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France Telecom continued its sale of foreign assets by selling its 100% subsidiary Orange and Hutchison 3G Austria to 1.3 billion euros, confirmed Friday the conglomerate Hutchison Whampoa rat.

The agreement, which is subject to approval of regulatory authorities telecom and competition, will take effect in mid-2012, the conglomerate said in a statement ;.

Orange Austria's capital is currently divided between France Telecom and the investment fund Mid Europa Partners.

The French operator, which has launched a review of its assets, has already beaten its subsidiary Orange Switzerland, sold at the end of December to fund Apax Partners for 1.6 billion euros. 

January 23, Stéphane Richard, CEO of France Telecom, told the BFM Business microphone that selling the group's business in Austria was "a matter of days ".

Hutchison 3G, a subsidiary of Hutchison Whampoa conglomerate owned by Hong Kong billionaire Li Ka-shing, is already present on the Austrian market through the brand "3".

The London Stock Exchange could launch a trading platform for SMEs in France provided that the incumbent operator, Euronext, or the authorities do not object, said its managing director Xavier Rolet in an interview published Thursday by The Tribune.

The London Stock Exchange began informal discussions in this direction, said Xavier Rolet, adding he had no deadline for now.

"We were contacted by French companies, which were probably disappointed by the abandonment of the SME market by the incumbent operator, Euronext," said the leader.

The Greek Ministry of Finance announced that new elections would be held on February 19. This date has been set by the leaders of the country's two main parties, George Papandreou and Antonis Samaras. Finance Minister Evangelos Venizelos and the Greek Prime Minister George Papandreou during the vote in Parliament of a new austerity plan, June 30, 2011.

The two main Greek political parties that have managed Sunday evening to a political agreement to form a national unity government agreed that February 19 would be the most appropriate date for the elections, said the Greek Ministry of Finance.

The EU summit Sunday will not lead to a global solution. But behind the technical question of strengthening the EFSF lies a conflict between France and Germany on the new role of the ECB. Explanations. Euro

Europe is in a fog for two days a summit critical to its future. A senior European official said the Thursday night, there will be no complete agreement at the EU summit in Brussels on Sunday. The elements of discord between states include the level of discount on Greek debt to private creditors to impose on the recapitalization of banks and especially the role of the ECB in the context of strengthening the European Financial Stability Fund (EFSF ). For in cettetempête that shakes the eurozone, the ECB can not imagine a savior.His "future ex-" chief economist Jürgen Stark has also referred to this Thursday, the ECB "can not solve the crisis" and does not want to get out of the mandate it has been set. However, it could have a role to play. Explanations.

She refuses to be involved in strengthening the EFSF

One of the bones of contention between France and Germany is the role of the ECB in the rescue of the euro. Paris wants the European Financial Stability Fund (EFSF) obtain a banking license to go with her to refinance. Leverage and the ability to fund intervention limited to 440 billion euros that can lift the markets. Option rejected by the institution headed by Jean-Claude Trichet and Germany do not want the ECB to lend to the Fund in exchange for government bonds as collateral in trouble. Because it would weaken its balance sheet and would require a recapitalization.But Berlin refused to give his hand to the pocket.

Germany therefore recommends allowing the EFSF to act as guarantor to facilitate the obtaining of loans by fragile states. The fund could then provide up to 20% to 30% of their credits would be granted. In other words, the fund would be used to support a loan volume of 3 to 5 times higher in the private sector. This scenario would not involve the ECB.

But according to Cyril Regnier, strategist at Natixis, the track of the transformation of the EFSF bank is not completely abandoned. "I wait for the official release of Trichet's refusal to confirm," he said beforehand. "The ECB reversed its decision several times. She was sure she would not buy debt of struggling countries.Since it did massively. "

She claims to have done his share of work

In fact, the Frankfurt institution has already made several decisions that were outside its remit. Since May 2010, it bought bonds of troubled countries for a total of 165 billion euros, 45 billion for Greece. In exchange, it has hundreds of billions of euros of liquidity available to banks that have struggled to find on the market conditions as favorable. In his last speech as president of the institution, Jean-Claude Trichet has even granted two new lines of credit volume limit of one year, an unusually long. They also pledged 40 billion euros through the repurchase of a portion of their assets, especially real estate.The aim is to allow banks sufficient liquidity to meet their financial deadlines near term. The ECB is already far out of its responsibilities in the crisis. "For now, this is the only institution in Europe to have done something concrete," said Jean-Louis Mourier same.

She wants to return to its basic objectives

For over the events we tend to forget them. "The Bank has a mission, is to ensure price stability. This is too often overshadowed at this point in public perception," said Juergen Stark. This is because he refused these missions outside the mandate of the ECB's chief economist has decided to resign. He also pressed the point home by stating that if the ECB went further, "we not only ruin our reputation, but the ECB would also be overwhelmed by the task, and its independence threatened."Today, the objective of the ECB is that the EFSF is promptly voted and she stops to buy the debt of fragile states. But without really knowing if it will happen quickly. "It takes a lot of precautions. It gave no date for example on the end of the buyback," said Cyril Regnier.

The ECB should it have a stronger role in the future?

Opinion is divided on its role in the institutions. "The ECB is currently the only entity capable of ending the crisis," said Cyril Regnier reminder that the ECB has the weapon of the printing press. And he said, if the institution refuses to EFSF banking license, it could ultimately end up losing. "The EFSF can not buy as many bonds that the ECB did, simply because it has limited resources.And if it's not effective, then the ECB will continue to buy the debt of the States, "says strategist at Natixis. But according to Jean-Louis Mourier, the ECB has no additional role as that is his. "It's not really within its jurisdiction to be the savior of Europe. She has already done much. "He said the key lies rather in a" greater federalism "across Europe.

The euro rebounded frankly Monday at midday, as equity markets driven by banking stocks after opening sharply lower, thanks to hopes for the European Central Bank cut its interest rates for support the economy.

The ECB is the only one of four 'major' world's central banks to have begun a cycle of rising rates, falling twice since April. The easing of inflationary pressures reinforces those who believe that the ECB will be forced to ease monetary policy because of sluggish growth.

"The ECB does not undertake to advance and rate cuts can not be excluded.It all depends on future developments, "said Ewald Nowotny in the morning, a member of the Governing Council of the ECB.

The euro, which hit a new low in eight months against the dollar and a 10-year low against the yen, is back above $ 1.35 in favor of speculation the ECB and a Ifo business climate in Germany better than expected although declining.

The anticipation of a share of the ECB also feeds a rebound in oil prices.Brent, who had fallen below 102 dollars, is trading around 104.80 dollars a barrel and U.S. crude, which had been reduced to just above 77 dollars, rose above $ 80 a barrel .

The Ifo economist Klaus Abberger Institute said he expected a return of the refinancing rate of the ECB to 1% – against 1.5% now – while stressing that it is difficult to anticipate when the decline could intervene.

This perspective has somewhat overshadowed concerns about the debt crisis in the euro area and the difficulties of European leaders at the curb.

On equity markets, the Paris Bourse takes about 3%, as the Frankfurt Stock Exchange, supported by the values ​​of the insurance and banking, respectively, whose indices resumed about 6% and 4.7% .

The U.S. Treasuries and German Bunds were down in response to buoyant equity markets, but caution is still required and the predominant feeling is that this decline will be only short-term bond markets.

The index futures suggested Wall Street now open sharply higher as they gave a sharp decline in market early in the day.

Eurobond BELIEVED "inevitable"

Asian stock markets were down sharply over yet, as investors once again stung by the fact that the EU leaders' discussions, especially concerning the strengthening of EFSF, have resulted in anything concrete.

Europe has once again been called to beef up Sunday its response to the debt crisis that afflicts him, asking the International Monetary Fund including more action from the European Central Bank.According to the IMF, the ECB is indeed the only player strong enough to "scare" the financial markets.

"As long as political leaders have not developed a long-term solution to address the debt crisis, the short-term outlook for copper and equity markets will remain negative," said Ong Yiling analyst Phillip Futures.

Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB) on Monday called for the creation of an independent budgetary authority to impose sanctions on countries in the euro area with a high deficit.

He also finds "inevitable" the introduction of euro bonds common to the euro area.

Oil prices fell Thursday in the face of questions about the evolution of global demand after the publication of a series of grim statistics for the U.S. economy.

On the Nymex, the contract to September U.S. crude (WTI) ended on a loss of $ 5.20, or 5.94% to 82.38 dollars a barrel. This is the biggest drop in one day since Aug. 8, when the sovereign rating of the United States was lowered.

The price of crude was also sealed by the strong dollar.

Brent was on his side closed down 3.26% or 3.61 dollars to 106.99 dollars. It is also the largest decline in prices since August 8.

European central banks have conducted in the afternoon to buy back bonds in Italy and Spain, told Reuters on Monday several traders.

These movements occur after the ECB decision to repurchase debt Italy and Spain to try to stem the fiscal crisis that has shaken the euro area.

"I saw the central banks – the Bank of Italy and others – again active in the market," reported one trader.

According to professionals, the ECB had done in the morning to buy back debt on the Italian and Spanish market tickets for 20 to 25 million euros. It should be acquired for several billion euros in late afternoon.

Air Liquide announced Monday it had benefited from the dynamism of emerging to feed its growing sales and investment decisions it has received in the first half despite the turmoil in Japan and the Middle East.

The worldwide industrial gases, the results are in line with expectations, has confirmed a target steady growth in net profit in 2011 "in a normal environment."

Air Liquide has emerged in the first half current operating income of 1.191 million euros, up 9.9%, giving an operating margin of 16.7%, up 0.3 points at constant prices of natural gas.

The group made a net profit after minority interests in half-year increase of 11.1% to 750 million and a turnover increase of 8.3% to 7.115 million on a comparable basis.

Analysts on average expected a profit from recurring operations of 1.199 million euros, net profit group share of 751 million and a turnover of 7.126 million, according to the Thomson Reuters consensus I / B / E / S.

Air Liquide has received the first half of 970 million euros in investment decisions, up 20% year on year, with a target of about two billion in 2011.

France has nearly one million over-indebted households. A phenomenon that the government is unable to control. Explanations. Compared to other countries, French law is more protective for borrowers, especially on revolving loans or mortgages.

Indomitable scourge. Over-indebtedness in France grew visibly despite the maelstrom came the legislative framework in recent years. According to the French Federation of Associations Cresus (Regional Chamber of social debt), more than 900,000 households were in serious debt in late 2010. A number expected to reach one million by the end of the year. In the first half 2011, they were some 106 000 to file an application to the debt commission, or 12% more than last year."A record of debt is registered in France every three minutes," says the report, released Friday by the Tribune. On average, this issue amounts to 45,000 euros depending on the Bank of France, an amount much higher than in other European countries. How to explain this phenomenon, however, that policies seem to want to halt at all costs? Explanations.

Why does the debt still rising?

The crisis, it still. The causes of debt are found especially the deterioration of the purchasing power of households, followed far behind by the accidents of life (divorce etc). Thus, according to the Cresus, cash loans for paying the expenses of daily living 87% of over-indebtedness. Economist Eric Heyer L'OFCE said this: "In France, people who have lost their jobs have not been able to find work.Once their benefits are lost, they fell into poverty until they can not repay their loans. "Clearly, as the country slowly reconnect and businesses with growth, the unemployed were out of employment and poverty gleans from field. This is particularly the case among the middle classes who seem more vulnerable: "They have a very heavy burden. Their kids do not have a scholarship. We must now borrow for education in all schools. It costs money. So they must have access to credit, but very often when they have taken loans and are unable to repay, they réempruntent. "Says the site of Europe 1, Jean-Louis Kiehl, president of the Federation Cresus associations. A situation more delicate than the middle classes generally have no access to welfare or housing benefits.Other at-risk population, the elderly, "who come to the aid of their children, borrow, take credit for helping kids. (…) And it creates dramas that are tragic," complained Jean-Louis Kiehl yet.

There is no legislation that regulates the debt overhang?

Indeed, this is a problem that governments are committed to resolve. Lagarde Law Reform consumer credit is the latest example. Specifically, the law's purpose is to enhance consumer protection by increasing the obligations of banks. Pre-contractual information clear and legible, the prohibition of misleading advertising too good, the evaluation of the creditworthiness of the borrower … since May 1, credit institutions can not afford anything and everything in the granting of credit.These also are exposed to significant fines if they do not respect their commitments. For Cresus However, this reform would be inadequate, too complicated and in some ways impractical. The regional network calls, in particular to end the system of assessing creditworthiness based on the declarative. It also calls for the government to create a positive file listing all the loans taken by individuals, prior to the presidential election. Today Lagarde Law only stipulates the obligation for banks to check the file with payment before granting a loan

What to do?

Strengthen legislation again and again … However, if the trend is great to attack only credit institutions to explain these failures, you have to keep right.Compared to other countries already, the French legislation is much more protective for borrowers, especially on revolving credit or mortgage, very few practiced by banks. In addition, some situations are inherently impossible to predict. This applies to the person who borrows money from a funding agency, loses his job, and finds himself in a few months unable to repay his or her loans.

Should we worry about this?

Difficult to answer that question without falling into schizophrenia. From a purely macroeconomic perspective, the level of indebtedness is not indicative of the average debt of the French, in fact much lower than in other European countries (70% against 83% for the euro area).But this is not necessarily a good thing when the economy is doing well: a high debt ratio helps because consumption and therefore growth. The right slider is finally a high level of debt but which allows borrowers to remain solvent. Finally, the tragedy of over-indebtedness can be understood as follows: "It is proof that the country become poor, and structural unemployment (long term) may be moving beyond cyclical unemployment. It is in that These figures are devastating. Redistribution of wealth does not work, "concludes Eric Heyer.

The Paris Bourse opens slightly lower Wednesday, continuing its consolidation in the wake of U.S. markets yesterday, after degradation by Moody's debt of Portugal.

At 9:24, the CAC 40 index yields 0.28% to 3967.52 points, below the threshold of 4000 passed last Friday.

Banks weigh on the rating, assigned by Moody's decision to degrade the speculative grade debt of Portugal, who raises fears of contagion from the Greek sovereign debt.Credit Agricole (-1.9%), which also confirmed the departure of its chief financial officer, the fastest decline.

Scor was down over 3%, largest drop in SRD, after announcing that the exceptionally high cost of natural disasters in the first quarter led him to issue up to 75 million shares to strengthen its equity .

Other major European markets are also down slightly: London and Frankfurt lost 0.27% 0.19%. Of the European indices, the EuroStoxx 50 yields 0.61% and 0.36% Eurofirst 300.

The euro fell slightly vis-à-vis the dollar and is trading around 1.44 dollars against 1.4421 the previous evening and U.S. light crude gained 31 cents to 97.20 dollars / barrel.