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Athens finally got the good report from Brussels. The European Commission ruled Wednesday that the savings plan acceptable Greek. "The Commission shares the ambitious deficit reduction that the Greek government has set, and the fiscal and structural reforms announced in the stability program," she said in a statement.

Greek Prime Minister George Papandreou, had presented new budget measures, including freezing the salaries of all officials at the last moment on Tuesday evening. The Commission appreciated the welcoming approach.

The approval of Brussels is not a blank check.The Commission "calls on Greece to explain the tax measures announced and the timetable for their implementation in the coming weeks" and ", more detailed measures to be implemented in 2011 and 2012.

Athens will be placed under surveillance free credit reports . "The way to help, not only applaud, is to establish a monitoring tool and monitoring the implementation of this program" fiscal recovery, "said European Commissioner for economic, Joaquin Almunia. "For the first time we put in place a monitoring system as intense and almost continuous, but is necessary given the circumstances."

Confidence does not reign. Greece has for several years, played the unreliability of its statistics.In this regard, it will be an infringement procedure.

After the announcement of the Commission, the Greek bond yields back down to 6.516% against 6.742% on Wednesday morning around 8:30.

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The Paris Bourse opened the week and the month of February, down from 0.48% to 3721.66 points in the wake of the decline on Wall Street Friday. The same applies to the Frankfurt Stock Exchange decline of 0.38% at 5587.5 points, and that of London which yields 0.38% to 5168.64 points. After a week punctuated by a sharp increase from 1.37% to 3.739.46 points, investors should be preparing to take their profits.

Markets were awaiting major publications in the United States. Around 12 o'clock, the President of the United States, Barack Obama has proposed a 2011 budget of 3.834 billion dollars. The White House said Monday that the draft budget for next fiscal year (October 2010-September 2011) showed a deficit of 1.267 billion dollars, down 19% due to higher expected revenue.In the afternoon, indicators follow overseas spending and household income for the month of January (1430), construction costs for the month of December (16 hours), the ISM index of manufacturing activity January (16 hours). On Friday, the U.S. GDP figures for the fourth quarter, came out up 5.7%.

The results season of American companies continues its course on Monday with those of Exxon Mobil, the world's oil.

In France, prices for production in French industry decreased by 2.9% in 2009, a decline limited to 1.3% for foreign markets, according to figures released Monday by the INSEE. In all markets (French and exports), the producer prices are down 2.4% a year, says the National Institute of Statistics.In December 2008, prices remained stable (0%) in the industry for the French market.

Sales of new vehicles surged 14% in January by the Committee of French manufacturers (CCFA).

Side currencies and commodities, oil off again on the rise (+0.22% to 73.21 dollars), while the euro strengthens against the dollar (+0.25% to 1.3899 dollars).

Vivendi unscrewed, Ipsen well oriented

Vivendi (-3.42% to EUR 18.2), largest drop in the CAC 40, was convicted by an American jury to have provided misleading information to shareholders in connection with a proceeding initiated in partnership 2002 in the United States by minority shareholders. The New York jury has acquitted the other hand Jean-Marie Messier, CEO of the group of telecommunications and media at the material time and the former CFO Guillaume Hannezo.

Total (2.67% to 41.99 euros).The oil company should take its decision on the future of the Dunkirk refinery by the end of the first half of 2010.

A reconciliation between EDF (+1.26% at 39.52 euros) and Veolia (+2.18% at 24.36 euros) is not on the agenda, said Prime Minister Francois Fillon, adding he continued to favor a gradual departure of Henri Proglio Veolia.

Ipsen (+3.44% at 39.61 euros), the second largest increase of the SBF 120, published Monday sales up 8.2% for the 4th quarter 2009 to 255.3 million euros thanks to its activities in the medical specialty.

PSA Peugeot Citroen (0.55% to 23.77 euros after having opened down 1.73% to 23.23 e uros) confirmed the preventive recall of 97,000 cars for a problem of faulty accelerator pedal that affects also models of Toyota.Saturday a spokesman for the French manufacturer had told Reuters that the recall campaign targeting models Peugeot 107 and Citroen C1 would cover fewer than 100,000 vehicles.

According to information from BFM Sales of new registrations should increase 15% for the month of January 2010. But on the whole year, the Committee of French automobile manufacturers expected a general decline of 20%.

France Telecom (+1.11% to 16.81 euros after a decline of 0.24% to 16.59 euros at the opening). According to The Tribune.fr, the government has been seized by the telecom authority (Arcep) a request for higher rates for operator service providers Internet alternatives.

The world has reason to breathe. "Thanks to a swift and bold, which took place in an atmosphere of unprecedented political cooperation, world economic activity begun to rise again," said Monday Dominique Strauss-Kahn, head of the International Monetary Fund (IMF) in a speech in London at the annual conference of the British employers' federation, the CBI. Believing that "the worst has been avoided," DSK praised the cooperation of various governments and central banks worldwide have injected trillions of dollars into the financial system since the collapse of Lehman Brothers in September 2008, now considered the "big bang" that precipitated the global financial mess.

However, if this collaboration has borne fruit, it should not be abandoned while the economic recovery remains very fragile, says DSK. "I think we can limit the risk of further storms in choosing the right policies, and maintaining the successful collaboration between states," he pleaded. "We must keep alight the flame of cooperation," he started again, saying that the world is now at a "critical moment" and that "permanence of recovery will depend on decisions taken in the months come by the rulers. " Dominique Strauss-Kahn also called to fight in every possible way to stem soaring unemployment, while reaffirming that States should begin to prepare their "exit strategies".

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Next year, South Korea will chair the G20, the group that includes the twenty largest economies in the world. She is so proud that the story would that President Lee Myung-bak has generously sprinkled his victory with Korean journalists on the flight back from Pittsburgh last September.

But the G20 is especially for Korea the opportunity to switch permanently to the big boys. Member of the OECD since 1996, it still suffers from an image of countries whose development it would get rid of. The prospect of the chairmanship of the G20 now gives him the means to take the step that separates the camp from rich countries.

The government does not say. But the past of heavy industry in Korea, automotive, shipbuilding, which earned him once beautiful success in foreign markets, it sticks a little too much skin.The "green growth" advocates now she must give him the tools to turn the page. "It's a gamble on new technologies and innovation," said Lee Dong-keun, Deputy Director, Department of Economics.

Behind the Japanese

The automaker Hyundai knows, like many Korean business leaders, he launches into this race with a long lag behind the Japanese. "But we are confident and ready to fight," he said. "The technology is a challenge that we face at the same time as we are moving increasingly towards service activities with high added value," added Chung Tong-soo, head of Invest Korea, the national agency promotion of foreign investment in the country.

The government were eleven service activities he wants to deregulate, including banks and health.Two very promising market for foreign investors, which ensures the state, are also associated with major projects related to green agenda of President Lee Myung-bak. The details of their participation have not been finalized, but they are "in December," says Yoo Beom-sik, director of international cooperation in the presidential committee for Green Growth. And until the country increasing the economic zones. No fewer than six are currently under construction.

It's almost a turn on the wing for Air France. In its medium-haul flights, the airline plans to reduce ticket prices. In return, benefits (such as seat selection or meal on board) currently included in the fare paid and would become available to the card. Such a formula is in fact the companies that used by low-cost airline Ryanair and easyJet (see below). For Air France and for British Airways or Lufthansa, the conclusion is the same: after a thrill-back this summer, the traffic looks bleak this fall. "Summer is traditionally a good period for our business, explains a part of Air France.The key event was the start of September and the results are clearly wrong. "Lowered activity in the three European competitors is for the success of low-cost companies, but also in France, competition from the TGV.

For Air France, British Airways and Lufthansa, the evils are the same: the number of passengers falling and business is back on economy class. This causes a drop in revenue and profit lines. British Airways is the most mistreated because she is very exposed to the Atlantic. The company recorded a 7.9% decrease in the number of premium passengers in September. In turn, the economy class traffic was up 0.7%. British Airways has reached an operating loss of 94 million pounds in the first quarter of fiscal year 2009-2010.To redress the balance, the company has begun downsizing.

At Air France-KLM, income (per seat per kilometer) fell 8.1% in the first quarter of 2009 in economy class and 18.2% in business class. In the first quarter of fiscal 2009-2010, the Franco-Dutch company had a net loss of 426 million euros. For now, analysts expect 850 million loss this year. To pass the turbulence, Air France can rely on its network in Africa, Oceania and the Caribbean. "He who holds the company," said an officer.

Freeze

Lufthansa seems to suffer far less from the crisis. It was at the German company that signs of recovery have been the most tangible this summer with an activity greater than that of the 2008 season.The group relies on a greater presence in Asia and a business alliance – Star Alliance – more comprehensive than SkyTeam (which includes Air France-KLM).

To restart, Air France is therefore preparing the revision of the tender medium-mail. It has also launched its new premium class traveler. Objective: To bring the business to the front of the camera. The company also announced in September a plan for voluntary departures than 1 500 people. The news relieved the unions who feared a major plan. Reportedly, in 2007, an audit at the Boston Consulting Group (BCG) have advocated the abolition of 30% of posts in support functions, that is to say earth, about 10 000 people. "All our social model is based on economic growth, explains a part of Air France. We have 4% growth to begin to reduce our unit costs.This crisis calls into question our development model. "Meanwhile, Lufthansa has frozen hiring since mid-2008, introduced part-time for 3 500 employees. These plans assume a swift economic recovery. So, in France as in Germany, employees are afraid of social plans more consistent if the passengers were slow to return.

"On board the A380 Air France