The head of the White House and leaders of seven other industrialized countries, meeting in the presidential retreat in Maryland, the heart of the Catoctin Mountains, sought to reassure financial markets face difficulties of Spanish banks and the risk that Greece leave the euro zone. 

"We are all determined to ensure that growth and stability and fiscal consolidation, are part of a package of measures to ensure the prosperity of our citizens, we all want, "said Barack Obama during the resumption of talks on Saturday morning.

After meeting with U.S. President, British Prime Minister David Cameron said that progress had been made on how to address the debt crisis and ; rising oil prices, the two main threats to the global economy.

David Cameron said he had found among his G8 counterparts "a growing sense of urgency on action" to exit the eurozone crisis. 

"Contingency plans must be implemented to strengthen banks, improve governance and strengthen the firewall devices – all these things shall be implemented quickly in order to any eventuality, "he said.

But he added that German Chancellor Angela Merkel had "absolutely right" to demand that the countries of the euro area take the necessary steps to reduce their deficits.

On Friday, setting the tone of the summit, Obama had matched the proposed Francois Hollande supports incentives to growth facing austerity advocat ; born by German Chancellor that appeared isolated. 

"IMPERATIVE TO CREATE JOBS AND GROWTH"

The U.S. president has agreed with his French counterpart on the fact that the fight against the crisis in the euro area is "an issue of extraordinary importance, not only for Europeans but also for the global economy ".

He called for "a responsible approach that is coupled with a strong growth agenda".

Angela Merkel advocates instead a strong fiscal discipline to reduce the debt level. Its isolation is even greater than the draft final communique of the G8, seen by Reuters, plans to emphasize "the need to create growth and jobs".

"Germany is almost completely isolated," said Domenico Lombardi, former head of the International Monetary Fund. "(…) It is now clear that Greece has become a crisis systemic, "he added.

G8 leaders also discussed the Iranian nuclear Saturday.

Barack Obama said Friday that all participants remained committed to an approach combining sanctions, pressures and diplomatic talks with Tehran. 

"We are all involved here with a determination to continue the approach of sanctions and pressures combined with diplomatic discussions," he told reporters.

"And our hope is that we can address this issue in a peaceful manner that respects the sovereignty and rights of Iran within the international community, but also recognizes its responsibility s ".

The Spanish Treasury has managed to issue 2.5 billion euros of debt in three to four years but at interest rates much higher than in April .

Around 1:45 p.m., Paris lost 1.3% to 3,008.93, London 1.68%, 1.06% Frankfurt, Milan and Madrid 2.45% 2.37%. The Euro Stoxx 50 index of large values ​​of the euro area loose 1.63%.

The German government bond (Bund) and 10 years take an aversion to risky assets and its yield fell to a new record low as 1.43%.

The euro fell below $ 1.27 and is trading around 1.2668.

Barrel of Brent North Sea gives up 71 cents to 109.05 dollars.

The Director of the IMF's European Department on Wednesday welcomed in Rome "progress" made in economic reforms by the Italian Mario Monti, saying they were a "model" for Europe.

"Progress" made by Mr Monti on the last six months is "truly a model compared to progress in Europe," said Reza Moghadam, during a press conference at the end of the mission Annual Fund in Italy. According to him, "Italy is on track and has made remarkable progress over the last six months."

"It is not easy to remember that Italy was facing a very difficult and dangerous," he said, but added: "but the work is not finished. It takes more effort to encourage growth. "For his part Mr Monti also said that" much remains to be done to resolve the backlog for years and the structural weaknesses "." This is not the time of guard down, "he said

. Monti took the head of a technical government last November, replacing Silvio Berlusconi. He imposed a severe austerity to the Italians to avoid the financial strangulation in the country, awash in a huge debt. It also adopted a plan to liberalize the economy and a proposed market reform Labour, currently before Parliament

. However, the implementation of austerity measures has a significant cost: they have accentuated the recession and, by extension, the difficulties banks

.

While the markets are worried that the Hellenic Republic is forced to leave the eurozone because of the political impasse in which it is located since the legislative elections, Christian Noyer, the pre President of the ACP group explained that no French financial difficulties would set if this scenario were to occur.

Asked whether French banks and insurers could resist such a scenario, Christian Noyer, who is also governor of the Banque de France and member of the Board of Governors of the European Central Bank ( ECB), said: "My answer is yes."

" I know of no group that would be put in difficulties by an extreme scenario of Greece, "he said at a press conference to present the 2011 CPA report

. He also recalled that French banks, which are among the foreign banks most exposed to Greece, had provisioned the Greek sovereign debt they hold in their account up 75%

. The European Commission said Monday hoped that Greece remains within the euro area, while requesting new exhibitions ; ties to honor its commitments

. Everywhere on the planet, however, banks are preparing to work with a new currency in greece. 

In France, Credit Agricole, is particularly vulnerable to Greece because of its local subsidiary Emporiki, has also said on Friday prepared for all eventualities.

"The risk is virtually no longer supported by the private sector which has already funded a large part of Greek debt," said Franklin Pichard, director of Barclays Exchange. "The Greek debt is essentially supported by the European states."

"Meaningless"

The CPA also pointed at his press conference that French had since the crisis strengthened their financial strength and they now showed capital ratios "hard "(so-called 'core tier one') above 9%, above the requirements of the European Banking Authority (EBA).

Asked about the risks of contagion from the debt crisis in the euro area and on the budgetary situation of Spain, Christian Noyer said that no other European country was in "a situation comparable to Greece."

"Assimilating Spain to Greece is meaningless," he insisted. 

The ACP also said that the government sought a "permanent solution" to the Credit Immobilier de France (CIF) including the ability to refinance on the markets would be put to the e ; evidence in case of deterioration of its rating by Moody's.

Finding that the mortgage specialist had a solvency situation "very satisfactory", Christian Noyer has nevertheless recognized that the model of organization and activities of the CIF-oriented refinancing markets, had become "difficult to manage" because of the financial crisis in the euro area. 

According to Les Echos, the British bank HSBC was mandated to find a buyer at the ITC which several bond saw their listing be suspended early last week.

The EC wrote in its economic prospects of the European Union biannual, that Spain should show a budget deficit of 6.4% of gross domestic product (GDP) in 2012 and 6.3% in 2013, unless you change the policies.

Madrid intends to reduce the deficit to 5.3% of GDP this year, against 8.5% in 2011 and, unless the finance ministers of the EU grant him more time to 3% in 2013, to save financial penalties. 

Even though the objective of the central government seems at hand, differences are expected at this stage for regional governments, the Commission explains in its report.

She added that the Spanish social security system is likely to remain in deficit this year due to the deteriorating outlook for the labor market.

The EU executive has revised sharply lower its forecast for GDP growth Spanish, now anticipating a 1.8% contraction in 2012, instead of 1.0% pre ; seen in February.

For 2012, the EC is planning a further contraction of economic activity, 0.3%, while the Spanish government is 0.2% growth. 

GROWTH FOR THE EURO AREA IN 2013

The EC believes that Spain will be the only country in the euro area to suffer a recession in 2013. She plans for the euro area as a whole increased by 1% next year, after contracting 0.3% this year.

"The recovery is in sight but the economic situation remains fragile, with still large disparities between Member States", said in a statement the European Commissioner for Economic and Monetary Affairs, Olli Rehn.

The combined fiscal deficit of the euro area would decrease to 3.2% of GDP in 2012, after 4.1% in 2011, and 2.9% in 2013.

"We're seeing an adjustment of fiscal and structural imbalances created before and after the crisis began and worsened by economic sentiment remains weak," says Rehn.

"Without new decisions energetic, low growth could persist in the EU. Sound public finances are a prerequisite for sustainable growth and, from an economic governance framework and strong again, we need to support the adjustment by accelerating the stability-oriented policies , and stimulation of growth "

. STAGNATION IN GREECE IN 2013

…… Regarding .. Greece, countries that initiated the crisis of sovereign debt in the euro area and now depends on funding from the EU and the International Monetary Fund, the EC expects zero growth in 2013, after contracting 4.7% in 2012, the fifth year of recession

. The budget deficit would fall to 7.3% of GDP in 2012 after 9.1% in 2011 but, unless Greece takes further steps to further reduce the die ; deficit, it goes back to 8.4% next year. 

Portugal, which, like Greece, depends on the help of international donors, will be close to meeting its deficit targets this year and next, with a deficit of 4.7% in 2012 and 3.1% in 2013.

The Portuguese economy would suffer a contraction of 3.3% in 2012, after contracting 1.6% in 2011, then record a growth of 0.3% in 2013.

Ireland, the third countries in the euro area to take advantage of the coupled EU-IMF to grow by 0.5% in 2012, after 0.7% in 2011, and 1.9% in 2013. Its budget deficit would be reduced to 8.3% of GDP this year, after 13.1% in 2011, and 7.5% in 2013.

Since late March, the direction of investments of the bank "has had significant market losses in its credit portfolio synthetic," said the company in a document submitted quarterly to the stock market authority, the SEC.

In the off-market transactions, JPMorgan fell by 5% to 38.67 dollars in its wake other financial stocks. 

The bank said that the gains also up for the loss of trading, which would reduce the "gap" at $ 800 million.

"That could cost up to $ 1 billion or more," said Jamie Dimon, CEO of the group, during a teleconference convened at the tope you where he apologized to analysts.

"ONE OF THE KINGS OF WALL STREET"

The loss of dollars might be less important than the reputation of the bank.

JPMorgan posted a total assets of 2,320 billion at the end of March with $ 190 billion of equity.

JPMorgan was previously considered a risk manager gifted, never having announced losses during the financial crisis. It was the bank strong enough to buy investment bank Bear Stearns and Washington Mutual Bank when they went bankrupt in 2008.

"Jamie has always been presented as one of the kings of Wall Street," said Nancy Bush, bank analyst experience. "I do not know how all this turned out so badly and so quickly given his knowledge and his risk aversion."

Jamie Dimon, called the mistakes "huge". He acknowledged that mistakes were particularly embarrassing in light of his public criticism of so-called "Volcker rule" to ban the proprietary trading at major banks.

He said he still believed in his arguments against the Volcker rule. The problem here at JPMorgan, he argues, for the performance of the hedging strategy.

The hedging strategy that failed was "inefficient, poorly supervised, poorly built and all that," said Jamie Dimon. "This violates our principles," he added.

The direction of investments is a department of the bank used for large transactions to cover this or that particular operation, such as loans to companies whose credit rating is speculative grade.

Sales of cement, concrete and asphalt decreased by double digit percentages in Europe and the net profit after minority interests stood at 10 million Swiss francs (8.32 million euros), far from the 41.2 million expected by analysts polled by Reuters.

Revenues increased 2.2% to 4.76 billion Swiss francs, compared with 4.718 billion consensus giving.

"The harsh winter has resulted in numerous decisions of sites in Western and Eastern Europe in February," said the second world cement in a statement. 

Cement producers, firms in a particularly energy intensive, face higher costs of fuel and electricity.

Holcim said it could offset the rising costs by raising prices, but Africa and the Middle East. As Lafarge, he observed that the costs of energy and transport seemed to stabilize.

European competitors Holcim, Lafarge and whose German HeidelbergCement, have warned that they would fall under their prices to offset rising energy costs. Holcim said it reverberate cost increases caused by inflation.

The Swiss group, which generates more than half of its turnover in emerging markets, expects increased demand for building materials in Asia, Latin America, Russia and Azerbaijan this year. It also provides an increase in demand in North America.

Economists had expected a decline of 5.4% after falling 5.3% in February (revised).

The economic difficulties of Spain, the fourth largest economy in the euro area, recent weeks have given the debt crisis on the front of the stage.

According lsa.fr, the market share of the distributor was down 1.7 percentage points, to 21%, against 22.7% during the same period last year .

"The two main signs of the Carrefour group are affected by this plunge: hypermarkets in mind, which fell 1.2 points to 11.4% market share while Carrefour Market supermarkets them lose 0.6 points to 7.9%, "the site that it is adding Leclerc, Système U and Intermarché who benefit most from the decline of the French leader.

Carrefour declined to comment.

The specialist services for conformity assessment and certification confirmed target for 2012 unless economic downturn, a "strong" growth in its turnover and its operational result ; rationally adjusted.

On January-March, it achieved a turnover of 868.3 million euros, showing organic growth of 8.6%, against 6.5% over the same period the last year. 

Changes in the scope of the group also contributed 1.2 points to growth in sales through acquisitions that represent a number of annual sales accumulated over 110 million euros on the basis of 2011.

"The group is in advanced stage of negotiation on other acquisitions that should be finalized during the year," he says in a statement.

The quarterly sales also includes a positive impact of exchange rate fluctuations of 2.2%, reflecting the appreciation of the U.S. and Australia and the Chinese yuan.

"The outlook for 2012 are well oriented and well, except further deterioration of the economy compared to current projections, the group should experience a strong growth of its turnover (…) And adjusted operating profit, in line with the strategic plan objectives BV2015, "said in a statement the CEO, Didier Michaud-Daniel ….. The plan

…. growth of 9% to 12% on average per year in sales at constant exchange rates, generated e for third through external growth, and improved operating margin of 100 to 150 basis points in 2015 compared to 2011

.. ……. In exchange, the action Bureau Veritas finished Thursday at 68.80 euros, valuing the company at 7.5 billion euros. The stock has risen 21.4% since January 1 after falling 0.74% in 2011

.