Archive for the 'resources' Category
The Greeks are paying the price of the crisis with their health. So says a British study published Monday in the medical journal The Lancet. The explosion in the number of suicides, increased drug use or an increase in HIV infections are in fact the direct consequences of the recession but also of austerity in Greece.
Depression and suicides on the rise
While the island is experiencing its worst recession in 40 years, doubling the unemployment rate in two years more than 16% leads to more and more Greeks to depression and drugs. In fact, suicides increased by 17% between 2007 and 2009 and 40% in the first five months of 2011 compared to the same period last year. Figures all the more impressive as the Greek statistical authorities, the suicide rate in Greece was among the lowest in the EU between 1990 and 2009.Some cases were particularly marked population, like that of a former businessman who has defenestration, leaving a note in which he explained that the financial crisis had had the better of him. Or that of an owner of a small store, found hanged under a bridge, with a letter that read: "Do not look for other reasons. The economic crisis has led me to this. "
Drug use has also risen sharply. Heroin use in particular has increased by 20% in 2009. And even more so in the context of austerity measures imposed by the international rescue plan, control programs against drugs has been reduced by one third fast payday loan no faxing.
A trend that explains the 50% increase in the number of HIV infections at the end of 2010. Researchers predict that the contamination will increase by 52% this year compared to last year.In addition, drug users have less access to small jobs or for pocket money from their parents, some of them prostitutes, which in the case of unprotected sex, also contributes to the spread the virus.
Public hospitals overwhelmed and corrupt
Finally, rising unemployment means that many Greeks no longer receive health coverage provided by their employer. Thus, those who consulted in the private massage now in public hospitals. Now hospitals have seen their budgets melt 40% between 2007 and 2009. A diet which leads to problems of lack of staff and medicines and waiting times exorbitant lead some patients to pay bribes to get an appointment earlier.
Result, the number of people who give to see a doctor when they are sick has increased by 17% between 2007 and 2009.The number of those who describe it as being "bad" or "very bad" health increased by 14% in two years. "Overall, the picture of health in Greece is alarming, the authors conclude. It reminds us that, in an effort to debt financing, they are ordinary people who pay. "
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"Tour of Europe's austerity plans
The big aerospace contracts at arm's length support the French foreign trade. These two sectors have advanced temporarily to France to reduce its trade deficit by 32% to -4.967 billion euros, against -6.363 billion in July, according to Customs figures published on Friday.
"Deficit reduction is entirely due to the transport sector," stressed the customs in a statement. Remains that over the last twelve months, the gap between imports and exports widened to 66.8 billion euros, against 51.5 billion for 2010.
Exports reached on August 37.42 billion euros, up 2.9% at three months. Airbus sales have been strong high for the month of the year, thanks to the delivery of three Airbus A380 super jumbo guaranteed fast personal loans.In addition, France has delivered two satellites, one in China (112 million) and the other in the United States (130 million). The performance of aerospace and aeronautics, powered shots of large contracts, are very volatile from one month to another.
The rest of the industry has pretty well taken for export, Customs noted "particularly strong for industrial machinery and electrical equipment, industrial exports are fixed for the chemicals."
Imports in turn was driven by the manufacturing industry (chemicals, rubber, plastics, industrial machinery, etc.).. "Imports are also rising, particularly since the European Union (Ireland, Germany, UK and Netherlands), 'the Customs.
The smart electricity meter – or communicating – also known as counter Linky, will be extended to all of France. The decision will be made official Wednesday by the Minister of Industry, Eric Besson, attended by all stakeholders in this important industry. So far, this counter had been the subject of a test phase, in Lyon and Touraine.
This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "
Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France easy payday loans.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.
According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.
A cost of 4.3 billion euros
To support ERDF therefore, which plans to spend 4.3 billion euros to widespread program Linky, to compensate for this investment by productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.
As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.
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Reportedly, the government wants only the French, whose resources are regularly paying the higher contribution of high incomes by 3%. It should not be a merchant that exceeds the threshold one year (500,000 euros for one person, 1 million for a couple) because he sold his business to be taxed. For this, the income taken into account for the outbreak of the tax will be calculated as an average over three years. Example with a single: it will be taxed if an average three-year income exceeds 500,000 euros need a personal loan with bad credit.
Moreover, the triggers of the tax should evolve in the parliamentary debate in the fall. MPs and senators want to hit the contribution of lower incomes.Bercy seems willing to compromise around an entry threshold to 250,000 euros per person (and 500,000 euros for a couple).
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From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
The Taiwanese HTC opens new front in the war of patents that Apple opposes including the system developed by Google Android. The number two mobile phone in Asia filed a complaint against Apple in the U.S. yesterday, before a court of Delaware, and is putting together a file with the U.S. International Trade Commission. HTC believes that the iPhone, iPod and Mac computers violent nine patents that Google has given use to its partner in Taiwan last week. "HTC will continue to protect their patented inventions against counterfeit Apple," warned Grace Lei, the legal adviser to HTC.
The Cupertino company immediately responded: "We think competition is healthy, but competitors must create their own original technology, rather than stealing ours," said Kristin Huguet, spokeswoman for Apple.Apple has already launched similar legal offensive to defend its patents, accusing the manufacturers of phones running Android, including HTC and Samsung, have copied its iPhone.
This new legal battle occurs in the middle of dispute between Apple and Samsung in several courts around the world. The South Korean giant has had to suspend sales of its new Galaxy Tab tablet in Australia and Germany following a complaint filed by Apple that accuses him of having copied the design for the iPad. Samsung also attacked Apple patent on the use of telecommunications. According to local press, the South Korean was about to launch a tablet on Windows, the operating system from Microsoft, to reduce its dependence vis-à-vis the Android system.
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The CAC 40 plunges into the red Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6%, falling 3.52% to 3037.72 points after opening down 2.41% at 3072 , 51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 1.99%, in Frankfurt the Dax was down 3.01%. Madrid and Milan unleash respectively 2.86% and 2.64%.
The health of European banks up to the center of attention. The President of the French Banking Federation (FBF), François Perol, recognizes this Monday, in an interview with Les Echos, that if "bank liquidity in euro is not a problem," "the dollar is more refinancing tense. " Executive Director of the International Monetary Fund, Christine Lagarde, in turn repeats, in an interview published Monday in Germany, criticized the request 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.
The chief executive of Deutsche Bank (-6.74% to 24.25 euros), Josef Ackermann, in turn, poured oil on the fire by saying that some European banks would not survive if they were to reassess the sovereign debt accounts at market price. Recapitalization forced the European banking sector could in turn send the wrong signal to markets, in this case the loss of faith on the part of authorities in the ability of measures to succeed, however, said Josef Ackermann .
Societe Generale lost 7.33% to 20.54 euros.The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime .
In its wake, BNP Paribas lost 7.08% to 31.05 euros, Crédit Agricole 6.08% to 5.81 euros and 4.42% at Axa 10.06 euros. Natixis lost 4.87% to 2.58 euros. The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.
Bad signals on growth
In addition to banking problems, the first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August. Following this announcement, Wall Street closed on a sharp drop of more than 2%. U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.
Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August.Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.
No other indicator may move the index is also expected on Monday. One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States best payday advance.
No recession expected in Europe
The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe.The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.
Markit, the company that carries out the PMI, however, said on Monday that growth in private activity in the euro area slowed more than expected in August, falling to its lowest level in two years, reinforcing fears of a return to recession by the end of 2011. The composite index, which summarizes the activity in the service sector and manufacturing fell to 50.7 points against 51.1 points in July, according to a second estimate.
For his part, Jean-Claude Trichet, president of the European Central Bank said it is "imperative" to implement the decisions taken by Heads of State and Government of the euro zone in July to resolve the debt crisis.
The euro fell slightly to 1.4140 dollars after falling in morning trading, to a low of three weeks, to 1.4138 dollar. For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States. A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.Saft takes off
EDF: -2.70% to 20.38 euros
The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.
ArcelorMittal: -2.87% to 13.72 euros
Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.
Zodiac: -1.67% to 54.20 euros
The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.
Schneider Electric: -4.80% to 41.89 euros
The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.
Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)
The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.
Alstom: -4.07% to 29.55 euros
The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.
France Telecom: -1.87% to 12.33 euros
TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.
After playing in the red much of the session, pending the publication of important indicators in the United States, The Paris Bourse now seems to head a fourth straight increase session on Thursday. The CAC 40, which had addressed the session up slightly, then fell 1.14% in mid-session, finally returns significantly positive territory before closing 1:30, thanks to the publication of a good indicator of the manufacturing overseas. At 16:15, the benchmark index in Paris advance 0.6% to 3277.56 points.
The reversal was also performed in London, the FTSE-100 clinching 0.80% to 5437.66 points while in Frankfurt the Dax is recovering well, while remaining slightly in the red (- , 016%, to 5775.70 points.
After waiting game shown on Thursday, investors therefore welcomed the announcement by mid-afternoon of a manufacturing sector still growing in August to the other side of the Altantic, while experts expected a decline over the period. The announcement of a high relapse U.S. construction spending in July, reflecting the weak housing market has not dampened the optimism of the markets recovered this afternoon, somewhat reassured about the state the U.S. economy.Especially on the eve of the highly anticipated monthly employment report, the number of inscriptions hebdomadairres unemployed fell during the week to August 27, at 409,000 against 421,000 the previous week, said the Department of Labor (410 000 entries expected).
These new on the health of the U.S. economy and restore color to the dollar against the dollar. To 15 hours, the European currency was worth 1.4295 dollars against 1.4374 dollars late Wednesday.
Indicators most disappointing in Europe
In the euro area, the final manufacturing PMI contracted in August for the first time since September 2009 due to a fall in output and new orders. The index calculated by Markit PMI final spring to 49.0 in August, against an initial estimate of 49.7 and after 50.4 in July.The German manufacturing sector slowed in August, including at its lowest in almost two years, to 50.9 after 52.0 in July. In France, the PMI industry has returned to 49.1 against 50.5 in July, an even sharper decline than that reflected by the flash estimate of 49.3 issued two weeks ago.
Also in France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by INSEE.
As for the oil markets, disappointing manufacturing indicator in Europe weigh on oil prices.At midday, a barrel of Brent North Sea crude for October delivery was trading at 114.04 dollars in London, down 81 cents from the close of Wednesday.
Values to follow
Banking
Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday. After suffering the first part of the meeting, the bank will resume, however, also: Société Générale advance of 1.13% to 23.64 euros, BNP Paribas is down 1.06% to 35.51 euros, Crédit Agricole will pard more than 2.98% to 6.63 euros. Axa and advance 0.76% to 2.37% to 11.26 euros.
Peugeot: -3.02% to 20.69 euros, Renault: -3.03% to 27.48 euros, Michelin: -2.65% to 49.64 euros
The new car registrations were up 3.2% in August.But sales of SAP were down 3% and 1.4% of Renault.
Fimalac: + 6.30% to 26 euros
Fimalac accounted for more than 6% Thursday on the Paris Stock Exchange after the announcement of the sale of its Canadian subsidiary Algorithmics, specializing in software for the financial industry, the U.S. IBM.
Eramet: -2 payday loans.32% to 145.55 euros
The CEO of Eramet, Patrick Buffet, asked Thursday to New Caledonia guarantees the stability of capital and access to resources of nickel subsidiary of the archipelago, Société Le Nickel (SLN) . Mr. Buffett made the requests in the renewal of the shareholders, linking Eramet-SLN since 2000 and the three provinces of New Caledonia.The latter hold through the STCPI 34% stake in SLN and 4% of Eramet.
Sanofi: -0.18% to EUR 50.57
The group reached an agreement with Pfizer to produce generic versions of Lipitor cholesterol before the star of the American group from falling into the public domain, writes Les Echos newspaper on Wednesday.
Total: -0.24% to 34.92 euros
The National Transitional Council (CNT) Libya has promised to give to France 35% of crude oil from Libya in exchange for recognition of its legitimacy Paris, Liberation reported Thursday.
Iliad: + 2.55% to 85.58 euros (largest increase in the SBF 120)
The internet service provider reported in the first half of 231.000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin improved 1.4 points to 40%, or 416.4 million euros, on sales of 1.04 billion (+2.6%).
France Telecom: + 0.41% to 13.36 euros
The U.S. administration has initiated court proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.
Pernod Ricard: -2.05% to 61.22 euros
The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.
Eurazeo: -3.93% to 38.09 euros
The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill
GDF Suez: -2.30% to 21.45 euros
The group said it had completed the acquisition of gas storage sites in Germany.
Eiffage: -12.24% to 29.75 euros
The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.
Saint-Gobain: -1.64% to 34.46 euros
The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.
Latécoère confirms its objectives
Lagardère: -10.04% to 21.41 euros
The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.
Maurel et Prom: + 0.38% to 14.54 euros
The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.
Guyenne et Gascogne: -3.20% to 85.91%
The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.
Latécoère: + 0.09% to 10.78 euros
The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.
Theolia: + 11.43% to 1.17 euros
The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.
After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.
Still pending for a summit in the euro area. While Monday's major stock markets reopen on Tuesday, European capitals and investors will have their eyes on the meeting at the Elysee between French President Nicolas Sarkozy and German Chancellor Angela Merkel. After a week very rough on the markets, particularly in France, this meeting is an opportunity for two leaders to show their unity.
Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "
The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.
Pooling of liabilities
Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source no fax payday loans.
The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.
Most stubborn
The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.
A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.
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"SPECIAL – Depression, fear of debt
The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."
The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.
In other countries, tempers
In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U payday loans with no fax.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "
Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score. "Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires.Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.
In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets. "At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said.In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "
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