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Washington, our correspondent

Dominique Strauss-Kahn said goodbye as expected Monday afternoon in Washington with his colleagues in the IMF. Refusing to say more, the spokesman confirmed that DSK was also "briefly" met with Christine Lagarde before. It was "private meetings" held at the request of DSK and that the press was not invited.

The IMF staff was asked to say "goodbye" in a room usually devoted to the headquarters press conferences. Tea and coffee were served. Dominique Strauss-Kahn is mounted on the platform to speak for ten minutes. He wanted not only to greet his colleagues, but he also apologized twice "for the harm done" to the institution.

A lot of people to greet him was in a hurry. "Several hundred" witnesses said. "He was applauded.The atmosphere was warm, "commented one frame. Many, especially women, especially African, wanted to be photographed with him.

DSK told his audience of the importance of imagination in the IMF mission. He also said that if their recommendations had been followed eight months ago, Europe would not be where it is today.

A popular leader

The ousted boss of the IMF gave no indication of its political intentions or professional on his return to France. He however praised the speech made Saturday by Christine Lagarde warned that the G20 leaders risk of relapse into recession and the need to practice in the short term even the stimulus spending quick cash.

The former CEO had arrived with his wife Anne Sinclair to 3:30 p.m. at the wheel of his Audi.He chose to enter quietly through the underground garage and left the same way.

Dominique Strauss-Kahn was popular with staff. He recognized great qualities to have changed the image and practices of the IMF during the financial crisis. The institution is now much more visible in debates on the reforms to be implemented to combat the crisis. It is emerging as a kind of secretarial and "think tank" of the G20, while providing enormous resources urgently to stabilize countries in crisis.

Critics of economic policies made by the IMF are more biting than in the past. The contribution of funds to support plans to indebted countries in the euro area is crucial, both in terms of funding and conditionality. Provided the results of these plans are not yet up to the expectations.And recommendations to the rich countries do not seem to be better monitored than before.

Employees recognize the IMF provided that their favorite patron has made huge mistakes personal trial and that the abandonment of criminal proceedings against him can not be the "whitening" or erase their mistakes.

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Apple becomes the world's largest "portable" across all categories, ie, taking into account both PCs and tablets. The Apple brand has sold 13.6 million against 9.7 million laptops for HP, relegated to second position. Apple has a performance to 10.7 million iPads that have been sold worldwide in the second quarter. 65% of this market.

In the past three months, sales of tablets exploded 400% to $ 16.4 million, while those of notebooks have eaten 2% to 48 million copies. "The growth of the market shelves beginning to be at the expense of laptops," said Richard Shim, analyst at Display Search Senio, thus justifying the merger of these two product categories in the studies.

And behind the two market leaders, the battle continues.Acer has recorded the largest decline, with sales volumes plunged by 12% in one year. The Taiwanese are heavily penalized by the failure of his tablets. However, Samsung and Dell posted the best gains, with growth of 44% and 33%.

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The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei 225 is again in the red, falling 1.04% to 8945.12 points after finishing up 1.05% yesterday.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone payday loan lenders. The gold and reached new records, crossing first the maximum 1800 dollars.It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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In the night from Friday to Saturday, S & P downgraded the rating of the United States, from "AAA" to "AA +". This historic announcement, which comes as the markets have closed a black week, plunged the financial world into the unknown. Munis Hassim, professor at the Institut d'Etudes Politiques de Paris, explains why such degradation threatens the U.S. economy, the first world power, and identifies the situation to that of Japan in the 1990s.

Is the degradation of the notes of the United States plunges us into a new crisis?

The fact that the United States lose their triple-A means that they have a slightly higher probability of defaulting. But by switching to "AA +", this probability is very low. Moreover, experts and analysts do not believe at all a failure to pay the largest economy in the world. So there is no reason to panic.However, the multiple consequences which such degradation can they prove to be very disturbing.

For example?

The fact that S & P has dared to sacrifice the American note puts enormous pressure on other countries rated AAA, particularly in Europe as the UK or even France. This announcement will fuel fears of a contagion of degradation of notes, when the markets seemed to panic this week. In Italy and Spain (already degraded) in particular, tensions are rising, although they seem to be the new target markets. Moreover, the impact on the banks direct. They will have to review their capital allocation taking into account the appearance of more risky U.S. bonds they hold, as they impose the new international regulations, to strengthen the solvency of banks (Basel III).The recent bank stress tests, whose results were given there only three weeks, have already lost all credibility because they did not include either a restructuring of the Greek debt, or a deterioration note the United States.

Why such a lowering of note can threaten the global economy?

When the debt rating of long-term decline in the U.S., this means that more may not be refunded if the creditor is. However, the markets, the risk is remunerated by interest rates: if I am less sure of being repaid, so I request a higher rate. Thus, losing the "AAA", the U.S. interest rates at 5 years, 10, 20, 30, will mechanically increase.And if rates rise, it's a downward spiral of investment and consumption that will engage, which produces more unemployment, less tax revenue and public expenditure. This government deficits widen further, and sovereign debt. But during the past two weeks very turbulent markets, the U.S. long rates remained very low. There have never been so low, a sign of investor confidence.

There is still a little time, no one imagined the United States lose their AAA. How did they get there?

The problem the U.S. is that they have more flexibility, or a monetary point of view, or budget.On the one hand, monetary policy can not be more accommodating, having pumped billions and billions of dollars of liquidity into the markets and set the interest rate floor (they are between 0% and 0.5 %) to restore the U.S. economy weighed down by the subprime crisis that has capitulated Lehman Brothers, three years ago. On the other, public spending has been poorly controlled, while the U.S. tax burden is already high. Difficult in these conditions for fiscal consolidation.

It is like in Japan twenty years ago …

Exactly, you are right in the Japanese-style scenario. The United States could enter a situation of liquidity trap in which Japan was mired in the 1990s, but never really escape. Rates were zero and sluggish growth, while prices fell, leaving Japan trapped.United States, the U.S. central bank, the Fed is now more capable of supporting the U.S. economy, which has not really recovered from the crisis, according to the latest statistics. Growth for 2011 looks less than expected, despite the monetary support giant that has been deployed. It remains to be seen whether this will result in deflation (lower prices) or if inflation will return. The best case scenario would be the second, to prevent the United States is experiencing a "lost decade" in Japan.

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Twenty products absent from the shelves of the pharmacy on the first day of the week. This is the situation that a small pharmacy owner in the fifteenth arrondissement of Paris, a few days of the summer closure of his pharmacy. An almost normal, and shared by many of his colleagues. These problems of supply disruptions, the pharmaceutical companies (LEEM) have also identified a few months. Front-line antiretroviral drugs (treatments against AIDS), insulin, or steroids. In some small pharmacies, such as supply disruptions related antidepressants and vaccines.

"The mountain of pharmacies in these areas have alerted us, says we in the trade association of the drug industry, because in general, breaks off and still found the result of bad weather, or social movements. " This was not necessarily the case in recent months."For some specific drugs, including antiretrovirals, there is a significant difference between the amounts made available to the distribution channel for businesses, and far below the number of units dispensed by pharmacies in town," confirms the organization.

In this case, then those products which go missing? According to Leem, some drugs would be captured by "short liners," the new intermediate appeared recently (4-5 years), whose intervention "aims to capture the margins, and do not have to Unlike the traditional players, a culture of health professionals ", warns Leem.And the controversy grew about the possible disruptive effect that these new players would result in the drug market.

Introduction of quotas

These new entrants are currently only 2.5% of the market for thirty entities in competition with wholesale distributors, who are the traditional intermediaries between laboratories and the approximately 23,000 French owners of pharmacies. "This is especially true for drugs produced and distributed in small quantities, such as antiretroviral (ARV) where their intervention significantly affects the fluidity of the market, says Emmanuel Déchin, general secretary of the Chambre Syndicale in the pharmaceutical distribution (CSRP) , which comprises seven members, representing 97% of the French market."We know that none of these ARV box which is sold is intended for the French market.".

In addition, since the early 2000s in France, every distribution is given by pharmaceutical companies, quotas based on national market share. "We understand the concern of an economic actor such as a laboratory to better control the flow of production, Emmanuel Déchin tempers. But it also induces more rigid and can penalize us and expose us to break. " Today, about 600 drugs on the 5300 allowed the French market are subject to these quotas. And strong demand in France for some products, lead to regular stock-outs on nearly 270 specialties, according to the Union of pharmacists (USPO).

Also, some advance to explain that the pharmaceutical giants, or even distributors, do not hesitate to reserve a portion of their stocks of the more "lucrative". Indeed, patented products still sell for an average of three to five times more expensive in the U.S. than in France. And even within the European Union, large disparities persist. On average, the products can be sold 20% more expensive in Germany than in France, while in Spain, prices are generally lower than 10%. "I do not honestly believe that a laboratory, despite its economic imperatives, can do this type of arbitrage to the detriment of the health of patients' tempers Déchin Emmanuel.

The health minister is prepared to legislate

For his part, and face these charges, the Health Minister Xavier Bertrand was firm: "These systems are known to parallel importation, but I do not want that.What is planned for France should be consumed in France, "he said on Europe 1 radio on Tuesday. He was prepared to legislate if laboratories and wholesalers did not meet their obligations, "or you meet your quota, or I will oblige with a new text, he said. It's a shame to come here but I will not hesitate one second to do so. "

Therefore, to overcome these difficulties, some small pharmacists have no choice but to defeat the usual, explains that another pharmacist in a small pharmacy (800,000 euros of annual turnover): "either we manage with co-major pharmacies that are generally better off than us, or we go directly to the laboratory control. But this can only be temporary, because of course we pay more than the wholesaler! ".For two or three years, the pharmacist admitted being increasingly confronted with such situations, including antiretrovirals and cancer. Clearly, treatments that can not wait. Troubleshooting

Faced with this shortage, Leem and the French Agency for Safety of Health Products (AFSSAPS) have set up emergency solutions (stocks troubleshooting, short circuit …) and special issues to avoid the maximum out-of treatment for patients. A temporary workaround, which can not do without an in-depth study of the new challenges of the French system of drug distribution. What the Department of Competition and Fraud (DGCCRF) seems to be addressing.

In turn, dispatchers did not call for the abolition of quotas, nor to that of intra-EU trade, but felt that the resolution of this issue "very complex" pass through "pragmatism and a sense of responsibility on the part of all actors in the chain, given the economic pressure to which they are subjected. "

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Relief. Is the word that should prevail today on all global exchanges, after U.S. lawmakers passed this night finally put to agree on raising the debt ceiling. At 8:15, future contracts on the CAC 40 advanced sharply from 1.39% to 3724.50 points.

Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, the calm would return to the Paris financial center.After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is in default of payment in the coming days. According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars, which breathe new life in the United States on the forehead of the debt until 2013, after the presidential elections. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism are to be expected in the financial markets today, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day.Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will then be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years. From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely followed by the markets.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement.At 8 am, the euro fell slightly (-0.13%) against the greenback at 1.4385 dollar, while it bounces against the yen. Around 6:00, the dollar stood at 76.73 yen 77.58 yen against Friday night cash advance in one hour.

In terms of oil prices were up Monday morning in electronic trading in Asia, where the market relieved by this agreement in extremis. In morning trading, a barrel of "light sweet crude" for September delivery gained 1.53 dollars to 97.23 dollars. That of Brent North Sea crude for September delivery was appreciating $ 1.25 dollar to 117.99.

Macroeconomic side, investors should look carefully at the unemployment figures for the month of June Overseas are also expected to 4:00 p.m. construction spending for the month of June, the ISM manufacturing index for July.

As for values ​​to follow

Last week, the many semi-annual publications were rather disappointing, adding to the nervousness of investors. The pace slows publications this week, though are expected in the next three days the details of the interim bank values ​​(Tuesday BNP Paribas, Societe Generale on Wednesday and Thursday Axa and Natixis).

Eiffage reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered a decrease over the period.

Outremer Telecom. A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (EDF ENR) has entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process.

General Health issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher acute care stays.

Recylex published Friday sales for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its business in recycling lead thanks to rising 16 % of lead prices and increased sales volumes.

Air Liquide. The gas giant reported Monday a 11% increase in net profit in the first half, to 750 million euros.It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period. The British bank HSBC, which is listed in Paris, finally published its results for the first six months of the year.

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"All global markets are wondering whether U.S. policy makers are able to compromise and reach agreement on the debt." Here is essentially what Sunday said the secretary general of the White House, Bill Daley. Adding that financial markets are prepared to live very stressful day, Bill Daley has brought into the hands of President Obama and Speaker of the House of Representatives, John Boehner. Both said last night their will to reach agreement by Sunday night (Paris time), a few hours before the opening of Asian markets.

Just relieved on the question of the end of the Greek fire, after the adoption of a new plan Thursday to help Greece, all the concerns of operators should indeed focus on the United States, where elected Democrats and Republicans are still debating on what to do to reduce the U.S. debt. After another weekend of heated discussions, the status quo is always appreciated. Nine days is the time left now to senior U.S. policy makers to tune their violins. If no agreement is reached by Aug. 2 on raising the debt ceiling (about 14,300 billion) as well as budget cuts and additional taxes, the world's largest economy could be in default payment at the beginning of next month. Which would surely induce panic in the stock market.

Fear of a deterioration in the rating of sovereign debt

Even without going to default, the risk of a stock drop on the American question remains possible payday advance lenders. According to the White House, a simple short-term renewal of the debt (to which scenario we are heading according to Republican Senator Tom Coburn) could lead to a deterioration in the sovereign debt rating by U.S. rating agencies. These sanctions are rarely applauded the stock market, especially when they concern the world's largest economy. Waiting to see the Asian markets the first consequences of the new fruitless discussions of the weekend, analysts stress the importance of the issue to investors.

"The markets have liquidated" Friday, they had learned during the day the failure of negotiations between the White House and Republican opponents of a plan to reduce long-term deficits, said David Kotok, chairman of Cumberland Advisors. But now "the markets have had time to digest" and determination displayed by both others to avoid default is reassuring. Still, that nervousness should remain in force next week on the large world. After removal of the threat of the eurozone, the political debates around the indebtedness of Western countries have not yet finished obscure markets.

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A lifeline to 158 billion euros. The Greek Government did not hide his relief on Friday. He said that local banks were now able to overcome the crisis and promised to accelerate reforms, fight against tax evasion and privatization in mind. The entourage of the Prime Minister insists that the country now has an obligation of result and ensures that it will manage to escape the nightmare of debt.

A view that is far from sharing all the Greeks. A good part of them remains in an attitude of rejection of "the dictatorship of the markets." For Giorgos Delastik, political analyst, "Europe has saved Greece and its banks but not the Greeks. The country is under the supervision of the EU budget and the IMF for many years. It is humiliating that Greece is so singled out. And Greece is a kind of European laboratory.Wage cuts and new taxes imposed, will be too soon in all countries without exception. "

The hope of a recovery

Point of the Brussels agreement, however, found favor in his eyes: "The most positive is that Europe keeps its promises to implement an economic recovery strategy." The compromise provides that Greece has a largest share of EU funding for development (the so-called "structural funds"). For the economist Alexandros Paparsenos, "is the best announcement of the summit. By reducing debt and injecting money into the development, financing of infrastructure and major projects, it gives people hope for a recovery.The rigor was not an option and now hopefully return to a positive growth rate early 2012, "said he.

As part of the compromise on Thursday night, the banks had to make sacrifices. In the Greek banking sector, the tone is at the discretion. "This decision removes the pressure on Greece and will allow him to return to the market in three years to borrow large sums," hopes the president of a major Greek bank, on condition of anonymity. "Instead of paying 14 billion euros in interest rates, or 6% of GDP, the country will pay 11.5 billion. By cons, now the government has no excuses, he says. The Europeans, creditors, the people, everyone made an effort. This requires that led George Papandreou promised reforms in a fair and especially the privatization program.He has to channel the discontent of the Greeks, some want to boycott the system, and it encourages us to lend to entrepreneurs to boost the economy. "

The risk of a new social explosion will be part of the challenge of the Papandreou government. After the indefinite strike of taxi drivers, other sectors such as marine and port workers, announced that they observe similar movements. The game will be tight.

While the EBA is preparing to issue health bulletins today of 91 European banks, not this year – the third of its kind – had emerged as perilous. These stress tests are designed to reassure the strength of the European banking system, ensuring that they are adequately capitalized to deal with simulations of shocks on growth, equity markets or real estate.

So far, the main risk was to fail to convince, as was the case a year ago.With markets abusing European banks in turmoil on sovereign debt, the danger is now adding fuel to the fire …

The Institute of International Finance, which includes 400 credit institutions in the world, concerned that the emphasis of the supervisor to publish banks' exposures to the sovereign debt would aggravate tensions in the markets.For if the stress tests are unwilling to consider the hypothesis of a failure, even partial, state of the euro area, even though the scenario is not ruled by some European finance ministers, analysts will not go without applying the discount corresponding to their own calculations.

In fact, stress tests, vintage 2011, were built partly in response to criticism of the 2010 vintage: his credibility was undermined when the Irish banks were left to the mat a few months after passing their check-up! Hence the idea that the number of "recalibrated" should be higher than last year: in July 2010, seven banks have been stigmatized with a lack of capital combined 3 billion euros only .

Confusion

From this perspective, the tension went crescendo in recent days.Adding to the sense of confusion at the moment that sticks to all European decision-making, many countries or institutions have formally or informally, started to spill the beans. The German regional bank Helaba was denounced by itself, Wednesday, accusing the same time the EBA does not take into account the 'silent participation' 10% owned by the state of Hesse in his capital is not regarded as capital drives. In Spain, two savings banks, suspected to be among the victims of stress tests, have healthy self-proclaimed as yesterday, stating that their criteria are not exactly the same as those used in Europe! The Spanish authorities have also criticized the method of Constable European banking.

Although it was heavily judging, fiscal 2010 proved useful over time.A study by Morgan Stanley, 19 of the 22 listed banks passing the bar set by the supervisor by a margin of 2.25%, have increased since their capital. Thus, if the EBA requires a minimum of 5% capital ratio, "we believe that investors will scrutinize those who pass with a margin of less than 1%," warned analysts at Morgan Stanley.

Still, by nature, the exercise is not enough to reassure the markets. It focuses, in fact, on the solvency of banks when the rising concern about the cost and availability of the resources they need to find on the market. In the current climate of mistrust, the market assess the health of banks, primarily through the quality of the signing of their country of origin.For financial institutions of Europe device, each day that passes makes access to capital more expensive and more difficult and more involved when a deterioration in the sovereign rating by any rating agency.

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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.