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Find a solution to the debt crisis before the holidays. This is the roadmap of finance ministers of the euro zone next week. The European Council President, Herman van Rompuy, do not let them choose by calling Thursday for a summit. In the meantime, they must agree on the terms of a new plan of aid to Greece, the key to stability in the euro area.

"Our agenda will be the financial stability of the euro area as a whole and the future funding of the program (help) Greek," said Herman van Rompuy in a statement released Friday night. A summit should be held this week, but the disagreements were apparently still too large to meet the ministers of the euro area.

Friday, the German government still insisted on the need to reach a solution on this point before considering a meeting at the highest level."It's not a meeting in itself will help Greece, is a new program," said Berlin spokesman of German Chancellor Angela Merkel, Steffen Seibert. A meeting will take place only if "it makes sense and is necessary," he added.

"Practicalities"

The fact that the president of the EU sets a date for the meeting means that the countries of the region are close to an agreement to overcome their differences on the plan must shelter Greece until 2014. The difficulties relate to the private sector. While States have agreed on this principle, "the element that continues to be discussed is the scope and practical arrangements," said the Belgian Minister of Finance Didier Reynders.

This question, seemingly technical, is the more political aspects.Specifically, Germany would like the creditor banks of Greece their hands to the portfolio. German Chancellor Angela Merkel does not want to antagonize the public, tired of paying for its European neighbors. The German solution has the potential to place Athens in de facto default. An option rejected by the European Central Bank (ECB), France and Madrid. "We made good progress" in discussions of the issues that upset "but there is still work to do," said a source close to the talks.

"Treat the Greek problem '

These dissensions troubled financial markets in the euro area. The crisis reached a new level this week, the contagion affecting Italy's third largest economy in the euro area. Rome, however, managed to extinguish the fire in the markets by adopting an emergency in the austerity plan of 48 billion euros.Publication of the results of stress tests of European banks on Friday could also help calm the fears of investors.

If the finance ministers do not want to disturb the relative calm, they will present next Thursday, practical solutions. "It should address the problem of Greece, as a starting point of an overall therapy," say economists at Credit Agricole. The recipe that will be applied to Greece as an example. "

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The Court of Justice of the Republic (CJR) announced Friday it had postponed to August 4 decision to initiate or not an investigation of the role played by Christine Lagarde in the case Tapie.

"One of the members of the commission has indicated that he was later forced to recuse himself," said Gerard Palisse, president of the petitions committee of the Court. This is Laurence Fradin, magistrate at the Court of Auditors and wife of Pierre Joxe, former Socialist Minister of Defense and the Interior of François Mitterrand, as was Bernard Tapie. Judicial source, the judge cited a possible conflict of interest.

Gerard Palisse stated that "the alternate member of the Court which could have us make up for his part that he himself was unable to do so immediately without prior knowledge of the case.The Committee decided to defer consideration of this matter Thursday, August 4. "

The survey would be long

The former Minister of Economy and current executive director of the International Monetary Fund (IMF), is suspected of "abuse of authority" in the arbitration in July 2008 on the case Tapie, Credit Lyonnais on line pay day loans. The businessman, who felt cheated after the sale of Adidas in 1993 with Credit Lyonnais, had obtained 285 million euros of public funds.

In May, the Attorney General of the Supreme Court, Jean-Louis Nadal, asked the petitions committee of the RGC to investigate the matter. He specifically criticized Christine Largarde for choosing private arbitration, but also refusing to appeal against the award, while the number of specialists are encouraged.If the Court decides to initiate the investigation, it should be long and Christine Lagarde would not be considered for several years. The new leader denies IMF, meanwhile, abuse of authority in this matter and have provided "clear conscience".

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• What are they? Rating agencies are tasked, in theory, to assess independently the risk of bankruptcy or non payment of an economic issuing debt securities such as bonds. Clearly, they inform investors of their risk if they lend themselves to such corporation or such State. They each have a rating scale ranging from AAA (triple A) to CCC.

The score is after work for analyzing economic and financial figures and results from a collective decision of the agency's analysts. This is an opinion, say the agencies, not a recommendation to buy or sell a security or a share of a company.

• The impact of the notes. Rating, reflecting the risk of bankruptcy of a company or a state, however, has taken a very important rated entities and investors.For states and businesses alike, a note degraded resulting in an increase in interest rates. So when they want to borrow, it costs more.

Investors should in turn may sell certain debt securities to meet internal and financial regulations. A portfolio manager consists of obligations and will maintain a balance between built-risky securities and less risky. If a portion of its securities, such as Greek bonds, for example, is degraded, it will have to part for not only its portfolio becomes too risky.

• Who owns the agency? Moody's is an American company listed and independently owned up to 13% by billionaire Warren Buffett. Fitch is majority owned by French financial company Fimalac, founded by Marc Ladreit de Lacharriere and 20% of the group Hearst.Standard & Poor's is owned by U.S. publisher McGraw-Hill Companies.

• Who pays? "Typically, a rating agency is paid by the entities who want to receive a note or those that use the note" on a subscription basis, says Standard & Poor's. 2009 according to the scale of the latter for the United States, a large company must pay at least $ 70,000 at the beginning of the rating process, then a subscription of "surveillance" amounting to about half the original amount cash advances pay day loan. Each time it will issue the debt markets, it will perform in addition to a commission of 0.045% of the transaction. The amounts are similar in Europe.

Today, about 90% of revenue comes from credit rating agencies rated entities, is Norbert Gaillard, in his book "The rating agencies' published in The Discovery.

• Conflicts of interest.The crisis "subprime" mortgages at risk, has highlighted the limitations of the current agencies. Paid by companies that want to be noted, agencies are sometimes tempted to assign a higher rating than actually deserved to win a contract to the detriment of its other two competitors.

A former analyst at Moody's, Mark Froeb, has launched scathing attacks against his former employer before the Commission of Inquiry on the financial crisis in the U.S. Senate. "When I left Moody's (2008, Ed), the worst fear of one analyst was not necessarily something that would jeopardize the market share of Moody's, to cause harm to its sales ( …) and losing his job accordingly, "he complained. However, an analyst should only concern "to contribute to a rating that would be false."

• Agencies very profitable.With the increasing complexity of financial markets, the agencies argue that it is becoming increasingly expensive to analyze the risk of failure of economic actors. Therefore, in the 70's, they began to charge companies to notaient.

This business model provides a very high cost to agencies. Moody's expects an operating margin (operating profit to net sales) of between 38% and 40% in 2011. Standard & Poor's 43% in the first quarter of 2011 alone and Fitch 58% for the year 2010/2011 shifted.

The Paris Bourse is expected to remain on the path to higher Friday morning after a nice session already saved up last night having completed 40 leCac an increase of 1.48% to 3892.21 points. The Greek situation reassured the financial world yesterday, as the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of a next tranche of aid from the European Union and the Fund IMF. The euro has risen, moving at more than $ 1.45 this morning.

If no statistical significance is expected today, investors will monitor the U.S., where the issue of debt escalates. One report indicates that U.S. lawmakers should agree within three weeks on raising the debt ceiling, or the country will default.Timothy Geithner, the Secretary of the Treasury, would resign.

The figures in the automotive market

The Committee of French Automobile Manufacturers (CCFA) will release figures this morning the car market for the month of June and the first half.

Renault breaks the price of his Renault Twingo, faced with falling sales, will sell for the first time one of his vehicles, the little Twingo at a price lower than the Logan, the model input range of its Romanian subsidiary Dacia, according to La Tribune.

PSA is increasing in India The automaker is expected to invest 620 million euros in building its future manufacturing site in India, according to Les Echos. PSA will implement this facility in the state of Tamil Nadu, south of the country.

EDF EN signs a big contract

EDF.EDF Energies Nouvelles, a subsidiary of French group dedicated to renewable energy, has signed with the Danish Vestas Wind Systems for the use of wind turbines in Europe and the United States. The contract could provide the French operator up to 2000 megawatts over the period 2012-2014. The transaction amount was not disclosed.

LVMH.Philippe Pascal, who led for ten years, watches and jewelry division of LVMH, has been appointed adviser to Bernard Arnault, CEO of the world's number one luxury.

Areva said Thursday that the strategy developed since the creation of nuclear group by Anne Lauvergeon was a "success" and that his replacement did not involve a change of course.

EADS said Thursday the success of the acquisition, through its subsidiary Eurocopter, the Canadian aerospace supplier Vector Aerospace, 98.32% of shares were made to the offer made in late May.

TF1 announced Thursday to be in negotiations to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

Carrefour has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau sailboats world's leading manufacturer, said that sales in the first nine months of fiscal year 2010-2011 and the level of its order book allowed him to confirm its objective of annual turnover of 920 million euros.

BioAlliance announced Friday the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag.

With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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The U.S. stock markets, should re-open down on Monday. Future of Standard & Poor's 500 and Nasdaq 100 respectively retreating from 0.27% to 1260 points and 0.65% at 2181.25 points. Wall Street ended the session on a mixed note Friday. The Dow Jones gained 0.36% to 12004.36 points while the Nasdaq 100 lost 0.32% to 2192.96 points and the S & P 500 rose 0.89% to 1278.87 points.

Despite a new rescue plan for Greece launched last night by finance ministers in Europe, U.S. markets should still be concerned as their counterparts in Europe and especially Paris.

After the reassuring words of Heads of State French and German unit, which posted a welcome Friday, the firm tone adopted by the ministers at the weekend said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.

In the wake of renewed tensions, the euro falls against the dollar. 11:00 in Paris to the European single currency was worth 1.4232 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.

On the macroeconomic front, the week promises to be charged. Members of the Monetary Policy Committee of the Fed will meet this week.The release will be issued Wednesday evening and Fed Chairman Ben Bernanke will give a press conference after the meeting. Aurel BGC experts anticipate little change in the FOMC statement. They argue that the Fed chairman should emphasize the temporary nature of the slowdown and reject any idea of ​​a new program of quantitative easing. Other highlights of the week, investors will monitor the number of housing sales in the old tomorrow and in the nine Thursday. Then Friday, they will learn the durable goods orders. The latter will benefit from a rebound in transportation orders, thanks to Boeing.

All eyes will be turned to the Paris Air Show, which opens Monday.

Boeing launches new version of its popular 747 jetliner, highly anticipated.In an interview with Le Figaro, Jim Albaugh, CEO of Boeing Commercial Aviation believes "it takes 30% of the world to survive over time." This morning, the airline Qatar Airways has placed an order with Boeing for six long-haul 777-300 ER for $ 1.7 billion (list price).

NYSE Euronext said Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the green light of the Financial Markets Authority (AMF).

The side of values, General Electric has reached an agreement in principle of the two largest unions of the company for new contracts."The four-year contract will enable advances on wages, pensions and job security. "

For his part, PetSmart will turn its quarterly dividend to 0.14 dollar per share against dollar before 0125. The board also authorized a share buyback program of $ 450 million.

While Christine Lagarde is the favorite to head the International Monetary Fund, his two rivals try to put a spoke in the wheels. The Governor of the Central Bank Israeli Stanley Fischer, freshly candidate initially put forward his training as an economist, which he said is "essential" to lead the organization in Washington during a crisis. The Minister of Economy and Finance has followed a career as a lawyer. "You need an intellectual framework," he said in an interview Monday in The Wall Street Journal. He added that there was "great in the past director of the IMF who were not politicians."

For his part, another rival of the Minister of Economy and Finance, the Governor of the Bank of Mexico, Agustin Cartsen, regrets the perpetuation of the domination of Europe on the position of boss of the IMF since 1946."There could be a conflict of interest between the IMF and the European Union if the French Minister of Economy Christine Lagarde was taking the head of the institution," he said business cards. We would have a situation where borrowers dominate a creditor institution. I think it's a problem that must be addressed. "

Carstens sees Christine Lagarde elected

This did not stop to see the Minister of Economy and Finance elected. "The chances for Christine Lagarde of getting elected are very high. I am sure she will make a good CEO, he told a conference at a research center on international economics from Washington, the Peterson Institute. This does not prevent him from criticizing a victory for Christine Lagarde he considers almost gained.

As for Christine Lagarde, she tries to gather as many supporters, including the United States that have not yet made their choice. They are however allowed to compliment Agustin Carstens, deeming it "highly competent". While the name of the future director of the IMF must be known by June 30, the fight promises to be full.

The CAC 40 moved into negative territory on Thursday. After starting the day on a drop of 0.86% to 3930.59 points, the benchmark index in Paris was widened its losses in the morning. About 12 hours, it was down 0.96% at 3926, 85 points under the technical threshold of 4000 points which had escaped to investors Wednesday.

The movement is otherwise identical to other European markets. The Dax index featuring the Frankfurt Stock Exchange, which opened down 0.85% at 7155.86 points, losing 0.96% at the same time points to 7148.25. The FTSE-100 index of London Stock Exchange, which started on a decline of 1.06% to 5965.02 points, its share reduced its losses to -0.76% at 5883.67 points.

The mood has changed beyond recognition from the beginning of the week.Greece seemed to approach Wednesday in an agreement with Europe and the IMF for further financial assistance, which could avoid insolvency. But the announcement a few hours later by a new Moody's downgrade of the Greek debt was added to the fears already heavy burden on Athens. Judging probable restructuring of the country's sovereign debt, Moody's downgraded three notches the rating of the country, pushing further into the speculative grade.

For its part, Spain has managed to raise 3.953 billion euros of bonds 3 and 4 years on the market but, despite strong demand, the rates reflected on the rise.

In this context, risk-taking are not numerous. The activity is minimal anyway since France, Ascension Thursday is a holiday.Upcoming Events, however, some indicators should capture the attention of investors present electronic check payday advance. They are mainly American with productivity quarterly, weekly jobless claims and industrial controls.

Note that the currency market, the euro remains strong against the greenback at 1.4475 dollar. Oil prices, they were down in electronic trading in Asia. In morning trading, a barrel of light sweet crude for July delivery yielded 21 cents to 100.08 dollars. That of Brent North Sea crude for delivery same lost 8 cents to 114.45 dollars.

Values ​​to follow

As for values, no news.Stay tuned, however:

The banking sector

High risk debt Greek, French banks react poorly to the degradation of the country note by Moody's: Societe Generale (-0.12% to 40.47 euros), Credit Agricole (-0.47% to 10.48 euros), BNP Paribas (-0.93% to 53.30 euros) decline. Only Natixis (+0.22% to 3.64 euro) is in green.

AXA (-1.83% to 14.78 euros) also declined.The day before the title had been the star of the CAC 40 gained 1.45%, boosted yesterday by the announcement of its new strategic plan and the sale of its Canadian subsidiary.

TF1: -1.28% to 12.38 euros

The group said Wednesday it had received offers "constructive" of several Internet service providers to distribute its pay-TV from 2012.

Trading in Gecimed remain suspended until the opening of the buyout offer followed by a withdrawal bond, its parent company Gecina (-0.59% to 99.41 euros). This opening will be later than June 8, after payment of dividend.

Anne-Marie Gaignard: spelling kill me Cadremploi

We used to say "spelling is the science of donkeys." Perhaps, but in the business, at work, in exchanges of emails and documents, some errors go to the giddiness, but others are a social marker discriminating. Woe to those whose superiors are watching. A deal done wrong can they play tricks and sometimes cost them their jobs. Anne-Marie Gaignard help senior executives and sometimes to correct their deficiencies or improve their level.

Anne-Marie is a passionate Gaignard. Her stories are excessive, removed, scarcely credible, but they say the plight of those who played a spelling trick. She knows whereof she speaks.It was no spelling, if it has no disabled until it takes the bull by the horns and decides to invent a method to remove the mistakes and never fall into the traps. She speaks with passion and sometimes by a common emotion, because behind the adult who is wrong, there is often a child who did not understand or who has missed an explanation. His method, Anne-Marie Gaignard uses today in its courses and broadcasts with the rage of a convert. It comes from afar and never forget.

Manageable or unbearable? Greek debt is the largest in the euro area relative to the size of the country. It represents almost one and a half times its gross domestic product. For the moment, Greece is on life support of the European Union (EU) and International Monetary Fund (IMF). But the aid of EUR 110 billion will be repaid from 2013.

Some, like the IMF, argued that Greece has the means to cope. However, many economists doubt the ability of the Mediterranean country to face the wall of reimbursements that will be overcome in two years. She will need to find 60.9 billion euros in 2013 and 78.4 billion next year and 85 billion in 2015, calculated the International Monetary Fund.

Privatization chain

To finance its debt, Greece has pledged to privatize public enterprises and to sell state assets to the tune of 50 billion euros by 2015. Also to ease the bill for 2015, the EU agreed to extend the duration of its loans from 3 years to 7.5 years. According to analysts at Societe Generale, it could mean that Athens has nothing to repay to the EU by 2017.