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 Italian Senate on Friday approved the law of financial stability, a set of austerity measures demanded by the European Union to deal with the debt crisis in the euro area.
The Chamber of Deputies will vote Saturday on the text and Prime Minister Silvio Berlusconi, private on Tuesday its majority in the House, has promised to resign in the wake to give way to a broad-based government should be led by the former European Commissioner Mario Monti.
The latter voted for the first time Saturday at the Palace Madame – he was appointed senator for life last Wednesday by President of the Republic Giorgio Napolitano.He also called Italian President to express his confidence in his "leadership".
Nicolas Sarkozy announced that he would speak in the day Friday with Giorgio Napolitano.
A MONTI market confidence
"What is needed is that we could get back on track in Greece, it is happening, our Italian friends, who so many ties bind us is what is being to be. I will immediately President Napolitano on the phone, "he said on the sidelines of celebrations of the Armistice of November 11,.
The U.S. Treasury Secretary Timothy Geithner stressed that the crisis in Europe was "the main challenge to global growth."
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.
Three days after international issues overshadowed the G20 summit in Cannes, the budgetary situation and policy in Greece and Italy will again be the focus of discussions among finance ministers of the euro area and European Union on Monday and Tuesday in Brussels.
The meetings of the Eurogroup and the Ecofin Council will kick off a new week decisive for the future of the single currency.
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).
Rating agencies are firing on all cylinders against the countries of the euro area. After Spain and the "warning to France, it's time for Slovenia to suffer the wrath of one of them. The President of Slovenia Danilo Turk announced Sept. 28 elections early parliamentary December 4, following the overthrow of the center-left government of Prime Minister Borut Pahort.
The rating agency Standard and Poor's downgraded Wednesday by one notch credit rating of Slovenia, pointing degradation "of budgetary conditions" of the small Alpine country member of the euro area.
Standard and Poor's has increased from "AA" to "AA-" credit rating of the bonds Slovenian long-term, explaining that "budgetary conditions of Slovenia has deteriorated since the financial crisis of 2008" without that "the Government has presented a credible strategy of consolidation."
"AA-" is the fourth best score on the scale of Standard & Poor's and Ljubljana retains its status as issuer of high quality. In late September, it was Moody's had downgraded the sovereign rating of the country and threatened to lower it again, highlighting the fragility of banks and the risks to the government having to intervene again to support the sector.
Fitch's colleague had done the same in the process, lowering by one notch to "AA-" rating of the country, citing similar reasons. Fitch also regretted the rejection of the pension reform, "which is" a setback for long-term soundness of public finances. "
The decision by Standard and Poor's comes as pressure continues to deepen in the euro area, which is still unable to stem the debt crisis, while financial markets have placed their hopes in the top of the EU in Brussels on Sunday.
Tuesday, it is Spain which has been targeted by the rating agencies, with Moody's lowered the country's credit rating by two notches, and indicating that it might be lowered further in the medium term ."The debt burden has declined in Slovenia between 2002 and 2008 and has grown rapidly due to government policy to protect the economy and the banking system of the negative impact of the crisis," noted the agency in a statement.
Standard and Poor's has reported a "stable outlook" for the former member of Yugoslavia because "the expectation" of the agency to see "the government strengthen its finances and implement a program to consolidate budget ". The Slovenian government was overthrown in late September and early elections were called for December 4.
This election "is an opportunity for the new government to avoid another slip (public debt) and to implement structural reforms," said the American agency.Former student model from the former communist members of the EU, Slovenia has been hit hard by the economic crisis and financial crisis of 2008/2009 and is struggling to recover.
Unemployment has nearly doubled in three years. The public debt rose from 22.5% to 43.3% of gross domestic product (GDP) between 2008 and 2010, but remained well below the limit imposed by the Stability Pact and European growth (60%).
In 2025, the share of the Middle Kingdom in world trade will reach 13%, according to HSBC. That of Germany will decline by 8.2% to 7.2%, while France would decline from 3.9% to 3.1%. China in 2011 the most populous country in the world with 1.33 billion people
You feel that China dominates world trade? You have seen nothing yet. A study by HSBC, China will become the world's largest exporter by 2020, before the United States. In 2025, the share of the Middle Kingdom in world trade (exports plus imports) reach 13%. "This is the only country that should see its share rise by more than three points over the period 2011-2025," said Alan Keir, director of the corporate market for the HSBC Group.The reason for this shift history: the close trade links with other emerging countries.
In recent years China's secure raw material supplies by investing in Latin America, Asia and Africa. It also provides consumer goods to the entire developing world, where demand is exploding. Between 2001 and 2010, for example, trade between China and Brazil has jumped 1000%! Now Brazil will be one, within fifteen years to come, of the most commercially vibrant. Its trade increase by 144% over the period 2011-2025. Vietnam, Indonesia, Egypt and India, where trade will grow even faster, also used as a springboard for Chinese companies.
Further decline in the share of France
This dynamism of trade in the emerging world will lower the share of industrial countries in world trade.This is the second lesson of the study of HSBC. Germany, for example, would see its share decline from 8.2% to 7.2% by 2025. But German companies working more with businesses in emerging Europe (Poland and Czech Republic) in order to remain competitive. North America, meanwhile, would be able to maintain a market share of 14.5% in 2025 (against 14.3% today) thanks to exports of pharmaceuticals to developing countries.
And France? Our country accounted for 3.9% of world trade at the end of 2010. This figure could fall to 3.1% in 2025. France has a strong industrial base, including aerospace, engines, pharmaceuticals and motor vehicles. But our trading partners in most European countries, where growth is relatively low.But the study by HSBC is clear: to Asia that the new trade corridors are created. The experts are betting on an increase of 120% of trade between France and India over the period 2011-2025. But this is hardly impressive in the light of developments in world trade (73% expected over the next 15 years). China, by comparison, has tentacles ten times faster.
The specialist management software database Oracle reported Tuesday a quarterly revenue slightly exceeded expectations, despite a context of weak prospects for spending in the technology sector.
In after-hours trading, the value gained 1.3% after closing down 2.31% the Tuesday meeting.
The American group, which has diversified in the last year by buying the equipment server manufacturer Sun Microsystems, has a turnover of 8.37 billion dollars in its first fiscal quarter ended in August, an increase of 12% over the previous year.Wall Street expected $ 8.35 billion.
Sales of new software, guaranteeing revenue to come in the area of maintenance, increased 17% against a 15% increase expected.
Net income rose to $ 1.84 billion, or 36 cents a share, Cutter $ 1.35 billion, or 27 cents per share a year earlier.
Excluding items, the profit amounted to 48 cents a share against 46 cents expected by the Thomson Reuters consensus I / B / E / S.
Quarterly dividend of six cents per share, payable on November 2.
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.