The rapid increase of the debt crisis in the euro area threatens the credit ratings of all European states, warned Sunday the U.S. rating agency Moody's. Moody's in New York.
In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.
Other countries may need help
While countries such as Italy and Hungary have more and more difficult to obtain financing at rates viable markets, Moody's wrote that "the political momentum to implement an effective solution to the crisis could n ' be found after a series of shocks, which could lead more countries to be deprived of access to funding markets for an extended period. " The agency is referring to countries like Ireland, Greece, Portugal or Hungary, which have benefited from one or more financial rescue from the European Union or the International Monetary Fund. She said other countries may need to use this kind of solution if the EU fails to quickly find an adequate response to the crisis, these countries would then most likely lowered their rating to that of a investment "speculative."
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Greece has one last chance to stay in the euro area and must make a "maximum effort" to avoid being brought back several decades, warned Wednesday the central bank Hellenic.
Painting a picture severe the nation's finances, the Bank of Greece said that the failure to achieve its fiscal targets, delays in implementation of reforms and strong economic contraction had questioned his recent claims about the sustainability of the country's debt.
"The country must avoid at all costs further delays or deviations from objectives; every effort is needed to do better than the targets," said the Bank in its interim report on monetary policy.
"The current situation is the most critical period of Greek history of the postwar period. What is at stake is whether the country will remain within the euro area."
The new prime minister, Lucas Papademos, promised to push reforms forward, although he met a mixed support for the main parties and trade union opposition to the new austerity plan which he has committed.
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European shares fell sharply Monday in volume again, failure of U.S. lawmakers to agree on reducing the federal deficit and a warning from Moody's about the "triple A" of France with weighed on investor sentiment.
In Paris the CAC 40 yielded 3.41% at 2894.94 points.
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Equity markets have appeared hesitant and versatile throughout the session. The European equity markets ended in a disorganized, while at the same time, Wall Street also hesitated between increases and decreases.
Investors have welcomed the drop in bond yields Italian and Spanish through purchases of securities by the European Central Bank in the secondary market.
Traders also mention the idea that the ECB would lend the International Monetary Fund (IMF) to assist countries in the euro area.
But operators remain skeptical, however.
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The new Italian Prime Minister revealed the composition of his government. In addition to its status as prime minister, he will take the reins of the Ministry of Economy at a time when the country is under pressure from the markets. Mario Monti.
The new Italian Prime Mario Monti said on Wednesday it would also economy minister, after his team presented to the President of the Republic Giorgio Napolitano. The former European Commissioner, 68, was named to replace Silvio Berlusconi as head of government while Italy is in danger of suffocation from the weight of its debt.
Monti also decided to create a large Ministry of Development, Infrastructure and Transport told the boss that the second national banking group Intesa Sanpaolo, Corrado Passera. Mr.Monti said the combination of these three portfolios within the same department by the "logic" to "put more centrally coordinated initiatives for economic growth."
Other key ministries were entrusted to experienced technocrats: Foreign Affairs to Ambassador Giulio Terzi di Sant'Agata, the Defense Admiral Giampaolo di Paola, the Interior to Prefect Anna Maria Cancellieri. Corrado Clini, Director General of Ministry of Environment in the last 10 years, was appointed minister. The government of Mario Monti has a total of three women who take charge of Justice, Interior and Labour and Social Policy, said Mr Monti.
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After the Senate Friday, the Italian Chamber of Deputies adopted late Saturday afternoon the law of financial stability, a step that paves the way for Berlusconi's resignation and the formation of a new government.
Berlusconi, who was unable to obtain an absolute majority Tuesday, promised to resign after the Italian parliament have endorsed the law of financial stability, requested by the European partners of Rome to restore market confidence in public finances Peninsula.
Silvio Berlusconi is expected to recover in the next few hours his resignation to President Giorgio Napolitano. It is the former European Commissioner for Competition Mario Monti should succeed him.
Over the past twelve months, the transactions made by Greeks reached some 250 million pounds. They seek to place their assets รง outside the country and the euro area. The London property market is relatively stable and offers a return on investment
They lag far behind Gulf investors or Russia, but the Greeks buy more properties in London, considering the British capital as a sanctuary for their fortunes away from the turmoil of the crisis that undermines their pays.Alors the Athens can abandon the single currency has been openly discussed by European leaders, some Greek citizens believe evidence that leaving their assets to their homes is far too risky, and struggle to get them out of the euro area.
London, where the real estate market is relatively stable and offers a return on investment, seems like a good alternative, according to industry experts. "The Greeks have long been on the market in central London, but after eighteen months, the number is increasing," says Liam Bailey of Knight Frank real estate agency specializing in luxury homes.
The Greeks represent 1.5% of the market
This interest was further increased in recent weeks with the deepening of the Greek crisis, confirms Richard Barber, who works at the WA Ellis agency, which specializes in upscale neighborhoods of Chelsea and Knightsbridge. "They prefer to put their money into real estate rather than first class in Greek bonds. The property market in London has a reputation as a sanctuary." The phenomenon is still embryonic.
U.S. inventories of crude oil fell against all expectations last week, said Thursday the U.S. Agency for Energy Information (EIA).
Crude inventories fell 1.37 million barrels to 338.09 million. Economists on average had expected a rise of 400,000 barrels.
Gasoline inventories fell 2.11 million barrels (consensus: 300,000), to 204.17 million.
The reserves of distillates, which include heating oil, fell by 6.02 million barrels (consensus: -2.0 million) to 135.87 million.
The rate of capacity utilization of refineries dropped 2.7 points to 82.6%.
Around 3:50 p.m. GMT, U.S. crude reduced its losses, yielding 1.3% to 95.80 dollars a barrel.
Objective: six to eight billion euros in additional savings.The French government Monday unveiled new measures to contain its deficit and preserve its sovereign rating as part of a budget among "the most severe since 1945."
Prime Minister Francois Fillon, who will present the plan in mid-day after the cabinet meeting, prepared the minds saying Saturday that there was no alternative to the reduction of public spending.
The executive, who proceeded to the final Sunday arbitration, fails to speak always of "rigor" or "austerity" but "the moment of truth" announced by the prime minister sounds like this six months of the presidential election.
Exchanges in the euro area have closed down sharply Friday, with the G20 summit concluded its work without any major decision, and especially without a concrete solution to the debt crisis in the eurozone.
In Paris the CAC-40 lost 2.25% to 3123.55 points. For the week, it yields 6.72%. The other major European markets also ended down: London and Frankfurt lost 0.33% 2.72%. Of the European indices, Eurofirst 300 finally lost 1.02%.
The Wall Street players show the same skepticism, resulting in losses of more than 1% for the three major Dow Jones, S & P 500 and Nasdaq Composite, despite the employment statistics rather positive.
"The G20 has not entered into by major decisions. It was a big problem with Italy," says one vendor."There is no visibility," he said, adding that the new EU stability "is not forthcoming."
Alexandre Le Drogoff, technical analyst at Aurel BGC, said the "bear market" comes back and that "the current decline in prices should lead to lower annual test" (2693 for the CAC 40, 1935 for the Eurostoxx 50).
The euro transplanted nose against the dollar and appears on course to acknowledge its biggest weekly loss since mid-September, traders in the largest remaining uncertainty about the bailout of Greece in preparation for the vote of confidence.
The Bund future was up, taking advantage of the lack of commitment of the G20 countries on strengthening the participation EFSF, especially after the statements of German Chancellor Angela Merkel.