The Spanish Treasury has now covered half of its funding program for the year, benefiting from the liquidity pumped into the financial system by the European Central Bank (ECB) at its two refinancing long-term ("LTRO") in December and February. 

The Spanish Treasury has auctioned 1.12 billion euros of debt in two years and 1.42 billion euros of debt in ten years to increase coverage ratios, respectively, 3.3 and 2.4 against 2.0 and 2.2 at previous auctions of this type.

Performance of paper came out two years down to 3.463% against 3.495% at an auction in October, and that of ten years up to 5.743% against 5.403% in January.

European stock markets as the single currency have reduced their earnings a few minutes after the results of the auction, investors holding these mixed before returning color to the result of French a debt issue in line with expectations. 

"The coverage ratios for both the two years since the decade are quite good, but yields are clearly higher," explains Nick Stamenkovic, bond strategist for Ria Capital Markets.

"The real problem of Spain remains a serious budget situation and growth. Until there are signs that the government is currently implementing its program of consolidation medium-term budget, and signs of life in the Spanish economy, investors will worry the path of the debt to GDP (gross domestic product) in the medium term ", says he.

BREATHLESSNESS

Secondary market, the Spanish bond yields climbed to ten years around 5.88% against 5.79% before the auction. It was back above 6% Monday, as investors worried the country's budget problems.

The International Monetary Fund (IMF) said Wednesday to expect that Spain lacks its deficit targets set under the supervision of the European Union in 2012 and 2013. Impaired loans of Spanish banks have also reached in February to their highest level since October 1994, illustrating the fragility of the country's financial sector.

Spanish banks, in fact excluded from the primary bond market because of their toxic real estate assets, used a large share of loans from the ECB to buy sovereign debt issued by Madrid.

Meanwhile, foreign investors increasingly shun the Spanish debt: investors residing outside the country have reduced their holdings of Spanish sovereign debt to 42% in February, against 50 % two months earlier. 

With half of its funding program in 2012 already covered the Spanish Treasury can now afford to issue debt at a slower pace if its costs borrowing remain high.

"The Treasury can afford to slow down (…) but Spain remains battered and locked in a negative feedback loop," said Jo Tomkins, strategist for 4Cast .

"The domestic banks have undoubtedly played a key role in the success of today's program, but we found increasing signs of slowing post-LTRO, and c is something that should be monitored carefully in the weeks and months ahead. "

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In 2012, the Club de L'Expansion gets a makeover with The Express: Christophe Barbier, Managing Editor of L'Express and L'Expansion, and Philip Way, columnist, have designed this new format enliven the debate and after economic point of Beatrice Mathieu.

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The paper said it is difficult to say at this stage how these job cuts will be divided between Japan and the world.

The new CEO of Sony, Kazuo Hirai, was ordered to put the group on the road to profitability after four fiscal deficit. 

In early February, Sony, distanced during the last decade by more innovative competitors like Apple or the American South Korean Samsung, said he expected for the 2011-2012 year, ended March 31, at an annual loss of 220 billion yen (2.2 billion euros).

Kazuo Hirai, officially took office on April 1, replacing Howard Stringer, must be about the business plan from Sony on Thursday.

This is a serious blow to the culture of beer. British Prime Minister David Cameron said on Friday a series of measures, including an award minium of 40 pence per unit of alcohol, to fight against "binge drinking", drinking bouts which cost 2.7 billion pounds (3.2 billion euros) per year in public health service.

"The binge drinking + + accounts for half the consumption of alcohol in this country," said the Prime Minister. "My message is simple. We can not continue like this." It proposes to introduce a minimum price of 40 pence (50 cents) per unit of alcohol (10 ml of ethyl alcohol) sold.  

The measure will hit priority ciders sold cheap, strong beer and spirits sold off. For example, an extra strong beer that contains three units of alcohol would see its price from 75 pence to 1.20 pounds (1.40 euros). The strong cider, four units of alcohol, would almost double their price in almost two euros. The minimum price is to include the purchase of alcohol at bargain prices in supermarkets.

"Let's be clear, this will not affect the pubs," he told Mr Cameron. "A pint of beer contains two units of alcohol, if the minimum price is 40 pence per unit, the pint will not be affected." The government says the measure could even benefit the pubs, preventing supermarkets from selling at bargain prices. The government plans to prohibit the promotion of "two drinks for the price of one" and introduce a tax for pubs that open late, a way to offset the cost to ensure public safety in their neighborhood.

The culture of "binge drinking" has led last year by 1.2 million hospitalizations and a million crimes and crimes related to alcohol, according to official figures. The government intends to launch a consultation in the summer. Future legislation will apply in England.

Scotland is also considering a minimum price for alcohol. "We will launch a consultation, but a minimum price of 40 pence would result in 50,000 fewer crimes each year and 900 alcohol-related deaths averted annually by the end of the decade," said Mr. Cameron. The retail federation has protested vigorously. In contrast, associations fighting against alcoholism and the medical applauded the announcement.

At first glance, foreign investment has slowed down in France in 2011. 698 with the creation or extension of sites by foreign companies, foreign physical investments in our country have indeed decreased by 11% compared to 2010. And the number of jobs related dropped from 12% to 27,958. But the French Agency for International Investment (IFA) sees nothing to worry about.

These figures indicate it believes that France "did better than resist" in a difficult environment. In many projects, this is indeed the second best performance since ten years. And 17% of total European or second only to Great Britain. The Minister of Economy Baroin has meanwhile stressed that it was comparable to a 2010 "outstanding" and "recovery" after the 2009 crisis.

President of the IFA, David Appia, however, recognizes a small air pocket. "The sovereign debt crisis has affected the last quarter of 2011," causing "some restraint of foreign companies" some of which have postponed their investment decision, he said. But this decline would, however, more noticeable today. In other words, the attractiveness of France would not be threatened.

In fact, the amounts invested in France have increased by 18% to $ 40 billion last year, according to preliminary estimates by UNCTAD. This won him to occupy the 10th place worldwide, behind the United States (211 billion), China and Hong Kong (202 billion) or the UK (77 billion). Countries such as Brazil, Ireland, Russia and Belgium are also ahead. But not Germany (only $ 32 billion). Note that the figures for the Unctad include purely financial transactions such as mergers and acquisitions. The Afii, she focuses on physical investment.

Fewer new jobs

The most negative, finally, for job creation by foreign firms. For less than 28,000, France returns to the average for the period 1993-2011. A decrease is explained by the proliferation of small projects, the increasing share of projects in the software field (sector No. 1 selected by foreigners), relatively less intense in job creation, and by prudence investors in a difficult environment. A caution which reads in the fact that extensions of existing sites have tended to grow last year at the expense of setting creations.

Finally, foreign investment in France last year were the result of SMEs (28%) of intermediate-sized firms (34%) and large companies (39%). And they came, in overwhelming majority of developed countries: 60% from Europe, 25% in North America and 11% Asian. Four countries, Germany, the United States, Italy and Switzerland, were responsible for over half (52%) of these investments.

Particularly positive in the debate on the made in France, they focused on activities with high added value or high-tech and concerned for two-thirds the manufacturing sector (including machinery and mechanical equipment).

According to a poll published in parallel by the IFA, France would be considered attractive by 66% of international business leaders interviewed. A proportion that rises to 87% in China and 94% in India. Paradox as investments from BRIC countries, are among the most active in terms of direct investment abroad, are still a small minority. Only 6% of projects in France in 2011. This is particularly regrettable that apparently, once installed, the foreign bosses are even more convinced of the attractiveness of our country trusted by 82% of them.

French consumer confidence has improved slightly in February. The indicator that measures it wins a point from January to climb to 82, a continued low level, INSEE announced Friday.

This is the second consecutive month of rise of this index, which had declined in December to its lowest level since December 2008, 80 points (against a long-term average of 100).

The French are less pessimistic because of a slight improvement in their moral outlook on their personal finances (2 points) and the overall standard of living in France (4 points).  

Households are also slightly less pessimistic about the evolution of unemployment (down one point in the index, 64) even though they "are almost as many as in January to anticipate an increase", said INSEE in a statement.

The first results of union elections in the State Civil Service, made public Friday, reflect a surge of reformist organizations according to experts, that link including the growth of FO and UNSA and erosion of the CGT. The day after the election for which about two million state employees were called to elect their representatives in the equivalent bodies in the private councils, the Minister of Public Service, François Sauvadet unveiled interim results.

According to these results do not include the votes of Finance (165,000 subscribers) and Justice (75,000 subscribers), the FSU continues to lead with 19.1%, followed by FP that collects 16.2% of the vote. The latest results placed the two organizations, respectively 20.6% and 15.4%. For Anne Baltazar (FP), "if the results are logical, it holds the rope for first place in the State Civil Service", the FSU is not present in Finance.

A participation rate of 51%

"So far so good, the results are good," has carried out its Groison Bernadette (FSU), noting that the organization consolidated his first place in Education. The UNSA, who was fourth and climbed into third position (15.3%), greets his part "satisfactory results" show that "the strong commitment to our agents and reformist humanist values."Then come the CFDT (14.5%), a "uphill" as one of its representatives Brigitte Jumel, the CGT (12.8%), Partners (6.2%), GSC (5.8 %) and CFTC (3.9%).

In presenting these results, François Sauvadet said the turnout of all elections was 51.2%, which is affected by the worst score in Education (40.4%). Apart from this rate "not extraordinary", Guy Groux, a researcher at Sciences-Po, points out that these initial results should be treated with caution as they fail Finance, nearly 15% of registered voters.He noted, however, that "unions are not necessarily favored in the private, such as FSU, UNSA, or FOR, take their game completely," pointing in particular a "sharp increase in Unsa".

The CFTC under the carpet

Bernard Briere, Institute of Economic and Social Research (IRES), for its part is a "rise of the reformist pole" (Unsa, CFDT and FOR) and a hypothesis: "a call for negotiations." For Bernard Vivier, the Higher Institute of Labour, "the surprise is for FOR, CGT while eroding a bit", the result of Finance, however, may change the situation. For unions, which defend their right to negotiate but also their means, the stakes of this election is crucial because the rules of representation have changed the law of 5 July 2010 on the renovation of social dialogue.

Representative to stay, organizations must obtain seats in the various bodies, forcing them to cross thresholds ranging from 3% to 7.5% (against 10% in the private sector). Based on preliminary results, Mr. Vivier, believes that the CFTC passes "certainly at the door," while it should be checked for the GSC. Mr. Briere notes that "small unions have a little progress, but have not achieved what it takes to be representative." Hacquin Vincent, head CGC, however, ensures that the organization was representative, noting that "no one goes so far."

The results of the economic ministries are expected in the evening on Friday. The officers of the Department of Justice that will vote Nov. 22 due to quirks in the preparation.The results for the public hospital where a million workers were also asked to vote Thursday, are expected in early next week.

The American chain adds that the fund would be created by the European Investment Bank (EIB) and the obligations could also serve as collateral for the European Central Bank (ECB).

"Our feeling is that the project to leverage the EFSF (European Financial Stability Fund) is well underway," said CNBC, adding that it was perhaps not the only project under discussion to address the crisis of debt sovereign in the euro area.

Wall Street has increased its earnings this announcement and the Dow and the S & P 500 ended in gains well in excess of 2%.

No one was immediately available to the EIB.

Another European official, who participates in discussions to find ways to resolve the crisis, found that information "bizarre".

"Frankly, what evokes the EIB is just weird, it's not at all what we are talking," said the official told Reuters.

"We are discussing with the EIB to increase its capacity but only for loans for projects," he added, referring to bonds to finance major infrastructure projects of the European Union.

Executive Director of the International Monetary Fund, Christine Lagarde, repeated in an interview published Monday in Germany criticized the application of a European bank recapitalization.

"We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

"It is necessary to prevent contagion" problems, she said.

Ms. Lagarde was prompted indignant reactions in Europe already calling a few days ago to strengthen urgently the equity of European banks.

The boss of the IMF, when it was French Finance Minister has criticized Germany's dependence on exports and inadequate intake, also called Berlin in this interview to "stimulate domestic demand, it would be good for the German economy and neighboring countries. "

Lagarde finally claims that "the whole idea (behind the introduction of fiscal rules of thumb) is good," but felt that the inclusion in the constitution limits of public debt "must be understood as a signal to financial markets. "

Germany and France have called on countries in the euro area to adopt such rules of thumb, and Spain responded to the call, although this initiative has been criticized by the President of the European Union Herman Van Rompuy.

"The model collateral must be open to all countries in the euro area.We'll see if this is the case, "said Harald Waiglen, spokesman for the Austrian Ministry of Finance, in the pages of Helsingin Sanomat.

The three countries want to follow the lead of Finland have paid for approximately 11% rescue plan 109 billion euros granted to Athens.

Finland has reached an agreement with Greece on the collateral attached to loans from Helsinki to Athens, which should facilitate the establishment of a Nordic country using the most indebted to the members of the euro area.

The establishment of a collateral – collateral assets in a loan – its loans was a sine qua non for Finland agrees to participate in the Plan aid to Greece.

The country's cooperation with this plan is considered important, not because of the size of its stake, but because it is one of six members of the euro area to receive a rating of "AAA" , the highest possible.

A representative of the Greek government but warned that extending this option to other states in the euro area would be to nullify the effects of emergency aid.

So he quickly indicated that Athens did not evoke such an event with other countries than Finland.

"We do not discuss this," he said on condition of anonymity."Launching such discussions would be to cancel the effect of the rescue plan."

The Greek Minister of Finance declined to comment on this information.

"If other Member States of the euro area require collateral to ensure their contribution to the second bailout plan, the amount of funds available is dwindling, threatening the success of this new aid," said Theodore Krintas Attica Bank.

Marco Valli, chief economist at UniCredit in the euro area, for its part believes that multiple requests "undermines the credibility of the assistance plan."