In September 2008, the President shall declare 38 times the word "crisis". At the time, into recession is symbolized by the collapse of the subprime bubble and the collapse of Lehman Brothers. In November 2011, the difficulties have not disappeared, but the excessive debt of the States of the euro area, combined with rising interest rates, is at issue. What, among other things, plunge Europe into a "brief period of recession," as the OECD noted in its latest report.

"The idea of ​​the all-powerful market that is always right, it's over," Nicolas Sarkozy had struck in 2008. The President would then "re-found capitalism on ethics." Today, markets, wary, put pressure on European government claiming the lowest interest rates high payday loans with no fax.And when Standard & Poor's error sends a message stating that it lowered the rating of France, no sanction can be taken, despite the threats of the Minister of Economy Baroin.

• Debt: rigor replaced the stimulus

In September 2008, the time is not in a pinch. The word "debt" is also pronounced only once on a 45-minute speech. Prime Minister Francois Fillon may well have said, from 2007, that France is in bankruptcy, Nicolas Sarkozy prefers comfort by speaking of recovery. In fact, France will suffer a crisis less severe than its neighbors: the stimulus package and the "automatic stabilizers" (welfare, RSA) have cushioned the recession. But these instruments have increased the debt.

Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.

Everyone to understand that France will soon be degraded

This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%.

For its part, EDF is less verbose but the electrician had lights in late September some 595,000 residential customers in the gas.In 2010, sales of natural gas to EDF to its end customers in the Hexagon were approximately 21.4 terawatt hours (TWh), representing a market share of 4%, all segments.

On the one hand, a gas operator that grows in power, on the other, an electrician who took off in the gas: in theory, liberalization of energy markets in France shows its dynamism, this except that this development benefits first and foremost the two companies formerly a monopoly – one in the gas, the other in power. However, on their original business, each ultradominatrice remains, as evidenced by the overwhelming majority of consumers who remain loyal to regulated tariffs.

Click on the thumbnail to enlarge the graphic.

"The situation is not very surprising, both groups have a great reputation with consumers, said Xavier Caitucoli, CEO of the alternative supplier Direct Energy. To fight against them, we start with ball feet. "This does not preclude ambitions: after taking control of the other independent Poweo – which will be operational in early 2012 – Direct Energy will build a portfolio of one million customers – residential and business – in the gas and electricity payday advance lender. It is thus the only real challenger of the two giants.

How to reverse this trend which EDF and GDF Suez are the big winners from liberalization? "A better understanding of the system is indispensable.Our barometer shows that only two out of three French know they can change their energy supplier, says Xavier Caitucoli is the same number that ignores the opportunity to return to regulated tariffs after having left them. "

One Bill Power

This lack of information goes a step further. According to studies of the Ombudsman and the National Energy Regulator, over a third of consumers believe that EDF and GDF Suez form a single company. Under these conditions, one can legitimately ask how many electricity customers GDF Suez know they have left EDF and vice versa for gas customers of EDF.

This confusion can be exploited during a move: the customer who has just moved called GDF Suez, for example asking for the commissioning of the gas and the adviser asks him if he wants a single gas and electricity bills.If he says yes, the consumer is unaware that he has an offer to purchase electricity at market prices on behalf of an alternative operator.

Although it has many tools available to the consumer, the National Energy Ombudsman is not legally competent on issues of contract formation. Anyway, this is not what will hinder virtually unchallenged domination of the two incumbents.

Michalis CHRYSSOHOÏDIS – France is a strategic partner, the second largest foreign investor after Germany. I will meet with the bank Oséo. The SME Bank is to me a model success story. It has supported companies in recent years and has funded the development of France. We want to inspire us to create our own investment bank. Then I meet Baroin and companies interested in investing in Greece. I see a great interest on their part especially since the launch of the privatization program.

Why are these privatizations n'avancent not they?

Be careful. We want to value the assets of the country and not sell everything, quickly and cheaply. Do not believe everything we Bradon. Foreign companies have this impression because of the crisis.But investors must understand that they must add value to the country by buying companies, they will not buy at bargain prices just because the Troika (EU, ECB and IMF) has set targets for privatization.

What are your criteria for selecting candidates?

It will take commitments in terms of jobs and investment. A Greek in two is unemployed. Yet young people are highly educated. The vast majority has a lot of degrees and study abroad. We can not continue to let them emigrate abroad and lose our minds. We have no preference on the nationality of the interested companies. The European framework does nothing, so if we have good proposals from non-European groups – from Asia for example – we will take seriously into account.We must establish a business model that will be based on production, competitiveness and trade.

But the Troika impatient …

We will fulfill the objectives of the 4 billion privatization by the end of the year. But you know, the Troika also wants the success of this program. His emissaries were correct in finding that there had been delays in structural reforms, but they must understand that we have passed a series of reform laws that are not spent in the company, in the real economy business

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (0.98% to 2.779 euros) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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For security, the three New York airports – JFK, La Guardia and Newark – will be closed to aircraft arriving Saturday at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, nearly 8,000 flights should be canceled.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour. The subway, buses and railways do not circulate. Motorists have also been asked to leave their cars at home until the alert is lifted.If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways.900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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The TGV Duplex can carry 545 passengers in a train in 1090 and a single double. (Photo credits: SNCF Media / Ludovic Gra)

Volumes are again very important, all displaying European stock markets by mid-day trading levels higher than their usual daily average. The CAC 40 is changing and in volumes representing 167% of its already daily average the last three months, with nearly 4.7 billion traded. On the Frankfurt Stock Exchange, they exceed 180% of their usual average, and 130% in London.

After returning to 3200 points at the opening (3188.27 points), the Cac 40 was eventually changed to 11 hours of trend (-3.35% to 3020.46 points at 10:45).Shared a tendency in Europe: Frankfurt, after opening down, quickly moved into the green before sinking 3.12% to 5738.47 points. In Madrid, the Ibex 35 yields 1.38% to 8342.8 points. Only the London remained in the red since the opening, and loses in mid-session 1.80% in 4977, 68 points.

Pic of volatility

This new session, that of all the dangers after Black Monday in the markets, not immune to the extreme nervousness of investors. With a drop of 18% of the index in Paris in eleven sessions, the CAC 40 lost again yesterday his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama shows that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis.European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index.From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth paydayloans. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

Investors console themselves with the publication at 14.30 on U.S. productivity figures for the second quarter, which could give a little more on the state of the world's largest economy.In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros.

Moreover, according to figures released this afternoon by INSEE, the price of oil in dollars recovered in July (+2.3%) after declining by 1% in June The price of imported industrial raw materials has, too, bounced: 1.9% in July, against 0.2% a month earlier. Same trend for raw food (+1.0% after -0.8%).

For its part, the Organization of Petroleum Exporting Countries (OPEC) also lowered its demand forecasts for 2011. In its monthly report published on Tuesday, the organization expects a demand for crude to 88.14 million barrels per day (bpd), against 88.18 million bpd set before.

The barrel still under pressure

The report is closely watched, the price of oil is very strong pressure for 15 days under the effect of the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening. In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (78.92 dollars in mid-day) while the barrel of Brent crude down $ 100 for the floor, then back to 101.04 dollars.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing.The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and when traders' confidence evaporates, "according to Jonathan Sudaria Capital Spreads.

The side of values ​​to follow:

Financials bounce (BNP Paribas takes 1.09% to 39.74 euros, Societe Generale advance of 1.17% to 25.42 euros and Credit Agricole gleans 0.53% to 6.79 euros). Natixis (2.90% to 2.97 euros) goes back more vigorously the slope, while Axa was hand plunged from 1.23% to 10.85 euros.Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

Alcatel-Lucent (2.344 to 5.44%) shows the largest increase in the ACC after losing 31.5% over the past two weeks.

GDF Suez (-1.51% to 19.52 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (-6.19% to 6.82 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (-0.20% to 4.96 euros) reported, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.