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Finance ministers of the euro area have endorsed Monday night the second aid package to Greece after the success of the restructuring process of the Greek debt, announced the Eurogroup President Jean-Claude Juncker.

He said that the Greek debt level should be reduced to 117% of gross domestic product (GDP) by 2020 through in terms of private sector involvement (PSI ) carried out last week via a bond exchange.

"We discussed the second Greek plan, including of course the issue of the PSI. With the completion of previous steps and the success of the PSI, the new plan is not only Greek in the starting blocks but has been adopted by political Eurogroup this (Monday) evening, "said one who is also Prime Minister of Luxembourg

. The formalization of this agreement in principle should be Wednesday morning, during a technical meeting of the euro area, said Jean-Claude Juncker

. He praised the high turnout private creditors to exchange debt and recalled that the initial objective was to reduce the level of debt at 121.5% of Greek GDP …….

.. "We agreed that this result better than expected should not be spent by the Greek authorities but retained as a safety cushion ;, "he said

.

The European Central Bank has inflected his speech Thursday with a warning of unexpected inflation and a call to governments and banks in the euro area so that they take over in order to consolidate the stabilization of the economy of the block.

She has once again lowered its growth forecast for this year and next year after leaving its key rates unchanged, noting that the prospects for the economies of the area have e ; ty much worse without the massive liquidity injections carried out as part of its refinancing operations with two long-term (LTRO) in December and February.

The ECB began to see signs of stabilization at the beginning of the year, but the expected recovery could take longer than expected. "Available economic indicators confirm signs of stabilization in the euro area, but the economic outlook remains subject to downside risks," said ECB President Mario Draghi, when the press conference that followed the announcement of maintaining the refi rate to 1.0%.

Thus, for 2012, the ECB table does on a GDP growth between -0.5% and 0.3%. For 2013, it anticipates a range between 0% and 2.2%. Three months ago, the central bank of euro countries anticipated a change between -0.4% and 1.0% for 2012 and a range of 0.3% to 2.3% for 2013.

The recent 20% increase in oil prices has, however, prompted the ECB to raise its inflation forecast and anticipate a price increase of between 2.1% and 2.7 % this year, against a range of 1.5% to 2.5% previously. For 2013, the price increase should be between 0.9% and 2.3%, against a previous forecast of 0.8% to 2.2%.

"Because of rising energy prices and indirect taxes, inflation rates are now expected to remain above 2.0% in 2012, the prevailing upside risks", Mario Draghi warned.

The latest Reuters poll conducted among 74 economists, the ECB should keep rates unchanged this year and much of 2013.

Bund futures rose while European equities and the euro have reduced their earnings after the downward revision of growth forecasts of the ECB. 

"From our perspective, the projections (the ECB) are still relatively optimistic, while economic data showed no" stabilization ", especially in the periphery (euro area). The risks are clearly on the downside, "said Annalisa Piazza of Newedge Strategy

. NOT divisive ….. Draghi

… was confident that the operations of long-term refinancing of the ECB which resulted in the injection of more than 1,000 billion in cash in the banking system of the block it averted a crisis far more serious

. Borrowing costs for countries difficulty such as Italy and Spain have fallen sharply and Mario Draghi said that markets, including the interbank market, working again and that investors were income on assets denominated s euro

. "All things considered, we see that great progress has been made", he said. "Simply compare the situation as it was in November and what it is today."

The President of the ECB, however, called on governments and banks to take over to reinforce the recovery of European economies, calling for further progress in fiscal consolidation and further structural reforms.

The euro area economy has stabilized in recent months, partly because of lower rates in November and December the ECB and its massive refinancing operations long-term.

Its room for maneuver to fight against the crisis in the euro area seem small now, partly because of reserves that raises its action, particularly in Germany. 

The Bundesbank President Jens Weidmann has sent a letter to Mario Draghi last month to express his concerns and the former head of economic studies of the ECB, and always trè s influence, Juergen Stark ruled Thursday in a German newspaper that the quality of the balance sheet of the ECB was "appalling".

Jürgen Stark had resigned within the ECB last year to protest against decisions which he felt they were not consistent with the mandate of the institution.

"My personal relationship with Jens is excellent … No one is isolated within the Governing Council and the Bundesbank, in particular, is not isolated," said Mario Draghi. "I'm really attached to the culture and tradition of maintaining price stability, the Bundesbank," he said.

In the letter to Mario Draghi and obtained by the German business daily Frankfurter Allgemeine Zeitung, Jens Weidmann was concerned about the imbalances in the interbank clearing system of the euro area TARGET 2 and risk that would result to the Bundesbank, which will be exposed in the unlikely event of a breakup of the euro.

Mario Draghi has sought to minimize these concerns and has declined to comment on the progress of the exchange transaction of Greek debt to be finalized e Thursday at 20:00 GMT at Athens risk of exposing themselves to a default.

European shares reinforce their gains late Wednesday morning after the injection of almost 530 billion euros of liquidity into the European banking system as part of the second ; me refinancing long-term European Central Bank.

Traders polled by Reuters had expected that banks in the euro zone borrow some 500 billion euros, after borrowing 489 billion during the first operation to three years and at reduced rates which took place in late December.

Equity markets have increased their earnings briefly a few minutes after the announcement of the ECB before returning to previous levels. The euro also briefly mounted against the dollar before erasing its gains.

"The relaxation of collateral has worked well. We see that the central bank achieved its goal. This shows that the central bank is proactive and follows closely the situation of banks' refinancing , "said Raymond Renaud, president of Eleanor Capital.

"This is a very positive message about the state of mind in which the central bank. We see that the behavior of the central bank is increasingly close to that of the Fed."

"The market implications are positive. There are two issues of concern to markets: growth and financial stress. The subject of financial stress is very well addressed with the Greek record in the process of being resolved and the refinancing of banks, "he says

.. A ……. 11:45, the CAC 40 index advanced 0.3% after rising briefly to almost 1% and then he earned more than 0.5% shortly before the announcement of the ECB

. Other major European markets, London was almost unchanged, Frankfurt Milan took 0.5% and 0.8%

. From the European indices, the Euro Stoxx 50 gained 0.5 also Eurofirst 300% and 0.4%

. Bank stocks, which anticipated the operation from the opening, are the first measure ; res to enjoy. Farm Credit clinching nearly 4% and 1.7% Societe Generale.

The performance of the German government bond (Bund) at 10 years was 1.827%, 1.825% cons shortly before the announcement.

The euro was trading around 1.3440 dollar, while it was around 1.3465 before the announcement.

Wall Street is hesitant to open Thursday, the fears generated by a warning from Moody's on Banks are offset by good U.S. statistics of the day.

In early trade, the Dow Jones gained 0.15% to 12,800.44 points. The Standard & Poor's lost 0.02% to 1,342.91 points while the Nasdaq composite yield 0.06% to 2914.08 points.

Moody's warned on Thursday that it could lower the credit ratings of 17 major global banks and 114 financial institutions in Europe, reflecting the impact of the crisis of European sovereign debt on the financial system.

The KBW bank index lost 0.27%. The S & P financials yields 0.2%.

The weekly jobless claims fell against all odds in the United States during the week to February 11, to 348,000, or a low of nearly four years, 361,000 against revised) the previous week, said Thursday the Labor Department.

The number of housing starts rose more than expected in January, thanks to a sharp rise in rental housing projects, which raised hopes that the real estate sector, there is little time still devastated, finally brings its contribution to growth. 

The producer prices rose 0.1% in January in the U.S., due to lower prices in the food and energy, but the prices of staples have risen twice more than expected, according to figures released Thursday by the Labor Department.

General Motors on Thursday posted a profit below expectations for the fourth quarter of 2011, the positive effect related to the results achieved in North America have been offset by a weaker performance overseas.

The action, however, earns 4.9% to 26.16 dollars.

The three-party coalition government in Greece have agreed on a set of new austerity measures to implement in return for a second international aid plan ; Athens.

This agreement was confirmed by Mario Draghi, the chairman of the European Central Bank (ECB), itself informed by the Prime Minister of Greece Lucas Papademos.

"A few minutes ago, I received a call from the Greek Prime Minister said that agreement had been concluded and approved by the major parties," said Mario Draghi in Frankfurt.

These austerity measures are required by the ECB, the European Commission and the International Monetary Fund (IMF) to release a second with at least 130 billion euros to avoid bankruptcy in Greece. 

The negotiations between the socialist PASOK, New Democracy conservatives and the far-right LAOS have been difficult because of the hostility displayed by much of the population, already subjected to a rigorous treatment drastically since 2010.

Economic growth should be zero in France in the first quarter of 2012, said Wednesday the Bank of France on the basis of its monthly business survey.

In January, the BoF confirmed predict zero growth in the fourth quarter of 2011.

If these assumptions prove, France would be off, just months before presidential and parliamentary elections, a recession (a term used when the product inside Gross contracts two consecutive quarters) feared by some economists.

The business climate indicator in industry published by the BoF was stable at 96 in January.

For services, the indicator fell by one point to 93. 

In industry, "forecasts indicate a continuation of the activity for the coming weeks," reads the statement said.

For services, "the forecast is a stability-oriented activity in the short term."

The rate of capacity utilization in manufacturing industry is almost stable, below its average level of long period.

Order books were close to the normal level, linked to a slight increase in new orders. Stocks of finished goods are kept close to the desired level and finished goods prices continued to increase slightly.

In services, the division recorded a slowdown in growth, due to a decline in temporary work and computer activities. The numbers have stabilized overall and prices have paused in their advance.

Angela Merkel has justified its support for the candidacy of Nicolas Sarkozy to the French Presidency by the friendly ties between their two parties. On Greek debt, the two leaders agree: the Greeks must meet their commitments, and quickly. Angela Merkel and Nicolas Sarkozy at the Elysee Palace on February 6.

German Chancellor Angela Merkel said on Monday in Paris he was "normal support parties Friends", about her support for Nicolas Sarkozy to the presidency, at a joint press conference with President French. "I support Nicolas Sarkozy on all levels because we belong to parties of friends," said Merkel. Merkel also said that Mr. Sarkozy came to support her in 2009 when she was running for a second term as Chancellor.

Angela Merkel, support "friendly" of Nicolas Sarkozy

"The candidate Francois Hollande visited the congress of the SPD," she added, referring to the movement in Berlin in early December of PS candidate. She did not answer the question whether she would meet Francois Hollande during the election campaign.

German Chancellor supports President Sarkozy in the French election campaign, as head of the Christian Democratic Union (CDU) and not as head of government, had said in Berlin Monday morning a spokesman Some critics in Germany.

"I claim that friendship and trust," commented during the press conference at the Elysee Palace Nicolas Sarkozy, criticizing severely – without naming – the intention of Francois Hollande to renegotiate the new European treaty on budgetary discipline s it was elected in May.

Greek debt: "time release"

Angela Merkel said that Greece will "remain in the euro", while preventing that Athens could not receive the new funding it has a vital need if it does not enter into agreement with the EU and IMF. "There can be no new program if it does not conclude with the troika" of creditors of Athens, between the European Commission, the European Central Bank and the International Monetary Fund, she said.

Nicolas Sarkozy and Angela Merkel have also hoped that the interests of the Greek debt to be blocked in an account. "The Greeks have made commitments, they must scrupulously respect, there is no choice, time is short, it's a matter of days, now we must conclude," Sarkozy said. "The interests of the Greek debt must allow to be sure that this money will be permanently available," then said Merkel.

Al-Jazeera would be poised to strike (still) a great blow. She has acquired the TV rights for Euro 2012 would not count stop there. But what about the games of the France team? Players of the team celebrate their victory against Spain in Euro 2008 final against Germany.

The rumor is increasingly insistent. According Lepoint.fr, Al-Jazeera would have won the TV broadcasting rights of the Euro 2012 football against the duo of TF1 and M6. Interviewed by L'Expansion. Com, Uefa and the Qatari, however, refuse to confirm. Especially since the side of a large French chain, a source very close to the case provides that "nothing is done", and it remains "a third round of betting." Still, since Al Jazeera has gained a lot of the rights of the Champions League and Ligue 1, the rumor lends resources and unlimited ambitions. It is rumored in some newsrooms and this time she would put on the table between 100 to120 million for the next edition of the European championship. A sum again unconfirmed.

A "gift" to France Televisions?

Another victory for Al-Jazeera would not without asking the air broadcasting the matches of the team of France and the final. Qatari chain could therefore turn to organize a tender to determine the granting of this free program minimum. A chance for TF1 and M6 to limit the damage? Not so sure. According to Le Point, it would indeed be considered a "gift" to public service, which devalues ​​the rights. And to soften somewhat the "shock" due to the sensational debut of this new actor. Good image would indeed be surprising from a country that, since his arrival on the French market of football business, do research clearly not economic profitability in the short term.

In fact, the leaders of France Televisions have also met with Qatari counterparts, recognizes Bilalian Daniel, the head of sports department of public television. But "it was nothing to prepare for the Euro 2012. Just to stand as brothers," says he. As for a possible favor, he asserts that "it is absolutely anything. You can not sell off the rights like that, other chains might attack us for that."

The Europa League and Cfoot in addition to the Euro?

Anyway, the ambitions of Al-Jazeera will not stop the bidding for Euro 2012. Al-Jazeera is also still in the race to clinch the match of the Europa League where a third round of betting is also expected. She finally approached to buy back the rights of the League 2 along the chain Cfoot, owned by the Professional Football League (LFP). Because Al Jazeera has yet to find a channel to broadcast the matches she bought. Or just Cfoot must stop broadcasting on pay DTT in June … either at the beginning of the euro. Just a coincidence that some obervateurs to complete a recovery scenario …

This bonus is 150 euros for a single person and 320 euros for a couple.

The Christmas bonus paid to recipients of certain social minima, as RSA, will be repeated in December 2011, announced Monday the Minister of Solidarity and Social Cohesion Roselyne Bachelot. "I can confirm that the Christmas bonus will be paid. This represents 380 million euros for the most vulnerable," said the Minister during the launch of the 27th winter campaign of Eating Heart in Paris. "For a single person, that's about 150 euros paid in the coming days and for a family with two children, 320 euros," said Ms Bachelot.

In 2010, the Christmas bonus had been paid to the beneficiaries including the RSA (active solidarity income) and those of the SSA (specific solidarity allowance, paid to certain unemployed at the end of law). She was concerned 1.7 million beneficiaries.The Christmas bonus was awarded for the first time in 1998 by the Jospin government under pressure from movements of the unemployed who have been demanding for years that it is substantially increased and the scope of its beneficiaries is expanded.

European shares were down in early trade Friday, the pressure on interest rates fueling fears that some fragile countries in the euro zone no longer be able to refinance at an affordable cost.

At 9:03, Paris passed under the 3000 points and lost 0.83% to 2985.19 points.

At the same moent, London lost 0.95%, Frankfurt and Milan 0.83% 0.73%. The Euro Stoxx 50 index of the principal values ​​of the euro gave up 0.69%.

The Spanish 10-year rate rose above 7% (7.11%) and Italy's is 6.94% while the German Bund yield the same maturity is around 1.87% and that of the French OAT around 3.6%.