World Articles

Shortly before opening, chewing Americans were expected small decline, but volatility remains very high, the index futures may return at any moment, like the indices themselves. Shortly before noon Paris time, the index futures Standard & Poor's 500 and Nasdaq 100 yielded respectively 0.3% to 1165 points, and 0.37% at 2150 points.

On Thursday evening, U.S. markets have rebounded sharply, welcoming new listings weekly fewer than expected. European markets had also enjoyed the news, closing up vigorously.

The pressure remains strong this weekend

Other statistics on the agenda for this Friday, may well generate a few responses. Retail sales for the month of July will be unveiled at 2:30 p.m., in fact, before the start of the session Eats United.Investors await with interest the first estimate of consumer confidence from the University of Michigan for the month of August, from 3:55 p.m..

Pressure remains high on world markets. Lack of macroeconomic and really good news in the absence of major business publications Friday, this weekend is likely to be overshadowed by even more obvious signs of a weakening of growth. The sovereign debt crisis, and severe drops in banking stocks recorded this week, amid rumors of bankruptcy, particularly in France, will affect the trend.Asian stock markets have already finished down on Friday morning.

In this context agrave exacerbated by a volatile market, investors are going to look at publications such as retail sales, which should also benefit from a slight rebound in auto sales?

Difficult to answer this question. For analysts Aurel BGC, "while" so far the timing of publications of macroeconomic indicators has been poor, a reaction, positive or negative, this indicator would in any case an early normalization "of market behavior. Excluding cars, the indicators are still available for now more mixed.

On the corporate side, the U.S. airline AMR, parent of American Airlines, announced plans to separate its regional affiliate American Eagle.A document filed with the stock market regulator described a "possible separation" with the American Eagle to introduce the stock market separately. American Airlines is still bound for nine years in its subsidiary. American Eagle will continue initially to operate 281 aircraft for American Airlines, which will wind down its cooperation in 2012.

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market payday advance. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

American financier Guy Wyser-Pratte does not disarm in the folder Lagardère. Almost eighteen months after the general meeting of 27 April 2010 during which the two resolutions he had proposed were rejected at 76% and 78%, Guy Wyser-Pratte against attack. Wednesday, August 3, he sent a letter to the Financial Markets Authority (AMF), in which he contested the vote count at the meeting of shareholders of the group.

The American activist took some time to gather evidence to support its contention. Today, it provides the AMF documents showing that the ten funds managed by AllianceBernstein (a subsidiary of AXA Group), a leading shareholder group Lagardere with 10% of the shares, would have voted for he had presented two resolutions.

For investigation

A resolution was to appoint him to the Supervisory Board of Lagardère.Resolution B was to amend the prerogatives of-stock by requesting that the general partners do not vote more consistently before the sponsors. Guy Wyser-Pratte also produces documents from two firms specializing in proxy voting investors (ISS and Broadridge). They would have gathered the voices of various U.S. institutional investors in favor of two resolutions A and B. Finally, he instructed the firm McKenzie to a total of U.S. investors vote in favor.

"In total, we can demonstrate that counting only the votes of shareholders represented by American myself, AllianceBernstein, Broadbridge and ISS, my application to the supervisory board received 44% of the vote of the quorum present at the meeting. In addition, it is likely that other European shareholders have also voted in my favor.I therefore request the AMF to conduct an investigation to understand the origin of the discrepancy between the results of the AG and the counting done by us, "said Guy Wyser-Pratte. In 2010, the AMF had already audited BNP Paribas, which had been in charge of counting votes at the annual meeting of shareholders.

Returning to the issue today, Guy Wyser-Pratte hopes remobilize American and European shareholders for the next general meeting of 2012.

In March 2010, Guy Wyser-Pratte had burst into the capital of Lagardère by buying up 0.53% of the shares. He then publicly criticized the governance of the group protesting against the existence of a partnership limited by shares and had criticized the lack of strategy of management.The tone was mounted and Philippe Camus, a member of the sponsorship of the Lagardère group, the AMF had seized a few days before the general meeting, marveling at the distortion between saber rattling by Guy Wyser-Pratte and the reality of the impact of the two draft resolutions.

Strategy of focusing

Arnaud Lagardère had benefited from the rostrum of the General Assembly to address the critical Guy Wyser-Pratte. Some time after the general meeting, it had sold substantially all of its shares, pocketing a nice way to gain. Today, he is left only about 100,000 titles.

The tension had fallen, but after this episode heated, the Lagardère Group has implemented a strategy of refocusing on its core businesses – publishing, distribution, media and sport – and the country where he holds a position leadership.Suddenly, the group undertook to sell all of its minority, especially in Canal + France, the Amaury group and the group Marie-Claire. For now, these sales have stalled. However, Lagardère Active has led to the charge of selling most of its international press center to the American group Hearst, to 654 million euros. This represents a hundred titles in a dozen countries.

The leaders of the eurozone announced Thursday evening in Brussels a second plan to save Greece from bankruptcy, a total of 158 billion euros, with substantial contributions from banks and other private creditors of the country.

Indeed, the creditor banks in Greece will contribute to a further aid to this country to the tune of 135 billion euros over 30 years, said French President Nicolas Sarkozy at the end of a summit of the euro zone in Brussels . "In total, the effort will be 135 billion over 30 years" only for private creditors of Greece, he said. The assistance will be 54 billion euros over three years (mid 2011-2014).

The leaders of the euro area showed a "firm commitment" in favor of Greece at their summit, also said French President Nicolas Sarkozy during a press conference."We decided to support Greece as a member of the euro and the euro area. It is a strong commitment "said Nicolas Sarkozy.

Proposals to improve governance

Proposals to improve the governance of the euro area will be made "before the end of summer" with German Chancellor Angela Merkel also announced French President Nicolas Sarkozy. Chancellor Angela "Merkel and I are agreed on the need to advance economic governance in the coming weeks so ambitious and proactive," said Nicolas Sarkozy told reporters. "Before the end of the summer, we will make proposals.(…) Our aim is to seize the opportunity of the Greek crisis to make a qualitative leap in the governance of the euro area, "he added, without giving details cashadvance.

In addition, the International Monetary Fund (IMF) will participate in the financing plan, according to President of the European Union (EU) Herman Van Rompuy. "We have reached agreement on a new aid program to fully cover the financing needs" of Greece, which "will be funded by both the EU and the IMF," he told a press conference.

Trichet welcomed the new plan

For his part Jean-Claude Trichet, ECB president, welcomed the new aid package of nearly 160 billion euros decided to Greece, holding "crucial" to stabilize the economy.The new support program of the European Union and the International Monetary Fund is crucial to stabilize public finances "of Greece and" to ensure the sustainability of public debt "of the country, he told reporters after a summit the euro area.

He also welcomed the fact that the private sector to plan aid is limited to only Greece and is not intended for other countries. The ECB had expressed concern in recent months of such a contribution, seeing a potential for worsening of the debt crisis.

Also present in Brussels, Christine Lagarde, the new director general of the IMF said the institution would continue "to play its part" to help Athens.Christine Lagarde, who praised "the significant support to the growth and financial stability" of Heads of State and Government of the euro area and financial institutions, said in a statement that any new aid was subject to Athens the will of the Board of the IMF.

Sudden brake on the French economy. The second quarter growth should be two times less than anticipated previously Banque de France (BDF), the institution announced Friday. It reduced its growth forecast to 0.2% for the period April to June, against 0.4% previously and 0.5% in its first estimate. The government expects growth of 2% over the year.

This revision severe downward is motivated by recent activity indicators published by the monetary institution. She recorded a decline in June industrial output (4 points to 99 points) and a slower growth in services (-1 points 99 points). The activity, however, should be stabilizing, according to forecasts from the BoF.

Reduced consumption

"The growth in the second quarter will be much less impressive than the first, reflecting the end of the phenomenon of stock recovery in business and the decline in consumer spending due to inflation and the decision of the premium the case, "said Mathilde Lemoine chief economist at HSBC France. It is also banking on 0.2% growth over the period.

These figures confirm the slowdown in recent months in France, after a very dynamic first quarter. The leading index of activity came out in late June PMI fell sharply, reaching a lowest level in eight months, to 55.4 points. "Industry as services are affected by a drop in new orders, which does not bode well for future growth," Analysis Ken Wattret, chief euro zone economist at BNP Paribas.

French exports did not spark either in recent months (0.9% from March to May), particularly because of slower sales in Asia. However, the French manufacturers seem to keep their spirits up. The INSEE index posted in June were up 3 points to 109 points. A level above its long-term average.

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The numbers are staggering. In Germany, the financial damage caused by cyber crime amounted to 61.5 million euros in 2010, according to figures released Thursday by the criminal police and the Federation of high tech Bitkom. This is equivalent to an increase of 66% over the previous year. As the United States, the FBI estimated the cost of crime to some digital $ 560 million in 2009. A world-wide, according to McAfee, cyber crime would have generated some 1000 billion in 2008, about 1.64% of world GDP for that year. Remains that, without minimizing the scale of the scourge, these figures are perplexing.

Many experts give little credence to these studies because most of them emanate from computer security specialists. For the record, other than McAfee is the world number two antivirus software.In addition, "less than 10% of companies report having experienced cyber attacks," said Jean-Paul Pinte, senior lecturer in strategic intelligence at the Catholic University of Lille. According to the specialist risk management and cyber terrorists of enterprises affected societies fear the bad publicity due to media coverage of cyber attacks.

Jean-Paul Pinte, "we know nothing of the legacy and financial losses suffered indirectly." He added: "If an attack is to relieve a company of sensitive information, loss of data will generate multiple costs, such as loss of competitiveness, or the upgrading of security."

"Hard to get a comprehensive view"

Director of the National Security Information Systems (Anssi), Patrick Pailloux abounds in this direction."When a site is the victim of an attack, he takes as an example, it is first blocked, causing a shortfall. Then we must add additional costs to set up a hotline strengthened. "And on the practices of industrial espionage initiated via the Internet," How can we measure in terms of losses that a competitor could steal ?, "asks the director of Anssi. Clearly, "it is difficult to get a comprehensive view of the problem," says he.

Despite these criticisms, these figures are held up to each event on Cybercrime. However dated, the estimated one trillion dollars of McAfee is authoritative. Last May, it appeared even in the "reminder" of the fourth Parliamentary Forum on Information Society in Geneva, on the initiative, among others, the United Nations.Trompe-l'oeil, the text quoted a source stamped Europol, the pharmacy police intergovernmental European Union, which actually refers to the numbers … the software publisher.

If governments do not hesitate to chopping these impressive figures, it is often necessary to legitimize, but costly reinforcement of their agencies against digital piracy. Or clear, make the pill easier to swallow from taxpayers. In January, the UK has estimated that cyber attacks cost him a whopping 27 billion pounds per year (32.2 billion euros) in a government study.An amount (by far) greater than the harm claimed by the United States … A few days before making public figure, London has announced the release of 650 million pounds over four years to "strengthen its cyber security "…

International cooperation in the war-horse

Without waving the national figures, France is no exception, as evidenced by the announcement of piracy Bercy in March. Patrick Pailloux it was for the state to "lead by example" to encourage companies to report piracy they wipe. The Director of Anssi said that 150 computers were then infiltrated by hackers to steal documents for the French presidency of the G20. "We were able to counter the threat," he goes on, noting that thirty experts have been mobilized for two months to "clean up" more than 130,000 positions in the Department.A communication that is timely, since Anssi plans to double its workforce (360 employees) by 2013.

Such methods may be distasteful, but experts and politicians agree: there is no time to waste on the face of digital crime. "For a long time in France, we thought that hacking and computer intrusions were not really dangerous, says Jean-Paul Pinte. But now we know that it's become a real business, and that the threat can come from anywhere: a simple USB key, hard drives or even photocopiers, which, connected to the Internet can become the target of hackers ".

Therefore, international cooperation, which requires significant resources, is "a priority," insists Patrick Pailloux. And for good reason: "90% of attacks are international," says the director of Anssi.In the columns of The Tribune, Laurent Wauquiez, Minister for European Affairs, recently recalled that a hacker "can be installed in Latvia, while in France to intervene through a Canadian site." He even considers urgent that Europe adopts "a kind of cyber-FBI-backed Europol" to stem the digital crime. And one last statistic to shoot, ensuring that "a user of thirty lost money in Europe over the last year" due to a hacker.

Businesses, prey selection

Having surveyed 45 U.S. companies in 2010, the Ponemon Institute found that on average, the financial damage caused by hackers and data theft was $ 3.8 million.Like that of McAfee, this figure is to be taken lightly, as though Ponemon shows his independence, his study was commissioned by ArcSight, a specialist in digital security. However, it appears that large groups are increasingly being targeted by hackers. Since the beginning of the year, the list of companies or institutions that have suffered cyberattacks has continued to grow. Sony has suffered more than ten attacks since mid-April, leading to theft of confidential data of more than 1 million customer accounts. Recently, Sega has had the same misfortune: the editor of the series of Sonic hedgehog found in mid-June have been stolen names, email addresses, birth dates and passwords of almost 1.3 million customers on its servers.Google or Citigroup also suffered cyber attacks.

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This is the axis of the policies of Nicolas Sarkozy: officials fewer but better paid. In principle, state officials are granted wage increases in half of the savings generated by the non-replacement of retiring in two in their own departments. Problem: once again, this rule was not followed in 2010.

According to the rapporteur UMP budget to the Assembly, Gilles Carrez, it is actually two-thirds (67.3%) of savings were spent on categorical measures. Specifically, the 31,013 job cuts in 2010 were 808 million savings to the state. But 544 million is left up wages.

Results vary from one department to another. The rate of return to public officials is low for Foreign Affairs (42%), Agriculture (41%), Education (37%) and consistent with the defense (54%).However, it exceeds the target for the Budget, the Economy (64%) or culture (68%). Worse, wage increases were higher than the economies of Ecology (24.7 million against 21.9 million), Labour (16.3 million against 13.9 million) and especially the Interior (149 million against 116 million)! Gilles Carrez even noted that the departments that make the least effort on their staff are often those where economies are most reassigned officers cash advance no faxing.

Good and bad students

Example: "Culture is the department in which the application of the rule of one in two is less strict, while the cost of measures categorical 68% savings." Conversely, "the ministries for which the rule is stricter, such as Foreign Affairs, Agriculture and Health, are those for which the categorical measures are less than 50%. "In short, there are good and bad students. These slips will pay dearly as they explain the fact that retirements have been less than expected, the increase in the payroll of the state in 2010. The latter (82 billion) grew by 0.7%. To achieve its goal of reducing by 2012 the state will give less to their agents …

The Court of Auditors in a report that pointed the slippage of the wage bill, advocated a strict framework for categorical measures and a freeze of the index point (which is the basis for the remuneration of officials) until 2013 included.

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Panic blew the oil markets on Thursday. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in August finished at 91.02 dollars, down 4.39 dollars compared to the previous day. In London, the IntercontinentalExchange, the price of Brent North Sea with identical maturity tumbled 6.81 dollars even at 107.40 dollars to 21 hours.

In New York, the courts have even touched 89.69 dollars in session, their lowest level since Feb. 21. In London, a barrel of Brent North Sea crude for August delivery fell to 105.72 dollars, its lowest level since May 6

The backlash follows the decision of the International Atomic Energy Agency (IEA) to use its strategic reserves to bring to market 60 million barrels of oil. The idea is to compensate for the cessation of Libyan exports.According to the Agency, the events in Libya have deprived the market in late May of 132 million barrels of crude oil and "the further tightening of the oil market" resulting "risk of jeopardizing the fragile global economic recovery," says a statement.

The United States is "ready to do more if necessary"

Specifically, the 28 member countries of the IEA will release market two million barrels per day over a period of thirty days. A level which could be reviewed according to changing circumstances.

The United States will participate in this effort up to 50%, 30% for European countries and Asian countries for 20%, explained the executive director of the IEA, Nobuo Tanaka. The U.S. Department of Energy confirmed that it would draw 30 million barrels in reserves, currently at a "historically high" of 727 million barrels."The United States is prepared to do more if necessary to address this problem," the same official said on condition of anonymity, noting that an evaluation of current measures would be carried out after a month.

For his part, "France will contribute in proportion to its consumption, or 3.2 million barrels, equivalent to about 2% of French strategic stocks," said in another statement the Minister of Energy Eric Besson .

Surprise

For investors, this intervention is a real surprise. "It was mentioned last week in the markets but it was not included in the exchange, said an analyst at Saxo Bank personal loans for people with bad credit. No one expected that such action is taken now, it's very rare, "he adds.This is actually the third time in the history of the IEA, created after the 1973 oil crisis, that such action is taken. The members of the organization had already put to their stockpiles after the invasion of Kuwait and Iraq in 1990 after Hurricane Katrina that struck the United States in 2005.

This exceptional measure of the IEA should have the effect of increasing the available supply in the markets. It comes after the announcement Wednesday by U.S. Agency for Energy Information, a stronger-than-expected weekly oil stocks. "The IEA seeks to defuse the situation to avoid a price rise when the summer travel season approaches," says one at Saxo Bank. This announcement also appears as a response of industrialized countries to the failure of the meeting of OPEC countries in Vienna on June 8.The latter had failed to agree on an increase in their production quotas to slow the rise in prices.

Morose context

The announcement of the IEA is also grafted to a more worrisome macroeconomic environment for the oil markets. The U.S. central bank lowered its growth forecast Wednesday for the United States, she sees now under 3% for 2011 and increased its forecast for unemployment. Thursday, the idea of ​​a slowdown of the U.S. economy was confirmed with the announcement of an unexpected rise in jobless claims last week in the leading consumer of oil. In China also, the index of HSBC measuring manufacturing activity fell in June to its lowest level in eleven months.

"Wherever you look, it appears that growth is slowing," summed up Phil Flynn of PFG Best."This bodes ill for energy demand: this suggests that the measures taken by the Chinese government to slow the economy may be working too well, especially in a slowing U.S. economy and difficulties in the euro area "he added. In this atmosphere, "if there is a rebound, it will not be exceptional. It should not exceed 100 dollars. But instead we see prices stabilize at 90-95 dollars, "warns Saxo Bank.

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The support is not official, but the formula leaves little room for doubt. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF." In the race to succeed Dominique Strauss-Kahn to head the institution, is a way for Washington to support the European rather than his rival Mexican Agustin Carstens.

This statement therefore encourage what Christine Lagarde who must, on Thursday, passing his oral exam before the Board of the IMF. She must convince the 24 members it is the most capable of governing the IMF in the current turmoil. Agustin Carstens, he led his interview Tuesday.

The Mexican Fund for an impartial

During this session, had said Monday the institution, "each candidate will present his views on issues facing the Fund and its member states, and administrators will be able to interact with the candidates." Mexicans called for an increased IMF resources permanent, impartial, representing more emerging economies on its board of directors.

Christine Lagarde was in turn focus his presentation on an IMF "responsive, cooperative, legitimate and fair." So far, she expressed hostility to a restructuring of the Greek debt. When asked whether she was confident before the interview, the French Minister exclaimed: "Forever!".

Two shadows loom, however, about his candidacy. First, the case Tapie, who has rebounded earlier this week, and the Greek crisis.Brazil has indicated, through his representative at the IMF, Paulo Nogueira Batista, he expected the future Director to hold a position of severe vis-à-vis Greece: "We need strong action to obtain from Athens, and a clear financial commitment on the part of the euro area. A general statement is inadequate. " A position held since the beginning of his campaign by Agustin Carstens, who says he even opened a debt restructuring if necessary.

Preordained

For many observers, however, the game is a foregone conclusion for Christine Lagarde. "The French Minister on course to win," and headlined the Wall Street Journal on Thursday morning. She enjoys the strong support from almost all European countries, over 15% of the vote.One member of the board should, however, provide support to Agustin Carstens: Mexican director representing Spain and Latin America, 4.7% of the vote. Brazil has not made clear in his favor.

The decision should ultimately be taken on the basis of consensus, not wanting the institution or place one of its member countries is at odds vis-à-vis a future director or humiliate an unsuccessful candidate. The outcome of the deliberations is expected Tuesday at the earliest, and June 30 at the latest.

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In Athens

It is now the strongman of the government just revamped George Papandreou: Evangelos Venizelos. Imposing, talkative and impulsive, professor of constitutional law of 54 years did not mince his words when entering his new office as Minister of Finance: "I left the Department of Defense to enter a war", has he said. And for good reason, this war is that of the economy. He is determined to carry out reforms and has a good chance to convince members to vote in favor of the second austerity plan on 28 June. Observers say it is the ideal person to mitigate the discontent within the party.

The entire political class recognizes Evangelos Venizelos his intelligence and his status as a pillar of the new government.Gathering his majority was a priority to calm the ardor of the critics of the Greek Prime Minister.

But for some experts, this man from northern Greece be too wet to agree with the Europeans. "It is the one who said the Council of Ministers last week, the country was under occupation administration. How Brussels will trust him? "Assen there be in the ranks of the Conservative opposition. For political analyst Giorgos Kirtsos, "Evangelos Venizelos wants to be Prime Minister. It has a very social discourse and is highly regarded by the barons of the press. He will use his gift as an orator to get the reforms in the population, "said he. "When he was at the Ministry of Development, he has managed the beginning of the privatization of the Greek electricity utility by arranging their own way.Now, decisions are more difficult, especially since it's not a reformer, "says Giorgos Kirtsos. The new "czar of the economy" as it is called the Greek press has an agenda of the busiest on the European stage. He will travel to the meetings of the Eurogroup and has make a difference with his predecessor, Giorgos Papaconstantinou, became Minister of the Environment.

Control social discontent

According to Petros Doukas, an economist and former Greek finance minister, Evangelos Venizelos must quickly make proposals to the Europeans to save the country from bankruptcy. This could be a takeover of the Greek debt, "which currently is sold off at least 40% on the secondary market," said he. "Once acquired, they can erase part of our debt and other loan us again as a loan at 4% for twenty-five years.This is the ideal model for the second funding of 100 billion euros, "explains the former Conservative minister.

Meanwhile, Evangelos Venizelos will also control the rising social discontent in the country, especially as the indignant and unions are willing to take it a turf war without thank you. Rallies and demonstrations are scheduled from Sunday until Friday next European Council.