While global stock markets fell Tuesday for fear of failing the Greek debt restructuring, the European Commissioner for Economic and Financial ensures that the operation "should proceed smoothly."
Stop the panic that gripped markets. Two days before the deadline given to private creditors of Greece to accept or not the deletion of part of the country's debt, the European Commissioner for Economic and Financial Affairs, Ollie Rehn, steps into the breach. In an interview with Le Figaro, he argues that the operation "should proceed smoothly." And adds: "From the information we collect, the debt swap should take place smoothly, as the transaction is financially attractive to the private sector"
The Finnish Commissioner was asked about whether the fact that the dreaded "credit default swaps" (CDS), these insurance contracts on default of payment to be triggered if the debt exchange operation went wrong. "It is not our preferred scenario. Instead," said Rehn, while anxiety has spread in the markets Tuesday.
European shares ended the session sharply down and banking stocks were particularly hard hit, indicating investors fears of a default of Greece as we approach the result of the restructuring of its indebtedness imposing. The rate of participation of private creditors should be at least 75% for Greece to erase part of its debt (107 of the 200 billion held by private creditors) and receive the second aid package of 130 billion approved last week in Brussels.
About a third aid plan, referred to by the German weekly Der Spiegel Sunday, "this is a hypothesis that has been circulating among Cassandra, I am not …", Rehn sweeps. "Let's focus instead on the implementation of the second rescue plan, which provides a unique erase debt," he told the BBC.
The Commissioner also stated "that the risk of explosion (the eurozone) is behind us." But "the recession is here, and unemployment is worrying," he says. "We are at a critical time in which member states must keep their budget commitments, to make the necessary structural reforms, while strengthening the firewall to anti-crisis 750 billion euros in Europe," Rehn recommends.
Dexia Credit Local, Dexia's French subsidiary, said Friday it has launched a takeover offer for 700 million euros of subordinated notes issued in November 2005.
The bank stress due to the dismantling of the debt crisis in the euro area, said in a statement that this operation is intended to strengthen the equity "hard" and Dexia its French subsidiary.
"The net result of the sale and implementation of the tender offer will be neutral in terms of liquidity and result in improved equity and hard of Dexia Credit Local ( DCL), "says the bank.
Dexia had said late last year want to recapitalize its subsidiary DCL 4.2 billion, including € 2.5 billion through the conversion of subordinated loans s.
The committee of independent directors to investigate the controversial takeover of UraMin by Areva is expected to conclude Tuesday with a "weak governance", says the Sunday newspaper, citing a "source close "group.
Rene Ricol, charged in 2010 by Nicolas Sarkozy to audit the accounts of French nuclear giant, looking for the same argument, although it acknowledges not Lauvergeon, the former President of the Executive.
The latter said he had no knowledge of mining reports dated from 2008 and 2009 from the geology department of Areva, according to Rene Ricol who put labels on mine reserves and opportunities for exploitation.
"If Anne Lauvergeon has not been informed, the least we can say is that this is a concern in terms of governance," he said, adding that he has had not itself access to these documents during the audit.
"This lack of transparency is unacceptable," he adds.
The purchase of Uramin in 2007 to 1.7 billion euros has forced the giant French nuclear to include in its accounts in 2010 and 2011 provisions totaling close to 1, 9 billion euros to reflect the depreciation of its assets following a drop in uranium prices.
The Industry Minister, Eric Besson, said Sunday he expected the committee's report Tuesday to decide.
"I think we should let those whose work is now shed light on this apparent overvaluation, almost coarse, this mine," he said in the e The Great Mission Visit Europe 1 / i> TELE / Le Parisien.
"This is precisely what the committee of independent directors must say and enlighten. Is it simply a gross error of assessment or do it more? It is for this committee on the one hand and justice, as it has received various complaints now, to say it. "
.. …… "unacceptable practices"
Rene Ricol also condemned the investigations by the husband of pharmacies Anne Lauvergeon
. "These practices are completely unacceptable," he said, calling however "paranoid" reaction of the former president of nuclear group
. He called the protagonists of the record-Anne Lauvergeon, the current leader of the group and Luc Oursel Director of Mining activity Sebastian Montessus to keep their cool. "If they do not subside, it will all end badly."
Lauvergeon Wednesday asked the court to appoint an expert to examine the conditions under which the group commissioned a survey in 2010 related to the acquisition of Uramin.
The Tribunal de Grande Instance of Paris (TGI) announced that it would make its decision on February 29.
Lauvergeon and his lawyers believe that the recipients of the report, ordered society Apic, did not respect the internal rules of Areva.
They say that they include not having alerted the supervisory bodies of the group while the report concluded Apic a possible "fraud" in connection with the redemption.
Lawyers for Anne Lauvergeon protest against an investigation that would have resulted in an alleged espionage husband of the former president of Areva, Olivier Fric, to determine if the had illegally benefited from the acquisition of Uramin.
The former president and CEO of Areva has defended the purchase of Uramin and considered normal for this type of operation can lead to impairment.
The price of a liter of unleaded 95 euro climbed to 1.5640, while that of 98 unleaded rose to 1.6022 euro. This surge is due to tensions in Iran and the decline of the euro.
The price of gasoline at the pump hit new highs Friday in France, according to data released Tuesday by the Ministry of Sustainable Development, those of diesel playing in contrast to the decline. The price of a liter of unleaded 95 euro climbed to 1.5640, while that of unleaded 98 (whose sales are much lower in SP95) rose to 1.6022 euro, surpassing both levels records they had met in January, according to figures compiled by the Directorate General for Energy and Climate (EDCM).
However, diesel is still trending down, to 1.3960 euro per liter last week against a peak of 1.4240 in mid-January, and well below its spring 2008 record (1.4541 euro ). These are national averages calculated by the DGEC from data provided by service stations.
This surge is linked to two phenomena, geopolitical tensions (Iran, Nigeria …) that keep crude oil prices at very high levels, and weakening of the euro against the dollar, which increases the cost of black gold imported into France, once its price converted into the single currency. Diesel sales represent about 80% of French consumption of motor fuels, the unleaded 95 just under 15% and unleaded approximately 98% 5.
The Industry Minister, Eric Besson, promised that the potential beneficiaries of social tariffs for electricity consumption of course apply from 1 January even if the measure of automatic access is still not back in force.
While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet the measure was to take effect January 1. This had been announced in the fall of Eric Besson, Minister of Energy. Faced with this bug, it has reiterated on Friday that the device, once it enters into force, will be properly applied "to the gas bills and electricity consumption corresponding to January 1, 2012." In other words retroactively.
This delay, which is expected to continue for several more weeks, is due to the fact that the "last formal consultations" between government and industry should always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of Paris …
These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is less than 634 euros per month (for a single person). Entered into force in 2005 for electricity and gas in 2008, social tariffs were previously allocated upon application to rights-holders (the limit is 7800 euros in annual revenue to about a single person and 11,700 for childless couple, ed), but by lack of information or administrative complexity, many do not demand.
Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.
"The decree is under consideration by the Council of State, he should be able to give its opinion in the coming weeks, when he will have the last formal consultations that are normally involved in early (February editor's note) . The decree will be published in the coming days, "the ministry said.
In connection communication, the President of the Syndicat Intercommunal the outskirts of Paris for the Electricity and Communication Networks (Sipperec) Catherine Peyge said there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, meaning they spend more than 10% of their budget on their energy bills, says she said. "What do public authorities to publish the decree and to end the anomaly whereby a tariff, decided in 2000, implemented in 2005, still can not protect the families who need? Meanwhile the prices of electricity rose by 6% in two years, and the bill could jump by 30% by 2016 ", criticized Ms. Peyge.
The Industry Minister Eric Besson confirmed Wednesday that the price of gas and electricity for individuals would be maintained until the presidential election, despite requests from EDF and GDF Suez.
The Minister of Industry and Energy Eric Besson confirmed Wednesday that the price of gas and electricity for individuals would be maintained until the presidential election, despite the attacks to justice and GDF Suez of other gas suppliers. Asked about RMC and BFM TV about the continued freeze gas prices to presidential, Mr Besson said: "Yes. The Prime Minister made this decision and he made it clear to the national representation . (…) In any case for individuals. "
"We have a simple thesis is that the increases should be extremely limited so as not to influence the purchasing power," he noted, without being able to specify whether this also applied to the gel subscription. For electricity, Mr. Besson is back in a statement to AFP on the remarks made earlier on the air. "It will increase slightly, probably," he said on BFM TV and RMC. "I do not know (when) we will discuss this with EDF."
Asked by AFP, the Office of the Minister of Energy said: "Eric Besson reaffirms that in accordance with the arbitration of the Prime Minister, electricity rates applicable to individuals are frozen until 1 July 2012, and no decision is expected to increase. "
Suzuki Motor reported Monday a 6.2% increase in quarterly operating profit despite the impact on its sales of social movements in India, the first Japanese car market, which has maintained its forecast for the entire the 2011-2012 fiscal year.
The group's operating income for the period July-September second quarter of this year stood at 39.2 billion yen (365 million euros), while analysts had on average expected 25.6 billion yen.
Net income for Suzuki, owned 19.9% by Volkswagen as part of a partnership that turned sour, fell 13% to 13.3 billion yen while revenue declined by 6 , 6% to 618.8 billion.
Societe Generale said Thursday in an email to the press that the goal of equity of 9% at end-June 2012 without resorting to the market, after testing by the European Banking Authority (EBA ).
Earlier in the morning, the French bank whose needs additional capital was estimated at 3.3 billion euros, said it will recapitalize on its own without explicitly rule out an increase of capital.
For avoidance of doubt, SocGen said that it does not seek public money or raise capital in financial markets.
Under the agreement reached on the night of Wednesday to Thursday at the conclusion of a new double top, the European authorities have agreed to recapitalize their banks to the tune of 106 billion euros, 8.8 billion for French banks.
BNP Paribas, whose capital needs were assessed by the EBA to 2.1 billion euros, also rejected any appeal to the market.
Slovakia is the latest member of the eurozone to vote strengthening of the European financial stability. Part of the coalition threatened not to accept the text. If no vote, there is no "plan B" according Amadeu Altafaj-Tardio, spokesman for the European Commission. Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs.
The last step seems to be the most difficult to cross to Europe. Slovakia is the 17th and last country in Europe to vote on strengthening the European Financial Stability Fund (EFSF), and part of the coalition threatened not to accept the text. Without the approval of Bratislava, the plan can not enter into force in accordance Amadeu Altafaj-Tardio, spokesman of the European Commission for Economic Affairs. Interview.
Slovakia Can Europe block?
We hope there will be a positive vote in Bratislava.But if Slovakia did not accept the text, the plan will remain outstanding. And if the vote is negative, the plan falls apart. The EFSF will then remain in its current state but will not have the means to ensure the protection of the euro, as it is supposed to do in its new form.
Ratification does not seem won …
We're not there yet. The Slovak authorities have committed heavily to vote the text. Besides the Prime Minister Iveta Radicova has resigned on the table in case of refusal of the plan by the coalition. Our message was to the Slovak authorities to say that strengthening the EFSF is in their interest. It may be very useful to the country if the crisis in the euro area spreads.
Can you put pressure on Slovakia?
What do you want, the Commission took power in Bratislava? We can not force the country to ratify the plan.This is the responsibility of all political actors. We can not require Member States is in the nature of the European Union. States have decided to vote the text unanimously in 2010 against the advice of the Commission. If we had done by a qualified majority, we would not be here.
This is not the first time that Slovakia played bad students …
We have already had a fantastic story with this government. Parliamentary elections in 2010, Prime Minister of the country – currently in power – has campaigned on his opposition to help countries better off than him. Then, the arrival of Iveta Radicova as Prime Minister, the party decided in June to stop its bilateral loans to Greece in the forefront of support. The decision was taken after the second installment.It is now the sixth …
Part of the coalition claims to be exempt from participating in EFSF (7 billion euros 440 billion in total). Can we modify the agreement to allow Slovakia to vote on the plan?
The agreement was ratified by 16 member states before it, we can not change it for a country. What would the other parliaments have already voted if the text were changed to the Treaty? They could also claim their scpécifiques measures and find that it is unfair to make concessions to one country. Finland has obtained special guarantees with Greece to vote on the text. But these guarantees were part of the bailout.
Belgium, France and Luxembourg have Monday morning launched the plan to dismantle the Franco-Belgian bank Dexia, the first European victim size of the debt crisis in the euro zone, after a day and a night of marathon negotiations.
At the end of a board of about noon, the directors of the former world number one funding of local authorities have approved the nationalization of Belgium Belgian activities of Dexia, Dexia Bank Belgium (DBB) specializing in retail banking.
Belgium will pay to do this four billion euros.
"This sale will be finalized shortly," advised the bank."It will enable Dexia to reduce its need for short-term financing of over 14 billion euros, will improve the solvency of the group of more than 200 basis points and reduce its portfolio of non-strategic assets of 18 billion euros. "
Matignon has in turn made in a statement that France would lean financing activities of French local authorities of Dexia Municipal Agency (DexMA), French securitization structure owned by Dexia Credit Local, the Caisse des Depots (CDC).
A consortium of funding for French local authorities will also be created and established by the CDC and the Postal Bank, also indicate the services of the French Prime Minister Francois Fillon.
As part of the new rescue plan for Dexia, already saved from bankruptcy in 2008 with a public bailout of more than six billion euros, Belgium, France and Luxembourg have signed to provide 90 billion euros government guarantees to ensure the financing needs of Dexia.
NOT FOREVER IN DBB
"States have agreed to divide this guarantee in proportions similar to those of 2008, 60.5% for Belgium, 36.5% for France and 3% for Luxembourg," reported Matignon.
Belgian Prime Minister Yves Leterme said at a news conference that Dexia would immediately pay a premium of 50 basis points in return for these guarantees.
The Belgian Finance Minister Didier Reynders said in that same press conference that the Belgian state, however, did not intend to stay forever in the capital of DBB.
Sunday morning before the meeting of a special board of Dexia, the French Prime Minister Francois Fillon met with his Belgian counterpart in Brussels and the Luxembourg Finance Minister, Luc Frieden, to find a agreement on modalities and participation of all three states.
"The three governments agreed to submit a proposal to the board that fits perfectly with the objectives of the Belgian Government, which involves taking control of Dexia Bank Belgium, secure and make it a bank very safe," he Yves Leterme said Sunday on Belgian television.?
The challenge for the three states participating in the plan was to ensure that aid does not come to Dexia worsen the situation of public finances.
The rating agency Moody's had also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 kingdom under surveillance by explaining, among other things, will assess the costs and liabilities that the state could take Dexia in supporting.(See)
Didier Reynders has reported on this during the press conference that the debt / gross domestic product (GDP) of Belgium would remain below 100% despite the agreement of Dexia and said that the European authorities of the competition had been informed of the plan.
Dexia, the rating action has been suspended since Thursday, is at 9 am press conference to present the plan to dismantle the bank as it was approved by the directors.
