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The disaster is averted for Athens, temporarily saved from bankruptcy, and for the euro area, which sees the specter of contagion in the Mediterranean.

The crisis of indebtedness is at a turning point? Tuesday is a Northerner, the Swedish Finance Minister Anders Borg, he returned to evoke a more sober interlude. "The Greeks are still trapped in their tragedy," he said, while Europe "sees turn in the last act of a longer time drama."

The next scene begins on a new thriller, on the side of the Parthenon. If the government wants to open Papademos some 237 billion government loans and private debt erasure promised Tuesday in Brussels, he has only a few days to prove itself. In the morning, Christine Lagarde has said bluntly: the IMF will release the funds with other "after implementation of prior commitments" in Athens.

Parliaments of the three countries most reluctant – Finland, Netherlands and Germany of course – will not give themselves the green light after having tried to play. Minister Wolfgang Schäuble, who complained there is little Greece as a "bottomless pit", even its detailed requirements for February 27, day of the Bundestag vote planned: a 22% lowering of the minimum wage, a reduction in budgets public health, pension reform and the massive onslaught of local governments.

Explosive political equation

Behind the hard line displayed in the north lies a concern shared throughout the euro area. The team of technocrats led by Lucas Papademos living its last weeks before the new elections. The government which emerges from the polls in April could, quite a true popular mandate, to be more devious meet European requirements no faxing 1 hour payday loans. So now that Greece has to swallow in one gulp if possible, the bitterest of his potion.

Problem. Both major parties Conservative and Socialist – those who have subscribed to medicine Brussels – together account for 40% of the vote only. Conversely, the far left and anti-European movement of honey from the wrath of the street facing austerity. This equation is politically explosive that pretends to ignore the financial agreement Tuesday.

Right, Antonis Samaras, still favorite in the polls, the results in economic terms and said aloud that report confidential documents as hopeless as submitted to the EU and the IMF: "Without economic growth, said the leader of New Democracy , immediate budgetary objectives can not be kept and the debt will remain unsustainable in the long run. "

It is the fault of austerity. Greece enters its fifth year of recession with no other prospect in the euro as "internal devaluation" – that is a general decline in revenues – expected to make it competitive for the future. The decrease in the minimum wage needs to accelerate the purging. But for now, it undermines domestic demand, that is to say the activity, and at the same time increases the relative burden of debt. Europe and Greece have gained time. But except to return to growth, they have certainly not finished with the appointment of a crisis.

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PSA announced this morning its annual accounts. The group recorded an operating profit of 1.31 billion euros, against 1.79 billion euros a year earlier. The net profit is not apparent at 588 million euros, against 1.13 billion euros in 2010. Meanwhile, turnover rose by 6.9%, to 59.9 billion euros.

The action jumps over 3% this morning. Maybe the confirmation of reorganization plans, at a cost of 310 million euros, appeals to investors.

One thing is certain, Peugeot loses money on its core business, namely to build and sell automobiles. To be precise, the industry grouping of PSA Peugeot Citroen and recorded an operating loss of EUR 92 million in 2011. In the second half, the deficit in the division has even approached the 500 million euros. Outside this perimeter, the Chinese subsidiary is profitable but it remains small (404,400 vehicles sold).

Peugeot may rely on other divisions recorded strong performances. This is particularly true of Faurecia payday loan lenders. The bodybuilder, dying a few years ago, posted an operating profit of 651 million euros (+43%). Peugeot is the majority shareholder of Faurecia, with 57.43% stake. For its part, the logistics specialist Gefco, 100% subsidiary of PSA, saw its operating profit to 223 million euros (+12.6%). The bank PSA Finance has also posted profits.

Prospects fuzzy

Beyond the figures, investors are sensitive to the perspectives of PSA. In this respect, the release of the group is unclear. While the financial community will not fail to appreciate the emphasis on cash management, there is no forecast of operating margin. It is unclear whether Peugeot will be profitable this year. The group expects a 5% drop in sales in Europe with 10% in France. Growth should be at the rendezvous in emerging countries.

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The ambitions of China's Lenovo are clear: to become world number one personal technology. The first step involves the conquest of the PC market. Then, Lenovo will address the shelves, then to smartphones and televisions, the following step by step roadmap.

"For the ninth consecutive quarter, Lenovo has achieved the highest growth in the global PC market," noted Thursday, François Bornibus, Lenovo Vice President Western Europe, on the occasion of the release of third quarter results its fiscal year (ended March 31). This growth allows it to move closer to HP he ran for the position of world number one. "Over the past quarter, we hold 14% market share, against 16.2% for HP, according to IDC," adds François Bornibus, who believes that Lenovo "take leadership in this sector within two years." Last year, HP has made more than 19% of computer sales worldwide and Lenovo 11%. In one year, Lenovo's sales increased by 37% by volume, of only 2% of HP, in a stable market. This growth was accompanied by Lenovo for an increase of 44% of its turnover to 8.3 billion.

The Chinese took advantage of hesitation in strategic HP PCs and cons of Acer-business performance. Lenovo is carried by the dynamism of its domestic market, it holds more than a third of the PC market in China and other emerging Asian markets. But it is also strengthened by Western Europe and North America, where he continues to benefit from the legacy of IBM (which acquired the PC division in 2005). "Our market share in Europe increased from 4.7% to 8.5% in one year," adds François Bornibus.

The world leader is that Lenovo also requires development in the tablets. The group has already announced the release of several products, with a first wave expected in the month of May "We will also develop hybrid products, like the IdeaPad S2 (one tablet once a keyboard is attached to a laptop)," said Francois Bornibus. The range consists of tablets Android (the operating system of Google), will grow to 8 devices on Windows at the end of the year.

Extended offer

Eventually, the group will expand its offering to smartphones and televisions. For now, Lenovo cut his teeth in mobile telephony and television connected to China. The group will now owns a market share of "double digit" in smartphones, a presence quadrupled in twelve months. It will launch in China in the coming weeks, its first connected TVs. "We take advantage of our brand in China and our highly developed distribution network in order to launch new products," explains François Bornibus. Lenovo account then use the experience gained in its domestic market to export smartphones and SmartTV.

The ambitions of the Chinese are not to the liking of everyone. Acer Lenovo has decided to attack in court after the latter decided to use the services of a consultant rather special: Gianfranco Lanci, Acer's former CEO, who resigned last March. He now heads the division Europe-Middle East Lenovo. Taiwanese rival sees a breach of the non-compete clause and has also turned against his former boss.

The atmosphere should remain tight to the Paris Stock Exchange on Thursday. The bargain hunting could push the index up, as suggested by the small rise in futures on the CAC 40 (0.1%). But caution remains the watchword. As shown in the CAC 40 new fall yesterday, the Investors are not able to overcome their fears about the situation in the eurozone. Debt problems in the region have worsened when Germany struggled to convince investors to buy its bonds. The country has raised just over half of the 6 billion euros of 10-year bonds offered to investors during a broadcast on Wednesday. This failure is a "red flag" according to Ewald Nowotny, Governor of the European Central Bank

Largest economy and engine of the region, Germany was far remained immune to the contagion of debt crisis.But diplomats said the meeting could only lead to a breakthrough on a reform of the European treaties.

The mixed oil, the euro under pressure

As for currencies, the euro, which fell sharply against the dollar in recent days, attempts a rebound. The euro is worth 1.3363 dollars (0.10%) in morning trading. The trend is more mixed in the oil markets: a barrel of light sweet crude (WTI) for delivery in January drops 24 cents to 95.93 dollars on the New York Mercantile Exchange, while the price of Brent North Sea assessed for the same term of 27 cents on the Intercontinental Exchange in London at 107.29 dollars.

The side of the calendar, the day will be quieter because of the close of U.S. markets. Operators are waiting mainly German Ifo index.

Focus on Asia

At a time when academic trips abroad have become common, difficult now to be confined to conventional horizons. Result, the student takes transhumance paths atypical. Foremost among these new destinations, Asia captive. "The economic environment, business needs … It speaks only of Asia, it creates envy," said Thomas Albertini, of Worldiploma.

Large schools, the first, understood the importance of the land of the future. "We must be lucid. During their career, my students have to work one day either with a company in Asia, "insists Patrice Houdayer, School of Management (EM) of Lyon. So much so that, like others, the school opened a campus there, in this case in Shanghai. With Erasmus Mundus, universities have caught the trend of flight."20% of masters and doctoral degrees involving a French university has an Asian partner," Preciset to be Agence Europe Education Formation fast cash. Seven hundred in Japan, 600 in 6300 in Singapore or China …

If those who leave the Anglo-Saxon or European are still rare birds, their number is growing. According to the Conference of Grandes Ecoles, the number of students going to China grew by nearly 300 in two years. Access to these separate education systems is not always easy, but by dint of effort, local officials encourage this trend. "The number of programs in English, their quality and attitude of the speakers show increasing efforts" says Julien Bohdanowicz, the School of Mines. Le Figaro Magazine has identified four destinations for the future.

• Japan

Many agreements have been realized between our two countries, such as those between HEC and ESSEC to Keio.

A new step towards austerity. The Italian Senate on Friday approved the measures promised to the European Union (EU) to reduce the country's deficit and revive growth. The Chamber of Deputies will examine in turn the text tomorrow. Sil it gives, too, agree, the way is clear for Silvio Berlusconi announced his resignation as promised.

• Sale of public assets

Rome will transfer public property, including belonging to the army, and agricultural land to reduce the huge debt the country (1.9 trillion euros).

Silvio Berlusconi said late October that the proceeds from these sales should reach 15 billion over three years.Investors who buy these properties will pay particular debt payday loan lenders.

• Liberalization

Professional bodies will be reformed and abolished minimum rates to inject more competition in the Italian economy.

Local authorities will in turn open the local public services to competition and reduce their participation in the companies running these services (energy, transport, water, waste).

• Pensions

The age of retirement as part of "old age" will increase to 67 in 2026 (against 65 years now) but this does in fact confirm that the effects of reforms already enacted such as providing for the gradual increase age according to life expectancy.

If one refers to the precedent of Greece, Portugal and Ireland, it took only sixteen days for the 7% is exceeded, after the passage of 6.5%. Equity markets should turn down. A return of the CAC 40 points to 3000 is to be feared.

The price of insurance against default soared

Predictions are difficult. On the one hand, the pressure has never been stronger on Silvio Berlusconi. On the other hand, the alternative policy is not clear, Berlusconi managed to get over the past 50 years successive votes of confidence.

The markets have really lost confidence in Italy this year. Earlier this year, providing 10 million euros of Italian bonds was less than 200,000 euros. Today, it costs more than 500,000 euros to carry out this operation.

François Fillon has clearly shown this Saturday at Morzine: there is no alternative to reducing the debt, and it will be possible by reducing public spending. While the last-offs for the new austerity plan went this weekend at the Elysee Palace before his presentation Monday, Prime Minister set the tone: the debt crisis forced the state budget for 2012 will be "the most rigorous in the post-war one hour payday loan."

"The hour of truth has come, he warned. There is no need to attack rating agencies, bankers, speculators or some sort of scapegoat, no need to believe that there are hidden treasures to finance our spending. [...] There is no other income to reduce debt but to reduce spending, "said Francois Fillon.

They clearly anticipated the fall of George Papandreou after the declarations of the party leader of the opposition of Greece, Antonis Samaras (he called Greek Prime Minister to resign and form a transitional government).

The creation of a transitional government is not likely to create uncertainty in the markets?

It depends on how the rating agencies will analyze the delay between the creation of the transitional government and the establishment of early elections. For now, financial markets seem ready to allow time for Greece to install a new government. However, the risk of default is not eliminated. Financial markets continue to navigate to the end of the year.

Financial markets have now turned their eyes towards Italy.

The euro still waiting 72 hours for his fate. At an EU summit which took the warm-up lap, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the fateful question of European bailout fund and its clout in the marketplace. But, at the repeated request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another crisis conclave convened in Brussels.

The president spoke Sunday night "a fairly broad agreement" on a platform of shared press conference with Angela Merkel. He especially made a decisive step towards the Chancellor, itself buttressed in his refusal to see the European Central Bank refinance long-term debt of countries like Spain or Italy. "The ECB is independent and we hold as much as Germany, Nicolas Sarkozy assured.No solution is viable that would not guarantee that independence. "

Credibility of the euro

Satisfied, Angela Merkel took note clearly stating that the bailout fund leverage its resources without further contribution of the states of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF – now with 440 billion euros – could see his strike force raised in 1000 or € 1500 billion.

To achieve this, Paris and Berlin are close to agreeing on a device with double trigger, say well-placed sources. First a direct guarantee from the EFSF, which would provide the investor when issuing new loans by the States financially fragile. Then a support fund or regulation, which would occur in the secondary market debt securities.The fund, which also benefited from a bond of EFSF, should attract private investors or sovereign-related, for example, China, Brazil and the oil nations.

Skeptical markets, the credibility of the euro and the "firewall" planned in Paris and Berlin also depends on economic and fiscal discipline strengthened. The spectrum of a Italian slippage has haunted the tops of variable geometry and ministerial appointments of the weekend in Brussels. Sunday morning, Angela Merkel and Nicolas Sarkozy have the message in private to Silvio Berlusconi, hoping to prevent the crisis from spreading to boot before the euro has built its new defenses.

Signs of impatience

Publicly, Angela Merkel asked the head of the Italian government to reduce its debt "in a credible way."Confidence, she says, "can not be won solely by financial wall (…) Italy must live up to its responsibilities." Nicolas Sarkozy went further: "There is no question of using Solidarity partners if those we help are not their own efforts. "

The Europeans must disclose in the middle of the week their response "global" to the crisis of the euro and the contagion of debt. The most urgent need is to stabilize the situation in Greece, over-indebted and recession. If they agree to continue to financially assist the Papandreou government, heads of state and government have yet to accept the creditor banks at a discount of 50% on Greek bonds. Germany and especially France overlooking the front of the signs of impatience.Addressing the banks, Nicolas Sarkozy launched: it returns "to each to take responsibility to avoid catastrophe."

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