Some financial institutions have never cleared the drachma of their computer systems after the adoption of the euro by Greece in 2001. They would be ready in a flash if the problem of debt forced the country to return to the good old banknotes and coins denominated in drachmas.

In any case, banks are accustomed to change: they have managed the transition of financial markets to the euro in 1999 and the emergence of currency as the Estonian kroon (up ; its replacement by the euro in 2011) and the Kazakh tenge with the breakup of the Soviet Union.

Moreover, it stirs behind the scenes since 2009, when the onset of the debt crisis in Greece, says Hartmut Grossman, American society ICS Risk Advisors works with banks Wall Street.

"Many companies, particularly in Europe and also here, studying it for a long time," said Hartmut Grossman. "All financial institutions are prepared for this eventuality. The departure of Greece in the euro area is not a new idea."

The European Union says it wants to keep the euro in Greece. Polls show that the Greeks want to keep the single currency. But they also voted last Sunday for parties opposed to the bailout of the EU and the International Monetary Fund, which has again raised doubts about the maintenance of the country within the Ten- Sept.

EXCHANGE CONTROL

If Greece leaving the euro, it certainly would impose exchange controls, say bankers, which would not prevent dealings in the new currency.

"The rooms specializing in foreign exchange markets can be ready fast enough. It depends on exactly how to pass out of the euro area, "said Lewis O'Donald, chief risk officer of London-based investment bank Nomura Japan

.. The currency ……. not freely tradable, as the Chinese yuan, followed in markets other than through the use of derivatives such as contracts term for example

. If Greece chooses a fixed exchange rate, everything will depend on the exchange ratio used. If the government chooses a euro for a new drachma, such parity would not be sustainable for very long and would involve major losses for banks Banks

. é ; tudié opportunities to protect themselves but few have taken concrete steps

. "Banks are very, trè s reluctant to start shouting fire. They know what's going on (would) and what would a panic, "said a London lawyer to advise financial institutions

. Most people just check the law applicable to their contracts, are covered against defects and examine all the legal problems that an outflow of Greece to the euro could raise … Simulations

…… have been made. But we do not really know how to operate an output

…. ….. "For transactions denominated in euro, what will their status in case of change in the nature of this currency?" asks Miles Kennedy, a partner at PricewaterhouseCoopers

.

This rise of the French bank, announced Friday by an opinion of the Financial Markets Authority (AMF), comes as the businessman Vincent Bollore could rise, according a source familiar with the matter, up 5% stake in Vivendi against 1% currently.

According to the AMF, Societe Generale said to have crossed over on April 20 the threshold of 5% of share capital and voting rights of Vivendi and Vivendi hold 98,045,823 or 7.86% of share capital and voting rights. 

This total includes a participation of 5.25% effective in custody and the balance by assimilation.

The bank was not immediately available for comment on whether share purchases had been made for herself or on behalf of a client.

Bollore announced in September 2011 a proposed sale to Vivendi of free TV channels Direct 8 Direct and Star in exchange for remuneration in Vivendi shares up of 22.4 million shares.

The source familiar with the matter, Bolloré could reach 5% stake in Vivendi by the combined effect of the implementation of this agreement and new purchases of securities on the market. 

Citing people familiar with the matter, the Bloomberg news agency reported Wednesday that the conglomerate was considering an overhaul of its structure that could lead to a dismantling of the group, which was denied by Vivendi.

* EADS confirmed its target of delivering 30 A380s in 2012, despite a slowdown in the rate of production of this unit.

* Pernod Ricard has reported strong sales growth in nine months, despite a slowdown in the third quarter related to inventory reductions expected in France, and confirmed its annual financial targets.

According to its chief financial officer, Gilles Gobaert, April sales did not mark a change in the underlying trend in the first 9 months. He said that Pernod remained open to small acquisitions "tactics".

Pernod Ricard has signed a multi-currency revolving credit facility of EUR 2.5 billion with a pool of 25 banks, which will enable it to refinance debt related to the acquisition of Sweden's Vin & ; Sprit in 2008.

* Alcatel-Lucent has reported a deterioration in its margin in the first quarter, hurt by weak investment of telecom operators in Europe and the United States.

* Technip has published results up to the first quarter, again driven by strong investment of its customers, and reported a record backlog. 

* SAFRAN announced strong growth in quarterly revenue, supported by its commercial engine business, and reaffirmed its 2012 objectives and confidence for years to come given the trends observed ;'re in the market.

* DASSAULT SYSTEMS has been a little more optimistic for its annual outlook after quarterly revenue driven by growth in sales of new licenses and assumptions with more favorable exchange.

* Renault has announced a decrease of 8.6% of its turnover in the first quarter because of the European car market, but confirmed its forecast for the year given the growth registered abroad. 

* PPR has reported a net sales growth in the first quarter, driven by a brilliant performance of its luxury brands Bottega Veneta and Yves Saint Laurent, while FNAC showed a relative re ; resistance.

* Wednesday denied VIVENDI consider dismantling the group's activities after media reports suggesting the possibility of such a scenario.

Citing people familiar with the matter, the Bloomberg news agency reported earlier in the day that the conglomerate present in the telecom, media and Entertainment was considering an overhaul of its structure which could lead to a dismantling of the group. 

* Eramet, whose sales fell 10% in the first quarter, said its operating profit in the first half should be lower than in the first half of 2012 Due to the falling price of nickel and manganese.

* Gemalto announced it had registered a turnover of "record" in the first quarter 2012 with an increase of 9%, a performance that allows the specialist smart card to reaffirm its financial targets in 2012 and 2013 .

* Technicolor announced a turnover down 1.5%, a performance nonetheless considered "solid", saying the group can achieve its financial targets in 2012 despite restructuring charges e lifted. 

* KLÉPIERRE confirmed its 2012 targets after posting growth of 3.1% of its rents in the first quarter supported by the activity of shopping centers.

* MERSEN announced a turnover back to the first quarter of 2012, slowed by its solar division, which suffers from a market still at half mast.

* IPSOS confirmed its objectives for this year, following growth of 46% of its turnover in the first quarter, mainly resulting from the integration of Synovate acquired in July 2011.

On an Italian television channel, he said that the macroeconomic forecasts of the government may be revised at a meeting Monday night and approved es Wednesday.

The previous government forecast for 2012, conducted last year, had forecast a contraction of 0.4%.

The Bank of Italy has scheduled its next down 1.5%, -1.3% the European Commission and the Italian employers' organization Confindustria -1.6%.

The first estimate of the deficit is to be published by INSEE Friday morning.

The objective of the Finance Act was 5.7% and the government indicated it could be 5.3%.

Asked by Reuters, the Budget Ministry did not wish to comment.

The government and the two main candidates in the presidential election, the socialist Francois Hollande and Past President Nicolas Sarkozy pledged to reduce the deficit (which includes State, local and social security) to 4.5% of GDP at end 2012 and 3% in late 2013.

Equity markets have recovered tone. Wall Street has lost ground with the financial crisis, is now finding its levels in late 2007 after a 11% jump in three months. For the first time in its history, its flagship index, the Dow and the Nasdaq, dominated by technology, rose this week above the psychological threshold of 13,000 points and 3,000 points, during the same session. European stock markets are pronounced the same trend, the Cac 40 in Paris even showing since mid-February a gain of 21% which allowed him to retake the course of 3600 points.

The rally in shares is not new. It has already lasted three months and we owe largely to central banks, said Benjamin Melman, Director absolute performance at Edmond de Rothschild IM. The rebound in stock prices coincided with the opening last December, to tap liquidity from the ECB or the provision of banks over 1000 billion euros of resources at low cost. This proactive reassured investors who constantly claim that the central bank acts as a lender of last resort to stem the contagion of debt. But his determined action has contributed to lower interest rates in the bond market and away along the spectrum of the credit crisis that threatened the European economy. The Fed has also facilitated the rise of the stock market by deciding to extend until 2014 its ultra accommodative monetary policy. Of course, the rescue of Greece has also helped to ease investors. Although all issues are not resolved, a page of the European crisis has turned, says Francois Chevallier, strategist at Bank economist and Leonardo.

And the good news for investors is that the rally is not over yet. Price increases in January and in February was made with very little volume, Melman says Benjamin. Many investors have been waiting patiently for several issues are resolved. They return on the market today. We assist in some way, a second wave of purchases, which explains the recent acceleration in price rises.

How long can it last? Difficult to say. Looking at the ratios of current profits, we say that most of the journey was made, says François Chevallier. However, the stock market has another engine, that of profit expectations. But they will remain well oriented in the short term due to the favorable business surveys. The ZEW index in Germany and that of the Philadelphia Fed – two leading indicators of the industry – improved further in March, says the expert. This means that the plateau expected in the industry has not yet occurred. The next ISM index, which takes the pulse of American industry, may still show an increase in early April, at the same time giving a new impetus to the market.

As of May, however, the stock market could consolidate, ie enter a phase of slower growth. Indeed, the production rates in the industry expected to slow. Moreover, the return of valuations at pre-crisis level will lead to profit taking, says Francois Chevalllier. Tensions on the bond markets – the U.S. 10-year rates rose in a few weeks from 1.8% to 2.3% – would create air holes on the stock market, adds Benjamin Melman. Volatility will brief comeback. The opportunity for investors to remember an old adage stock: sell in may and go away.

The Central Bank of the United States said Tuesday that fifteen of the nineteen banks that it had submitted to the 2012 version of its stress tests were successfully passed this examination.

The coregistered are: Ally, the former GMAC, saved from bankruptcy by the state in 2009 and still belonging to the Treasury, the insurer MetLife, SunTrust, Bank of Atlanta and Citigroup.  

The former world number one, also saved from bankruptcy by the state, failed narrowly on two criteria: its own funds fall below the hard limit (4.9%, against 5% required) and its leverage ("Tier 1 leverage ratio") also (2.9%, against 3% required).

Other banks (American Express, Bank of America, The Bank of New York Mellon, BB & T, Capital One, Fifth Third, Goldman Sachs, JPMorgan, Keycorp, Morgan Stanley, PNC, Regions Financial, State Street, Wells Fargo US Bancorpet have passed the exams successfully

. In the wake of the results, several large U.S. banks, including JPMorgan Chase and Wells Fargo, have announced they will upgrade the remuneration of their shareholders

. At JPMorgan is revalued quarterly dividend by 20% from 25 to 30 cents per share. In addition the bank, the largest in the U.S., has announced a new share repurchase program of up to $ 15 billion, including up to $ 12 billion will be spent this year, the balance in the first quarter in 2013.

"We are pleased to be in a position to increase our dividend and to introduce a new share buyback program," said the CEO of JPMorgan Chase, Jamie Dimon, said in the statement. "We expect to repurchase at least the number of shares we will issue the form of bonuses for employees. Beyond this, we plan to repurchase the securities that when we generate more capital than is required to fund organic growth, and when we think it brings a great value for shareholders, "he added.

At Wells Fargo, the dividend jumped 83% from 12 to 22 cents. The bank said it would buy back more shares than last year, without quantifying its projects.

The CAC 40 index closed up 1.37% to 3499.73 points, new peak of year, having stumbled in the afternoon against the bar psychological 3,500 points. London took 1.02%, Frankfurt and Milan 1.25% 2.93%. The pan-European Euro Stoxx 50 index has been 1.45%.

The increase was particularly driven by the banking sector, which jumped 1.85% after the sharp decline in borrowing costs of Spain and Italy on the market ; s bond.

Other U.S. indicators have yet been considered disappointing, including the ISM manufacturing index, which signals an unexpected slowdown in growth in industry in February, and spending construction, which fell against all odds in January for the first time in six months.

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.

The U.S. ambassador to the European Union suggested Tuesday that the European Central Bank had the "potential" to do more to resolve the debt crisis in the euro zone, while the debate rages in Europe on this issue. "We are following with keen attention that the European Central Bank is able to do and the potential it has to do more" to the crisis, said William Kennard, in a meeting with some journalists in Brussels.Many economists believe that only the ECB is now able to effectively firefighters to extinguish the fire and should follow the example of the Federal Reserve (Fed). The U.S. central bank acts as "lender of last resort" for the administration by buying unlimited market U.S. Treasury bonds.

"At the peak of the (financial) crisis that we experienced (USA), we were able to use the Fed in a manner different from that in which Europe can use the ECB. It s' acts of a fundamental structural difference, "said the ambassador. Mr. Kennard said would not know how to change the debt crisis. "The outcome of this crisis is quite unpredictable, we do not know how it will be resolved and I think nobody knows," he said.