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Wall Street hesitates. As in Europe, investors do not seem entirely convinced by the agreement reached in the night between Democrats and Republicans on the debt. At the close, the Dow drops 0.09% to 12,132 points, the Nasdaq lost 0.43% to 2745 points and the S & P loose 0.41% to 1287 points.

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama. Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. But that will depend on the Congress which has yet to give the green light, no later than Tuesday night. Similarly, no one knows how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the United States, their AAA rating is not excluded and would have severe repercussions on the economy and markets.

After selling more than 4% last week, which will remain the worst of the year, the Dow had yet started the day up 1.10% at 12,277 points.Standard & Poor's 500 and Nasdaq 100 progressed to their respective share of 0.86% to 1303 points and 2785 points to 1.05%.

The manufacturing sector to the death

At the macroeconomic agenda, a bad surprise helped to fill the atmosphere: the growth in manufacturing in the United States slowed in July against all expectations, according to the purchasing managers' index released Monday by the Institute for Supply Management (ISM), which fell to its lowest level in two years. The index of manufacturing activity of this organization stood at 50.9 last month, its lowest level since July 2009, against 55.3 in June. The market economists polled by Reuters on average expected 54.9.

Construction spending in the U.S. have also increased by 0.2% in June, according to figures from the U.S. Department of Commerce published Monday.These expenditures reached 772.3 billion dollars, while analysts polled by Reuters had forecast a rate unchanged Same day payday loans.

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Auto sales (Tuesday) and retail sales side on Wall Street for the month of July will be eagerly awaited. This weekend, the employment figures will be released by the BLS.They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (-1.48% to 56.62 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement. The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (1.23% to 12.36 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (-0.54% to 221.32 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth of its retail operations, cloud-computing and Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (1.95% to 100.72 dollars).

On the corporate side, after Merck (-2.05% to 33.43 dollars) and Chevron (1.32% to 105.39 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end.Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).

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.

Business leaders employing between 250 and 5,000 employees and producing between 50 million and EUR 1.5 billion in revenue, also called medium-sized companies (ETI), are confident. According to the first barometer of medium-sized companies conducted by Ifop on behalf of PricewaterhouseCoopers (PwC), 84% of managers are particularly optimistic about their companies.

They are, however, that 56% said that their morale is good when they are asked about the international situation. And 48% share this view when they consider the French economy. "More companies are international, they are more present in Europe and Asia, their leaders are more optimistic," says Bernard Gainnier, partner in charge of developing the audit firm and PwC Consulting.

Sign of good health, the main activity indicators are rising.Whether it's sales (62%), investments (44%) or the order book (43%). Nearly two-thirds of companies plan to hire in the next four months. Those employing more than 800 employees plan to hire 26 people. And over a third of its capacity will increase recruitment.

For control of the tax shield

Despite these positive signs, one in two managers said that his company's growth is constrained by taxes, either in the form of payroll taxes or taxes. 48% guarantee to be disabled by the price of raw materials. More than a third lack of visibility on its business. This figure reached 50% in the financial, technology and entertainment.

Nearly four in five managers believe that governments do not realize enough effort to promote the development of their businesses.They are calling for a legal and fiscal stability. But they are supportive of the measures on the taxation of wealth proposed by the government in May: 62% say that the possibility of being exempt from the TFR is a good idea. 56% say that removing the tax shield is a good measure. In contrast, 78% condemned the increase in transmission costs. Logic, as members of the founding families and leaders often hold the capital of such company.

The higher the debt crisis is intensifying and European gold is getting stronger. The metal price has risen late Thursday at a new record of 1594.45 dollars approaching the threshold of 1600 dollars per ounce, still supported by concerns about the debt crisis in the euro zone and the renewed nervousness around indebtedness of the United States. The metal is "overbought in a configuration that is generally followed by a phase correction with profit taking," said Alexandre Taurand, market analyst at XTB France.

Since early July, the Yellow Gold has gained nearly 60 dollars and grew by more than 2% in five days. A craze that is also explained by its role as a refuge for investors wishing to protect themselves against currency volatility, turbulence government bonds and inflation pressures persist.Since the beginning of the month, the disturbing news in the euro area accumulates. Standard & Poor's warned that a draft agreement between Greece and private creditors would be equivalent to a default under its criteria. On Tuesday, the working group to find a solution to save the country from bankruptcy said he did not exclude a more "partial failure" Greek. Moody's lowered the rating of Portugal and the eyes are now to Italy and Spain where the rates of bonds soaring.

Investors are not convinced by the ads of European finance ministers that provide control to prevent contagion. The latter said they were willing to increase the size of the Fund for financial help payday advance. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt. But nothing works.Tuesday again, plummeting stock markets in Europe reflected a continuing concern.

All eyes turned to Italy

"Unlike money, which is currently trading on the area of ​​35.50 dollars an ounce and is a turning point towards lower, gold is playing its role as a refuge and is one of few underlying advantage of the situation, "says Alexandre Taurand.

In his view, two scenarios are emerging now for the precious metal, "If the price settles above the area of ​​1547.11 dollars, then maybe we would pause in the middle before a new upward impulse to try re-cross the area of ​​1557 dollars per ounce. In the event that the price of gold were to fall below the 1545 dollars, then we would have a target level of support for 1541 dollars, "said he.But can not decide yet, "there are a lot of uncertainty. Investors are focused on the Italian austerity plan (on which Parliament must decide by by the summer break, ed.) They also monitor the situation in the United States with the vote on the debt ceiling to be held by 2 August. "

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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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Eighteen months after the initial concerns about the European debts, the situation on the old continent is still fragile. However, the euro remains surprisingly strong. The euro hovered around $ 1.45 since April, and rose more than 8% since the beginning of the year, and 15.5% in one year. "The first explanation that justifies the euro strengthens and weakens the dollar is in the interest rates: in Europe, they are likely to be faced by the ECB on Thursday, reaching 1.50% while those U.S. Federal Reserve and will still remain long remain between 0 and 0.25%, "says Bruno Rodier, private banker and portfolio manager at Pictet & Cie.This differential rate encourages investors to take advantage of the "carry trade", this technique to generate returns by borrowing in dollars at a rate unusually low, and place it in euros, which pays better.

"The situation should not change in the coming months because when the European Central Bank has the sole purpose of containing inflation by raising interest rates, the Fed also has the task of supporting growth and employment and maintain long-term rates low and a weak currency to do so, "said Harry Sebag, an analyst at Saxo Bank.He said the Fed will not change its monetary policy anytime soon because it looks especially the real estate market across the Atlantic, the one who caused the economic crisis and financial crisis in the summer of 2007, which is still not out business.

The dollar is kept artificially low

But even more than the strengthening of the euro, especially on the weak dollar that the experts agree. And has been a little more than a year: the Fed announcement as it injects new astronomical quantities (600 billion) dollars in the global economy. Instantly, the dollar lost its value against other currencies, and the effect lasted until now."There is also the effect 'end of world supremacy' of the dollar plays, including the report of the World Bank has recently anticipated that by 2025, that is to say tomorrow, the market currencies will be dominated also by the Chinese yuan, not only by the dollar and the euro, "notes Vincent Juvyns, strategist at ING IM.

The role of the dollar as the global benchmark fading as global governance wants to reform the international monetary system. In this perspective, little by little, investors include the future landscape of the exchange market and exchange their dollars into yuan and euro. "At the same time, we must take into account the cultural dimension of geographical areas: Europe, under the influence of Germany was a culture of rent, we want to keep a strong currency.This contrasts with the current pattern of currency war, which is to artificially push down its currency to promote its own foreign trade, "said Bruno Rodier.

Europe is going less badly than the U.S.

Finally, if Europe goes wrong, it will hurt less than the United States. Bad news on the macroeconomic front here and on the other side of the Atlantic, lower the respective currencies, but the U.S. figures are still worse than the European data, the dollar fell more than the euro. So the euro / dollar rate goes up anyway. "If you took away the effect debt, the euro was trading at least $ 1.50," Harry Sebag plans.Recently, the growth forecasts for the European Union were found, while those for the United States have been degraded.

Thus, the twists in the case of Greece, or fears of contagion from the crisis of sovereign debt of countries in the euro area peripheral to Italy or France, they have had little effect on the euro itself. "The currency market is highly sensitive to very short term. But in the coming weeks, the scenario of an outbreak of the euro area remains the least plausible of all, "says Vincent Juvyns, underlining that" challenges remain whole in the longer term. " The markets seem optimistic about the ability of European governance to agree to find solutions to problems of public finances of member countries."And Nicolas Sarkozy, Angela Merkel, and Jean-Claude Trichet has always reassuring words to soothe the markets when tensions rise," added the expert.

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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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The Cac 40 could string together a fourth consecutive session bullish. When a new day begins crucial for Greece, the Paris Bourse continued its prudent mini-rally started Monday – the last three meetings, the Cac 40 gained almost 4%. The index featuring Paris, ironed the day above 3900 points, opened on Thursday, up 0.33% to 3937.26 points. It has long hovered around 3930 points this morning, and won and 0.19% to 3931.70 points in mid-session.

At the London Stock Exchange, the FTSE-100 gained 0.68% to 5895.84 points and the Stock Exchange Frankfurt, the DAX 30 in advance from 0.07% to 7299.52 points.

Yesterday, the Greek Parliament adopted the first two parts of the austerity plan intended to avoid the financial ruin of Greece. This had the effect of propelling the Cac 40 in excess of 3900 points.This afternoon, members of Greek determine in detail the cost-saving measures and privatization to engage in Greece for the next four years. But on Thursday, the progression of CAC 40 may be more limited than ever, after the IMF expressed concern about a failure of the United States.

On the macroeconomic front, several indicators punctuate the trading session:

– After declining 1.4% in April, consumer spending fell again in May by 0.8%.

– The public debt increased by 54.9 billion euros in the first quarter from the end of last year, to $ 1.6461 trillion, or "approximately" 84.5% of GDP (GDP).

For the euro area, a first estimate of inflation in June was announced at 11 am: it has displayed steady at 2.7%.For June, analysts polled by Reuters on average expected a slight acceleration to 2.8%.

Finally, the United States, two statistics will be released today: requests for weekly unemployment benefits (1430) and industrial activity in the Chicago area in June (15.45).

On the corporate side, as since the beginning of the week, bank stocks react positively to approval by the Greek Parliament's austerity plan. BNP Paribas takes 1.21% to 52.63 euros, gaining Natixis 1.82% to 3.41 euros, Societe Generale advance of 1 no faxing pay day loans.03% to 40.23 euros and Credit Agricole rose 0.44% to 10, 21 euros.Yesterday, they gained 1% to 2%.

Carrefour: -1.26% to 27.75 euros; Casino: + 0.03% to 64.62 euros

In the struggle that pitted him against Carrefour in Brazil, Casino raised its stake in the Brazilian distributor Grupo Pao de Acucar by 37% to 43.1%.

In addition, the Colombian subsidiary of Casino, Exito, will conduct a capital increase of $ 1.4 billion to buy the Uruguayan subsidiary of Casino for $ 746 million.

LVMH yielded 0.49% to 121.90 euros shortly after noon.The European Commission approved Thursday the French luxury group LVMH, headed by businessman Bernard Arnault, to take control of the Italian jeweler Bulgari-watch, considering that the transaction would not raise competition concerns in Europe.

Pernod Ricard: -0.29% to 67.96 euros

The world number two wine and spirits sells its shares in Georgian society Georgian Wine and Spirits, an operation that involves small amounts according to a spokesman for the world's second largest wine and spirits.

EADS: -0.33% to 22.9 euros

The airline American Airlines is negotiating with the European aerospace group Airbus and Boeing to purchase at least 250 aircraft, an order worth approximately $ 15 billion, according to the Wall Street Journal.

Axa: + 1.05% to 15.42 euros

The insurer will invest 500 million euros in its partnership with the Chinese bank ICBC over the next 5 years.

Gecina: + 0.02% to 95.54 euros

The land was made yesterday two new asset sales, with the amount of its trade-offs to 559 million euros at end June

EuropaCorp: + 2.85% to 3.97 euros

The company production and distribution film Luc Besson has suffered a net loss of 30.2% million for the year ending March 2010 to 2011.

Groupe Partouche (0.75% to 2.67 euros) recorded in the first half of its 2010/2011 financial year lagged net income down more than 30%.

Beneteau (2.27% to 14.87 euros) will publish its revenue for the third quarter after the close of trading.

The tension escalates between Carrefour and Casino in Brazil. While the first confirmed on Tuesday had "received a proposal from major strategic partnership in Brazil," he sharply replied Casino "power to oppose this project."

Gama Brazilian society had proposed to merge the Carrefour group's Brazilian assets with those of the French retailer CBD group Grupo Pão de Açúcar (GPA). They thus constitute an equally owned company. CBD had previously merged with Gama.

But the case is the most sensitive.Right in the legal showdown with Carrefour, Casino contests this possible merger with CBD, "it is the largest shareholder, which it provides the co-control with Abilio Diniz and which it acquired in 2005 from Abilio Diniz and his family the right to become the sole controlling shareholder in 2012, "says the company in a statement issued in the wake and that sounds like a declaration of war.

The group Etienne, who now owns 37% of GPA, is indeed bound by a shareholders' agreement with the businessman Abilio Diniz, who owns shares in the holding company of GPA. Their agreement provides that neither party can negotiate a development project with a third party without the consent of the other. In late May, took the Casino Chamber of Commerce to arbitrate the case.

Referring to "a material financial transactions and prepared for a long time illegally by Abilio Diniz and Carrefour" and "illegal and secret negotiations," Casino accuse both parties have "ignore [d] deliberately both the law and ethics elementary. "

"Casino will consider in the coming days how to best defend the corporate interests of CBD and its shareholders that seems compromised by this project very complex and financial," says Casino, recalling that "it has the power s to oppose this project in terms of existing agreements and that no negotiations on the future of CBD can not be conducted without his consent and without prior discussion of this project to the Board of Wilkes, holding control of CBD. "

Clear benefits for Carrefour

Brazil is a strategic market for the two French groups, "the third world market in terms of food expenditure" the statement said Carrefour there realizes 12 low fee pay day loans.3% of sales. If the proposal is accepted Gama, the new joint venture would represent "the main actor in the distribution in Brazil," said Carrefour.Its turnover pro-forma is estimated at over 30 billion euros for 2011.

Gama has in turn shown to benefit from a capital investment of 2 billion and funding of 500 million euros.

"The benefits of the transaction are clear to Carrefour," noted analysts at Natixis, "the benefit to his credit in Brazil, which leaves just one major accounting scandal, the expertise of CBD; gain size of a key market , realize significant synergies with CBD and strengthen its long-term shareholders. "

Gama: up 6% stake in Carrefour

After OPERATON, Gama become a shareholder of the French distributor. The Brazilian could acquire additional shares Carrefour market of up to 6% stake in Carrefour.It would be represented by two members to the board of the French group, whose vice president, and three from 2013.

"Gama sign a shareholders' agreement and act in concert with Blue Capital LLC, Colony Blue Investor LLC, and Groupe Arnault SAS, which now jointly hold 14.1% of the capital and 20.2% of the voting rights of Carrefour , "the statement said. Together they would hold up to 30% of share capital and voting rights of Carrefour.

The board of Carrefour will meet in the coming days to discuss the proposal of Gama. Following this announcement, the Carrefour share jumped by more than 3% to 27.250 euros, while the title unscrews Casino: it yields about 5% to 62.63 euros.The CAC 40 in advance for its share of 1.08%.

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The finance ministers of the euro area are mobilizing to prevent a collapse of Greece. The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, this aid is part of the first plan in support of Greece to 110 billion euros in loans over three years promised last year by the Europeans and the IMF, but the payment was a time been questioned. But the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. "To make the decision (on the disbursement of loans) in early July, we will need to have the decision of the Greek Parliament" in terms of austerity and privatization, said the Belgian Finance Minister Didier Reynders.And Athens has no choice because without this loan the country, faced with deadlines refinancing risk bankruptcy next month.

In the longer term, the ministers also laid the groundwork for a new plan. In fact, new support is essential to Greece to avoid bankruptcy in the longer term, the foreground is revealing enough. And this time, the private sector should be involved. Banks and other private creditors and participate in this new plan free instant credit score. However the contours of that plan remains to be defined.

"The ministers agreed that the additional funding required will be financed both by official and private sources" indicate the ministers in their statement.They "welcomed the goal of voluntary involvement of the private sector in the form of roll-overs informal and voluntary debt Greek existing mature," he added. The "debt roll-over" means, in financial jargon, the fact that creditors when loans mature, replace them with others of a similar amount. Ministers stress that this operation should be a contribution "substantial" in the Greek program "and avoid a default (of payment) selective" in the country.

Small flat, the "main parameters of a new funding strategy clear" should be defined "by early July," indicate the ministers.While they had initial aim "to discuss the participation of private creditors," stated Jean-Claude Juncker, adding "the question is" how far it can and must go. "

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