Considering the situation in Greece "concern" after the results of Sunday's parliamentary elections, Jean-Paul Chifflet, the Director General of the French bank, has however, that the assumption of output in the euro area was not the scenario chosen by the majority group. 

"We are in all cases prepared for all eventualities even if we think that it should not happen," said Jean-Paul Chifflet at a conference call about the future of Greece.

"We do not envisage this scenario so as the majority of risk occurrence," he added.

At the Paris Bourse, the action Credit Agricole SA, which had opened on a drop of over 3%, 2.26% gave up to 10:10, to 3.417 euros in a market still nervous because of the political stalemate in Greece and the revelation of a trading loss by the U.S. bank JPMorgan. 

Since the beginning of the year, the title, which hit Wednesday during its lowest (3.344 euros) since its IPO in late 2001, falling more than 21%, significantly underperforming the European banking index down only 0.35% since January 1.

"Given the current Greek, the group's exposure to Emporiki remains a major factor of concern," said Alex Koagne, an analyst at Natixis.

"However the performance of core business lines is strong in the quarter. Moreover, the deleveraging plan ahead properly, which is good news, "he says

. NEW CHARGES ON GREECE … The listed vehicle

….. group Credit Agricole says first quarter spending in a new charge of 940 million euros for Greece, which EUR 567 million related to its Greek subsidiary Emporiki mainly because of new provisions

. Its net profit reached 252 million of the coup euros for the first three months of the year. According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 571 million euros.

Its revenues for the period rose 2.3% while its provision for credit risk have increased more than two.

The bank, which was accused last year its first annual loss since its IPO in late 2001, warned in mid-March that its first quarter accounts would incorporate new provisions on the Gre and it related to the perimeter of the second aid plan for the Hellenic Republic. 

Hired as other European banks in a restructuring of its operations in the BFI and reduce balance sheet size, the group also states that it reached in late April, 70% of its target to reduce its liquidity needs and 91% of its objective of reducing its risk-weighted assets.

ALL OPTIONS OPEN ON CHEUVREUX

This restructuring of the CIB, which involves the removal of 1,750 positions, also resulted in the first quarter charge of 224 million euros.

Asked about the future of its subsidiary brokerage Cheuvreux, Jean-Paul Chifflet also said that all assumptions were now open. 

Cheuvreux was excluded from the scope of end-March discussions with the Chinese broker who negotiates the purchase Citics CLSA, the brokerage subsidiary of another bank green.

For the whole group Credit Agricole, the net profit was 804 million euros in the first quarter, down 47%.

For comparison, the group BPCE (People's Bank – Savings Bank), parent company of Natixis, has made a net profit of 665 million euros.

BNP Paribas and Societe Generale have in turn reported net income of respectively 2.867 million and 732 million euros.

President of the European Central Bank (ECB) Mario Draghi agreed Wednesday that he hoped the massive loans made in recent months by the institution to European banks would benefit more quickly to the real economy.

The ECB has lent some EUR 1,000 billion over three years on terms very favorable to the banks of the euro area at two outstanding operations in December and February, hoping thereby stimulate lending and thereby the economy as a whole.

But in the economy right now "demand is therefore contained the credit application is contained," Draghi said at a hearing before MEPs. Lending operations have improved the financial position and allowed to "buy time", said Mr. Draghi, which is "not negligible", "but we can not compensate for the lack of demand," Has he added.

For the head of the ECB, the lack of credit is explained more by the crisis, which reduced demand for financing of households, by the cautious behavior of banks. The IMF, however, points to the prudence of financial institutions.

"The pressure on European banks remain high. They face the risk of public debt, weak economic growth, higher requirements when renewing their loans maturing and the need to strengthen their reserves to regain investor confidence, "say economists Fund

. The IMF also estimates that 58 major European banks may have to reduce their assets 2,600 billion by end 2013 to comply with the requirements of the European Banking Authority in terms of capital ratios. Such a perspective is not only bad for financial markets. It would also limit the ability of bank funding, particularly in countries where interest rates remain high, and decrease further loans to businesses, potentially creating a vicious cycle, explains Fabrice Cousté, CEO of CMC Markets France

.

Stanislas de Quercize, joined Richemont in 1989, is currently the head of Van Cleef & Arpels after having officiated for Alfred Dunhill and Montblanc brands. He will take office at the end of the year.

"From Quercize gave up Van Cleef & Arpels since his appointment, making the brand profitable and grow making credibility with buyers of fine jewelry," said Jon Cox, analyst at Kepler Capital Markets.

Cartier, in his view, represents half the sales of Richemont and two-thirds of operating profit.

Stanislas de Quercize cede his position at Van Cleef & Arpels to Nicolas Bos, current creative director and CEO of the brand in North America.

In exchange, the action Richemont, the world of luxury behind the French LVMH, was unchanged at 9.50, to 55.75 francs, while its European sector index took 0.3%.

Rising rents would be over? The question is legitimate. Because after an increase slowed in all of 2011 (1.6%), against 2.5% in 2010 – the rents are down 0.1% on the first two months of the year . To figures released Tuesday by the observatory Clamor, which includes donors, agency networks and professional organizations. Here's to remember the private rental market "anxious and depressed" according to the observatory.

The activity of the rental market back

After having recovered in 2011, residential mobility, ie the proportion of housing tenants changing folds in the year beginning 2012. Consequently, the number of rental accommodation decreased by 5.1%. In practical terms, this represents less than 80,000 units over the period from 2010 to 2011. Chief among the regions where mobility is the highest: Brittany, Franche Comté, the Loire and Limousin, where it is around 10%. Conversely, the mobility is around 5% in the Ile-de-France, Picardy, Poitou-Charentes and Languedoc Roussillon. In contrast, residential mobility was down by just 2% in Champagne-Ardennes and Rhone-Alpes.

Rents are moving down

Tenants no longer dared to hope: rent prices are falling. The figure is symbolic for the time since the erosion is only 0.1% and only affects the first two months of the year. But gone are the days where residents had not experienced a decrease in rents. Between 1998 and 2012, average rents increased by 2.9% per year. In 2011, the increase was more reasonable 1.6%.

So why do they fall early this year? Due to a request "hesitant" household. As proof, the period of vacancy-time to find another tenant-lengthens. Another factor is the deterioration of the labor market, worry and purchasing power at half-mast. But lower rents differs depending on the city, but also the surface of the well. Over the full year, the rents would "stagnate or show a small increase," predicted Clamor.

The average price falls to € 12.4 m2

In 2011, the average rent accounted for 12.5 euros per square meter. It is the euro to 12.4 m2 in 2012, but it varies widely from city to city. Among cities of more than 60,000 people polled by Clamor early 2012, the Ile de France remains the most expensive, with 18.1 euro per square meter. The prize for the highest rent is attributed to Neuilly-sur-Seine, where it takes 23 euros per square meter …. Conversely, it is 8 euros in Saint-Etienne in the Loire.

Baisssière trend affecting more and more cities …

Since the beginning of the year, it concerns 46% of cities against 30% in 2011. The decline in rental prices is around 2.5% for half of them. This is the case for Nice with a decrease of 1.1%, -2.6% for Bordeaux, and a 3% decrease in Caen and Cannes. Conversely, the rent increased to 54% of cities such as Nantes, Metz, Narbonne, or Tours. The largest increase is attributed to Niort in the Deux-Sevres with 9%. And the largest decrease was recorded in Upper Normandy. It is in this region where the rent has recorded the largest decline between early 2012 and early 2011 (-5.2%)

… but it covers only small areas

The decrease relates only to small areas. It is 1.5% less for a studio and a room. In total, the cost for a T1 evaluates to 444 euros. However, the price of three, four and five parts increases. For a five-piece, rents increased by 3.8% or 1086 euros on average in February.

The rent for relocation accelerates

It is well known, homeowners enjoy the change of tenant for rent augementer. And it continues unabated in 2012, on the contrary; While the rent increase was 1.9% in 2011, it began rising again in 2012 to $ 3.8%. Besides the increase in change of tenant, Clamor considers property rented with work increased 9.1% in 2011, 1.5% current work no work down 7.1%

The Socialist Minister, Deputy European Affairs Mariliza Xenoyannakopoulou, and part of the socialist party PASOK MP, said Friday his resignation from the Greek government coalition in response to new austerity plan required by the country's creditors. Ms. Xenoyannakopoulou is the second member of PASOK, which holds a majority of seats in parliament, leaving the government team led by Lucas Papademos and composed of Socialists, the conservative right and the far right. Thursday, Secretary of State for Labour and also a deputy of PASOK, Iannis Koutsoukos, had already announced his resignation for the same reason.

His departure comes in the wake of the resignation of four members of the party LaosTrois of four ministers of Greek far-right party Laos opposing the new austerity measures demanded by the country's creditors Friday presented their resignations to Prime Minister Lucas Papademos told the Greek News Agency, Ana (semi-official). Transport Minister Makis Voridis and two Secretaries of State, Agriculture and Merchant Marine, and Adonis Georgiadis Astérios Rodoulis respectively, which are also members of the party, submitted their resignations, told the Ana.

The resignations were made two hours after the party leader George Karatzaferis said he was not going to vote the new austerity plan imposed in exchange for an international loan of 130 billion euros. "I can not vote" this austerity plan which "humiliates the country (…), this is not the right solution," said Mr. Karatzaferis at a press conference the day after the announcement by the government of an agreement of the three government parties (socialists, right and far right) on the plan. Any minister who opposes the measures "will be replaced," warned shortly before a government source without giving a specific date for such a limited reshuffle.

Formed in November, the government of Lucas Papademos has two other parties, the Socialist PASOK who are the majority and the right of New Democracy. Despite the defection of Laos, the plan of austerity measures, details of which has not yet been published, may be voted in parliament, on the night of Sunday to Monday. The governing coalition has 252 seats, only 16 for Laos, the 300-member parliament.

"Political leaders should give an answer in principle tomorrow afternoon (the EU)," he told reporters Panos Beglitis, spokesman for the Greek Socialist Party ( PASOK) on Sunday.

They will then discuss the plan of the troika (International Monetary Fund, European Commission and European Central Bank) at a meeting chaired by Prime Minister Lucas Papademos.

"There will be a meeting of political leaders chaired by Papademos tomorrow afternoon," said Beglitis. 

The chief minister said for his part that the various managers of the government coalition have agreed on a reduction in public spending by an amount equivalent to 1.5% of GDP this year.

This includes measures to reduce salaries and benefits costs to make the Greek economy more competitive, he added.

He also confirmed the meeting of heads of coalition parties on Monday to conclude negotiations on the second aid package of 130 billion euros to be implemented by the mid-March to avoid a collapse of public accounts. 

The two main Greek unions called for a 24-hour strike Tuesday to protest against austerity measures and reforms demanded by international creditors.

"We expect one-day strike on Tuesday," said Ilias Iliopoulos, general secretary of the ADEDY representing public sector employees.

"Despite our sacrifices and despite the recognition that this policy mix is ​​bad, they ask even more austerity," he added.

ADEDY and its private counterpart, the GSEE, representing about two million workers in Greece, about half of the workforce. 

BAROIN OPTIMISTIC

Creditors of Greece had requested a reduction in spending worth one percent of GDP, slightly more than two billion euros for 2012.

The negotiations on the restructuring of the Greek debt held by the private sector rose "relatively well", said his side the French Minister of Economy and Finance, Sunday .

"I think it progresses smoothly on the part of private sector involvement to be made on a voluntary basis," said Baroin under the "Grand Rendez-Vous "Europe 1-Le Parisien-i> Télé.

"We would not get away from the level at which one must move the Greek debt in 2020, that is to say around 120%," said the French minister. And "it is because we do not withdraw these objectives that the discussions are difficult," he said.

"Anyway, it's later than February 13," continued Baroin.

February 13 is the deadline posed by the euro area to launch the operation, which should bring the Greek debt around 120% of GDP in 2020 against over 160% today.

The private sector should accept a discount of around 70% of its obligations under the exchange program of the Greek debt. This will help to lower than 100 billion euros of debt of Greece.

In exchange for a loan of at least 130 billion euros by 2015, the troika of institutional creditors requires further structural reform and further reforms of austerity authority to clean up its public accounts.

Troika calls including a lowering of wages in companies and supplementary pension, which measures face many political and union resistance.

In the absence of an agreement, Greece is threatened with failure to pay on 20 March, when mature 14.5 billion euros of bonds.

Beyond its organic levers, the former branch of the Accor group prepaid service, which issues such as meal vouchers, announced during a day dedicated to investors and financial analysts that it will carry out targeted acquisitions.

Edenred also wants to accelerate the transition to digital solutions "paving the way for new growth opportunities," we read in a statement.

The action Edenred closed Monday at 18.4 euros, showing a market capitalization of 4.2 billion euros.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of European regulatory agencies. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if the country is under European aid program. The decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages when it deems necessary. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was dropped, now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea is not only criticized by the rating agencies but also by some of their clients.

The New York Stock Exchange closed up 0.71% Monday, the Dow Jones 30 Industrial winning 85.15 points to 12,068.39 points.

The S & P-500, wider, took 7.89 points, or 0.63% to 1261.12 points.

The Nasdaq Composite was up on its side of 9.10 points (0.34%) to 2695.25 points.

Values, Best Buy has lost 3.11% after announcing it would pay 838 million pounds (977 million) in the UK Carphone Warehouse to buy back its share in their joint venture in mobile phones in the U.S. .

Tekelec has jumped more than 14%. The technology provider networks agreed to be acquired by a consortium of investment funds led by Siris Capital for about $ 780 million.

General Motors has announced the retirement of Nick Reilly, current head of the European activities of the group and its replacement next year by Karl-Friedrich Stracke.

The least we can say is that the end of term Jean-Claude Trichet has not been easy. The French left the European Central Bank (ECB), after eight years of presidency, when the euro area is experiencing a critical step – critical? – Of its crisis. For if the Europe Agreement birth Thursday morning in pain is an important step in the short term, it does not eliminate all long-term risks of contagion from the debt crisis.

We do not worship nor hate Jean-Claude Trichet, as it is more consensual than cleaving – it boasts of never having been outvoted by the Governing Council of the ECB. We respect him.For he succeeded in making the institution of Frankfurt an economic and political front. The markets were suspended in any of his words at monthly conferences of the ECB on interest rates. And since Europe is in crisis, he took part in EU summits as well as leaders and heads of government of member states of Euroland.

The route of Jean-Claude Trichet

1942: Born in Lyon

1969-1971: ENA

1978-1981: Economic Advisor, Valerie Giscard d'Estaing

1986-1987: Director of the Office of Edouard Balladur, Minister of Finance

1987-1993: Director of Treasury

1993-2003: Governor of the Banque de France

2003-2011: President of the European Central Bank

Of the review of eight years as president of the ECB, it can be fierce independence vis-à-vis the Franco-German policies.No sooner did he take the levers of the ECB in November 2003, accusing Jacques Chirac and Gerhard Schröder to gut the Stability Pact. In 2010, he opposed the will of Nicolas Sarkozy and Angela Merkel to involve private investors in the rescue of Greece. But we remember also its renewed calls for member states to implement a real economic governance of the euro area. Not to mention his extraordinary responsiveness during the financial crisis in August 2007 first, then in October 2008, noting that the interbank market is frozen, the ECB is the first to lend banks as much liquidity as they wish.

The strong euro, the result of the fight against inflation

Two of his actions, however, are highly controversial.