This is the first statement by a senior European official confirming the existence of such plans.

Speculation about the development and content of such projects are fed from the Greek elections of May 6, but their existence had not previously confirmed e.

"There is one and a half, the risk of domino effect could have existed," said Karel De Gucht Belgian Flemish daily De Standaard. 

"But today there are, both within the European Central Bank and European Commission services working in emergency scenarios where the Gre it can not. "

Arnaud Montebourg, 49, was appointed minister of Adjustment Wednesday productive, a role he had foreshadowed a "tour de France plant" made in the name of Francois Hollande during the presidential campaign. It will be flanked by two junior ministers, Fleur Pellerin (SMEs, Innovation and Digital Economy) and Sylvia Pinel (Crafts, Trade and Tourism).

Born October 30, 1962 at Clamecy (Nièvre), that great admirer of Gambetta, son of a butcher and a professor in the Algerian origins, became known as a leading lawyer in battle against Alain Juppé in the case of his apartment the City of Paris in 1995.

Activist of the PS since 1981, elected deputy of Saone-et-Loire in 1997, this speaker is trying to clear facilities in vain, in 2001, full cohabitation, Jacques Chirac to appear before the High Court.

With Vincent Peillon, the fiery MP founded the New Socialist Party (NPS). Their current gets nearly 17% of the votes in Congress in Dijon in 2003, with a slogan: the Sixth Republic, and more power to Parliament.

Voting "no" to the European Constitution in 2005, it is close to Ségolène Royal, it hosts in September 2006 in the "Feast of the Rose" in his constituency.

Gala magazine publishes a portrait of this man with shoulder-length brown hair, thin and always elegant, titled "The Playboy of Ségolène" conversation pieces. Mr. Montebourg, claiming he was duped, assigns the magazine.

Invested candidate, Ségolène Royal is designated spokesman, but suspends the month: on Canal +, the new Minister of Productive Recovery was told that the only flaw of the socialist candidate was his companion, a … Francois Hollande. "We laughed with Ségolène", he relativizes years later.

Montebourg often attacked Francois Hollande, who owes him the nickname "Flanby". The deputy of Saone-et-Loire also spoke of "cowardice" about supporters of the "yes" to the European Constitution in 2005, before turning back at the express request of the then First Secretary.

Ardent opponent of multiple directorships, Montebourg becomes "believing but nonpracticing" by appearing at the cantonal elections in his department, which led him to the presidency of the General Council in 2008. In early 2011, he announced he will not seek a fourth term as an MP.

With primary theorist Olivier Ferrand (Terra Nova), the fiery MP Aubry threat to resign if he does not succeed in 2009 for organizing this new process. "I had my dress emerged avocado eaten by moths," he says. First secretary finally agreed.

Himself a candidate with a small team, Montebourg campaigned on the left wing, defending the "de-globalization" or, according to his many opponents, a neo-protectionism that dare not speak its name. Result: 17.2% of the vote. In December 2011, he created the stir by denouncing "a policy that Bismarck" Angela Merkel.

Happy white knight, he denounces the business federations PS Bouches-du-Rhone and Pas de Calais and demanded to DSK "apologize to all the left".

PS, some criticize this "preacher of morality," its "excesses in the attack." His third place in the primary, however, gives him the role of a kingmaker who choose to personally Francois Hollande. The presidential candidate will make his "special representative", in charge of a factory tour of France. He joins the transition services of a relative of Mr. Montebourg, Aquilino Morelle, now political adviser at the Elysée.

Separated father of two, Arnaud Montebourg is the companion of Audrey Pulvar journalist, with whom he filed a complaint for assault in the streets of Paris in March.

Italy has a bond issue passed Monday by taking test 5.25 billion euros in the medium and long term interest rates steady at almost three years, despite strong investor concerns for the euro area due to blockage policy in Greece.

The total demand of investors amounted to 9 billion euros, allowing the Treasury, which were up between 3.5 and 5.25 billion euros, reaching its maximum target, announced the Bank of Italy . As part of its main issue, the Italian Treasury has raised 3.5 billion of securities maturing in 2015 at a rate of 3.91% against 3.89% in the last similar operation on April 12. He also issued 542 million of securities due 2020 at a rate of 5.33%, 651 million of securities due 2022 at a rate of 5.66% and € 557 million of securities due 2025 at a rate of 5.90%.

The Bank of Italy does not compare the rates of these bonds with those recorded during previous shows. "The show went well overall," said Elia Lattuga, bond strategist in the bank UniCredit. "The maximum was reached," a "particularly good result" that the market was marked "by difficulties this morning," added Chiara Manenti Intesa Sanpaolo.  

The political stalemate in Greece, which still has no government more than a week after the parliamentary elections, has plunged European stock markets Monday and caused a fever in the bond market.

Despite the success of this program by Rome, the Italian market also remained very tense. Secondary market, where exchange debt already issued, the rates in Italy were part of ten years at 5.724% to 5.495% cons 10:25 GMT Friday night while the Milan Stock Exchange 2.90% let go.

Friday, Italy, which faced since mid-April to a sharp rebound in rates after a strong expansion in the first quarter, recorded a great success on the debt market by placing 10 billion shares to three months and one year at declining rates.

People's Bank of China reduced the reserve ratio by 50 basis points, bringing it to 20.0%. This new amount will be effective next Friday May 18

This is the third decline in six months of the required reserve ratio, a decision just one day after the publication of macroeconomic data for the month of April have concerned investors, including the numbers of industrial production.

Economists had indeed thought that the growth rate of gross domestic product (GDP) of 8.1% over one year was a record low and that the activity would be departing in the second quarter. Considering the recent statistics, this scenario does not seem to confirm.

"The central bank should cut its reserve requirement ratio after the first quarter. She missed the best possible time, "said Dong Xian'an, chief economist at Peking First Advisory

." A drop TODAY 'Today will have a lesser impact. The Chinese economy will therefore be more vulnerable to weak global economic conditions and a slowing Chinese economy will in turn have a negative impact on the global recovery. "..

…… "The uncertainties surrounding the global and Chinese economies increase," said Dong Xian'an

… …… Economists estimate that China's growth should be 8% per year to absorb the annual flow of new entrants to the labor market and rural land left to find work in the factory

. The central bank announced its first drop in the ratio of bank reserves for three years on November 30, lowering the rate of 50 basis points. 

According to a Reuters poll conducted in January, economists estimate that the central bank will reduce the reserve ratio of 200 basis points in total in 2012, bringing it to 19%.

Moreover, despite the inflationary risks, some believe that lower interest rates is not excluded.

"The problem is that loan demand from companies is very low, therefore the lower reserve requirement ratio is not as effective as lower rates of intere ; t, because a decrease in the ratio of reserves does not change the cost of loans, "said Liu Junyu (China Merchants Bank).

"If the economy continues to be hesitant, it is likely that the government will opt for a lower interest rate."

Axa has confirmed the end of September to have committed "a strategic review" for the national champion of private equity but talks with potential buyers seem to have since stalled. (And see)

"A priori the outcome and the results of this strategic review, it is hoped that this will be completed before the end of the year," said Chief Financial Officer Gerald Harlin at a conference call to discuss the indicators of activity of the group for the first three months of the year.

The fate of this subsidiary represents some economic issue for France, say some observers.

Axa Private Equity is indeed a major investor in the territory and its French base becomes even more desirable for new financial rules could scarce investment capital in companies. 

The essential part of its business, the French insurance giant announced a turnover up 0.8% to 28.056 billion euros for the first quarter.

The growth in business damage (3.3% to 9.973 billion euros) offset the virtual stagnation of the life segment and Savings (-0.2% to 15.956 billion of euros) and a lower turnover in the management of assets (-9.6% to 827 million euros).

Gérald Harlin said these results were in line with the strategic plan for 2015 presented by Axa last year.

This plan would redeploy some capital to the group of high-growth markets and, more generally, to focus on margins and volumes. 

The CFO also said that the situation in Greece and the euro area was creating a climate of "volatility" in financial markets but in Axa took full account.

"It positions itself especially on segments that are least sensitive (…). This is why we are fast growing activity on the protection, welfare," at he said.

He nevertheless admitted that the life insurance segment continued to suffer from macroeconomic conditions in Europe.

"We're in a world of low interest rates and are done with," he concluded.

The group recorded a 28% increase in sales to 35.7 billion euros, higher than the 30.14 billion euros predicted by Thomson Reuters SmartEstimates.

The group said last week it had earnings before interest, tax, depreciation and amortization (EBITDA) of approximately 3.8 billion euros, and net current of about 1.7 billion.

"These figures are not spectacular, but they are good," said one trader. The action was reported up 0.9% in transactions before trading.

The turnover of the trading subsidiary of the group rose 37% to 27.5 billion euros while the production of renewable energy generated sales up 7% to 617 million.

Since the beginning of the year, as E.ON has lost over 6%, impacted partly by its heavy exposure to nuclear power, while its main competitor RWE gained 18%.

Judge Shira Scheindlin in Manhattan federal However limited the scope of these two complaints, finding that the offenses of incitement to fraud, negligence and breach of fiduciary duty were not founded ; es.

Stay the proceedings for deformation of agency activities relating to investment products in question, known as Cheyne and Rhinebridge.

The plaintiffs, including the Commercial Bank of Abu Dhabi, blame Moody's Investors Service and Standard & Poor's losses related to bankruptcy Product Cheyne in August 2007. Investment product Rhinebridge him collapsed a year later, in August 2008.

In both cases, the plaintiffs accused the rating agencies to have worked with banks for financial products that have a triple A, the highest credit supposed to guarantee a free investment risk, whereas these derivative investments were backed in part on credit "subprime" high risk.

The Fitch is also concerned by the complaint Rhinebridge.

The decision of Judge Scheindlin was taken Friday but was released on Monday.

Tony Mirenda, a spokesman for Moody's, said the complaints were unfounded, and that still recent allegations would be considered inadmissible in turn. 

Standard & Poor's, John Piecuch, spokesman, said similarly that the latest complaints were inconsistent with previous court decisions.

The likely thrust of extremist parties in Greece, which could jeopardize the plan of assistance given to countries, markets further alarm that victory in the presidential election of Francois Hollande, whose program is no longer perceived as a threat by investors . "The week promises to be high risk, but paradoxically Greece weigh maybe more in the balance as the French election," said Valerie Plagnol, director of research at Credit Suisse.  

Unlike 1981, the arrival of the socialist candidate for the Elysee should however not destabilize markets, which first opened in Asia in mid-European night. The Paris Bourse certainly gives ground for several weeks, but this trend is common to all European financial centers, plagued by fears about the economy of the eurozone. And the cost of refinancing the public debt of France has not increased more between the two rounds of presidential elections.

No challenge to the Treaty on the financial stability

Paris has borrowed Thursday nearly 7.5 billion euros at rates down. "Mr. Holland should not undermine the Treaty on European financial stability, but rather add to it a component of growth. On this point, it is not alone in wishing that in Europe, which tends to reassure "said Ms. Plagnol.  

Long reluctant, Berlin is ready to work to "a growth pact for more competitiveness," the German Foreign Minister Guido Westerwelle. President of the European Central Bank, Mario Draghi, would also give this theme "at the center of the agenda" European. Mr. Holland on Sunday evening could have an exchange on these topics with German Chancellor Angela Merkel, according to one of his advisers.  

If revenues diverge, more tracks are already being considered: increase the borrowing capacity of the European Investment Bank (EIB), spend more European structural funds in the euro area, establish 'project bonds', the European bonds for a specific project, or authorize the European Stability Mechanism (MES) to help a struggling industry and not just a state.

For Laurence Boone, chief economist for Europe U.S. investment bank Merrill Lynch, BofA, the alternation in France does not worry because "investors expect to conduct a moderate social policy".

Greece in the heart of concerns with the rise of extremist parties

Greece, whose people voted on Sunday for early elections, however crystallizes much more concern. Both sides pro-austerity, PASOK (Socialist) and New Democracy (right), who ruled together in a coalition since November 2011 collapsed in parliamentary elections Sunday, bringing together between 31 and 37% against more 77% in 2009, according to exit polls.

If they were confirmed, this collapse would make almost impossible the formation of a coalition government by both parties to continue the austerity dictated by the European Union and the International Monetary Fund. "The country's creditors (IMF, EU and ECB) may at least temporarily suspend their aid," worries Stephane Deo at UBS. "The government can more quickly pay its civil servants and pensions, which will lead to very high tensions on financial markets," he warns.

In >>> Direct: Soon the results of the second round of the presidential election between Sarkozy and Holland

The CEO Stephen Hester also confirmed that the bank would have ended next week to repay emergency loans granted by London during the financial crisis.

It also will resume payment of dividends and coupons attached to hybrid securities.

RBS posted a first quarter operating profit of 1.2 billion pounds (1.46 billion euros), after a loss of 144 million the previous quarter. The consensus gave a profit of 800 million.

London has an 82% interest in the bank bailout since the surgery in 2008 and has "no desire" to sell given the situation of stock markets, reported the group.

"As far as I know, there is no desire to sell at current prices and I think it is quite understandable," said Stephen Hester at a conference tee ; léphonique. "Even if everyone wants it to be done, to my knowledge there is nothing in sight."

Sources had said in March that the government had held talks with Abu Dhabi, which had fueled speculation of a sale.

"MISTAKES OF THE PAST"

The rise of the bank in the green is due in particular to the investment bank, which posted an operating profit of 824 million pounds during the quarter against a loss of 109 million the previous three months.

"We are pleased with progress made in the first quarter, although the economic and regulatory environment remains tough," said Stephen Hester. "RBS continues to significantly grow in strength and resistance."

Hester added that the bank was progressing very well in the correction of "errors" of the past, with a decrease in non-strategic assets and increased liquidity.

She said her "Funded balance sheet", defined as total assets less the balance sheet derivatives, was further reduced by 27 billion pounds to 950 billion. Of this total, the non-strategic assets decreased from 11 to 83 billion pounds.

"Once again, the good news is the progress speed of adjustment of the balance sheet. It's all about cleaning up the balance (…)", said Ian Graham, an analyst at Investec. "For me, progress is obviously there but the road is long and painful."

Around 9:25 GMT, RBS shares gained 2.4% to 25.14 pence in morning, outperforming the European sector index of banks, up 0.22%.

S & P maintains this climate speculative grade ("junk") and warned that a deep recession, the unpredictable outcome of the elections on May 6 and wrath of public opinion against the austerity could threaten the efforts of Athens to redress its finances.

S & P, which matched the rating with a stable outlook, provides that Greek sovereign debt will remain high over the next three years, around 160 to 170% of GDP. 

"The rating could be degraded if we believe that a forced exchange on what remains of the Greek private debt appears likely," the agency said in a statement.

Fitch was the first to recover the note by assigning a B-to Greece in the middle of March, after the establishment of the exchange procedure which reduced about 100 billion sovereign debt of the country and cost the private bondholders most of their assets.

S & P warned in February that it would report surely the Greek notes to CCC, upon completion of the exchange procedure.

Moody's is now the only agency to keep Greece in zone fault (likely in his case). She said it would review his notes "on time" but that any recovery would remain limited.