the rating agencies do not, however, hinder the progress of the euro, which was up slightly against the dollar on hopes of crisis. Friday at 11:40, the euro was worth 1.3802 dollars against 1.3783 on Thursday.

The bank also threatened

In this global context, and in the wake of disappointing results yesterday from JP Morgan, the banking sector could remain under pressure. The exposure of banks to various debts of European countries and the possible need for recapitalization will remain a key concern payday advance low fees. If the biggest fears concern European banks, the U.S. financial KBW index was down over 22% since July 21.Placing under supervision yesterday by Fitch of three French banks (BNP Paribas, Credit Agricole and Societe Generale) should not lead a turnaround. Especially since the U.S. rating agency included four other international banks in its radar, and also degraded the Swiss UBS note one notch to "A".

New round of indicators

In terms of indicators, investors are attentive to the publication of retail sales for the month of September (1430). At the same time will be announced the import prices for September. At 3:55 p.m. ET expected the first estimate of the index of consumer confidence from the University of Michigan for the month of October. This series of publications will end with the stock assessment and business sales for the month of August.

Finally in China, inflation slowed slightly to 6.1% in September, against 6.2% in August, the government said Friday, but remains at a high level that does not bode a loosening of Chinese monetary policy.

As for values, the earnings season for the third quarter continues.

Last night, Google unveiled better than expected quarterly accounts. In the third quarter, its net sales rose 37% to 7.51 billion, and net income reached 2.73 billion dollars against 2.17 billion a year earlier.

After announcing Wednesday an increase of 4% of its quarterly net income, the American producer of beverages and snacks Pepsico is preparing to enter the market yoghurt.The Wall Street Journal, the American giant is about to create a joint venture with the German dairy group Theo Müller.

The toy maker Mattel said Friday aa a quarterly revenue above expectations, up 9% between June and September at two billion dollars against 1.97 billion expected by analysts.

Apple. The Apple brand will launch this weekend, the iPhone 4S, one of the latest products developed under Steve Jobs era. Analysts said the new smartphone would be sold over 4 million copies in its first weekend of marketing.

Unilever. The Anglo-Dutch food and cosmetics in Russia is growing by acquiring 82% stake in the Russian Kalina, for 390 million euros.

Excluded from this agreement the domestic free press Comareg (Released Sold), the division overseas (France Antilles, New Caledonia The …) and the group Paris Normandy.The latter could be brought to the joint venture after a restructuring led by the leaders of GHM.

This was submitted yesterday to the pool of 17 syndicated banks that have lent 190 million euros to Hersant Media Group, on the redemption, in 2007, Lagardère securities regional daily press in the south of France.

GHM has made some 700 million euros in turnover in 2010 to an operating profit of 18 million. The group, controlled by the family Hersant and directed by Dominique Bernard, announced in early July to be ready to open its capital to meet its debts. It has already sold its holdings in 2010 in Mediapost and Eastern Republican.

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No concrete decisions

Paris and Berlin agree on everything kept repeating the two leaders. In particular the need to "take the necessary measures to recapitalize banks", according to Angela Merkel, or rather to "strengthen the capital structure of banks in Europe," according to Nicolas Sarkozy.A semantic nuance that neither one nor the other details provided. The "details" will be specified later they have promised, even suggesting an EU summit scheduled for October 17 and 18 and qu'unEurogroupe quick pay day loan. This lack of concrete decisions may be poorly received by financial markets because it gives the impression that there are still differences between Paris and Berlin on how the European financial stabilization (EFSF) must be used to strengthen bank capital.

However, the two leaders seem more attuned to the desire to strengthen economic integration Lazone euro. It will require "significant changes" to the European Treaties, provided Nicolas Sarkozy.All these elements will be subject to comprehensive proposals before the end of the month, concluded Angela Merkel and Nicolas Sarkozy.

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Friday morning, in an interview Figaro.fr, the president of the SNCF had to call cool railway asking them to quickly resume work. After discussions with the unions in turn, management has committed to hold meetings with them to work to improve the security services. The first will be held Monday.

Traffic TGV, Corail and TER improved significantly Friday afternoon on the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2.But the return to normal really did that Saturday morning.

To find out if their train is running, users are advised to consult very Infolignes site, or call toll free (free from a landline) 0805 90 36 35.

Toll-free number and site of SNCF informationPotential always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket.

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night.According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

This small town of 598 inhabitants located in the province of Frosinone in the center of the country declared independence in protest against the government's austerity plan which provides for the pooling of budgets of small towns under 1000 inhabitants. The new "Principality" issued 20,000 tickets to the effigy of the Mayor and has already set an exchange rate against the euro if it would carry out its threat of secession. The "Fiorito" would then 0.50 euro.

The idea of ​​an alternative currency to the euro or the dollar is not new. By 2003, Prien am Chiemsee, a common German Bavaria, has released the "Chiemgauer." Notes 1,2,5, 10, 20 and 50 Chiemgauers have the same value as the euro and can be used in a network of retailers and businesses that have joined the project. Today there are 617 members. The phenomenon has become so widespread in Germany there are about sixty local currencies.

Development "solidarity"

These alternative currencies have also landed in France. At the initiative of the Association for the living act, the Bee has appeared in the wallets of the people of Villeneuve-sur-Lot in the Lot-et-Garonne, in January 2010. In Toulouse, the Sol-Violette is intended as a "currency ethics", which aims to promote "economic solidarity".Finally, the South Ardeche has established its currency, the Firefly, in spring 2011 in order to "pave the way for a greener economy of the human being and its environment."

Hints "solidarity" that is found throughout Europe, the hour or the debt crisis is spreading cheap business cards. In Belgium, in the region of Hainaut, in Mons has launched the Ropi to "relocate the economy, preparing for post-growth, and put the citizen at the heart of the debates and decisions, including finance and monetary issues. " These concerns go far beyond European borders. In the United States in the region of the Berkshire (Massachusetts), associations were created in 2006 a parallel currency system, based on BerkShares. Today, more than 400 companies accept this money, and more than 2.7 million BerkShares are outstanding, redeemable at $ 1 against 0.95 BerkShares.

Closed circuit

Faced with the popularity of these alternative currencies, the euro and the dollar they have to be worried? In a report published in 2007, the Deutsche Bundesbank, the German Central Bank, was already wondering if they could compete with the euro. According to the institution, the local currency in circulation in Germany then weighed the equivalent of 200,000 euros and their impact on the economy was "negligible." Today, they account for 900,000 euros.

The Bank of France, meanwhile, said that the legal tender, as defined in the Monetary and Financial Code, is the fundamental principle of any form of payment. "Traders are obliged to accept notes and coins are legal tender with this." Conversely, the release of a parallel currency is not prohibited, but it must be under an agreement between the different users."This currency is not exchangeable and circulates in a closed circuit," says the institution. Despite the snowball effect, the euro has probably nothing to fear from local currencies doomed to remain confidential.

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But the Swiss bank is not alone in feeling concerned. All trading rooms around the world have the fear of these traders "crazy", they keep trotting out the litany of Nick Leeson, the destroyer of Barings, to Jérôme Kerviel, the world record with 5 billion euro soared to Societe Generale. And each new scandal, as that caused by Kweku Adoboli at UBS encourages to review the effectiveness of brigades antifraudeur.

In 2008, after the disappointments of Societe Generale, Bercy was imposed on Societe Generale, BNP Paribas and Natixis other a plan of attack.Knowing that the supervisory authority requires more or less equity trades across markets depending on the quality of procedures for prevention and detection, the effort proved intense. "The work that was conducted in French banks would have allowed UBS to avoid this fraud," says Benoit Genest, director of risk modeling to consulting firm Ares & Co.

Behavior analysis

It must be said that the modus operandi of Kweku Adoboli reminiscent of Jerome Kerviel. The index trader UBS is accused of fictitious transactions rose, from 2008 to hide unauthorized positions. To locate this type of martingale, French banks have muscled their risk control systems and require confirmation and signatures to all floors. The positions are valued at their nominal and not just in terms of their net worth of blankets.But hunting is not just a matter traders crazy numbers. The behavioral analysis is essential payday loan.

Banks take very seriously the obligation to their teams to take two weeks off in a row. Not always easy to organize when the holidays are reduced in some countries like Hong Kong. Especially as the human drive to ensure that details two "friends" of a trading floor can not take turns (and hide their possible combination). For the same reason, traders no longer allowed to fraternize with brokers who do their bidding. Farewell invitations lavish gifts and generous year-end. The managers themselves are trained to identify the stress level of their troops. A trader is often fool someone who originally did not dare tell her a little higher "palm".As for those who, like Nick Leeson and Jerome Kerviel Kweku Adoboli now, have gone through the support functions, they are observed under the microscope …

It's new, each operator sign contracts every year a mandate that defines the size of the playground: what products he is authorized to treat, what maturity, what currency, which limits … So any foray outside of this area can be identified. The aim is to ensure that the trader does not abnormal behavior, such as more frequent transactions or unusual amounts. It is no coincidence, moreover, if the fraud often arise when markets are heckled, when finally the abnormal becomes the norm. "Studies show that the risk of fraud is increasing in times of market turmoil," warns Benoit Genest, Ares & Co.So vigilance …

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Thus, the European Central Bank (ECB), the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan have opened their facilities for dollar loans to European institutions in three months, at their request. The decision was hailed by leading international institutions including the IMF, through its President Christine Lagarde: "This is a clear indication on their part, from the two largest members of the euro area from a point of Economically, the future of Greece is truly in the euro area.This appears to be strongly rooted in them both, "she said Thursday night by referring to the Franco-German tandem. The same applies to the ECB: "We are all very closely 'united in one purpose,'" said last night Jean-Claude Trichet, president of the ECB.

A meeting of finance ministers in Poland

However, brokers are concerned that this improvement was not part of the time. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "Suddenly, all eyes have turned to Wroclaw in Poland, where there is a meeting of EU finance ministers on Greece.It should last two days and overcome the remaining obstacles to the implementation of the second plane to Athens to help avoid bankruptcy the country, totaling nearly 160 billion euros, decided July 21. Note that Timothy Geithneir, the U.S. Treasury Secretary, will attend the round table.

On the other side of the Atlantic, U.S. President Barack Obama said Thursday night that his plan for the use of 447 billion dollars could generate "up to 2 points of growth" and lower "a point unemployment ", by creating 1.9 million jobs, in a speech in Washington. And while the United States are experiencing an unemployment rate of 9.1%.

On the foreign exchange market, the euro kept most of the gains made the previous day.The European currency was worth 1.3848 dollars and 106.31 yen Friday morning, down slightly compared to 1.3882 dollars from the previous evening. Similarly, the oil price displayed in a small increase in morning trading, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112.44 dollars. "This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.

On the macroeconomic front, foreign trade and balance of payments in the euro area for the month of July will be published on Friday.

In France, business start-ups in France rebounded in August after two months of decline.A total of 41,697 companies were created last month, according to Insee, a figure up 7.5% from July, which was the worst month for a year and a half.

United States, the net capital flows and the index of consumer confidence from the University of Michigan will be published early in the afternoon.

Values ​​to follow

Banking

Again, banks, led by Societe Generale (4.96% to 19.19 euros), Credit Agricole (3.30% to 5.70 euros) and BNP Paribas (3.92% at 31, 69 euros), will be scrutinized by investors, following the decision by central banks to help European institutions.

Air France-KLM (0.84% ​​to 6.11 euros) and EADS (+0.02% at 22.22 euros)

The manufacturer will control 50 devices equally between European manufacturers Airbus and Boeing, for a total of $ 11.3 billion (8.1 billion euros) to ensure the renewal of its fleet, say Les Echos to be published Friday.

Hermes (-6.08% to 252 euros)

Resumption of trading on Friday for the title of the luxury group, which was suspended the day pending the decision of the Court of Appeal in Paris on speculation about the fate of its capital due to a possible takeover bid by LVMH.

Areva (3.17% to 21.66 euros)

The group has suspended two months for the production of two French factories processing of uranium due to the decline in demand for nuclear power plants in Japan after the disaster in Fukushima, officials said Thursday from the French nuclear group.

EDF (2.25% to 21.09 euros)

Group and Electrical Delmi A2A and its majority shareholder, who jointly control Edison, announced the extension of their shareholder agreement until October 31 at number two in the Italian electricity.