The people of eastern Provence-Alpes Cote d'Azur are encouraged to moderate their power consumption between 18 and 20 o'clock tonight. There is "a real break."
The departments of Var and Alpes-Maritimes were placed on red alert Ecowatt for the day Monday, meaning that there is a "real risk of power outage on the east of the Provence-Alpes-Cotes d'Azur, RTE has announced on its website
. While the EDF subsidiary responsible for carrying current provides a new record consumption in France for Monday 19:00, clients are asked to reduce their electricity consumption between 18:00 and 20:00. "Faced with the real risk of power outage on the east of the PACA region, all partners Ecowatt is mobilized," said RTE.
Due to the wave of extreme cold and the importance of electric heating in France, French electricity demand has surged in recent days and flirting with historic levels. RTE provides for the fateful hour of 7:00 p.m., around which electricity demand reaches its peak every day in winter, consumption of 97,900 megawatts (MW), beating the current record of 96,710 MW reached Dec. 15, 2010, according to his tracking software in real time Eco2mix.
Due to a capacity lower than elsewhere in the means of production and power lines, east of PACA and Britain are considered "peninsulas" much more vulnerable to a "blackout" electric. Interviewed on RTL, the boss of EDF Proglio said Monday morning that his group would face "in terms of production capacity," but acknowledged that the distribution system was weakened during record consumption. "I confirm that EDF will be the appointment of the electrical needs of France even in advanced today as" indicating that the electrician had "mobilized all its resources". "This is the distribution network that is involved. (…) The distribution network is made vulnerable in terms of capacity during periods of high peak and we ensure that this weakness does not result in cuts" , he said.
"These include two large areas in France who are in vulnerable situations, it is the West and South-East for reasons related to the fact that these regions, the inhabitants of these regions fairly routinely refuse capacity building routing, "he justified.
As for the Val d'Oise, where some 3,000 homes were without power Sunday night due to a failure of an underground electrical cable, Mr. Proglio assured that "the situation will be restored in the day". The Var and Alpes-Maritimes and the United Kingdom had already been placed in "risk orange" dernière.RTE recommend particular week, also to avoid using appliances, turn off the electricity in unoccupied rooms and equipment in standby mode
. French consumption had grazed his record Thursday night at 96,377 megawatts, while strongly negative temperatures and snow affect France.
The negotiations between Greece and its private creditors on debt restructuring of the country could be concluded on Wednesday, said bankers and politicians, even if a rise in the role of the European Central Bank (ECB) is now seen as imperative in the case. </ p> According to the bankers and those responsible for the sector Private is now ready to accept a discount of about 70% of Greek government bonds held by it, which should reduce the debt of some of Greece 100 billion euros. </ p> The Greek Finance Minister Evangelos Venizelos for his part said that the discount could be even higher than 70%.</ P> That said, despite its size, this discount should not, according to officials, be sufficient to reduce the debt of Greece E equivalent of 120% of gross domestic product (GDP) by 2020, ratio deemed necessary, as part of plan to help the International Monetary Fund (IMF) and the European Union to make debt sustainable. </ p> As a result, more and more people involved in the case believe that the Greek public holders of securities – the ECB and national central banks of euro area – must participate in the debt restructuring of the country, continued bankers and officials.</ P> "The analysis is done at this stage is to see what measures the public sector could take to reduce the debt of Greece," he told Reuters a European Head , to the point of discussion. </ p> "The goal is to reduce the debt-GDP ratio to 120%, but even with the exchange of debt, it is still be ; s so far the public sector involvement is necessary. "</ p> A banking source said it was now accepted that private sector involvement would not produce the desired effects without the public sector also assumes some of the losses. </ p> "Now we discuss how," she added.</ P> LOSS FOR CENTRAL BANKS </ p> sources of the ECB told Reuters last week that the ECB had paid during the year e past, as part of its controversial program to buy back shares, 38 billion to buy Greek bonds with face value of 50 billion euros. </ p> The ECB finds itself position to record a nominal gain of 12 billion euros, a sum that could be reassigned to Athens without the ECB does not suffer losses. </ p> But one European official added that this still not enough to bridge the gap – estimated at 10 percentage points – between the discount that is about to make the private sector and the goal of a debt of 120%.</ P> The ECB and national central banks in the euro area could be forced to take losses on assets held or at least to waive payment of interest. </ p> But, according to sources, the results of some national central banks would not withstand such losses. </ p> "This complicates the discussion," said a banker about this possibility. </ p> Another source said that it might be necessary for one or more central banks to raise capital to offset possible a loss.</ P> While discussions on private sector involvement culmination Wednesday – after I started there almost seven months and have been interrupted several times – the resolution of the issue of public sector involvement could still take a few days. </ p> European shares closed higher, buoyed by the hope biento t reach an agreement between Athens and its private creditors on Greek debt and after the adoption of the new Treaty of fiscal discipline. </ p> Failing agreement, the Greece could end up in default of payment, when 14.5 billion euros of bonds will mature in March. </ p>
The operators of the Tokyo Stock Exchange and Osaka announced Tuesday they would merge in 2013 to give birth to the Third World scholarship, with traded securities worth about 3,600 billion dollars (2.664 billion euros) .
After months of negotiations, the operation of a $ 4.1 billion, will allow the two stock exchange operators to pool their complementary strengths in a rapidly consolidating industry.
The Tokyo Stock Exchange (TSE) controls 90% of equity trading in cash while the Osaka Securities Exchange (OSE) attracts the largest volumes of futures contracts on the Nikkei and other derivatives.
The combined value of these securities listed on stock exchanges comes behind that of NYSE Euronext (12,000 billion) and Nasdaq OMX Group (close to 4.000 billion), according to figures from the World Federation of Exchanges (WFE).
Over the past five years, mergers and acquisitions announced in the stock sector operators accounted for about $ 83 billion, the players wanting to reduce costs and diversify the face of weak revenue from the traditional trading of shares.
The TSE will offer 480,000 yen per share OSE, a premium of 14% over the closing price on Monday.
The entity formed by the merger will remain as a vehicle listing title OSE, which gained up to 5.5% after the announcement, before closing up 4.6%.
The ratio of the TSE merger valued at approximately 1.7 times the OSE, whose market capitalization reached $ 1.5 billion.
Outgoing Prime Minister and opposition leader have agreed on the names of the ministers of the next coalition government. They should announce it in the day. President Papoulias with George Papandreou and Antonis Samaras.
Greek Prime Minister outgoing, George Papandreou and his conservative rival, Antonis Samaras agreed to form and announce "that day" the new coalition government that they negotiate for three days, told AFP a government source . "There is an agreement on the course, which provides that Mr. Papandreou will make by the beginning of the afternoon at the head of state, who then convene a meeting of leaders of political parties during which agreement will be recognized and announced the composition of the new government, "the source said, but to come forward on behalf of the future prime minister, whose only certainty is that this is not Mr.Papandreou.
An ad for a room of 4.5 m² sold 38,000 euros has rekindled the controversy over the excesses of the real estate in Paris. Should we see evidence of a "market shacks" and the activity of the slumlords? Elements of response. http://www.flickr.com/photos/gcattiaux/
"Avenue Théophile Gautier, the seventh with no elevator. Refurbished room with skylights, approximately 4.5 m2 floor, WC on landing. Ideal office or residence. Price: 38,000 euros … Or nearly 8500 euros per m2. " Wednesday blamed the Liberation journalist Tonino Serafini, this ad has revived the controversy over the excesses of the housing market in Paris.
"Prices are high in Paris in general. They can go up to 12,000 euros per m²" says Jean-Yves Mano, the deputy mayor of Paris in charge of housing. Theophile Gautier Avenue, the average price rises in 9200 and euros, or 700 more than the closet in question.According to the election, "it's the size that is unreasonable. This announcement is outrageous and I hope no one will respond favorably" says he. The site pap.fr, who had published, was also quick to remove it.
But it is far from an isolated supply. "Further announcements show that there is a market shacks" said Libération journalist also on his blog. It evokes a room as well rue du Faubourg Saint-Denis (Paris IX) of 6 m2, or another in the 17th, 7 m2, both at 45,000 euros. But who are the real buyers in this market? What is their purpose?
Merchants of sleep?
The law prohibits a surface lease under 9 m², considered minimum level of decency. "But I do not see anyone buying a small area at this price if not for the purpose of return" admits Jean-Yves Mano.
The European Central Bank lowered its key rate to 1.25% against 1.5% so far. The new president of the institution Mario Draghi must hold a news conference this afternoon to justify this choice. The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet for the presidency of the European Central Bank.
The European Central Bank (ECB) decided on Thursday to the surprise of lowering its key rate a quarter point to 1.25%, it had noted in the same proportion there is barely five months.
Since the launch of the euro on 1 January 1999, the ECB changed its rates 34 times (18 increases and 16 decreases).
The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.
European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.
Moody's Investors Service downgraded Tuesday by three notches note of Italy, explaining see an increase risk of financing for euro area countries with high levels of debt.
Moody's reduced the rating of Italian government bonds from Aa2 to A2, a grade lower than that of Estonia.The U.S. agency maintains a negative outlook on this rating, which means that further falls will be a few years.
On 19 September, Standard and Poor's had lowered its rating on Italy as it was previously A/A-1 to A + / A-1 +.
Italy now finds itself firmly at the center of the crisis of debt in the euro area.
"The negative outlook reflects the economic and financial risks in Italy and in the euro area," Moody's said in a statement.
"The uncertain environment of markets and the risk of further deterioration in investor sentiment could limit the country's access to public debt markets."
Financial markets are worried more and more weak growth, a deficit of 120% of gross domestic product and a coalition government in difficulties.
The decision by Moody's is not really a surprise. The agency had said Sept. 17 it would complete its review of Italian finances for a possible downgrade within a month.
Silvio Berlusconi said that the decision was "expected".
"The Italian government is working with maximum commitment to achieve its fiscal objectives," said the head of government.
Moody's believes, however, a defect of Italy is a probability "distant".
Borrowing costs have surged in Italy the past three months.And if they were brought under control, thanks to purchases of Italian bonds on secondary markets by the European Central Bank.
So last month, an Italian ten-year loan had to be based on the promise of a return of 5.86%, the highest level of this type of paper since the launch of the euro there over ten years.
The austerity plan of 60 billion euros from the Italian government to enable it to accelerate by one year to 2013 its goal of a balanced budget.
The French Minister of Industry, Eric Besson, ruled Monday "totally premature" to discuss the hypothesis of a partial nationalization of French banks to prevent serious impacts of the debt crisis.
The major French banks have suffered heavily traded in recent weeks of market turbulence, to the point that some observers do not exclude more than they must use the financial support of the state to strengthen their capital base.
"It seems premature and totally beside the point now to raise this event," said Eric Besson on RMC and BFM TV.
Societe Generale announced earlier today a new savings plan, while the rating agency Moody's might, according to several sources, the note will soon deteriorate and those of BNP Paribas and Credit Agricole.
Bank stocks were the main victims of a new Black Monday stock market. But according to Dominique Dequidt, fund manager at KBL Richelieu, concerns about them are exaggerated.
Fears about the banking stocks have been very heavy on Monday on all European markets. In Paris, Societe Generale tumbled 8.64% to 20.25 euros, signing the largest decrease in the CAC 40. BNP Paribas lost 6.34% to 31.30 euros, Crédit Agricole (-5.51% to 5.84 euros) and Natixis (-5.68% to 2.55 euros). In the background, the difficulties of Greece, the threat of a lawsuit in the United States against 16 banks – including Societe Generale – for their responsibility in the subprime crisis, and the desire to recapitalize European banks by the IMF .Dominique Dequidt but remains optimistic.
What are the fears about banks today?
First, the gradual disappearance of the sovereign rating in Greece opened the door to further degradation, Ireland and Portugal in the lead. This is one of the great fears in the market today. Investors fear losses that may result in banking stocks that are exposed. Indeed some of the U.S. money market funds that had liquidity of investments in Europe have rather taken off the market last week. The second point is the deterioration of the American note in the summer. She amplified these fears and stoked fears of slowing global growth.
These fears are justified?
It is not really justified, at least in the short term. It is mainly a crisis of confidence that undermines the market.But look closer, banks are healthy. When we look at the credits granted by banking institutions in Europe, there is no need to panic. They rose 3% in the first quarter and 4% in the second. And despite a rather European growth at half the second quarter.
Banks are robust enough to withstand the risk of European sovereign debt and the threat of global recession?
Yes, in the event that we are not witnessing a collapse of the banking system. But there is no need to be as alarmist as the IMF on the recapitalization of banks. They have made big profits in the first half. BNP Paribas, despite its 450 million refinancing of provisions in the Greek debt, posted a profit of more than 2 billion euros in the first quarter.
But banks are very fearful to lend to each other.The level of cash placed with the European Central Bank has now reached 151 billion euros …
We are in a tense situation since the beginning of August the fears are heavy on the strength of some banks. Hence the difficulty they face to lend to each other. This level is certainly high compared to six months ago. But we are still far from the amounts of their outstanding 2008 in which the ECB had reached astronomical levels.
The trial of the U.S. federal government against 16 global banks – including the general society – he may weigh on an already difficult climate?
I do not think, at least for France and Europe. They are not involved in the trial. And regarding the risks of fines, it is called, in the extreme case, a fine running into hundreds of millions of euros.This is a difficult but there is no major concern to have.
To what extent can we expect an impact on the real economy if the situation worsens?
Banks have made a big effort on their balance sheets, it is not in the same situation of overheating than during the crisis. They are now well prepared for the state of distrust of the markets. But the phenomenon of double-dip recession may occur. 3 months ago investors imagined a soft landing in growth after the good figures of 2010. Today expectations are more cautious, and go up to imagine a recession in 2012.