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"Greece can she leave the euro area?

"What is the role of rating agencies?

"Greece can go bankrupt?

"Is there a risk of contagion to the rest of the euro area?

"What risks for European banks?

"Why do they attack the markets as Portugal?

"Does France have any reason to worry?

• Greece can she leave the euro area?

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The want it – despite the financial risks – Greece would have the greatest difficulty to get out of the eurozone for legal reasons. If a Member State may be expelled from the EU if it no longer meets the political criteria, this option is not provided by the Treaties for the euro area. This legal vacuum is subject to interpretation."It is inconceivable that a Member State legally so the euro area without retiring in parallel with the European Union," says Phoebus Athanassiou, legal adviser to the ECB. As for expulsion from the monetary union, it would be "virtually impossible from a legal standpoint, because it would amend the treaties unanimously, says he, in a research note. Angela Merkel had called in March to exclude the possibility of a country does not fulfill the conditions of membership of the single currency. Without revising the treaties, the option of expulsion would be "perhaps achievable through the back door" by establishing a de facto monetary union with two speeds. The emerging countries could keep the euro as parallel currency.But it is more of a possibility is more theoretical than practical, as the hazards are many.

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• What is the role of rating agencies?

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Rating agencies – the number three in the world – are private and independent agencies that assign a score to countries or financial companies. Investors rely on this note to know the risk level of bonds they buy. Each agency to its own methodology. Standard & Poor's, for example, attributes the "AAA" rating to the best transmitters, then descends to "AA" and "A" and "BBB". Each time, these notes are accompanied by signs + or -.Then, the notes come down to "BB" and are then considered to reflect the level of obligations "rotten" … In general, the rating reflects the percentage probability that the issuer will default. Thus, an issuer rated triple AAA, like France, has 0% chance to fail in three years. An issuer 'BB', as is now Greece, 23.08% to fail within three years.

• Greece can go bankrupt?

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Photo credits: AFP

The De Beers diamond bet on a shortage of diamonds in the long term. To prolong the life of its mines, therefore he wants to reduce its production. Such a decision could have an immediate impact on prices, with an increase of 5% according to some analysts, De Beers alone representing 40% of sales of rough diamonds throughout the world.

The world provides a stabilization of its production to 40 million carats in the next two years, against 48 million carats in 2008.The predicted shortage should be accelerated by new demand from Asian countries, including China, where these stones are very popular online cash advance.

In twenty years, no site has been discovered that can compete with the mines operated by De Beers in South Africa or that of Alrosa in Russia.

After a difficult 2009 which resulted in losses, the diamond table on profits this year, and until 2014. Some analysts see the move as a preamble to a re-IPO of the group.

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"Dust volcanic paralysis airport dangerous for the economy." The Confederation of Small and Medium Enterprises (CGPME) became concerned Monday that could have consequences for European sky empty of planes. Dramatization? CGPME quick to point out a little further in his text that only SMEs "whose activity is immediately dependent on air transport" are currently affected.

If paralysis continues, the slow recovery of the economy will she threatened? "If this situation persists, all French SMEs encounter difficulties," worries CGPME. Everything depends on the duration of the flight ban imposed much of European airspace. "The problem is simple: the shock will be there temporarily or not?" Says Philippe Waechter, head of economic research at Natixis."For now, all this is annoying but does not call into question the economic recovery."

"A crisis of this type can be analyzed as attacks or an outbreak, however, significant events that have little overall economic impacts," said Nicolas Bouzou for its part, an economist at Aster. Especially since the paralysis of European airspace should not have a huge impact on trade between Europe and the rest of the world, according to the Economist: "80% of goods moved by boat. And the businessmen will still meet in videoconferencing payday loan instant. "

Attacks and pandemic

The situation is somewhat reminiscent of the paralysis attacks of Sept. 11, which at the time, had greatly affected the airline."This event has changed the behavior vis-?-vis the air, but the current environment is extremely different," relativize Philippe Waechter. "Today, if the ban is lifted, all restarts as before." September 11 has also not necessarily have any impact on the economy, beyond transport. "It is very difficult to detect traces of attacks on the World Trade Center on economic growth," said Nicolas Bouzou.

More recently, influenza H1N1 has raised fears the worst. Especially because of the flight ban could be decided to limit the spread of the virus. The worst-case scenarios developed while anticipating a decline in U.S. GDP by 1.5% year over year. Impact due to paralysis of all types of transport, the cancellation of sporting and cultural events and absenteeism rates of about 30 to 40% in companies.In comparison, the ash cloud would block more than 150,000 French nationals abroad. For a limited time.

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"Economic consequences cascade

"Volcano: expected improvement by the end of the week

Wall Street starts the week with stability: the Dow Jones is quasi-equilibrium (+0.03%) in the first exchanges, the Nasdaq also (+0.06%). few minutes after the bell, the indices are moving a bit better: to 15.45, the Dox Jones up 0.17% at 11,016 points and the Nasdaq is 0.21%, to 2459 points. The S & P 500 wins he, 0.28%, to 1198 points.

The Nikkei closed up 0.42% to 11251.90 Monday lmatin points, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.

The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points. Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.

On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.The European currency was trading at just below $ 1.37.

Indicators to monitor

On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.

The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.

Alcoa will open the show publications

The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major listed companies.As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street. Analysts expected a return to profit, its first since a year.

Meanwhile, Alcoa shares are 1.53%, to 14.62 dollars.

The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.

On the side of values, the oil industry runs the meeting. Friday Chevron (0.74%, to 80.1 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.

The Paris Bourse takes a deep breath. After recording, the day before, a new annual record over 4050 points, the CAC lost 0.67% to 4026.97 points. Everywhere in Europe, investors took advantage of the strong performance of recent days to garner a share of their profits. London and Frankfurt lost 0.22% and 0.48%.

Wall Street, which also navigates the unknown peaks over 18 months, was also a break. The Dow dropped 0.24% in session and the Nasdaq is 0.20%.

The minutes of the Fed meeting on 16 March confirmed that the U.S. central bank remained committed to maintaining its policy rates "unusually low", "for a period of time."But at the same time the debate on the need to adopt a real strategy for ending the crisis is more urgent and animated.

Concerns persist about Greece

Indeed, the United States but also in Europe, signs of economic recovery are daily becoming more numerous and tangible. Yesterday, activity in the private sector in the euro area recorded in March, its strongest growth in two and a half years.

Other good news, orders to German industry, the mainstay of the economy in Germany, continue to recover. However, the foreign exchange market, the euro retreated further against the greenback falling dollar sitting in 1.335 penalized by persistent concerns about the ability of Greece to refinance its debt and the fear of contagion from the crisis to other countries in the euro zone as Portugal, Spain or Italy.In Paris, profit-taking focused on areas that have risen more in exchange for a year and particularly on banking stocks, as well as automotive and technology.

After limited Wednesday its losses due to degradation of the note of Portugal by U.S. rating agency Fitch, the CAC 40 remains virtually unchanged, with the Opening index in Paris gained 0.05% to 3951 points. Thursday and Friday, will take effect in the European Council in Brussels. Support measures to Greece are expected, involving the IMF and covering several tens of billions of euros.The stock exchanges in London and Frankfurt also opened small increase respectively from 0.07% to 5682 points and 0.08% at 6043 points.

The program also published a series of U.S. data – weeks claimed Thursday to 13 hours, and a third estimate of GDP for the fourth quarter of 2009 Friday at 13.30 – and the presentation from 9 hours by Jean-Claude Trichet's annual report the European Central Bank before the European Parliament.

The bank in a disorganized

As for values, the series of publications is nearing completion. Thursday, Hermes has released a turnover up 8.5% to 1.9 billion euros, while earnings fell slightly (-0.5%) to 290.2 million euros.Shortly after opening, shares Hermes show a net decline of 2.52% to 102.50 euros.

Pending more information on the measures to be taken at the Brussels summit, banking stocks move in a disorganized: Cr?dit Agricole and BNP Paribas rose respectively from 0.90% to 12.94 euros and 0, 33% to 58.03 euros. In contrast, Societe Generale and Dexia retreating respectively from 0.27% to 46.38 euros and 0.22% to 4.47 euros.

Renault rose 0.61% to 34.01 euros, negotiations on cooperation between the French automotive group Daimler and German are close to reaching an agreement, the Financial Times online payday loans !!!???!! !???!!!.

The Italian A2A accelerates the process of selling its stake in Edison to EDF (-0.09% to 38.55 euros), a transaction that would allow the French group to take control of Italy's number two electricity, at we learned from sources close to the matter.

TF1 head of DTH

Germany, France, the United Kingdom and Spain are planning to protest together with the U.S. President Barack Obama against the forced removal of EADS (+0.76% to 15.28 euros) in the invitation to Tender tanker aircraft for the U.S. Air Force said Thursday the daily newspaper Les Echos.

TF1 got the green light by the High Council of Audiovisual (CSA) to buy chains and TMC NT1 group but AB's subsidiary Bouygues will make certain commitments.A decision welcomed by financial markets as the TF1 shares climbed 4.93% to 13.63 euros, the largest increase in DTH.

KKR announced Wednesday the sale of a stake of 4.4% in Legrand through a process of "book building" accelerated. It will own 20.6% of the capital and 27.5% of the voting rights of French group at the end of the assignment. Wendel for his part said not to join the operation and maintain its 24.9% stake in Legrand (-4.11% to 23.59 euros). KKR shares changing rapidly declining from 2.14% to 6.41 euros.

Camaieu (stable to 158 euros) announced Wednesday the results in sharp drop in 2009 but said he observed an improvement trend in the last semester.

Veolia (+1.25% at 25.96 euros) announced in a statement that the new boss of EDF, Henri Proglio, leaving the presidency of the board of directors. His replacement has yet not been identified.

The Citigroup CEO Vikram Pandit is satisfied that the bank is "well positioned to return to sustained profitability." At an analyst meeting held on Thursday, the official also mentioned that the American state could sell the shares it holds in the group by one year, effective March 16 , when the state will be officially authorized to sell its shares .. 34% of capital.

On Thursday, Citigroup shares have risen again by 5.56% to 4.18 dollars. Since the beginning of the week, the securities have soared by almost 20%, pulling in their wake the whole banking sector on the rise on Wall Street.Witness the rise of the index values Bix U.S. bank, which was awarded 1.38% on Thursday on the Exchange of New York.

"The general feeling is that investors anticipate a step toward normalcy," said analysts at Briefing.com.

Citi expects 20 billion profit

End of 2009, Vikram Pandit had said that Citicorp, the bank portion of the assets comprising the most healthy and who make up the bulk of the company, had assets under management reaching approximately 1 payday advance .

GDF Suez could revise its bid for International Power Plc, particularly the terms of its offer in cash, reports the Independent on Sunday, citing sources close to the French group.

The Autorit? des march?s financiers (AMF) has asked for new commitments in Belvedere in the case of warrants, which in recent weeks between the group of spirits to the Association for the Defense of Minority Shareholders (ADAM).

Bongrain has reported revenues down 7.4% on a comparable basis in 2009, affected by unfavorable economic environment.

Eiffage managed to stabilize its sales in 2009 thanks to a rebound in activity in the fourth quarter.

Several publications of companies are expected on Monday: Altran Technologies, pre-market Unibail Rodamco, after-hours trading, Le Noble Age and Devoteam. Faurecia brings an extraordinary general meeting regarding the capital increase related to the repurchase of Emcon.

Good news for Safran. Its subsidiary, Turbomeca has been chosen by Beijing to power the Chinese version of the new civilian EC175 helicopter jointly developed with Eurocopter, said its CEO Lutz Bertling. So far, the new helicopter is equipped with American engines Pratt & Whintney, and double engine choices are few things on the helicopters.

According to Voices, the American engine could not get the green light by U.S. authorities for exportrer in China some of its technologies.

This agreement confirms the thrust of Saffron to China. Last month, the group associated with GE in CFM International, has been chosen to equip the C 919 Chinese, the future Chinese medium-haul aircraft, a rival of Airbus A320 and Boieng B737.

After giving a first pressure on the management of the oil company, Christian Estrosi, Minister of Industry, insists the government "will not accept" the closure of the Total refinery at Dunkirk "as long as n 'There will be no guarantees the necessary continuity "of some 800 jobs involved," he said Monday on radio BFM.

The Government looks forward to the official position of Total in this case. The group must decide precisely Monday on the fate of the Flanders refinery, which employs 370 employees and 450 subcontractors. Since mid-September, the site is in "stop cyclical" because he can no longer sell its output, given the current weakness in demand for fuel.

"For the moment we have no binding commitment on the part of Total and I say very clearly, the Government will be firm," said Minister of Industry.

The previous March 2009 is remembered

In any case, the government has warned it did not intend to be outdone in the folder "Total" payday loans . "We will not accept an initiative to be taken unilaterally without any commitments are made to sustain current employment at the refinery," says Christian Estrosi.

Last Tuesday, the Minister noted that Total was considering the possibility of opening an LNG terminal in the port of Dunkirk.

In March 2009 already, the oil company had attracted the ire of politicians, after announcing the abolition of 555 posts in France, including 249 by 2013 in the refinery.A few weeks earlier, had issued a total record profit for 2008 of 13.9 billion euros.

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»Total: State careful closure of Dunkirk

"Refining: Total loan closing Dunkirk