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Last Friday, a small twenty senior analysts from the rating agency Standard & Poor's had noted in their agenda a top secret conference call. In fact, they were about to make history: the meeting focused on the debt rating of the United States. After several hours of deliberations, the leading world power has lost its prestigious AAA. Not a word has filtered out of the meeting.

Rating agencies cultivate secrecy around these appointments called "rating committees." The heart of their power: analysts will decide the fate of nations by voting financial, away from the public on the future of the country note. No list of participants has not been released. However, the assessment can set the tone to the market.Law and internal regulations require many investors to buy or sell some of their shares according to the decisions of the trio of major Anglo-Saxon agencies Standard & Poor's, Moody's and Fitch.

The theory and practice

At the beginning of the procedure leading to the convening of a committee must be an event that could have an impact on the rating of a country, a new government or the publication of statistics. That's the theory. In practice, agencies are not locked in their ivory towers. "The noise of the markets or the hype, the phenomena of modes outside the agency also cause internal discussions that may cause the reopening of cases," says a former senior analyst at Moody's.

To prepare for a summit meeting, the analyst in charge of the target country meets members of the tax administration.Once or twice a year in general, often in a crisis. He did not have access to more information than large investors also regularly received by the authorities. Following a strict methodology and specific to each agency, he wrote a memo and draft a proposal for the "conf call." On the day, it will have to convince between 4 and 20 of his colleagues, a figure which varies depending on the size of the country but also … each holiday, a former gliding.

One man, one vote

One man, one vote: in principle, democratic rule prevails in rating committees. In practice, less glorious. Clan wars and other struggles for influence can disrupt the debate. As in any large company. "It can heat from analysts," says Pierre Cailleteau, ex-head of sovereign ratings at Moody's, now adviser at Lazard.For example, he says, "we were very divided about Greece last year. We had some very important debates internally. "Moody's, which was the first to lower the rating of Athens in 2009, then sharply deteriorated four notches, out of season.

In case of disagreement, how to find a majority? Standard & Poor's has found the solution: the committees are always in odd numbers. Then the strict methodology of the agency under discussion. And, theoretically, the great leader is there to calm things down. "In some cases, the director may have a strong grip on the committee," says Norbert Gaillard, specialist rating agencies *. Analysts may come under pressure, admits to spell Pierre Cailleteau: "We arrived during the session to ask an analyst to reconsider its vote, given the dominant position on the committee."Moody's, the bylaws stipulates, however, to limit the pressure, the lowest in the hierarchy and a vote in the first analyst to appeal a decision.

Subjective criteria

Still, the year-end bonus are set by the Area Manager, at Moody's in particular. The criteria are multiple, subjective: the variable compensation of an analyst depends on the work of presenting and representing the firm on the outside, the frequency of updating of countries covered, or the level of the analyst. "There are good and less good," says Pierre Cailleteau, which concluded: "It is I who stood out on bonuses." Moody's says

The former analyst, who left his practice in 2008, said: "The reports became confrontational, the atmosphere would grow over the independence of opinion. This is one reason I left. "And asks: "Given the importance given to them, is it not problematic that the agencies do not communicate about the independence of their analysts?"

In the end, the committee's decision is published, with an argument, in a press release. But no mention of voting results, the agencies do not want to reveal internal divisions. We do not know if the note of the United States has been lowered with a broad consensus. Or with a voice apart.

Agencies to staff shortages

"Agencies do not have the resources corresponding to the importance of financial regulations and investors give them-and they give themselves," lamented a former Moody's. Standard & Poor's, the largest agency in the world, the Wall Street Journal has only 70 to 80 analysts, juniors and seniors, covering 126 countries.Result, "every senior analyst is responsible for an average of 6 to 10 countries, shows the former analyst. When I was at the International Monetary Fund, an economist focused exclusively on one country. "

Same thing during visits to the Ministries of Finance of the State. Former Moody's drives the point home: "At the IMF, the missions are conducted on site by five and last 15 days. Moody's, we were two, and the visit lasted two to three days. "In Fitch's rating committees collect a minimum of four analysts. At most, 20 people participated, but it is very rare. Contacted by lefigaro.fr, Moody's would not say how many senior analysts it employs.

Rating agencies could afford to recruit: profitability is very high. Moody's expects a gross margin between 38 and 40% in 2011.The past year, Fitch was more than half of revenues (58%) and the Standard & Poor's to 43% on the only first three months of 2011.

* Norbert Gaillard is the author of "The rating agencies", Éditions La Découverte, 2010

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After a week marked by the beginning of a very nervous investors, the Paris stock market is still under pressure on Tuesday, still confused about how to react against the agreement reached Sunday night in the United States on raising the ceiling of the debt. The CAC 40 was down at the opening of 0.52% to 3569.26 points before giving further 0.45% to 3571.86 points in mid-session.

The benchmark index of the Paris this morning reached a new session low of the year at 3553.54 points. Yesterday, he finished in a very sharp decline (-2.27%), despite an optimistic start of the session after Barack Obama announced that a compromise was finally reached between Republicans and Democrats on the measures to be taken to reduce 'U.S. debt, after weeks of negotiations.The House of Representatives has also tonight approved the agreement, which will, from this Tuesday evening, subject to the U.S. Senate.

The Cac 40 was finished on Monday, under the 3600 points, to 3588.05 points, the lowest since August 2010. In addition to the uncertainty on the adoption by Congress of a plan considered "a minima", investors were frightened by the publication of an indicator of U.S. industrial activity is very disappointing. What revived fears about the strength of the growth of world's largest economy.

Therefore account for these concerns again the minds of investors on Tuesday, while voting in the night by the House of Representatives from the increased ceiling of U.S. debt relieves some of the final adoption of the plan.The Senate vote, expected on Tuesday to 18 hours, should not influence the market today.

In addition, rating agencies have not yet given their opinion on the common ground found in extremis by the elected Democrats and Republicans, especially regarding proposed budget cuts to reduce the deficit (2.5 trillion dollars over 10 years) . This raises the specter of a possible degradation of the maximum always assigned to the U.S. sovereign debt (AAA).

Elsewhere in Europe these concerns also influence the trend. In London, the FTSE 100 was down 0.56% to 5742.24 points while in Frankfurt the Dax moves ever in the 7000 points mark, after the results poorly received by the market.Metro disappointed.

The long-awaited economic figures

Beyond the issue of debt, new macroeconomic indicators are expected across the Atlantic on Tuesday and could more severely curb the trend. At 14:30 will be unveiled including the revenues and expenditures of U.S. households for the month of June while vehicle sales for the month of July should be reported late this evening.

Meanwhile, in Europe, producer prices remained stable in June, having increased by almost 6% year on year, according to data released Tuesday by the EU statistics office Eurostat. In May, prices fell 0.2% after 19 months of consecutive increases (5.9% increase).

On the currency front, the markets vary little, still mixed on how to deal with an agreement reached in the snatch.The euro was virtually unchanged against the dollar on Tuesday morning after its decline yesterday, and while the vote on raising the debt ceiling is expected in the U.S. Senate. In mid-session, the European currency was worth 1.42 dollars, a slight decline of 0.36%.

The side of the barrel, and the day after a volatile session marked by swings of the agreement on U.S. oil prices rose slightly off again Tuesday morning in electronic trading in Asia. In morning trading, a barrel of "light sweet crude" for delivery in September yielded 0.85% to 94.08 dollars.

As for values ​​to follow

Alcatel-Lucent rebounds strongly, leading the CAC 40 in mid-session (1.56% to 2.66 euros), while Schneider Electric last displayed index (-4.05% to 96 euros) .

Early publications of the banks, BNP bounces in mid-session

The pace of publication of results of companies this week is calmer. Note, however, launched the quarterly publications of the major banks, with BNP Paribas, which reported this morning results below expectations. The first French bank missed the consensus in the second quarter due to supply and charges (560 million) related to the background of aid to Greece and a weaker than expected growth in income.Consequence of this disappointment, the stock has fallen sharply this morning, before recovering in mid-term: shortly after noon, BNP Paribas 0.56% clawing at 43.92 euros, Societe Generale advance of 1.35% to 33.75 euros (bank accounts will detail on Wednesday), Natixis wins 0.48%, to 3.12 euros, but sells Axa 0.51% to 12.74% (results on Thursday).

NYSE-Euronext (-0.89% at 22, 75 euros). The exchange operator has issued Tuesday a quarterly net profit down 16% to $ 154 million (106.83 million euros), reflecting a decline in trading volumes in equity markets and derivatives markets in New York and Europe.

Schneider Electric (-4.13% to 95.092 euros) announced Tuesday the resignation of Anand Mahindra's term as a member of the Supervisory Board due to potential conflicts of interest between the French and Indian group Mahindra & Mahindra.These conflicts could "arise from the development of these two groups in the distribution business in India," said in a statement the French specialist of electrical equipment.

The specialty chemical Arkema (-3.18% to 64.19 euros) should be very surrounded on Tuesday after the group announced an increase of 33% of its EBITDA (EBITDA) quarterly, which reaches a record 320 million euros.Thierry group provides the Hénaff for 2011 an increase of about 30% of its EBITDA.

EADS (-1.71% to 23.54 euros), despite having a large cash flow, it does not squander his money by overpaying their prey, said Monday its director of acquisitions in an interview to Reuters, after announcing a fourth acquisition this year for the European aerospace giant.

HSBC (2.01% to 7.09 euros) the British bank, one of the first in Europe, will hire 15,000 people in emerging markets over the next three years, said a spokesman Tuesday, the day after the announcement of the removal of 30 000 jobs worldwide.

Gameloft (-0.21% to 4.74 euros) confirmed late Monday its growth targets in sales and margins in 2011 after a consolidated turnover up 11% to 37.4 million euros the second quarter.The weak dollar has had a negative impact on sales, said the publisher of mobile games.

Note that DnxCorp (ex-Dreamnex, -1.99% to 19.75 euros) will unveil its after market sales for the second quarter.

In the wake of a decisive EU summit on the future of the euro area, the Paris market continues its march forward again on Friday, relieved by the solutions provided by the 17 member countries of the euro area to the Greek fire. A mid-term, the benchmark index in Paris frankly advance of 1.08% to 3857.94 points. Yesterday, the CAC 40 1.66% has already been awarded, going above the bar of 3800 points (3816.75 points), and welcoming the draft agreement the EU summit in Brussels which includes a longer the duration of loans in the euro area in need.The countries of the region have also yesterday on the table a new plan to help nearly 160 billion euros to save Greece and prevent contagion from the debt crisis, but at the risk of causing a default the country.

These extraordinary measures were immediately relieved markets, notably in Paris or the Paris index had won more than 9% since the beginning of July. The agreement on debt relief, Greek, amounting to 350 billion euros at present, is still today applauded by investors, as well as the involvement of private banks in the device, even if the modalities of this participation to be defined.

On other European markets, the relief is essential.In London, the FTSE-100 was up 1.10% to 5964.57 points while in Frankfurt the DAX index itself to a more timid step forward from 0.64% in 7336 , 51 points.

Japanese support

The announcement Friday by Yoshihiko Noda of possible support from Japan also supports the upward trend this morning. The Japanese Finance Minister has in fact said on Friday that his country was ready to buy more bonds from the European Financial Stability (EFSF) if necessary. Japan has invested some 2.5 billion euros in the first three issues launched by the Fund since January 2011, to help Ireland and Portugal.The minister said Japan is ready to continue "at the same rate, if it can help stabilize the economies of the European Union."

This global expansion of the Greek fire, which had once benefited the euro yesterday, has not had any lasting effect on the foreign exchange market. At mid session on European markets, the euro was worth 1.4412 dollars, against 1.4417 dollars on Thursday night. In the wake of the announcement of the plan, the euro reached a peak Thursday at 1.4443 dollar. In terms of oil, oil prices start rising, supported by a European, but also by the announcement of the International Atomic Energy Agency (IEA), which has no plans to release a reserve again strategic. In morning trading, a barrel of "light sweet crude" took 28 cents to 99.41 dollars, after crossing at the meeting yesterday the 100 dollars.That of Brent North Sea took 23 cents to 117.74 dollars.

Macroeconomic side, some important indicators are expected on Friday. Orders to industry have increased more than expected, however, in May in the euro area, show the figures by Eurostat Friday. New orders rose 3.6% from one month to another in the 17 countries using the euro and 15.5% year on year. This morning, INSEE reported a sharp deterioration in the morale of French industry in July, the index fell from 110 to 105 a month. This announcement has not scared investors, the index remains above its long-term average (100 points), in which it had sunk in 2008 with the crisis do not exceed once again that the end of 2010 . Across the Atlantic, no major indicator is expected.

As for values.

In the forefront of best performance, the banking sector is surrounded by this Friday, the day after the adoption of the European plan for Greece. Crédit Agricole (3.42% to 9.62 euros), Société Générale (2.24% to 39.08 euros) and BNP Paribas (2.43% to 50.11 euros) in net rise. Axa (1.56% to 14.64 euros) and Natixis (1.60% to 3.41 euros) are also well oriented. 40 CAC Hors, Dexia wins 4.71%, to 2.15 euros.

The rating agency Standard and Poor's raised the rating a notch French TV group TF1 (0.99% to 12.80 euros), to BBB +, saying that despite the increase in sales shy , cost savings were being lead to greater profitability.

Accor (3.71% to 31.76 euros). The hotel group confirmed to be entered into exclusive negotiations with the catering giant Sodexo to give him the caterer Lenôtre.An enterprise value of € 75 million was used for the project.

Lafarge (2.11% to 40.58 euros). The French cement plaster will sell its operations in Australia in the group of German Knauf construction materials for 120 million euros. The operation, which will reduce its debt, expected to close before the end of the third quarter of 2011.

Sequana (-1.62% to 9.60 euros). The group announced half-year net income almost sixfold, to 35 million euros, against 6 million a year ago, and a turnover of 2 billion euros (+1.3% yoy pro forma), supported by higher selling prices last year. However, management has lowered its target EBITDA of "higher" to "close" to that of 2010.

Groupe Eurotunnel (-0.42% to 7.60 euros).The group has published interim accounts showing a net profit of 2 million euros over the first six months of the year against a loss a year earlier. Turnover increased 22% to 396 million euros. Management expects for 2011 an increase in EBITDA.

Air France-KLM (2.84% to 9.92 euros). The order of a hundred long-haul being prepared by the Franco-Dutch company will be shared equally between Airbus (EADS) and Boeing, La Tribune reported Friday. According to the newspaper, the board of directors of the Franco-Dutch company will review the draft July 27, before an announcement expected in September.

Schneider Electric (2.22% to 108.30 euros) announced a partnership with NVC Lighting, a small Chinese company which will take 9.2% of the capital, to strengthen in the Chinese cities of small size.Specialist solutions energy management also announced two acquisitions: that of certain assets in China Chongqing Enlin Electric, and of the Brazilian Steck, specializing in low voltage products.

France Telecom (1.40% to 14.47 euros). Orange has signed Thursday with Free (Iliad: + 1.46%, to 91.45 euros) an agreement to co-finance the fiber-optic networks to the Internet at very high speed, in about sixty cities located in sparsely populated areas and announced in active discussions with other operators.

Pierre & Vacances (stable at 58 euros). The group announced that its summer bookings for the quarter were ahead of last year on all its destinations, including the sea in France.

Bongrain (1.29%, to 65 euros).The food group has reported an increase of 13.2% of its turnover in the first half, but warned that the sharp rise of raw materials created tensions on consumption and margins.

Somfy (-0.01 to 207.98 euros). The roller shutters specialist reported Thursday a turnover up 13.9% to 501.2 million in the first half, up 8.7% on a comparable basis. The strong demand in Germany and France ontéclipsé Asia the impact of the disaster in Japan, Europe and North and South that of British and Greek economic difficulties.

Vivalis (4.50% to 7.89 euros). The biopharmaceutical company, announced in the first half, a product of the ordinary activities of € 4.7 million, up 165%, and consolidated cash of 36.0 million at June 30, 2011.

While European leaders are working on the Greek crisis to find a solution by Thursday, the Party of European Socialists (PES) advance his proposals. In a joint statement, Martine Aubry and 12 other European socialist leaders have agreed on a roadmap. The Socialists are in power in particular Spain and Greece.

The PES associated himself with the idea of ​​Eurobonds. Concretely, this would be to issue bonds to 17 common European states in the euro area. According to this roadmap, this mechanism would allow to pool risks and protect the weaker states.

In an article published in The Journal of separate Sunday, the candidate for the primary PS Francois Hollande also defends the system of Eurobonds. "They are an effective way to raise money at lower cost," said he.He added that this could be used to "buy Greek debt delisted and to speculators at their own game", the latter focusing on a bankrupt country.

Buy Greek bonds, which are worth more thing: this last idea was put on the table by Germany, reports the magazine Der Spiegel to be published Monday. This technique would save 30 billion euros.

Mutual guarantees

European Socialists also advocate a system of mutual guarantees of European debts to "help the countries attacked by speculators" and would help them "to the costs of stabilization." The PSE also blames rating agencies, criticized for their very recent decisions concerning Greece and Portugal. The party wants to "limit their power" and forbids the creation of a European rating agency.

François Hollande, who associated himself with the JDD many of the proposals of the PES, also calls for merging the functions of president of the European Council (now Herman van Rompuy) and President of the Commission (José Manuel Barroso) to take the head of a real "economic government" of Europe.

"Dangerous" statements

The budget minister Valérie Pécresse denounced statements Socialist Sunday morning, "Francois Hollande and Martine Aubry are engaged in a dangerous competition of statements on the euro that are likely to undermine efforts made by all European and France primarily to protect the euro area ".

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The agreement is good news the French biotech Innate Pharma. The company, based in Marseille, in a statement anounce the signing of a global agreement with the U.S. laboratory Bristol-Myers Squibb (BMS).

BMS is thus committed to finance the development of the IPH2102, a new antibody in Phase I development created by the biotech Marseille for the treatment of cancer. Thus, the U.S. laboratory to make an initial payment of Innate Pharma $ 35 million, followed by other milestone payments based on research findings. The total amount of the transaction could reach $ 465 million (over 320 million euros).Innate Pharma should also receive a fee, a "double-digit percentage" of international sales net of the product.

In exchange, "Innate Pharma will provide Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and marketing of IPH2102 and compounds structurally related KIR receptor blocking."

Innate Pharma flies title

"This license agreement is the largest ever made to date with a French biotech in financial terms," ​​said Hervé Brailly, CEO of Innate Pharma. "Bristol-Myers Squibb is a global leader in the field of immuno-oncology and as the best partner we could look to realize the full potential of IPH2102," he adds.

To BMS is a new step in its strategy of "string of pearls."The giant seeks to "establish collaborations with innovative businesses and leaders in their field worldwide," said Mike Seeley, CEO of BMS France.

The announcement of the agreement was followed closely by investors. The title Innate Pharma jumped nearly 80% in early trade, to 2.35 euros. The CAC 40 rose 0.46%.

Almost every week, oil platforms allow leak of oil and gas in the waters of the North Sea, according to British newspaper The Guardian. The newspaper in fact, a document that identifies leaks in 2009 and 2010 reported by the operators of platforms from the British authorities responsible for health and safety, the Health and Safety Executive (HSE). For the first time the name appears and the oil companies responsible for more than 100 leaks during these two years.

The Anglo-Dutch company Shell is at the top of this sad track record, with no fewer than 17 leaks "important" or "major" reported. Brent Charlie platform's alone has seven leaks that have escaped 4.9 tons of gas, of which 4.6 tonnes April 26, 2010, which resulted in a suspension of production.The Guardian notes that last Friday, the HSE has threatened to stop work on Brent Charlie. Shell has already stopped exporting oil from this platform and with three more to address safety issues.

With 5.4 tons of oil and gas spilled in two years, French Total heels Shell. Other companies are involved, such as Danish Maersk and Talisman Canada, and the BP already convicted for his role in the explosion of the Deepwater Horizon in the Gulf of Mexico in March 2010.

"The tip of the iceberg"

During this disaster, other oil companies had assured that such an explosion could not occur on their facilities cheap pay day loans. "Safety is, was and will always be our number one priority. This is our core value, "yet assured in November 2010 Peter Voser, chief executive of Shell.But the figures published by The Guardian seriously undermine these claims and even the importance that companies attach to the security of their facilities.

Leaks reported by operators would, moreover, that "the tip of the iceberg," according to the log information. Condition of anonymity, employees say, in fact, a "code informal" drives them to silence the accident for fear of losing their jobs. Since each stop represents a loss of production, companies prefer to ignore the incident …. sometimes verges and disasters. "We were very, very close on several occasions, said Jake Molloy, general secretary of the union workers in the North Sea OILC. It is sometimes more a matter of luck than good management. Some companies do not care. Because of high oil prices, they are cutting back costs.Some have already been prosecuted. "

»View the complete table published by the Guardian

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A true campaign speeches. Cambodia before the French together in a vast lounge of the Sofitel Hotel in Phnom Penh, the prime minister Saturday launched a violent charge against the left, without ever naming it: "Those who believe that the idea that one could 'de-globalization' history and the comfort of a domestic policy alone, without external stress, maintain a dangerous illusion, "he said, while some voices in the PS and the Greens in particular to call for ecological and social conversion of the production system. "Globalization is a fact, not a hypothesis," has dealt François Fillon, taking the opportunity to refine their profile politician "lucid" which tells the "truth" to the French.

"You who live in the Asian continent, you know what is meant by globalization and the (…) changes it brought with it," he said to an audience that the UMP would attract and retain the perspective the presidential election of 2012 (hence the creation Wednesday of a Secretary of State for French nationals abroad, at the ministerial reshuffle).

Fillon promised to fight against the risk of decline

The prime minister also criticized the "lack of responsibility" for "those who advocate, under a mask of generosity, the return to funding expensive." "Between the spring of election promises and fall of the exercise of power, the reality is responsible for breaking down dead leaves of inconsistent programs," he added, lyrical faxless cash advances.

While calling for more than "partisanship," the Prime Minister continued his charge against the advocates of protectionism. "Those who want to get France out of the euro, if unfortunately they came to business, they would endanger our economy, our social model, in the name of a false idea of ​​national sovereignty", he attacked. Against these "lax or populist proposals" which "we pose the risk of decline," Fillon promised he would fight "all (his) forces."

While the UMP is constantly mock the PS program considered "dated," Fillon drove the nail in praising the reforms carried out in four years: a guarantee "of international adjustment," he praised " we have continued to act to reinvigorate our economy, to capitalize on innovation to secure our social model, to contain our costs, "he added."None of these reforms has not been easy, he said. But I am convinced that their legitimacy will prevail, because the French feel that the new world will be uncompromising for nations that choose the easy (…) With the approach of elections, disputes conducive to systematic and utopias of all kinds, we will maintain our line of truth and realism ambitious. "

(From our special correspondent in Cambodia)

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As announced in Le Figaro on Wednesday morning, it is Baroin which eventually succeeded in Christine Lagarde Minister of Economy. Valérie Pécresse was appointed to the Department of Budget and is also the holder parolat government. Bruno Le Maire remained in agriculture.

The combination has changed from what was planned Tuesday night after a political blackmail fully assumed by Baroin. The latter has resigned in the balance when he knew that the decision to appoint Bruno Mayor for Economic Affairs was in the process of being confirmed.

The Minister of Agriculture was preferred by Xavier Musca, the secretary general of the Elysee, but also that of Alain Juppe, which saw Nicolas Sarkozy about it this weekend. But it is ultimately a more logical policy that took her.The other entrants were the centrist UMP Marc-Philippe Daubresse for Research, Francois Sauvadet, the chairman of the New Centre in the National Assembly, which would become Secretary of State for Planning.

Other changes of this redesign, Laurent Wauquiez retrieves the portfolio Valérie Pécresse and became Minister of Higher Education and Research. He leaves European Affairs Jean Leonetti. The centrist Francois Sauvadet becomes him, Minister of Public Service while Thierry Mariani became Minister for Transport. Finally, David Douillet became Secretary of State of French nationals abroad (see the complete list of nominations of the new government).

"The president gives in to every whim"

This new combination of government will leave its mark in the quadrants of the majority.The mayor was outraged to find that enough of a nervous breakdown of his former friend Baroin to patterns established by the head of state to be thrown to the basket. Tuesday evening, he suddenly refused the ministry's budget that he proposed in François Fillon consolation prize, saying he had "no special skills to make on the job," says a close associate of Minister of Agriculture.

As for Baroin, he was forced Tuesday to discover his true ambition: to enter at all costs in the round of presidential candidates. This calculation has not escaped François Fillon, who sees as his advantage by supporting the budget minister, he knows he drives a wedge between two lifelong friends: Jean-Francois Cope and Baroin.One thing is certain in any case: the dinners of the quadrants, which gathered around the ambitious Cope from the right will be an opportunity to explain some friends or former friends. "It seems that the president gives in to every whim," says one familiar from the Elysee.

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From our correspondent in India.

Christine Lagarde has just arrived on Tuesday, June 7 at Delhi where she will try to convince Indian officials that while emerging markets are booming, it is best placed to her, the European, to replace Dominique Strauss-Kahn the head of the International Monetary Fund (IMF). The French Minister of Economy, Finance and Industry will meet with Pranab Mukherjee, his counterpart of Finance and Prime Minister Manmohan Singh. It should also meet with Montek Singh Ahluwalia, Deputy Chairman of the Commission Plan. It is no coincidence. There are a few more days, Ahluwalia had been presented as a potential candidate from India. And why not, BRICS, the bloc of emerging economies that account Brazil, Russia, India, China and South Africa. Then the rumors were silenced.Officially, Montek Singh Ahluwalia would have exceeded the age limit for a candidate. In fact, Delhi has decided not to enter the race.

Paradoxically, India does not seem interested in carrying the "Battle of the IMF." "There is no shortage of leading economists, diplomats and scholars of talent that could be good candidates. And since the World Bank president has always been an American and a European director of the IMF, it would be logical to try to persuade the fund to elect now a candidate from a developing country, whose influence on the global economy is growing, "protested Anant Goenka, an economics professor.He continues: "Why this silence as China, Brazil and South Africa are on the frontlines demand a change?"

The positions are changing in India

Defeatist, India? "You can say so, but the silence of Delhi shows that Indians are particularly realistic in this matter," says BL Pandit, director of the Delhi School of Economics. It is not a democratic election, the contribution of India to the IMF's reserves is not very high, and finally, everyone here thinks that games are made and, again, the position go to a European. " He acknowledged however that "things are changing rapidly" and that growth is changing latitudes, "it might be that the leaders of the Western world are considering share positions in international forums."

At the last summit of BRICS in China last April, India had not been left to demand a reform of the Bretton Woods for emerging countries. In late May, when Dominique Strauss-Kahn had resigned, Manmohan Singh, who was visiting Addis Ababa, had stormed: "Reform of the Bretton-Woods is a priority for developing countries." He has since changed his tune. On the occasion of the visit of German Chancellor Angela Merkel in late May, the leader of the Indian government said: "A prestigious position must go to the best candidate, regardless of nationality."

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Goldman Sachs, the largest bank on Wall Street, the subject of a request for information from the prosecutor in Manhattan. The office of Cyrus Vance Jr., who also addresses the issue Strauss-Kahn, asked Goldman Sachs for clarification on its activities before the crisis in bonds secured on real estate debt.

The survey was conducted by a Senate committee. His report of 640 pages, released in April, outlines potential conflicts of interests between, on one hand, potential paris Goldman Sachs on the collapse of the housing market and, secondly, how the bank distributed financial products to its customers. Democratic Senator Carl Levin bank suspected of having lied. The approach of the New York attorney could lead to an investigation or even criminal prosecution.