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The International Monetary Fund is considering a loan of 13 billion euros to help new international bailout for Greece, according to the Wall Street Journal. IMF Executive Director Christine Lagarde during a press conference in Washington on 6 July 2011.

The International Monetary Fund plans to contribute a loan of 13 billion euros in the new international bailout for Greece, said Friday the Wall Street Journal on its website. "The size of the IMF's contribution has not yet been decided" but the institution currently looking for the money, the newspaper said, citing people familiar with the matter in an article written from Brussels.

The IMF granted in May 2010 a loan of 30 billion euros in Athens, as part of an international plan of 110 billion. It has not been enough to revive the Greek economy, which sank in a severe recession, exploding public debt. Finance ministers from the euro zone must meet in Brussels on Monday to consider whether the conditions exist to implement a second level of support in Athens, including a public component of EUR 130 billion and partial clearing of debt held by private creditors to the tune of 100 billion.

Greek Prime Minister Lucas Papademos, counterparts Angela Merkel and Italian Mario Monti, and French President Nicolas Sarkozy on Friday expressed their confidence in the possibility of reaching an agreement when, after several postponements. February 9, an IMF spokesman, Gerry Rice, stated that before you can obtain a new loan, he was "very likely" that Greece has to undertake "prior actions" to show its commitment to measures required of it to improve the functioning of its economy.

U.S. stocks opened lower Friday as investors took some profits in the absence of final agreement on the issue of Greek debt.

In early trade, the Dow Jones drops 0.8% (107 points) to 12,780.04 points. The Standard & Poor's, larger yields 0.9% (12.50 points) to 1340 points while the Nasdaq composite was down nearly 1% (28.71 points) to 2,898 points .

Greek workers began a general strike of 48 hours to protest the austerity demanded by the creditors of Athens to bail out the country verge of bankruptcy.

The three-party coalition government endorsed on Thursday a new austerity plan, but called the Eurogroup in the evening additional guarantees on the implementation of these measures.

The market now expects Confidence Index Thomson Reuters / University of Michigan. It is expected a slight drop to 74.5 in preliminary data against 75 in January.

On the values ​​front, Yahoo gained 0.3%. Chinese Alibaba plans to withdraw from the Stock Exchange of Hong Kong subsidiary Alibaba.com, as part of a complex agreement that would bring its shareholder Yahoo's cash and a working interest in one entity s group of Chinese commerce.

Between the peaks decisions that decide nothing and unexpected twists, difficult to navigate in the soap extension to the rescue of the euro. L'Expansion. Com reported on what appears achievements and problems that appear before the appointment-critical? – Wednesday. European leaders meeting in Brussels.

While the EU summit Sunday was to end months of indecision and too limited solutions, the world was offered a new appointment on Wednesday to see whether the euro area will finally be saved. Back to what appears to finally being resolved and the problems that remain … or emerging.

What is clear

The discount massive Greek debt

The banking lobby is hoping for a discount of 40%, Brussels wants instead to 50 or 60%.But if negotiations continue on the final figure, the principle of a very significant effacement of the Greek debt appears to act for both parties. To justify this level, Europe is based on a report of the troika, which includes the country's creditors, European Union, ECB and IMF. According to the report, banks must accept losses from 50% to 60% for the country's debt is sustainable. This prospect terrifies but investors in Greece. The Athens Stock Exchange fell Monday. Concerns focus on the consequences of such a discount to banks and pension funds in the country, who hold 15% of Greek sovereign debt. Local employers in turn denounced a decision that would lead to a "devaluation of financial assets and real estate" of the Greeks and "suffocation of the private sector."

The recapitalization of banks

To absorb losses arising from the discount and deal with a possible extension of impairment to Spain and Italy, banks are encouraged to recapitalize. With two options. Either they agree to promote their sovereign debt to market, whereby they are set a target to achieve a capital ratio of hard 9% by mid-2012. Either they refuse, and then have to meet a higher target of 9.5%. According to a European source, this would represent a comprehensive effort to recapitalize "107 or 108 billion euros."The scenario always favors a priority call to the private sector and the public opening of windows and finally, in case of failure the use of a solution through the EFSF.

On French banks, Baroin reiterated on Monday that Europe 1 "may not need to open this window public" and that they would carry out this recapitalization "at the expense of dividends and bonuses" . Christian Noyer, Governor of the Bank of France, for his part spoke of a limited effort at "least ten billion euros."

Strengthening the EFSF

It is unclear exactly how the European financial stability but we know it will not be converted into bank, as called Paris. Berlin vetoed because it would require the fund to refinance with the ECB, that "treaties do not allow," said Chancellor Angela Merkel.Options to leverage the capacity of intervention of EFSF without increasing resources have been reduced to two. First possibility: make a guarantee fund for the obligations of troubled countries (Greece, Italy and Spain) that protects owners up to 20 to 30% of the loan amount. This insurance should put downward pressure on interest rates. Second option on the table: create a special fund to accept contributions from outside investors, and could be backed by the IMF. But as the EU president, Herman Van Rompuy, both options could ultimately be chosen. "Combined, these two models could have a cumulative effect," he said Sunday.

The new problems that emerge

The non-European contribution to EFSF

The proposed involvement of outside investors – outside the euro area – raises some reservations.The fear of other states to mix with European desnquiétudes rise. "The Chinese said they were interested, but some member states are skeptical about the idea of ​​integrating a Chinese contribution to the EFSF," said one diplomat. Which could ultimately leave the field open to the German proposal as EFSF Guarantee Fund.

The payment of the IMF to Greece

To avoid suffocation in the country, the creditors of Athens must pay the sixth installment of the loan of 110 billion euros. But if Europe accepted Friday the payment of its share (5.8 billion), the IMF still has not cleared the release of funds. The Secretary General of the IMF, Christine Lagarde, said Friday she would recommend the Fund to pay the remaining share (2.2 billion).But for this it will be another meeting of the Board of the IMF in November …

The use of Italy EFSF

Italy is under pressure to further reduce its debt and deficits. Prime Minister Silvio Berlusconi was ordered to reach the European summit Wednesday with a detailed road map for further reforms of its economy, particularly on pensions. "This is not to appeal to the solidarity of partners if we do not effort," even said Nicolas Sarkozy. Now Italy has indeed need that help. She is a candidate to benefit from new support program called "precautionary" developed in July. The tool is expected to be able to provide credit lines or to allow the EFSF to buy government debt from one country to investors in the market "secondary" to influence interest rates.Relief Fund would replace the ECB and redeeming debt from the Italian August but warned that it would not do it forever. Except that Europe now poses its terms. Silvio Berlusconi has already given some pledges by suggesting that it might raise the retirement age to 67. It could also speed up privatization to relieve the huge debt the country to 1,900 billion euros.

On the eve of crucial European summit must agree on strengthening the EFSF, rumors are going well. The scenario of the report shook the stock markets. The trading floor in Frankfurt

According to information from the daily Die Welt, Germany could request that the date of the scheduled EU summit be postponed Sunday. Significant differences remain in effect for the implementation, especially the status of the EFSF "reinforced". A European diplomat had already emphasized this point of contention with the AFP in the morning.

The silence of Angela Merkel and Nicolas Sarkozy after their meeting Wednesday Express is not a good sign according to some analysts.

The summit, originally scheduled October 17, has already been postponed once.But several senior sources directly involved in the preparation and organization of the EU summit on Sunday, said on Thursday told Reuters not be aware of any proposed postponement of the meeting.

Another fear of the markets, they are trying to learn more about a paper on the EFSF, obtained by news agencies and that the European fund would be used as a last resort to recapitalize banks after the stress shareholders, private investors and governments.

Markets nervous

In this waiting period, nervousness is being felt in markets. Losses CAC40 who had reduced to just 0.5% to double and even more since the French values ​​now fall -1.35% to 15h.

European markets were down -1.1% on average (such as Madrid and Milan), but Frankfurt falls of -1.5%.

Finance ministers and central bank governors of the G20 agreed Saturday to impose a surcharge mandatory capital up to 2.5% of their capital for systemically important banks, to be set up gradually from 2016.

According to the statement issued after a two-day meeting in Paris, they endorsed the device in the sense proposed by the Financial Stability Board (FSB), ignoring calls from financial wishing a review of it these or additional time for implement.

Overload, which can be between 1% and 2.5%, will apply to all institutions, by their size, would be of overall risk to the financial system in case of failure.

Would be affected banks like Goldman Sachs, HSBC, Deutsche Bank, JPMorgan Chase but also the largest French banks: BNP Paribas, Societe Generale and Credit Agricole.

"Now that we have agreed on the framework for these institutions, we urge the FSC to define how to extend this system without delay to all systemically important financial institutions," we read in the statement.

The aim is that these banks have enough capital to get through the turbulence of markets so that states are not forced to wear to their rescue when the next crisis.

This overload should be finally adopted at the next G20 summit on 3 and 4 November in Cannes, at which the names of the banks concerned will be announced.

It is one of a set of provisions on the financial sector ministers and central bank governors have adopted Saturday.

AGREEMENT "TEST BANKS"

Among these include the use by supervisory authorities in the sector of "common tools" to liquidate banks in trouble, writing "wills" by major banks to facilitate their dismantling in case of difficulties or strengthening the monitoring of such institutions.

The CSF, which coordinates the work on financial regulation for the G20, has already defined the criteria implemented in a systemic overload.He identified 28 banks that could be subject, but a source close to the G20, it was reported that the number will be between 29 and 50.

The CEO of JPMorgan Chase, Jamie Dimon, the device has already denounced as "anti-American", while the banks concerned will apply in addition to the new prudential framework called Basel III will require them to hold capital "hard" to at least 7% of their commitments.

The CSB has received other support from the G20 for his work on the definition of "shadow banking system" to a regulation of it, with a view to prevent risk activities will migrate banks to other parts of the financial sector such as money market funds or special entities.

Regarding the regulation of commodity markets, one of the priorities of the Presidency of the G20, Paris could not succeed in setting limits on positions that investors can hold.

The statement calls for implementation by the end of 2012 recommendations of IOSCO, the umbrella organization for national supervisors of markets, derivative markets of raw materials that do not provide for such limits.

The stock markets in the euro area settle in the green Thursday at midday, driven by financial stocks boosted by a voting majority in the margin of the German Parliament the reform of financial stability in Europe.

However, progress is limited. If the ratification of strengthening the powers of EFSF (European Financial Stability Fund) is acquired in Germany, this vote does not dispel the differences that oppose European leaders on how to deal effectively with the debt crisis in the euro area, report professionals.

Around 12:20, the CAC 40 index, which made the yo-yo in early trading, rises above 3000 points.The index gained 0.84% ​​to 3020.70 points and 3033.38 and 2974.98 changes between.

The euro also benefits the vote in the Bundestag and is trading around 1.3642 dollars against 1.3536 late Wednesday.

In Paris, BNP Paribas (6.27%), Societe Generale (4.67%) and Credit Agricole (3.75%) are leading the CAC 40 increases as the Stoxx Banks (+ 1.92%) is the leading sector gains in Europe.

L'Oreal (-1.48%) shows the largest drop in the Paris index, weighed down by the statements of Reuters Clarins boss who said he is worried about the economy in Europe this year and next year .

"These comments (Clarins) are negative for L'Oreal, which makes 40% of its sales in Europe," said one trader.

Exchanges of Frankfurt and Milan won respectively 0.57% and 1.28%.EuroStoxx 50 index of the core values ​​of the euro area is 0.96%. Outside the eurozone, London yields 0.31%

"We continue to believe that the news of recent days are not particularly encouraging. We are seeing some convergence between the political leaders of the EMU (Economic and Monetary Union)," say the strategists rate of Societe Generale in their daily note .

The performance of the German government bond (Bund) is relaxed to 10 years by 1.0 basis points to 1.97%.

While European politicians opposing the idea of ​​issuing Eurobonds to respond to the crisis of sovereign debt, China could affect their development.

Europe is the first export market of China, which has clearly said he was in his interest to avoid a financial collapse that could cause a global recession.

China also wants to diversify its foreign reserves to reduce the share of U.S. government bonds, and did not wait for the deterioration in the sovereign rating of the United States last month to start doing.

"European countries are facing problems of sovereign debt.We have said countless times that China wants to give a hand and we will continue to invest (in Europe), "said Premier Wen Jiabao during the 'Summer Davos Forum' week last in the Chinese city of Dalian.

But he also said that the major developed economies were healthier fiscal position and urged Europe to make a reciprocal gesture by granting China the status of market economy.

Europeans have so far been reluctant to make this concession, given the exchange rate regime of the yuan, state control of Chinese industry and commercial litigation, intellectual property, for example.

Upon entry to the World Trade Organization (WTO) in 2001, China agreed to a covenant which provided that she would not have the status of market economy in the world before 2016.Beijing has long called for this status to be granted in advance, as that would provide better protection against anti-dumping duties including the EU.

"A crisis is an opportunity"

"Europeans have not been sufficiently sensitive to the needs of China," said Etienne Reuter, a consultant who was representing the EU in Hong Kong and Japan.

China also wants the EU to lift an arms embargo imposed in 1989 after the crushing of the "Beijing Spring".

Privately, EU officials who manage the debt crisis remember that China is one of the few large foreign investors continue to buy bonds of countries in the euro area in the secondary market.

China thinks it also has also taken a large share of bonds rated triple-A issued by the European Financial Stability (EFSF) to support Greece, Ireland and Portugal as part of programs helps set up by the EU and the International Monetary Fund.

For Beijing, the problem is rather that there is not enough paper issues rated triple A European response to the request.Yields on German government bonds and UK safe haven to which have turned many investors are thus fell below the rate of inflation.

"It is in the interest of China that the euro area is stable with the creation of Euro-bonds, but China may have an impact on the decision of the European countries I doubt," said however Xu Bei, a Chinese economist who works in Paris for the French bank Natixis investment.

"In the Chinese mentality, a crisis is always an opportunity.The Chinese word for crisis has two characters: one meaning danger, the other opportunity, "says she.

In the short term, she says, it would make sense for China to buy the Italian Treasury bonds, which are active in Europe among the more volume and more liquid while providing an attractive return "if Excluding a scenario of extreme crisis. "

SECURE INVESTMENT

There is clearly a debate within the Chinese leadership on the pros and cons of going to the assistance of Europe.

Forum in Dalian last week, an adviser to the Chinese central bank, Daokui Li said that China should refrain from buying large volumes of European bonds.

In its edition for abroad, the People's Daily, for its part says that China should not act alone but work with other creditors, including the IMF, and ask that the euro area investment guarantees.

"Faced with latent systemic risk for European debt, China should both take the role of responsible great power but must also make security a prerequisite for an investment," said an editorial in Xiangyang Li, researcher international relations at the Chinese Academy of Social Sciences.

According to Etienne Reuter, Wen Jiabao wants to open China further and support the conservative voice of Europe, but among the other leaders argue that Beijing must be careful not to get too involved in other countries.

Chinese public opinion, at least as reflected by the blogs on the internet, look for caution on the issue of investment in Europe is for its part Bei Xu.

As for David Bowers, the financial advisory firm Absolute Strategy Research, the Committee is unlikely that China will take strategic initiatives to scale before the change of the management team in 2012, which should be reflected in particular by replacing Hu Jintao and Premier Wen Jiabao.

"The people that the Chinese are dealing, it is the Germans.Triple A is a nation like China, mercantile like China, and the Chinese could help them avoid making the taxpayers bear the German "a heavy burden, he said.

China is becoming the next two years the largest trading partner of Germany instead of France, noted David Bowers.

"They (the Chinese) will have to wait until Germany is clearer about what she wants in Europe," he said.

Ways to encourage sustainable economic recovery are dwindling, the executive director warned Friday the International Monetary Fund (IMF) Christine Lagarde.

In an article published in the German daily Handelsblatt, the Commission considers that there are still shortcomings in the regulation of the financial system and that "indecision and dysfunctional policies" threaten to undermine the recovery in developed economies.

"I think there is a path to sustainable recovery, even if this path is narrower than before and continues to shrink," writes Christine Lagarde.

The former French Minister of Economy Again, the weak balance sheets posted by the banks and the U.S. are fueling a crisis of credibility which in turn undermines growth.

"This vicious cycle is gaining momentum and has been aggravated by political indecision and failure," she writes, calling for international solutions to resolve the debt crisis and systemic risks.

Moody's Investors Service downgraded Wednesday Societe Generale and Credit Agricole up a notch, and extended monitoring of BNP Paribas, adding that any downgrading of the rating on BNP would probably also limited to one notch.

The rating agency had placed the banks under review with negative implications on June 15, citing their exposure to Greece.

Experts had said that the notes were ripe for a downgrade due to higher borrowing costs in the context of sovereign debt crisis of several of the euro area.

In a context of deterioration of refinancing, Moody's said its concerns about the structural difficulties of the profiles of liquidity and financing banks had intensified.

For Credit Agricole, Moody's reduced the rating of the long-term debt and deposits to Aa2 from Aa1, a one notch downgrade and downgraded the Bank Financial Strength Rating (BFSR) to the next level too, C + to C.

Regarding Societe Generale, Moody's Aa2 to Aa3 reduced from the note of the long-term debt and deposits, with a negative outlook.The agency estimates that the impact of monitoring the Bank Financial Strength Rating (BFSR) will be limited to a one notch downgrade.

Moody's believes, however, that Societe Generale has a level of capital sufficient to absorb potential losses it is likely to record its holdings on Greek government bonds.

It added that Societe Generale will remain capitalized at a level consistent with its BFSR, even if the quality of the signature of the Ireland and Portugal were to deteriorate further.

Societe Generale issued a statement following the announcement by Moody's.The bank says it has demonstrated its ability to effectively manage the current situation in the debt crisis in Greece and has taken appropriate measures to strengthen its profile of refinancing.

Societe Generale said Monday it would conduct asset sales and cost reductions designed to release four billion euros in additional capital by 2013.

FRENCH BANKS "KEEP NOTES OF VERY GOOD"

For BNP Paribas, Moody's believes that the first French bank has a level of profitability and capital sufficient to absorb potential losses it may suffer over time due to its exposure to Greece, Portugal and the Ireland.

Moody's continues its review with negative implications for long-term rating and deposits – currently Aa2 – BNP Paribas, but considered unlikely that this under surveillance results in a downgrade of more than one notch.

BNP Paribas said Wednesday it would reduce the size of its balance sheet of about 10% by the end of 2012 and expects to achieve a capital adequacy ratio of 9% under the new banking regulations of Basel III on 1 January 2013.

Following the announcements by Moody's, the French government has reaffirmed the "strong" French banks.

"French banks have withstood stress tests that were very demanding few weeks ago," said Valerie Pécresse, budget minister and spokesman of the government after the cabinet meeting.

"There is no funding problem, or issue credit or liquidity problem for French banks," she said.

French banks are "very strong and keep very good notes," she said.

Radio Europe 1, President of the Financial Markets Authority (AMF) Jean-Pierre Jouyet noted that the cuts of note occurred already anticipated by the market.

On RTL, the governor of the Banque de France Christian Noyer, for its part felt that the situation of French banks was unlikely to deteriorate further after the decision by Moody's.

At the Paris stock exchange, securities of the three banks have opened down sharply after the announcements by Moody's, but have rapidly reduced or erased their losses, with the overall market, thanks to remarks by the President of the European Commission suggesting a forthcoming proposal for the introduction of euro bonds.

French banks are the institutions most exposed to Greece, according to the Bank for International Settlements (BIS).

Earlier this afternoon, the action Societe Generale lost 2.8% and 1.6% gave the BNP.But Crédit Agricole clinching 2%.

Citigroup cut its price targets on French banks.

The automotive supplier Plastic Omnium, a world leader and external fuel systems, Tuesday maintained its 2011 growth targets despite the economic uncertainty felt by some stakeholders.

Plastic Omnium is always improving its revenue and profitability and debt reduction over 2010, said CEO Laurent Burelle during a press conference at the motor show in Frankfurt.

"What I read in the papers does not match what I saw on a daily basis," he said. "What I saw is that the months of July and August were very high, my order book for September, October and November, is very high.July and August were excellent, and the outlook for the coming months are very good. "

At the end of the first half, sales of Plastic Omnium was divided equally between Europe and the world. The group is growing in Asia, which accounted for 14% of sales in the first half of the year, including China where it plans to open ten new plants within three years.

Plastic Omnium also benefits from the race for emission reductions.On its stand at Frankfurt, it has elements of composite structure fiberglass and carbon that can reduce by 2017 to 110 kg weight of a car, or 10 grams less CO2 per kilometer .

Asked if his clients were builders show a fit of caution against the backdrop of sovereign debt crisis, Laurent Burelle said: "As of today, no. But they are like everyone else, dependent on world of finance. "