Those in the euro area are not at the party

The meeting of the European Central Bank (ECB) Thursday is a major appointment for the market: the issuing Institute announced it contents on this occasion his device of "exit", particularly in the area of injections of liquidity. Uncertainty is the timing of the return to a normal system of auctions for banks refinancing operations. Currently, financial institutions are served in liquidity to height of what they are asking, with a fixed rate.

The market feared that this system was abandoned in April. "But the ECB walking on eggs, ensures Nicolas Forest in Dexia AM." "The economic environment is more wrong that she imagined at the beginning of the year and concerns grow on the deficits of the States, it may therefore tread it contemplated." At Barclays Capital, same implication: "In the current climate of uncertainty, the ECB may decide to keep its options open and delay the more important decisions at the meeting of early June if markets are worked through."

For the moment the Greek debt situation always concerned investors. Especially that last week, the rating agencies have warned the country on a possible degradation of his note, with the risk of falling into the category unflattering "speculative investment. Standard & Poor's fixed deadline in a little less than a month. Moody's is more evasive. At the Greece to respond. It has until March 16 to fine-tune its measures and reduce its budget deficit.

Today, the European Commissioner for Economic Affairs Olli Rehn came to Athens to examine the Greek plan of rigour. If a real recovery in hands of its finances, it is likely to sanctions, warned Luxembourg Jean-Claude Juncker, President of the Eurogroup, according to the Greek press.

Strong mobilization

This weekend, the statements are multiplied on the case this basket. There were rumours of a helping hand from the Germany, or even the France and the Netherlands to redeem bonds of this country. Information that contradicted a senior German official.

Invited yesterday to the major event of Europe 1-"Le Parisien-today ' hui in France", Christine Lagarde, the Minister of economy, indicated that he was out of the question that the Greece kind of euro-zone. She added that "the Greece will not be desperate and will find its funding," but "on condition that it respects the commitments it has taken and what she said". On this occasion, it is in is taken violently CDS (credit default swaps") sovereigns, these insurance against the risk of default of an issuer which are popular with speculators, threatening harsh regulations, or even a ban.

European mobilization is strong. Remains that it must still convince the markets. Those in the euro area are not at the party. Last week, they declined more strongly than Wall Street and even than the Futsee and Swiss index: index CAC 40 dropping 1.61 a, the Spanish Ibex 3.21, while the British stock market index has dwindled from 0.07 and the Dow Jones lost 0.74. On the month, the difference in treatment is visible. Paris fell 0.82, Madrid fell from 5.61. London jumped 3.20 and the NASDAQ of 4.23.

If the Europeans seek to circumscribe the fire, they must be wary of the news coming from across the Atlantic. The week promises to be rich in indicators, with weekend, the report on employment in the United States. There are fears on this delivery about the situation of the month of February, because of the rebound unexpected weekly allowances published Thursday of the poor of the Conference Board consumer confidence indicator, unveiled Tuesday.