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Statistics show every day a little more clearly the growing problem of financing faced by banks in the euro area. The phenomenon is not confined to institutions based in the peripheral countries, but won the heart of Europe, reflecting the closer and closer bond between the state debt crisis and the situation of the banking system.

To date, the year 2011, European banks had to repay 888 billion dollars to creditors (all types of bonds combined), but they could borrow 744 billion dollars over the period, reveal Figures released by the firm Dealogic. A gap of nearly $ 150 billion that masks a number of phenomena. On the one hand, banks that can accumulate "cash payday loans direct lenders."On the other, those, more numerous, which are structurally borrowers must find ways to bridge the gap between what they need and what they can take to prevent the liquidity crisis, that is, ie the default.

The first solution is the European Central Bank, which opened more widely its counters. Heavily used by institutions Greek, Irish and Portuguese, these facilities are also becoming critical to institutions whose country of origin still have access to markets. Spanish banks borrowed 86.2 billion euros at the ECB at the end of October (7 billion more than at the end of September).

Not everything has dragged on last night in Brussels. From 20 hours, the heads of state of the 27 EU countries have approved the launch of a large recapitalization of European banks, encrypted by the industry policeman to 106 billion euros. The principle was in fact acknowledged the last Saturday by finance ministers.

106 billion euros. This figure results from the examination of bank balance sheets after taking into account the loss of value to the end of September of sovereign debt Greek, Irish, Portuguese, Spanish or Italian, but also gains recorded on their German or British counterparts. On this basis, regulators assessed for each bank the way to go to 9% of regulatory capital ratio ("core tier 1" prudential banking jargon). This objective will be achieved on June 30 at the latest.And the addition is particularly heavy for Greek banks, of course (30 billion euros), but also in Spain (26 billion) and Italy (14.8 billion). In France, the bill is estimated at 8.8 billion, Germany at 5.1 billion.

A new showdown promises

This total was largely anticipated by the market and the banks themselves. However, a new showdown between the industry and promises to the authorities. "We ask banks to recapitalize. Not to cut their balance sheets, "argued a senior Wednesday ahead of the summit. Number of facilities provided to achieve because much of the effort flopped the sails, that is to say, by limiting their activities consume the most capital. But Europe is concerned about the impact of these strategies on the distribution of credit, especially in the east where the industry is largely owned by groups of Western Europe.The Council of the Union has insisted on its vigilance on this point. And regulators have developed their doctrine accordingly. End of June 2012, they calculate the ratio of each bank according to its balance sheet at September 30, 2011 …. It is therefore too late to play on the variable of total assets. Only an increase in capital will reach the famous 9%.

Putting aside the benefits

To avoid making capital increases in market conditions given the state of detestable share price values ​​the industry or, worse, to use the state to bail out the banks who can n ' have only one option: to put their profits in reserve, probably in much higher proportions for use. This means that the shareholders of the banks concerned will receive little or no dividend next year.Politicians hide it just, that sacrifice is almost as an objective.

All has not been lost to the banks. The Council of the EU, the European Banking Authority, promised to lay the foundation for coordinated action to help them take on the market. The sovereign debt crisis cut investors' appetite for foreign bank debts. However, they will raise more than € 600 billion next year. The European Central Bank has opened the floodgates of funding up to a year. But it can do much more as the industry needs stable funding, so many years. Government guarantees could be implemented.

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The UMP deputies know that the growth forecast (1.75%) on which the draft budget for 2012 is revised downwards, and a new train of savings 5-7000000000 necessary, in addition to 11 billion already planned for next year. "The 2012 budget is credible, but it can be denied by a significant slowdown in growth," Analysis Louis Giscard d'Estaing. The Vice-Chairman of the Finance Committee of the Assembly recalls that "the time of the government of Lionel Jospin, it was the logic of the cicada, while in Germany Gerhard Schröder had imposed a cure without reduction of wage restraint working time, in line with the ant. But the wind is coming … "says the deputy of Puy de Dome, paraphrasing the fable of La Fontaine.Vice President of the National Assembly warned the Socialists: "Those who would maintain the idea that there is room for maneuver in the reuse of public spending, as does Francois Hollande, would directly threaten the notation France and our ability to deleverage. "

However, Louis Giscard d'Estaing is convinced that there is still food for thought in the financing of 35 hours. He will file an amendment in the bill funding the Social Security (PLFSS) for further reduce the limit on exemptions from employer contributions on wages at 1.5 times the minimum wage (currently against 1.6). Which would represent just over one billion euros in savings, if the measure comes into force on 1 January. He even suggested to lower the ceiling to 1.4 times the minimum wage in July 2012 to "give companies time to adjust."The UMP also suggests to "a general movement of the plane of the allocations to the operators of the state" by reducing them to 3% in 2012 No teletrak payday loan.

"Do not replace two staff on three"

In this area, Hervé Mariton (UMP, Drôme) also proposes to "ease the regulations that impact cost." Other proposals of the Liberal "not to replace two of three officials" and "examining investments less profitable," particularly in the area of ​​infrastructure. "Do not panic about short-term savings. We will be judged on the strength and seriousness of a savings plan in the long term, "said Mariton. Special Rapporteur of the mission work jobs, Chantal Brunel (UMP, Seine-et-Marne) will propose to leave the tax deduction on home jobs "all leisure activities and relaxation."Isabelle Vasseur (UMP, Aisne), Rapporteur of the Finance Committee on Social Security Financing Bill, will propose this afternoon the establishment of "prevention, source of major savings in health" she assures.

The former chairman of the Senate Finance Committee Jean Arthuis think we need to "reduce the amount of grants to local authorities" and "to lower executive compensation operators of the state." Former budget minister, Dominique Bussereau is more cautious: "We are still on the bone. The revision of public policies (RGPP) was very effective, so that the state is under-Box at the local level, "says he.

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"New austerity measures are not excluded

"The Senate calls for new savings measures

The debt crisis that shook the euro area, the French deep mine. This is for 79% of them, the crisis "the worst" in recent years, according to a poll Ifop for the Journal du Dimanche. Faced with the economic and social situation of France, 53% of respondents said they were "rebels," while 29% are "resigned." A resignation which probably explains why the movement of "outraged" that began in Spain last spring and has spread across Europe and to the United States, failed to France.

The French are indeed very pessimistic. Only 4% of them believe in a crisis within the next six months. Nearly a majority (46%), however, do not expect improvement until 2014. "This survey highlights the malaise of the French," said Frederic Dabi, director of the division of opinion Ifop."For them, this is a serious crisis which they do not see the exit and on which policies can not be weighed." However, they are preparing for 57% of the "painful and difficult measures." They are also willing to make sacrifices, including cutting costs in their "comfort" and in their holiday budget, the study said.

When asked about the causes of the crisis, 52% of French people point the finger at the role of financial markets. Far behind, the government (26%), banks (15%), EU (10%), the French as a whole (6%), emerging (5%) and businesses (1%) are also considered partially responsible for the current crisis. "Paradoxically, while their commitment to the EU is often tenuous, the French for more Europe," Frederic Dabi analysis.As proof, they say they support the creation of a European Ministry of Economy.

Theme of the presidential election

As European leaders gather in Brussels on Sunday for a coordinated response to the crisis, the French have already an idea of ​​what the state could do 63% of them believe the government should take an interest in banks, either by becoming the majority shareholder of the establishment or nationalization. Despite their concern, 23% of respondents would prefer the state to intervene simply abstain. Maybe they think that the French economy can only suffer, as the government prepares to revise downwards its growth forecast for 2012 still set at 1.75%."Part of the public continues to believe that when dealing with Greece, it does not deal with French," says Pierre Giacometti, advisor opinion of the President of the Republic, in the columns of world.

Yet a few months before the presidential election, the crisis in the euro area will be the theme of the campaign. Nicolas Sarkozy will speak on the subject on television next Thursday, the day after the second EU summit is to say, once firm decisions have been taken. A key event with the French, while the popularity of the president is at half mast. "Even if the credits of some courage, nothing will be counted as long as there is a lack of visibility on the crisis," Pierre Giacometti analysis in Le Monde.

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"GRAPHICS – The crisis of the euro, or the history of contagion

How to help her children buy a home? Faced with soaring prices of the stone, more and more parents are wondering. For young people without a little help family, buy a property is often difficult. But the stone is more than ever the key to any well-constructed assets.

A DONATION as a financing

With the recent reform of the taxation of wealth, each parent can give full tax-free, but every ten years now, up to € 159,325 (reduction in force in 2011) to each child or € 318,650 for a couple . And if the child is an adult, he took advantage of an additional allowance of 31 € .865 (per parent under 80 years), allowing it in the end, even in the capital, to acquire a lovely pied-a -land …A strategy that offers the advantage of not "inflate" its own property portfolio, since it is your child immediately becomes sole owner of the property. Thus, it can allow parents to avoid the wealth tax if the value of their taxable net wealth falls short of 1.3 million euros, or to play down if it does not exceed 3 million euros.

This approach has its drawbacks, however. "A coming of age, the child who has de facto full ownership, may sell at any time, even if the parents object," says Brillat Michel, director of engineering heritage of the EU Financial France. To "block any attempt inappropriate," Louis Aussedat, notary Althémis Network, advises the inclusion in the deed of gift, and in the deed of purchase, a prohibition to alienate.This provision makes the sale to the agreement of parents.

Know that it is still quite possible to do this for the benefit of a minor, but we must in this case the approval of the guardianship court. And while the child is under 18, the slot is part of global real estate portfolio of his parents, with possible consequences in terms of ISF.

To a lesser extent, if you own a home savings plan, you can send your borrowing rights to your child, provided that it is itself the holder of such a plan (open for at least 3 years) no faxing pay day loans.Finally, give money in advance and not a property which you would already own, you can be exempt from land registration fee (0.715%).

SEND ACHETERET in a SCI

Here is the real estate company (SCI) who acquires the home and not you and / or your children directly, thus, again, to fund and pass more easily again. Parents are partners and own the shares of the SCI. A major advantage of this legal structure is its flexibility. A condition of relying on a notary or a lawyer to draft the statutes (beginning approximately € 2,000), all management schemes, or nearly so, may indeed be calmly considered: full or bare ownership only given to children, in whole or in part, etc..Parents may reserve the role of manager to get their hands on the decisions and procedures to meet the requirements (general meeting …). "In this configuration, the children, even adults, can not sell without your consent," said Gilles Etienne, Partner at Cyrus Council. The SCI can also borrow, even if minor children are involved. Only requirement: well set, with the help of a professional, their responsibilities vis-à-vis the debt and obtain the consent of the judge. Finally, the very existence of an ICS is not limited in time and value, as the designation of heritage that can be managed, is not fixed.

Scellier Act: rent-to-child

Parents who buy a home with the benefit of the tax reduction under the law Scellier can rent the apartment to their children.A three conditions: it must be the principal residence of the latter, that it is detached from the tax home of the parents (it is then placed on its side), finally, that actually pays the rent. ALSO READ: "Placement: the French have confidence in real estate

Constellium officials selected by employees angry at the site of Ham (Somme), where the group wants to remove aluminum processing positions 127 to 200, escaped in the night from Friday to Saturday, it was learned union source.

Leaders, sequestered since Friday morning, "ran away", taking advantage of a "diversion" at the time of the visit of an officer of the gendarmerie about 2 o'clock in the morning to rush into an opening cut in a grid Site of manufacture of aluminum profiles, told AFP Merel, CFTC trade union representative (majority).

Among them was the president of this event for the world Constellium, Paul Warton, the director for France, Hervé Pelcerf and two leaders of the site of Ham. A fifth person, human resources manager of the site originally chosen, was released in the meantime by the employees, saidMerelle.

"Employees are disgusted by the attitude of management"

"A police commander came to see us, it was a meeting, and during that time, on the other side of the factory, they made an operation by cutting the fence and access to Brush the path payday loans. They were out there, the union said. Employees are disgusted by the attitude of management, "he said.

"There is no dialogue.We received no concrete progress "while the unions are demanding the continuation of the site and support a project of re-industrialization of the site, which received the value of an investment fund, but was rejected by Constellium, has he lamented.

Employees of the site of Ham, threatened by a social plan announced in February eliminating 127 jobs due to the shutdown of one of the two presses aluminum site, had enjoyed a visit Friday morning to Paul Warton the challenge of the future of their factory.

After a stormy meeting, the employees had left the factory had closed the gates with padlocks, locking the five officers who were at that time in the office.

Friday night, an attempt to mediate the sub-prefect had failed, the employees felt that the management proposal, namely to meet for negotiations Monday in a hotel about thirty miles away, was merely dilatory.

The subject is no longer taboo. According to information of the German weekly Der Spiegel revealed this Sunday, German Finance Minister Wolfgang Schäuble would seriously consider bankruptcy of Athens, which could result in a departure from the country of the euro. While this information was then "denied by Germany," according to the Greek Finance Minister Evangelos Venizelos, it comes as markets are increasingly skeptical about a rescue of Greece, whose economy continues to worse. To this must be added the recent publications of economists, who now publish the "fictions" about the abandonment of the euro in Athens.

Natixis economist Patrick Artus has decrypted this scenario in an analysis published Monday.Taking into account the levels of debt, public deficits and outside Greece, he felt that Athens should depreciate its currency by 55% to balance its accounts. For now, the country will wipe a deep recession "for the next 18 months." It is characterized by a drop in growth and "a sharp decline in purchasing power" due to inflation, a consequence of the devaluation ("with a surge in import prices by about 30%" ) and monetization of public debt as the deficit persists. Similarly, the bank UBS in a note published evoked early September at a cost of 9,500 to 11,500 euros per person the first year of a release of the European currency.

A scenario "imaginable" and "sustainable"

According to Patrick Artus, this bad patch should then be completed at the end of "two or three years," with a resumption of growth.But for Europe, the bill would be salty, since leaving the euro, Greece should convert its debt in its new currency. Which would cost banks and institutional investors in the euro area some 166 billion euros, according to the devaluation held by Natixis.

An output of the euro remains of Athens "imaginable" and "sustainable", argues Patrick Artus. However, "[he] would not attempt the coup," he insists, for fear that the markets get the idea that other countries in difficulty, in turn, leave the single currency. With online focus, Italy and Spain (under perfusion of the ECB through a program to purchase obligation), the output of the euro is, this time, "not at all imaginable, "given the size of their economies.

Public expenditure or fiscal austerity?

For the economist, only a policy of renewed growth in Greece would head out of the water."We must stop this hard to Athens on the reduction of the deficit, he loses his temper. We are killing the country. Instead of giving him three years to reduce its deficit, which gives him six, and that helps companies to find the path of growth and competitiveness. "

A view shared by economist Nouriel Roubini, calling to reactivate the lever of public spending on pain of falling into a "Great Depression". Tance but Jürgen Stark, the former chief economist of the ECB, for whom "a fiscal stimulus would only increase the level of debt and would therefore only increase those risks further." Whatever decision the euro area, it will in all cases act quickly to prevent the "taboo" from turning into disasters scenarios.

The day after a session sharply higher on Wall Street and in Asia, the Paris market continues to rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Bourse de Paris wins 1.22%, to 3192, 69 points. Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States.

Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Thus, the Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the currency front, the euro continues to rise slightly against the greenback, moving always on top bar $ 1.45. At about 8 am in Paris, the European currency was worth 1.4528 dollars against 1.4510 dollars late Monday.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire. The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. This does not prevent the two values ​​rose by 2.86% and 0.20%, to 35.38 euros and 12.35 euros.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year no checking account payday advance.

Still on macroeconomic indicators will be out today.Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France. Are expected, however carefully in mid-day details of business failures, the business climate and economic sentiment in the eurozone. Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (1.60% to 14.58 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars.Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating. Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (6.12% to 23.50 euros) announced revenues up 5.3% in the first half.He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012. The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

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"The Cac 40 erases its losses the last two sessions

"Wall Street continues its rebound

New tough session in Paris. After opening close to balance (-0.11%), ACC widened its losses in the afternoon, in response to the speech from Fed chairman Ben Bernanke. The index rose from 3045 to 3015 points in minutes. But investors quickly resumed: a comprehensive plan was not finally ends probable.Le CAC down 1% to 3087.64 points.

Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter. It rose 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In Frankfurt, the Dax-30, very bumpy this week limit case and ends with a drop of 0.84% ​​to 5584.14 points after losing more than 3% in séance.À the London Stock Exchange, the FTSE- 100 finished virtually unchanged: it loses 0.02% to 5129.92 points.

Over the whole week, the ACC is, however, more than 2%, reversing some of its heavy losses last week.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Ben Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours. As for the oil markets, a barrel of Brent North Sea crude for October delivery was trading at 110.72 dollars on the Intercontinental Exchange (ICE) in London, up 10 cents while the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 25 cents to 85.05 dollars.

In the euro area, regardless of major macroeconomic news.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously) online payday loan lenders.

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.30% to 52.97 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.82% to 21.33 euros, BNP Paribas was down 2.33% at 33, 56 euros, Credit Agricole down 1.41% to 6.419 euros while Natixis closed the show the worst performance (-4.51% to 2.686 euros).

In an interview with Le Figaro, the CEO of Crédit Agricole (-1.41% to 6.419 euros) said the group had "significant cash reserves" and "has no difficulty in financing" .

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot (-0.62% to 19.36 euros) which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, folds to 2.03 %, to 19.01 euros. Renault wins its 0.46% to 26.32 euros.

Total: -0.73% to 32.5 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

Markets hardly reacted to the worsening debt rating by Moody's of Japan, announced on Wednesday. The rating agencies had indeed placed the debt rating under surveillance Japanese shortly after the disaster and the nuclear accident at the plant in Fukushima, in March. Which amounted to prevent a possible future market deterioration in sovereign debt rating of the country. Moody's has been the first to realize the threat, reducing the note to the next level of long-term debt of Japan, due to the massive debt the country.

Moody's said that Japanese debt is nearly double its gross domestic product (GDP) and it increases every year due to the issuance of treasury bills to cover the revenue well below costs, especially since the 2008 economic crisis."Several factors make it difficult to reduce the proportion of debt vis-à-vis the GDP, thus lowering the note," the statement said the rating agency.

Japan is therefore now been rated Aa3, which is the lowest level of debt deemed the most creditworthy. Further deterioration would tip the Japanese debt rating in the "average". However, a further reduction is not currently envisaged by Moody's. The agency says in fact that it maintains a stable outlook on the rating of Japan, given the preference of Japanese investors for the national treasury. Japanese debt is held mainly by Japanese, the country manages to partially finance the budget deficits at low rates, despite its significant debt.Arnaud Raymond, president of Capital Eleanor, recalls that, unlike Greece, whose debt is held more than 50% by foreign countries, Japan's is 98% owned by institutions or individuals Japan .

Political instability

Political instability is another reason that prompted Moody's to lower the debt rating of the country of the Rising Sun. For Moody's, frequent changes in leadership over the past five years have prevented the government to implement economic reforms and tax effective and long term. Fukushima and disaster has magnified the problem, according to Moody's fast payday loan. "The disaster delayed the recovery from the global recession of 2009 and deflation worsened.The economic growth prospects are low, making it difficult for the government to achieve the goals of deficit reduction and to launch a major reform of the tax system and social benefits, "says the agency.

The downgrade should prompt the Japanese government to put its finances and undertake tax reform, including through increased taxes. The decision by Moody's reduces the debt rating one notch lower than Japan over the note of agecnes competitors. However, Standard & Poor's and Fitch, giving it an "AA", threatened to worsen the country to the next level soon, because of its economic fragility.

No surprise for analysts

Hours after the publication of news on the downgrade of debt, Moody's also announced a cut of the degradation of the note of most Japanese banks, including Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking. "Despite the government's willingness to continue to support the banking system, there is an increasing risk of decline in its ability to provide this support," said Moody's.

The decision by Moody's has not had any significant effect on the yen against the dollar. The course of the dollar has remained stable over the threshold of 76.50 yen. As for the Nikkei index, was down 1.07% at closing, leaded mainly by the decline in Japanese bank stocks.Unlike the stock market panic that had spread to all financial markets after the announcement by another rating agency, Standard & Poor's, the deterioration of the U.S. debt rating, announced that Moody's had on Japan circoncrit effect to the Tokyo Stock Exchange.

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"The world as seen by the rating agencies