The 10-year rate bonds of Italy is back above 7% in the afternoon, a rate close to its record, while Paris, Rome and Berlin have pledged not to touch the independence of the European Central Bank (ECB) in a mini-summit in Strasbourg guaranteed approval cash loans.

By late morning, Fitch lowered the rating by one notch from Portugal, to "BB +" from "BBB-". The agency has imposed its new rating a negative outlook.

LE FIGARO recent months have been difficult for the banks. How did the group BPCE, you just announced quarterly results?

François Pérol We are pleased with the dynamics shown by our core businesses, in an actually difficult. It results in an increase of 3.4% of our revenues in the third quarter. Commercial banking, including People's Bank and Savings Bank, but also the Land Bank and Banque Palatine, show satisfactory activity, while Natixis has limited the decline in its net banking income of its business from heart to 9% in the quarter and it is up slightly over nine months.The increase in recurring income of the group is strong since the beginning of the year. However, in the third quarter, we have of course been affected by the depreciation of our Greek sovereign debt, we have increased to 60% of their value. The impact of 507 million euros after tax, which reduced our quarterly net income group share to 332 million euros.

Have you reduced, like other banks, your exposure to sovereign debt in the euro area?

Our exposure is already low. We have 3.2 billion euros of Irish government bonds, Portuguese, Spanish and Italian, Greek debt off our liability. Terms of private sector participation was announced October 27 as part of the EU summit would represent a major effort for us 867 million of provisions from the beginning of the year as for all banks.

Pierre Mariani has promised that he would take "responsibility to the end", while taking care to separate the action of the fall of Dexia. The bankruptcy of the institution was caused by the "strategic errors of the previous management," he said.The latter had acquired all of the huge bond portfolio of Dexia, the source of his difficulties refinancing. She even continued to invest until the summer of 2008. Jean-Luc Dehaene has evoked the astonishment of Pierre Mariani when he arrived at Dexia, discovering that he took the lead, not a bank but "a hedge fund." Both men stressed the work done. Pierre Mariani does not regret having accelerated the process of asset sales earlier this year. He said that if states had to refinance the portfolio of Dexia at the time of the rescue of 2008, they would not have had to mobilize 90 billion euros, but 300 billion.

On-balance sheet Dexia has not withstood the pressure of the crisis in the euro area, pleads management.Pierre Mariani said that all banks had received government recommendations, requiring them to maintain their exposure to debt of peripheral European countries in order not to further destabilize the country. "The group may have been naive in following these recommendations," he conceded. In the short term, the surveillance of Moody's and "repeated rumors during the last week have increased the pressure on the financing of the group."

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In five days, the index of the Paris Stock Exchange dropped 7.3% since the beginning of the year, it now shows a loss of more than 26%.

The atmosphere was febrile also on other major European markets, which have moped for most of the day. London has finally gained 0.50%, and Frankfurt, 0.63%.Wall Street also tried to regain his senses.

Throughout the week the markets were concerned about the inability of monetary policy makers and reassure them.

Finance ministers and central bankers of the G20 countries, gathered since Thursday in Washington, pledged to "make a strong and coordinated international response" to the crisis. For their part, major central banks around the world have pledged to continue "to support recovery" and promised to ensure that "banks have adequate capital." In vain.Immersed in doubt, investors offload the risky assets.

Jean-Pierre Jouyet, the president of the AMF, the policeman of the Paris Stock Exchange has agreed that the situation remains "very worrying" and expressed concern of a "risk of systemic crisis" able to dive the entire financial world into chaos.

Banks have also had a meeting even under high tension. They are finally rising again after about a member of the Board of Governors of the ECB that the institution "could reintroduce refinancing operations a year for banks," according to Patrick Jacq, economist at BNP Paribas . Societe Generale has increased from 8.76% to 9.78% BNP Paribas and Credit Agricole of 4.78%. Over the whole week, the titles of major French banks, however, blame the loss of more than 10%.The heaviest fall of the CAC 40 of the last five trading days, however, returned to Vallourec, cyclical value par excellence that shows a loss of 17.5% for the week. No value no CAC 40 ended the week in the green. In the SBF 120 JCDecaux climbs over 10% for the week. The title is valued by analysts to the strength of its prospects and the recurrence of its results.

These rates are still the subject of a bitter battle between the SNCF, which reiterates that these tolls threaten its business model, and RFF, who needs financial resources to sustain a railway network in poor condition quick payday loan. The increase was 6.4% in 2009 from 11% in 2010 and 11.7% in 2011.

For regional express trains (TER), the increase in tolls is generally softer: it should reach 2.5% in 2012 and 5% in 2013.On average, the increase should be 4.3% in 2013, while "inflation rail" suffered by RFF is 5.8%, says the network manager.

These proposals will be discussed until the end of October and will then be submitted to the Regulatory Authority rail operations (Araf).

"After the success of our new stores in London and Milan, we found the right time and the right location for us to launch in Paris," says Sonia Syngal, who oversees Gap's European operations. On two floors and 1,500 square meters, the brand of "affordable luxury" – as this group – will present its Ready-to-wear for men and women in chic and classic style, at prices close to those of Sandro and Maje , signs in French of the moment.In the mid-dresses (from 85 euros) and trench coats (from 189 euros), guests will find the same accessories and care products.

With a multilingual concierge and personal stylists, "This store has the ambition to become a major destination for Parisians and visitors from France and abroad," says Stephen Sunnucks, President of Gap International Group.

Born in 1978 in the United States, five years later bought by Gap, Banana Republic is still little known on this side of the Atlantic. Since October 2010, the French and the inhabitants of 24 European countries can also purchase the pants and shirts of the brand on the Internet. But the first European Banana Republic store was opened in early 2008 in London, in the shopping of Regent Street.Five other outlets have been opened since Britain, and other launches are planned this year and in 2012. Banana Republic has also planted a flag second in Italy last November. The store in Milan is a great success by group, who does not wish to provide figures. He expects the same home in Paris, but it is "too to think about other openings in France," said Sonia Syngal, which has not yet finalized the launch of marketing operations.

Seven new countries by the end of the year

Struggling in its home market for years, Gap, which also owns brands Old Navy, Piperlime and Athleta, setting internationally to find a second wind. Only 20% of $ 14.7 billion in sales in the group of clothing last year came from abroad.By the end of 2013, this share should be increased to 30%, counting both the activity of physical networks Gap and Banana Republic and that of its other subsidiaries on the Internet.

In late June, the group had shops in 34 countries and could be delivered in 114 countries. "We enter seven new countries by the end of the year, the highest number for a single semester ever," said Glenn Murphy, CEO of Gap, in the presentation of interim results .

An original in more ways than one. This is the first time a group of electrical devices sold directly to the public. Other brands are marketed on the Internet, but always through distributors, specialists or not selling online. Manufacturers usually just sell parts on their website.Not Thomson.

"Given the strong growth in sales of appliances on the Internet, representing about 15% of 800 million euros of turnover generated by large appliances, we decided to use the mark Thomson to sell products through our own site, www.thomson-electromenager.fr, "said Pierre Bondoux, head of e-commerce FagorBrandt.

In one year, online sales of home appliances rose 36% in France. In addition, choosing to launch a brand 100% Internet, the group does not compete with traditional distribution directly, which markets the group's other brands (Fagor, Brandt, Sauter, entry …). Unlike Thomson, owned by the Spanish cooperative since the 1990s, when the activities of Thomson appliances were separated from the pole and arms-mail was not delivered for nearly six years.Finally, by boosting Thomson, FagorBrandt enjoys the sympathy of the brand equity with consumers guaranteed approval cash advance loans.

French manufacturing

Now, 80% of one hundred and twenty references now marketed under the brand Thomson is produced in one of four French factories of the group. "We have participated in the development of the label" Guaranteed Origin France "and will begin to communicate on this topic on our products," said Pierre Bondoux. An additional asset for Thomson, who decided not to price its main selling point. "Manufacturers are investing more and more to innovate. But on the Internet, only the price argument is put forward, "says Pierre Bondoux.

Over the months, Thomson should put online datasheets of increasingly sophisticated, real sales pitches. There is also a service technician "home", true brand specialists."And we deliver at home, made by two persons to the floor in the installation room, with resumption of old equipment and packaging," said Pierre Bondoux. By September, the facility will also be an option. A real difference to benefit from certain sites, which sometimes simply drop the parcels on the sidewalk.

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Europe and the tent she set up a second country assistance plan, and in this context, the working group to find a solution to save the country from bankruptcy does no longer a " partial default "of Greece. A possibility ruled out by the Greek Finance Minister Evangelos Venizelos. "We want full coverage of our borrowing needs and the Greek financial system, which is part of the European financial system, he says.This coverage must be offered either by the ECB or by the Eurozone and the member states, other agencies such as the support fund. There is no alternative. "

European leaders have failed to completely reassure the financial markets. The slopes of measures that finance ministers of the euro area, launched on Monday night, increasing the size of the Emergency Fund Financial (440 billion euros) and longer-maturity loans have not convinced investors the opening of the Paris Bourse, the CAC 40 was down over 2% overnight pay day loans.

However, after announcing a special summit could take place Friday, financial markets have recovered somewhat. And the CAC 40 closed down 0.98% to 3770.21 points. "More than numbers, investors especially need a specific timetable," said Franklin Pichard, Director Barclays stock.The new Executive Director of the IMF, Christine Lagarde, has reminded European leaders the importance of early implementation of the measures promised.

The international community "can not save Spain"

The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. ""If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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And the movement promises to be monitored. As for transportation, airlines warned that Greek flights will be canceled and Athens, most buses, trolleys, interurban trains and trams will remain in port. Governments are also concerned. In hospitals, only emergencies will be provided, power cuts will be random and banks remain closed. The journalists will stop work for several hours. The outrage, the popular resistance movement apolitical, gathered on Parliament Square.

But despite popular discontent, the government maintains its plan, the adoption of conditions the release of a new tranche of loans from the European Union and the International Monetary Fund. Become indispensable aid to Greece to avoid a default. Prime Minister George Papandreou has even called yesterday to the "patriotic duty" of MPs urging them to vote in favor of the proposed budget for fiscal consolidation in the country. And voting will take place tomorrow and Thursday, promises to be particularly tight: the opposition and vote against certain member of the majority – that is up to five votes say they also opposed. If rejected, the Europeans have built up a "plan B", according to Reuters.It would be a plan in case of default anticontagion Greek, distinct from the French proposal, based it on a private sector participation.

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Thus, the euro is on the verge of crossing the bar down $ 1.40. On Monday, the euro fell briefly below before rebounding. The currency suffered threats from rating agencies like Standard & Poor's that put a negative outlook on the rating of Italy, or that Fitch downgraded three notches note of the long-term debt of Greece, and monitor indicated that of Belgium. In addition, in Spain, the protests continued and the elections that went wrong for the Socialist Party in place, have fueled concerns about contagion cases Greek, Irish and Portuguese."As long as the debt crisis concerns only these three countries in the euro area, which weigh about 6% to 7% of its GDP, it is relatively manageable, felt Bruno Cavalier, chief economist at Oddo Securities. If it extends to Italy and Spain, it will be any more ".

Earlier this month, the euro had risen to nearly $ 1.50. Thus in twenty days, the currency has depreciated it by 6%. What, finally, is a pretty good news for European exporters in general and French in particular. These companies are suffering because of the level of the euro currency deemed "too strong", including Nicolas Sarkozy, faced with foreign currency (dollar, yuan, etc..) Pushed down by the local monetary authorities.

The euro, however, could see its downtrend settle or even reversed as speculation about a future rate hikes by the ECB resurface.However, a tightening in June seems excluded, as was suggested by President Jean-Claude Trichet recently.

• The Swiss franc receives record against the euro

Decline of the euro requires the Swiss franc appreciates mechanically. The Swiss currency rose to 1.2323 Swiss francs per euro on Wednesday morning, a record. Earlier this month, the exchange rate was worth around 1.30 (when the rate euro / Swiss franc drops, the Swiss franc rises), an appreciation of 5.7%. A year ago, it was more than 1.41 (+13% yoy) and three years ago, the euro was trading at 1.65 Swiss francs (+25%).

"The Swiss franc remains the strong currency on the market for foreign exchange, to the despair of many companies and sectors" Swiss exporters, estimated in a note to analysts at Pictet.For the latter, the franc could rise "soon" the bar of 1.20 francs per euro in a volatile economic environment. "The strength of the franc could weigh on economic recovery," said the State Secretariat for Economic Affairs (Seco) said in a statement.

• Belarus devalued its ruble by 36%

Another milestone this week, Belarus, facing a major financial crisis, decided to devalue the ruble by 36% to align the various courses in force in the country, according to a statement from the Central Bank on Monday. From May 24, the official exchange rate is fixed to 4930 Belarusian rubles to the dollar and 6914.82 rubles per euro, down from 3,155 Belarusian rubles a dollar before and cons of 4 516.38 rubles per euro.The dollar has appreciated by 56% as compared to the Belarusian ruble.

Belarus, a country in Eastern Europe led by Alexander Lukashenko in power for nearly 17 years, is sealed by an abysmal trade deficit, and sees its foreign currency reserves will reduce to a trickle.

• The yen is benefiting from a trade deficit less worse than expected

The Japanese currency has recovered slightly against the dollar after the announcement that the Japanese trade deficit was less than expected. Japan posted a trade deficit of 12.5% ​​yoy in April – the highest in 31 years – because of the consequences of the earthquake and giant tidal waves on 11 March. The deficit reached 463.7 billion yen ($ 5.6 billion) in April, against a surplus of 729.2 billion yen a year earlier. But it is much lower than the expectations of the markets. They anticipated 700 billion yen.

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