Our correspondents in Athens and Madrid

The eurozone is trying to stem the risk of bank runs at its periphery. In Greece, where the run on windows is the most serious – aggravated by the deterioration of the bank notes by the rating agencies – the Bank of Greece has corrected the figures released by the European press. It would not be a flight of deposits of 800 million euros a day, as suggested this week by the President of the Hellenic Republic itself, but of 100 million euros a day from May 6 Neither more nor less than in 2011.

"That does not mean that the Greeks are not worried: remove 35 billion euros a year, it's huge!" Says Panagiotis Tampoureas of Development for the bank ATE. "To believe the press, the authorities are studying a proposed freeze on bank withdrawals to 1,000 euros per month per person. But the set up would announce the bankruptcy of the banking system and people will fight to save their economies. A real disaster, "says he.

Despite the impressive figures of flow, there would in fact banks € 165 billion. "This means that only 30% were withdrawn for two years," says Takis Tampoureas. All hope for a political calm after the elections on June 17.

Spain also seeks to ease concerns about the soundness of its banks. Following the collapse Thursday of the share price of Bankia, the fourth largest bank in the country has recovered its Friday stock market losses. Its main competitors have also found the green.

Degradation of Moody's

Analysts explain the steep descent of Bankia by publishing a rumor that clients have withdrawn their deposits over one billion euros in one week guaranteed pay day loans. Twice denied by the bank and the government seems to have borne fruit. And the announcement on Thursday night, a degradation of 16 Spanish banks rated by Moody's, had no impact on the square in Madrid.

The banking sector problems remain yet whole. The Bank of Spain said Thursday a record rate of bad loans: 8.47% in March, or 147 billion euros. The big unknown for the needs of bank recapitalization. Madrid has promised an audit on this subject. The name of the two companies responsible for inspecting credit institutions will be unveiled Monday, the press table on Black Rock and Goldman Sachs.

After the Council of Ministers, the government number two, Soraya Saenz de Santamaria, said that the first resistance test will be done "quickly, in less than a month" before subjecting banks to examination more detailed.

Asked about the possibility of using EU funds to finance the Spanish banks, Santamaría dismissed the question. "There is no reason to doubt the ability of the Spanish government to help its banks without using the bailout fund," said a spokesman for the German Ministry of Finance.

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The market turmoil and the records set by some works have led some dreaming. Why not investirdans paintings or sculptures? The art has never earned as much as in 2011. "It can be a significant element of personal wealth," said HSBC, which helps clients in their purchases and sales based on the consulting firm in 1858. The art market is tempting, but it is not without pitfalls because it is neither transparent nor regulated. Besides the auction, private sales by galleries or OTC account for over half the market. "There has never been so many opportunities to lose a lot of money," says Celine Fressart, consultant in 1858.

A major work of a minor artist rather than vice versa

The experts also keep well to advise their clients to buy this or that work because it will be a good investment. There is no guarantee that prices will rise, he must first find the artists and works that please the customer. "Any investment must first be done with the eyes, but the reason is needed to avoid costly errors, "warns Fressart Celine, who says not recommended nine times out of ten customers a purchase because often too high a price oud'un doubt about the origin. She advises particular caution on Internet sales. And remember that we should not buy art not representative of an artist. "Better to buy a major work of a minor artist than the reverse."

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JPMorgan announced after the close of U.S. markets heavy losses of over 2 billion following the massive purchase of products that were derived originally from the 2008 financial crisis. The CEO, Jamie Dimon, reported the losses of "litigation of approximately $ 200 million" and "pre-tax losses the brokerage of over $ 2 billion" during a conference call surprise. The boss of the first U.S. bank by assets added that these losses could still grow up to an additional billion dollars. The asset portfolio has complained yet "a lot of volatility," said the leader. "We will manage up", but "it could cost us up to a billion dollars or more" and "the risk will remain for several quarters," added the CEO.

Photo credits: LUCAS JACKSON / REUTERS

Thousands of people started marching Tuesday across France to say no to them according to the austerity imposed by the European Union and call for a genuine policy of growth to five days before the second round of presidential elections.

Nearly 290 processions are announced by the CGT, one in the afternoon in Paris, where walkers will have been preceded by a National Front demonstration and where they will parade during a political rally organized by the outgoing president.

The inter-union (CFDT, CGT, FSU, UNSA and Solidaires) promises that there will be no political message on the banners of the first parades in May, but the CGT, unlike other organizations, called for " beat Nicolas Sarkozy. "

In Marseille, about 20,000 people, according to unions, protested for a parade more social than political. "This gives it a special flavor, but we do not mean our demands immediate demands in the pocket," said the delegate county of the CGT, Mireille Chessa. The banner head behind which all the unions, with the exception of FO, marched, summed up this attitude. "Against the austerity policies, workers united for social progress" could be read. Fralib employees, who for nearly two years to oppose the closure of the last site in France to make the teas The Elephant, opened the procession.

In Bordeaux, more than twelve thousand people walked the streets of the city. A response far greater than a year ago, according to organizers. "We believe the participation of 15,000 people," welcomed on behalf of the Inter Cathy Sargenton, spokesman for the CGT Gironde. She said only 3,000 people were mobilized during the May 1, 2011.  

Between 10,000 and 40,000 demonstrators, police or the organizers, marched through the streets of Toulouse, where slogans against the outgoing president did not fail. The banner head, badged CGT, CFDT, UNSA and FSU, was as traditional themes such as defense of trade unionism in wages, employment or public service, but most political slogans have also fused. Unions have strongly mobilized in Rennes. CGT announced the presence of 10,000 people when she had recorded that in 1250 the last year. The prefecture has reported a provisional figure of 6,000 protesters. Where the band head of the Inter-CGT, CFDT, FSU, UNSA and Solidarity stood by social demands on employment, pensions, purchasing power and the struggle "against all discrimination," the The atmosphere was much behind policy.

Holland in Nevers to honor Beregovoy

About 1500 people marched in 4500 in Strasbourg and Mulhouse, according to a statement made on site by Reuters, a significant interest in Alsace, while the region is in middle of spring break and the CFDT was not involved, as organization, in the event high quality business cards.

In Strasbourg, where employees of the Caddy truck manufacturer, in receivership, opened the parade, only a few slogans directly recalled the presidential election, as "If you're against Sarkozy, clap your hands", sung by the Orchestra of the CGT.  

In Paris, delegations from the Socialist Party and the Left Front should remain in the rear of the parade as not to hinder the trade unionists and Francois Hollande has chosen to honor Nevers (Nièvre) to Pierre Beregovoy, the Prime Minister Francois Mitterrand, who s 'committed suicide there are exactly nineteen years.

Union leaders see as a "provocation" of Nicolas Sarkozy's decision to hold its own gathering on the job after reporting since the beginning of the campaign "these intermediate bodies" that are the unions.

"On 1 May for the workers and anyone else," said Francois Chereque on Tuesday BFMTV. The secretary general of the CFDT, which does not give instructions to vote, said the speech of Nicolas Sarkozy on the job has become "unbearable." "Every time there was a takeover in the history of politics on this holiday (May 1, Ed), was derived in a context of undemocratic," he said Monday in an interview published by Liberation.

Thibault argues for a social Europe

The secretary general of the CGT, Bernard Thibault, has instead confirmed he called to vote for Francois Hollande. "The CGT called to fight the current president," he said on Europe 1. "I am surprised that some are surprised that a union of employees can have an opinion about the issues of a presidential election."

"It's from the social balance sheet, economic and president of his intentions – among his first, he wants to, as the employers claimed, a reform of the definition of termination for economic reasons," that this position has was taken, he said.  

The SGC requires a minimum wage to 1,700 euros per month and expects Francois Hollande, who has promised a big meeting with the social partners if elected on May 6 before deciding, he goes in that direction very quickly. Bernard Thibault believes that the austerity measures introduced in the European Union led the latter to the disaster and calls for a social Europe.

To better themselves as "unifier" Nicolas Sarkozy faced with a "who wants to divide", the Socialist candidate Francois Hollande has sent a letter to leaders of the five confederations. He reiterated his promise to do major players in the next five years if they win.

The Economist, to be published next Saturday personal loan for poor credit.

Spanish and textile crisis forced the Spanish Inditex (Zara), which on Wednesday released excellent results for its fiscal year ended January, was a time slowed its store openings, especially in Europe. Back to the offensive. Approximately 5,000 stores open in the world this year. A luxurious flagship Zara just opened in New York, on Fifth Avenue. In France, after three hexagonal openings in 2011, Inditex announced in twenty: Zara 5 and 15 under its other brands: Massimo Dutti, Bershka, Stradivarius and Pull & Bear.

But it is in emerging markets, especially China, Inditex draws much of its growth. Of 483 stores opened last year, 132 have been in China. As it will open each year. As confirmed on Wednesday the annual results of the world's number one clothing, these new markets offset the slowdown in Europe, allowing Inditex to achieve, despite the crisis, a turnover of 13.8 billion, up 10%, and net profits up 12% to 1.9 billion euros.

Better than H & M

Results in line with analyst expectations, and better than the world number two, the Swedish H & M, whose numbers had, not long ago, disappointed. Net income for H & M had posted down 15% in 2011 to 1.79 billion euros, lower than this time of Inditex. Inditex has probably suffered less than its competitors to rising wages in Asia, making it only a third of his clothes. Half come from Southern Europe, to allow a rapid turnover and weekly collections in Europe.

Wednesday, the Madrid Stock Exchange has not responded to this good news, the title clawing 0.77%, to 72.10 euros in session. Performance of Zara had already been incorporated into the course: since the beginning of the year, the share increased 14.6%, while the Ibex-35 index of the largest Spanish securities fell slightly. The announcement of an increase of 12.5% ​​of the dividend has been appreciated. The chairman of Inditex, Pablo Isla, is, itself, became the highest paid boss Spanish, with 20.3 million euros.

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On the eve of the publication of results of Veolia, a board of directors at high risk takes place today Wednesday. Officially it is only to approve the annual accounts of the leading global service to local communities. A particularly difficult task. Veolia Environnement is expected to announce a loss that, according to the most pessimistic forecasts could exceed 400 million euros. CEO Antoine Frerot has, indeed, last summer provisioned 838 million euros in assets and Veolia announced a half-year loss, before launching a new profit warning in October.

Beyond the numbers, it is open warfare between Proglio, former CEO, and Mr. Frérot, his successor and former prisoners, which stimulates our curiosity.  

Rumors last week, on a landing of Antoine Brother and his replacement by former Environment Minister Borloo caused an outcry and controversy that has swollen to the Elysee. The hypothesis Borloo was then quickly dismissed. As for the crucial issue of governance, it should not be treated before the presidential election.

The CEO of EDF, must always

Anyway, nobody can guarantee that the impetuous Proglio will not return when the board held at noon. The CEO of EDF has declared war on his former protégé since it has challenged its management at the helm of Veolia. He could distance himself from the strategy of cost reduction and contraction of the debt through the sale of billions of euros of assets, starting with the branch transport Transdev one hour payday loan. Unless this advice is especially an opportunity for administrators to try to stop a war they have hardly appreciated as it gives a poor image "of the governance of French companies," said a close group.

Antoine Frérot big plays. Hitherto largely under the thumb of his mentor, he might seek to impose and carry out the restoration group. Unless, like imagine trying to do a close case, the two men do not come close again.

A return to the harmony of the past, however, seems difficult to contemplate. Especially since the issue of governance is far from over. Five of the seven directors, all chosen by Proglio, must be renewed soon to the Board of Veolia. Augustin de Romanet, who leaves March 7 the Deposit, will resign tonight's mandate. On 15 March a new board will decide on the expiration of the term of Baudouin Prot (BNP Paribas), Jean Azema (former head of Groupama), Louis Schweitzer and Pierre-Andre de Chalendar (Saint Gobain). Antoine Frérot attempt he then to bring relatives to the board to loosen the grip?

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The chair of the Digital Economy Paris-Dauphine University launches its new Thursday night barometer of the digital economy. Made with Médiamétrie each quarter, the barometer measuring various indicators of the digital equipment of households, while taking stock of current issues.

While the beginning of the year 2012 was marked by the arrival of Free Mobile with a bang, "86% of Internet users were aware of the launch of Free as a new mobile operator," said Dominique Roux, Scientific Director the pulpit. A very high reputation, achieved with almost no advertising, where men and more affluent (AB +) are particularly well informed. Only a few women surveyed said they did not know the name of the new operator, while 2.1% of respondents thought the new operator was Darty and it was 1.9% of SFR.

A jungle

Very informed about the arrival of this new operator, the French, which was often lost in the jungle said packages, on the contrary appear well aware of the amount of their mobile tariff. Nearly three quarters of respondents said their pay package in early January between 11 and 50 euros per month, with disparities between profiles. Thus, the 50 and older and unemployed spend less than all (mostly between 11 and 20 euros), while women aged 15-34 and pay slightly more for their package (between 21 and 30 euros).

An inventory should be radically changed in the months ahead as Free Mobile has launched a bid to € 2 (call for one hour and 60 SMS) and an unlimited plan for 19.99 euros a month, and that all competitors have responded by lowering their prices. "While two thirds of the French pay 20 euros more than their monthly mobile plan, it will be interesting in the coming months to see how this figure is changing the face of offers of Free Mobile and the response of competitors," says Charles Juster Médiamétrie.

The arrival of Free Mobile showed that the French were ready to switch operators to reduce their mobile bill. This price sensitivity is also found on the Internet, while nearly three in four homes are now equipped. According to the barometer Médiamétrie-Dauphine, 85% of French would be willing to change their Internet provider to pay less. Ages 15-34, more tech-savvy and uses more developed (video, audio …) than other targets, pay more interest overall quality (and connection speed), the services offered and hardware features provided.

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New episode in the folder Veolia Environnement. Its CEO, Mr. Frérot, is on trial. Borloo could indeed take control group of utilities and largest private employer in France. According to Les Echos, hostilities between the former boss of Veolia now head of EDF, and the runner Proglio Antoine Frérot, arrived at the helm of Veolia end of 2009, could be decided during the next meeting of the Board of Directors on February 29. Following this meeting promises to be choppy, several administrators of the group would seek a dismissal of the CEO. Conducted by a sling Proglio which intends to show that he still holds the strings of the group he led for many Annes before moving to EDF. According to Liberation, Proglio have discussed the replacement of Mr. Frérot by Borloo with Nicolas Sarkozy on February 12 when the two men met to discuss the rescue by EDF of Photowatt. The daily added that "history seems to have really played Tuesday, Feb. 14, on the plane. Proglio and Sarkozy publicly come to seal the resumption of Photowatt. The company is saved and Isère Proglio intends to turn the matter Veolia on the carpet. "

"I am driven by two major groups"

However, the facts disputed by the Minister for Ecology Nathalie Kosciusko-Morizet. "I was on the plane, there were no apartments and there is no discussion on this topic. So that's false, "she said. But surrounding the ouster of Mr. Frérot to head the group, the spokesman of the candidate Nicolas Sarkozy, however, said she could not "confirm or deny" the information.

For its part, Borloo does not dispute some meetings with "people of Veolia," said Liberation. The daily notes that "at least five members of the board, fully identified, reportedly met Borloo, Thursday and Friday." The applicant further states that the daily Veolia is "a company that I know well as a former minister. They have problems and if I believe what is said, there are a number of shareholders who believe the group needs a class to his head. " The question is whether Borloo could be this character. For now, the former minister is cautious and says that "the only thing I can say is that now I am driven by two major international groups that are not Veolia. And contacts with them are very advanced. "

Other names circulating

But other names than that of former Minister of Ecology would be approached to head the former Generale des Eaux: Augustin de Romanet, CEO of the Caisse des Depots, "but denies the entourage contact, "according to Les Echos, Jacques Veyrat, the former head of Louis Dreyfus and Daniel Bouton, former CEO of Societe Generale.

The poor performance of the group explain, in part, the disallowance of certain directors of the group. Last year, Veolia has indeed passed successively two profit warnings and should show a loss of 200 million for fiscal 2011, according Challenges. The plunge on the stock exchange, which has lost nearly 60% of its value in one year, also feeds the sling administrators. This morning, the title company specializing in water, waste treatment and transport loses more than 4% to about 9 euros, the biggest drop in the CAC 40. The flagship index of the Paris ahead of his 0.6% to 3455 points.

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The unions of the Banque de France are headwind against the Court of Auditors. In its annual public report published a week ago, it was severely pinned managing the bank since 2005. "This report is a violent charge against the Bank of France, against his business and against his staff," thundered Michael Felce, general counsel representing the staff on Thursday during a press conference at the headquarters of the Mint French.

Main stumbling block, the austerity measures recommended by the magistrates of the rue Cambon. While acknowledging the "very favorable" in recent years the numbers have been reduced by 25% in ten years, they urged the bank to go further to meet the objectives of competitiveness in the Eurosystem to by 2020. On 5000 retirements coming, they recommend the non-replacement of two out of three employees.

Management of debt

"This recommendation will severely impair the activity of the Bank of France, or even lead it to withdraw from certain local public services" say unions unanimous. Before recalling that the scope of the institution has strengthened considerably since the 2008 crisis, ultimately forcing him to retain a high. With 13,000 full time equivalent jobs, "the Bank of France alone employs more workers than all 16 other central banks in the euro area together," castigates Yet the Court of Auditors. But "a lot of our tasks are not performed by other central banks," says Michael Felce, citing in particular the activities of management of debt or credit mediation.

The unions dispute the criticism

The Inter also disputes the criticism of mismanagement related to the sale of gold, considered too fast by the magistrates of the Court or the recommendations of sale of certain activities to private companies, such as recycling of tickets, "which cost would be automatically passed on to consumers', prevent employee representatives.

Union officials, however, conceded that productivity gains could be made, particularly by automating certain tasks or by separating property. Leave to abandon the beautiful neighborhoods of Paris, where its place? "We did not object," said the Inter.

Last week, the governor of the Banque de France, Christian Noyer, had also swept the critics of the Court of Auditors, recalling that a restructuring plan for the activity and reduction of staff was already underway. "I do not need lessons," he concluded.

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