The Conservative government of Mariano Rajoy provides a slight increase in gross domestic product next year and a 1.4% growth in 2014.

The Standard & Poor's downgraded Thursday by two steps the sovereign rating of Spain to bring it back to BBB +, only two notches above speculative grade ("junk") in highlighting the risk of recession on public finances deteriorate further.

Friday, the government said it expected to reduce the public deficit to 1.1% of GDP by 2015 from 2013 by renewing with a primary surplus (excluding debt service). 

To achieve this, he said, he will increase taxes on consumption next year to raise eight billion euros.

The debt / GDP will peak at 82.3% next year and to decline 81.5% in 2014.

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

.

AstraZeneca offers Ardea $ 32 per share, representing a premium of 54% over the closing price Friday of society, and values ​​acquired at a billion dollars after deduction of cash held by Ardea.

Both groups said they expect the transaction to close in the second or third quarter, adding that shareholders representing approximately 30% of Ardea had agreed to vote for the operation. 

The action Astrazeneca yielded 0.87% at the London Stock Exchange at 7:35 GMT, but doing better than the market (-1.16%).

The group is facing generic competition on several of its key drugs, including anti-psychotic Seroquel, and just to renew its range. Earlier this month, he concluded an agreement on joint development and commercialization of five treatments of the portfolio of the U.S. biotech Amgen.

The biotechnology sector is currently characterized by a wave of mergers and acquisitions and consolidation attempts.

GlaxoSmithKline announced last week it had offered to buy Human Genome Sciences for approximately $ 2.6 billion (2 billion), an offer rejected by American society. Roche has attempted unsuccessfully to acquire Illumina to $ 6.8 billion.

These funds are meant to give the IMF the means to combat the crisis of sovereign debt in the euro area.

The G20 finance ministers meet in Washington next week and will increase the Fund's resources will be central to their discussions.

"I would say it will be somewhere between 400 and 500 billion and that much will depend on commitments of the major world economies and European economies outside the euro area," said an official of the G20. 

Executive Director of the IMF, Christine Lagarde, said Thursday that an agreement could take time, suggesting that the meeting next week may not result in an agreement dice finitif.

She also said it was possible that the IMF has required fewer resources than he thought a few months ago, the economic and financial risks are being mitigated, as well as its financing needs.

The long-term operations (LTRO) of the European Central Bank refinancing two to three years made in December and late February, by watering thoroughly with liquidity sys my bank, have also helped reduce the need of the Fund, in the opinion of officials. 

The IMF estimated in January that it would take $ 500 billion more for loans and an extension 100 billion in reserves for protection of risks arising from the debt crisis of the euro area .

"UNREALISTIC"

"It was always clear that this envelope 500 to $ 600 billion (…) was too unrealistic," said another official of the G20. "We will be happy if we get other countries as much as what the Europeans are willing to contribute."

Countries in the euro area have committed to provide 150 billion euros and other countries of the European Union 50 billion.

The first official said that China and Japan could together provide $ 100 billion, or slightly more. "It seems that Japan and China are relatively happy with what Europe has done," said a third official.

"But among developing economies, we still feel that the rich countries like Germany should play a greater role in solving the problems of the region, it may be that there is no agreement until the last moment, "added the third charge.

For now, the U.S. and Canada are the only countries that do not contribute to an increase of IMF resources.

The credit market has recorded one of its best quarters in issue volume in number of transmitters and in reducing risk premiums (spreads), related professionals. 

"Issuers have succeeded without difficulty in raising funds to historically low levels and syndication desks (banks) had a stellar quarter," writes in a note Suki Mann , head of credit strategy at Societe Generale.

Gaëlle Malléjac, responsible for managing rate at Groupama Asset Management, points out that if one judges by the evolution of the Barclays corporate EuroAgregate, March 26 corporate credit engrangeait performance 4.63% higher than German debt.

"The average spread of the universe credit stood at 215 basis points (over German debt) at March 26, against 322 bps at end-December 2011," adds she said. 

"Concomitant resistance of German Bunds, risk-free assets, is a great enigma. The German rate (1.8% for 10 years) is disconnected from the fundamental view of the im improvement of economic situation, "said the manager.

She explains that in fact "excess liquiditésa benefited all asset classes," even the most expensive as Bunds.

BANKS EMIT NEW

The primary market for credit has regained health insolent.

"There was this quarter a record number of shows. At each show demand was strong from the beginning of this year the premium has significantly reduced or disappeared, "says she …… According to data

… established by the team of Suki Mann, the third quarter ranks among the most active primary market with 53.3 billion euros issued by non-financial corporations classified as investment (Investment Grade, IG) against 27.6 billion in the first quarter of 2011 …. In

….. speculative grade (high yield, HY), the threshold of EUR 10 billion was reached, a third of the amount total issued in 2011, and ranks fourth quarter in terms of amount issued on the euro market. 

Abruptly closed last summer with the worsening debt crisis in the eurozone, the segment of senior bank debt unsecured woke up with a bang 55 billion Euros against 12 billion for the last six months of 2011.

This rise is largely up to the credit of the last acts of unconventional European Central Bank, which was conducted in December and February 2 refinancing operations and three years of euro area banks.

The cumulative amount lent to banks at a rate of 1% has exceeded 1,000 billion and has raised a major concern emerged in 2011: the inability of banks to use market ;. 

ECB DETERMINED TO SUPPORT BANKS

"The ECB has demonstrated its determination to do everything to support the banking system of the euro area. There is more risk of refinancing of banks by 2014-2015, "said Gaëlle Malléjac

." The two LTRO averted a 'credit crunch' and to banks to buy debt device, "said Nicolas Forest, head of rates strategy at Dexia Asset Management …..

…. "With LTRO, banks have changed their behavior in January," said Gaëlle Malléjac, adding that vendors of debt Italian or Spanish sovereign, they increased rates to buyers

. 10 years Spanish and Italian have declined to 4.86% and 4.81% in February, against 6.73% and 7.3% in November at the height of the crisis in the euro area. The Spanish rate rose to 5.43%, attesting to the difficulties of the Madrid government to meet its objectives of reducing public deficits.

The professionals interviewed all stress that if the time for the LTRO has averted the risk of a credit crunch and that governments have set short-term problem of Greece and its private creditors, the underlying problems remain.

"Governance problems and structural imbalances in the euro area whose solution will take time for caution for the future," notes Nicolas Forest. However, he believes that governments seem to have learned from the bear market in 2011.

Gaëlle Malléjac and Suki Mann also express caution. But they want to believe that the new fiscal pact in the process of ratification and the expected agreement on an increase sufficient means of financial solidarity mechanism at meetings of finance ministers of the EU this week- Weekend in Copenhagen should allow a continuation of the rally-but at a more modest pace, especially for spread tightening.

The increase is in line with market expectations.

In January, prices showed an increase of 0.2%.

Gasoline accounted for more than 80% of the increase in consumer prices in February, said the Labor Department.

Excluding volatile prices such as food and energy, inflation remains subdued with an increase of 0.1% in February after a 0.2% gain in January.

The February increase is below market expectations (+0.2%).

The price of gasoline jumped 6%, their largest increase since December 2010. They had gained 0.9% in January.

Food prices were flat last month after rising 0.2% in January.

Over one year, the consumer price as a whole jumped 2.9%, as in January.

Excluding volatile, they rose 2.2% after rising 2.3% in January.

The Federal Reserve said Tuesday that soaring energy costs would result in a temporary rise in prices. In the long term, inflation is expected to be more than 2%, the objective of the central bank.

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.