Inquire in advance about the possibility of coming with his dog or cat at his place of residence during the holidays is essential. Be "setting up" at the last moment would very likely ruin the months to prepare for the holidays!

Some places such as hotels or campsites may well refuse. It depends on the rules of each institution.

For accepting the campsites, it will usually be asked whether the dog is properly vaccinated, including against rabies. The health record or European passport certifying the animal's will to put in the luggage. Even if rabies vaccine is not required on French territory, it is still strongly recommended. Not least by runaway of the animal.

Also in the campsites, the dog must be leashed and cats must not roam free. Some campsites also refuse the dogs "dangerous" as defined by the law of January 1999 (dogs first and second category). Those accepting them will oblige the masters, as required by law in public places, to silence their companion when he is among the other residents. Teachers should also have all the documents required by law, including possible detention, the statement of the animal at the town hall of residence or the certificate of liability insurance.

Unlike animal health insurance, which will be refunded in case of accident or illness of the animal during the holidays and whatever the veterinarian consulted, liability insurance is for its part if the animal is causing damage.

The "puzzle" leases

Degradation, pollution … this is what most fear the "renters" faxless pay day loans. Some also refer pet hair that may be responsible for allergies among holidaymakers taking over a rental after the passage of previous occupants, owners of an animal.

For rentals, everything is played on a case by case. In 2011, a consumer association had obtained the annulment of the prohibition of a dog, cat or other pet in the drafting of leases rentals. Why she had invoked a 1970 law prohibiting the possession of excluding a pet in residential leases generally. The Court of Cassation had ruled. Thus, owners could well override any prohibition. Well written, it became an illegal clause. Once an animal or causing degradation or gene – as should be the case regardless of where the teachers stay – so it was forbidden to forbid the owner!

Law backed down

Reverse: Article 96 of the law of "simplification of the law" came back in early 2012 on the ban. It now allows the owners of apartments seasonal tourism to prohibit the presence of a dog or cat or other pet.

Only possible for furnished rentals seasonal tourism. Tenants of an unfurnished or furnished accommodation that is not characterized as a rental of tourism can not prohibit the presence of a pet.  

So many reasons for teachers preparing their holidays to learn about the type of tenancy they hear and deal … always ask very clearly if the presence of a dog or cat is allowed.

ALSO READ:

"What are the favorite dogs of the French

"Dogs and cats: a legacy of love

SERVICE:

"Make your pet before leaving on vacation with CPLUSSUR.COM

This is an unprecedented project in France by its size: 70 local authorities have plans to issue a loan grouped by 1.2 billion euros in the bond market. One way to overcome the credit crisis. Banks are now more reluctant to lend to municipalities, counties and regions. And the establishment of the new structure replacing bank Dexia takes time. Certainly, the Deposit has released this year a budget of 5 billion credit. But despite this, local officials fear they will not find banks to 17 billion needed to finance their investments. That is why they are turning increasingly to bond markets. Issuers usual, like Paris and the Ile de France, joined newcomers as Marseille. But this system has a limit: only a few very large entities have the ability to raise capital markets individually.

Hence the idea of ​​a pooled loan, which will allow a larger number of communities to access the bond market. Indeed, this kind of initiative is not new. Urban communities (Bordeaux, Lille, Lyon, Strasbourg …), joined last year by the departments, cities and regions, have issued loans grouped from 2004 to 2008 business card. "But the amounts were much lower. This time, seven regions, twenty departments and more than thirty cities and towns are part of the project, "said Olivier Landel, the Chief Executive of the ACUF (Association of urban communities in France). Two options are on the table: raising the funds at once in the fall or make a first installment in late June, then another few months. "According to preliminary estimates, the rate of the bond issue would evolve between 3.8% and 4.4%. It's cheaper than bank credit, "says one to AMGVF (Association of Mayors of major cities in France). Associations of elected officials are meeting Thursday to refine the draft. It is urgent. A study shows that AMGVF mayors of large cities, concerned about the financing, have reduced their investments by 8% in 2012.

ALSO READ:

"Commons: skeptical of the state group borrowing

"Sarkozy wants to control spending communities

In Norway, one of the richest countries in the world, the housing bubble never ceases to blow. Prices have doubled in less than ten years. The increase has further accelerated in the last quarter of 2011, fueled by falling interest rates. The Norwegian Central Bank, like its neighbors Sweden and Denmark, has changed its monetary strategy in December to counter the appreciation of his crown. "The monetary authorities are faced with a dilemma. Their priority now is to boost exports in a less favorable international context, the risk of maintaining the housing bubble, "says Caroline Newhouse of BNP Paribas.

There is also an effect "euro zone", the economist added: foreign capital sought refuge in the Nordic economies, spared by the European crisis and healthier financially. To say in the Norwegian case, the country has with its sea-kissed gas and oil a budget surplus of 10 to 15% of GDP on average and a sovereign fund with 400 billion euros. Boosted by exports and investment, in 2011 Norway experienced a growth of 2.5% of GDP and unemployment fell to 2.7% in February.

All positive factors that stimulate consumption and real estate credit. "The ratio of household debt to disposable income has grown very large: it rose from 125% in 2000 to over 200% today," says Caroline Newhouse instant personal loans guaranteed.

Back in Denmark

In early February, the International Monetary Fund (IMF) has warned against the risk of bursting of the housing bubble and its consequences on the banking system, the situation of households, and more generally on the country's economic health. The IMF, which considers house prices overvalued by 15 to 20%, slightly revised down its growth forecast to 2.2% of GDP for 2012.

It must be said that the real estate bubble burst in early 2011, after the rise in interest rates, no end to wreak havoc on the small Danish economy has plunged into recession in the second half of the year. Prices continue to fall and foreclosures have reached their highest in 17 years.

In Sweden, the landing is smoother, "the year 2011 was marked by the gradual turnaround in the housing market," said Nathalie Dezeure Natixis. All indicators – start of construction, residential investment, transaction volumes and property prices – are down but still at high levels. Concerned about the phenomenon, the Riksbank has commissioned several studies. It turns out that the movement is less speculative than structural, linked to a shortage of supply becomes problematic in central Stockholm.

ALSO READ:

"Norway / Denmark: falling unemployment

The tension mounts trade with Beijing. The European Union, the United States and Japan have initiated a complaint against China on the issue of "rare earth", the raw materials it has a virtual monopoly and export it rationed in favor of its own high-tech industry.

The proceedings before the WTO, with the support of Barack Obama noticed, shows a profusion of subjects friction. For Europe, they will lock the recent Airbus sales to a recurrent refusal to open government procurement in China. Combined a complaint about the "rare earth" could lead to sanctions. But it may not arrive until after several years.

The political objective of the triple "consultation request" filed Tuesday in the WTO is to press China to immediately deal on quotas, tariffs and other barriers it erected on the export of 17 " rare earth "and two metals, tungsten and molybdenum. Brussels is still no illusions: "The received signals from Beijing does not allow for an early lifting of restrictions," said an official of the file.

Although the People's Republic denies it, there is clearly a "violation of international trade rules," according to the EU. The Chinese restrictions "to be lifted, insists Karel de Gucht, European Commissioner for Trade. They are damaging to European industry and consumers, including in the areas of advanced and green technologies (…) China leaves us no choice. "

For "rare earth", Europe is dependent almost 100% of a global market controlled more than 90% by the People's Republic. The restrictions imposed by Beijing, from June 2010, caused the fever on the course, with increases exceeding 500% on some of these elements.

Relocation of industries of the future

Inflation affects all sectors of high technology, mobile phones, batteries, light bulbs to wind turbines, optical medical equipment. The Pentagon has recently expressed concern about the impact – and a potential shortage – for advanced military applications, including alloys.

Rationing orchestrated by Beijing may also be seen as a subsidy to the industry established the People's Republic, at the expense of its competitors located abroad. The courses go from single to double when the "rare earth" cross the Chinese border, they say in Brussels. This advantage, contrary to the rules, could be the spring of sanctions to come to the WTO.

The EU is worried about more fallout: tariffs and other non-tariff measures would accelerate the relocation of industries of the future, always seeking the lowest cost. "In the field of high technology, supply chain switches still more to China," said the European official. Ultimately, it's about jobs, an argument that has not escaped the United States, or France, both countries launched at full speed towards a presidential election

.

ALSO READ:

"Commodities: WTO condemns Beijing

No wonder that the backup industry has become an issue in the presidential Since 2001, the manufacturing sector has lost over 800,000 jobs in France. Each week brings a lot of sites in need. After the textile factory Lejaby and module manufacturer Photowatt, it is the turn of the steel plant of ArcelorMittal Florange in Lorraine, put to sleep by the judgment of its two blast furnaces, to generate the anxiety … and the attention of politicians.

Francois Hollande visited Florange Friday. There promised legislation that would prevent a company wanting to emerge from a French site to block a takeover by a buyer. Filed Monday in Parliament, this bill has no chance of being passed before the elections. But its content must be dated. In detail, the text is not so coercive as that. "If there is no buyer, we will force the company not wanting to close the plant to find one," said Alain Rousset, President of PS Aquitaine and responsible for industrial matters within the Holland team.

Defensive tool

"By cons, if buyers are presented, the company can no longer refuse to cede the factory, as sometimes happens now. This is the commercial court which will then choose the buyer, "added the official, who sees the device as a defensive tool against abusive practices by companies not wanting to deliver profitable customers or technology to a potential buyer competing .

On the other side of the political spectrum, we do not share this vision. "The logic of this bill is a logical administered economy that always leads to impoverishment," Francois Fillon on Monday denounced the Salon de l'Agriculture. RTL, Nicolas Sarkozy said he preferred to act through the Strategic Investment Fund (ISF), the armed wing of the State acquires a stake in companies. "It makes sense, is to invest," said the president-nominee. Nevertheless, in the case of ArcelorMittal, the use ISP has nothing obvious, the group being held to 40.8% by the Mittal family. Similarly, the government can push, as reaffirmed by Nicolas Sarkozy, the direction to invest in the blast furnace restarts in the second half. But this is ArcelorMittal, as a private company, which will decide whether to invest, based on economic criteria.

The state could in fact intervene through Ulcos European project, focused on CO2 reductions. Through this project, a new blast furnace could be built to high performance Florange. Last autumn, the French government is committed to provide 150 million euros to this program. Commitment that Nicolas Sarkozy confirmed on RTL. Still, it must also get the green light from Brussels. The European Commission must give its opinion in October 2012. Francois Hollande had gone to discuss the subject in Brussels last November. Nicolas Sarkozy has promised to speak at the European summit later this week. But again, the project will not succeed if it is not economically viable

.

ALSO READ:

"Industrial Employment: when the government gets involved

"Holland is committed to employees face Florange

"Xavier Bertrand warns PSA on employment

The head of the Italian Government is committed to the adoption by Parliament before Nov. 15 its plan to revive growth, the first stage at least. The measures were approved Wednesday by the Cabinet. Among the main liberalization of regulated professions and local public services, commitment to gradually raise the retirement age to 67, administrative simplification, auction of 15 billion euros in property assets of the state in three years.

This plan is in addition to 54 billion budget savings passed in September to restore public finances to balance by 2013, when the deficit reached 3.9% this year.

The first event will be played next week in the Senate.Silvio Berlusconi to seek the confidence for his government. He should get it easily, with a large enough majority in the House. In the process, he will present the text for final approval in the House of Deputies. It will be a different story. On October 15, on another vote, there was obtained the confidence by 316 votes against 301. But since his majority has disintegrated. Six deputies Wednesday, two more have defected Friday. "They will return to their positions," said Silvio Berlusconi in Cannes Friday.

Days numbered for the government

A release is actually unlikely. For four days, the Head of State Giorgio Napolitano multiplies the consultations, calling on all political forces, including opposition to "assume their responsibilities in Europe."

The day before, the CAC 40 sold 1.61% below 3200 points, after about German leaders who are very cautious about a future resolution of the crisis in Europe. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.And, while the central bankers of the euro zone had promised a response "comprehensive and lasting peace" to the crisis at the G20 finance this weekend in Paris.

Fears of a slowdown in Beijing this must be added the fear of a slowing Chinese economy, which appears in 9.1% in the third quarter, against 9.7% and 9.5 % in the first and second quarter. "Economic growth is currently facing a more complicated on both external and internal plans," said the spokesman for the National Bureau of Statistics (NBS), Sheng Laiyun commenting on the growth of China. In fact, Chinese exporters are beginning to suffer from particular sovereign debt crisis in Europe, their largest market, a difficult economic situation in the United States.The Chinese economy is also impacted by rising wages and strong yuan, has appreciated by 7% in a year against the dollar. "The number of factors of instability and uncertainty increases," says Sheng Laiyun.

On the front of currencies, the euro rose 0.28% to 1.377 dollars on Tuesday. Oil is meanwhile down in Asia after the confirmation of a slowdown in Chinese growth in the third quarter against a backdrop of skepticism about a speedy resolution of sovereign debt crisis in the euro area.The barrel of "light sweet crude" for delivery in November, up in the early electronic trading, lost 9 cents to 86 low fee cash advance.29 dollars, around 6:00.

On the macroeconomic front, Germany, the barometer of confidence in financial circles ZEW is expected in 11 hours.

In Britain publish inflation for the month of September will also punliée.

Spain should in turn issue Treasury Bills 12-18 months, and publish the figures for bad debts of its banks for the month of August.

Values ​​to follow on Tuesday:

• Danone

Group sales in the third quarter were in line with analysts' expectations, and with forecasts recently outlined by the Group CEO, Franck Riboud.Sales for the period to 4805 and spring million, an increase over one year of 10.5% as reported and 5.9% excluding currency effects and changes in structure. The group confirms its 2011 and said he was "confident" in 2012.

• Air France-KLM

The company announced Monday the resignation of its CEO Pierre-Henri Gourgeon, President Jean-Cyril Spinetta regaining his seat as CEO of the Franco-Dutch until the establishment of a real Air France-KLM holding company, postponed current 2013 instead of early 2012.

• L'Oréal

With the guardianship of Liliane Bettencourt, the transfer of power between the L'Oreal heiress and her daughter opened a new era may change the balance of governance of the group as its ties to Nestlé.

• Edenred

The group announced a growth of 11.3% of sales in the third quarter thanks to a very strong activity in Latin America, enabling it to confirm its annual targets.

• LVMH

The group reported organic growth of 15% to 16.30 billion euros in sales in the third quarter, as the first nine months of the year. He felt that his performance since the beginning of the year confirms its confidence for 2011.

• Aéroports de Paris

The company will present the latest figures for passenger traffic.

• Accor

The hotel group will present its turnover in the third quarter after market close.

• NextRadioTV

The group presents its revenues in the third quarter.

Investors cautiously welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou during a conference call Wednesday night to Athens out of the crisis. Same upward trend in other European financial centers: the FTSE-100 wins from 0.67% to 5262.05 points, the FTSE Milan Mib rose 0.69% to 14,264 points and the Dax in Frankfurt rose by 0 , 87% to 5386.86 points.

For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country are lacking, and is forced out of the single currency. At the end of their conference, the Franco-German and was convinced "that the place of Greece is well and truly in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff. The same goes for Russia, which has indicated its willingness to "consider an investment in the new mechanism in the euro area euro if the responsibilities are clearly defined" through its Vice-Minister of Finance.However, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe. It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe. In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans "has the capacity" to resolve the crisis, seeing as a good thing that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours.While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, figures on employment in the euro zone for the second quarter are expected, and inflation in August.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos low interest rate personal loans.

For its part, Spain on Thursday to conduct a bond issue.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said.In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (0.29% to 17.43 euros), BNP Paribas (1.04% to 27.18 euros) and Credit Agricole (1.80 to 5.31%) will be once again scrutinized by investors. The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources. In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (1.25% to 113.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (2.68% to 13.23 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.04% to 21 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, said its president of dirctoire in an interview for Echoes.

• Publicis (0.56% to 30.66 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (0.53% to 24.86 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (0.76% to 67.89 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.02% to 5.99 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.

Germany valid subject to the rescue of the euro

The side of the euro area, the eyes were on the German Constitutional Court ruled on Wednesday that the legality of the financial contribution of Berlin plans to help Europe. The latter was eventually struck down a series of lawsuits aimed at preventing Germany to participate in rescue packages for Greece and other countries in the euro area. The Court of Karlsruhe, however, observed that the Parliament should have a say greater pout any future rescue.It considers that the German government must seek the approval of the budget committee of Parliament before extending such assistance, a condition likely to slow down a bit more of Europe's reaction to the crisis.

The European Commission has also expressed his relief after Tuesday night's decision by the Italian Government's plan to strengthen budgetary discipline, while financial markets doubted the real will of Rome to reduce its deficit. For its part, the Spanish Prime Minister Jose Luis Rodriguez Zapatero, acknowledged Tuesday the difficult economic situation, highlighting the problem of Greece, and "tensions" in the markets, but said that Spain 's will not need help.

In the United States on Thursday will be a crucial day in Congress with the speech of President Barack Obama on employment.The CNN already believes that it will propose to spend $ 300 billion to new posts. These new expenditures should be fully offset by budget cuts. All the news about the health of the U.S. economy are expected in a context of fear of a recession in America. As such, investors are waiting to know the details of the Fed's Beige Book, which will be announced tonight.

The single currency was up 0.37% to 1.4058 dollar find 'afternoon. It is particularly supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro. Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

Bank stocks rebound

• Banking

Countries in the euro area have no plans for financial support to banks beyond and above what was planned for the financial sector rescue packages in Greece, Ireland and Portugal, have sources said Tuesday the euro area. For its part, Greece wants to extend the powers of its central bank to strengthen bank supervision, hoping to put the sector in the shelter of a worsening debt crisis, according to a bill presented Tuesday.

Bank stocks move up the slope after suffering the last three sessions.Axa (4.17% to 10.02 euros), Credit Agricole (3.20% to 5.74 euros), Société Générale (2.40% to 19.38 euros), BNP Paribas (6, 68% to 31.64 euros) rise.

• Air France-KLM: 5.96% to 6.35 euros

The company reported passenger traffic up 7.6% in August, a load factor of 85.7% on the month and stability of cargo traffic (-0.2%) with capacity up 2.8%.

• Pernod Ricard: 3.78% to 61.47 euros

The group said they did not consider major strategic acquisitions before next summer at least.

• Scor: 2.49% to 16.02 euros

The reinsurer expects to achieve a volume of gross written premiums, equivalent to sales of 10 billion euros in 2013, against 6.7 billion in 2010, according to a statement posted Wednesday on the occasion of a day devoted investors.

• Sodexo: 2.74% to 52.09 euros

The group, a global leader in catering, has announced the acquisition of Puras do Brasil, Brazil's number two industry, in a statement. With this self-financed operation, Sodexo will become number one in Brazil, a rapidly growing market where Puras do Brasil realizes a turnover of half a billion euros.

• Valeo: 8.69% to 33.57 euros

The group announced its intention to repurchase up to 670,000 of its shares to a maximum of 22.5 million euros in connection with operations authorized by the General Assembly in JuneThese shares will be allocated for the implementation of any plan of options to purchase shares in the allocation of shares in respect of participation or implementation of any company savings plan.

• Biomérieux: -2.86% to 69.94 euros

The group released a consolidated net profit up 3.7% to 75 million euros in the first half and said forecast for 2011 organic growth in sales of around 5%, against a previous target of +5% or + 6%, in a context of weak European economy and the U.S..

• Boiron: -25.28% to 20.10 euros

The specialist in homeopathy said the uncertainties in the economic environment for caution in its annual outlook after a second quarter marked by a 3.3% decline in sales.This decline in activity, combined with an increase in personnel costs and a continued investment in advertising, led to a fall of 92.5% of operating profit in the first half of the year.

• Transgene: 1.84% to 9.40 euros

The specialist therapeutic vaccines has announced a net loss dug to 17.7 million in the first half, against -14.5 million a year earlier, but said he expected a second part of a year rich in results and starting clinical trials.

As for recommendations:

The UBS analysts raised their recommendation on the title Accor (5.34% to 23.28 euros) to "neutral" against the "sell" previously. Analysts at Morgan Stanley in turn have lowered their recommendation on the title PPR (1.26% to 108.85 euros) to "neutral weight" against "overweight" previously, said market sources Wednesday.

But mainly because the second plan with 158.6 billion euros, concocted by the Heads of State on July 21 and has yet to be ratified by all members of the euro area, has been seriously shaken by Finland.

Helsinki this week announced it has signed a bilateral agreement with Athens where, in exchange for his participation in the bailout, Greece to collateral ("Collateral") to Finland. This sum, which some analysts valued at 1 billion euros would be invested by Finland in risk-free assets.Interest earned will, in the end, to cover the amount loaned in the rescue plan. In other words, the Finnish government has made pledges to ensure against any risk of default of Greece.

Two-tier system

Technical in appearance, this agreement could have an impact politically devastating. Although this is a bilateral agreement, "Member States of the zone will validate this discussion between Finland and Greece," said a spokesman for the Commission, Amadeu Altafaj, ensuring that " Negotiations are already underway. "

But in Brussels, it does not hide his concern. If it is definitely validated the agreement between Finland and Greece could open a Pandora's box by allowing other countries to step into the breach. Austria, Slovakia and Slovenia are already tempted to do the same."We believe this agreement will exacerbate the problems of Greece and did not fall," warned yesterday the Dutch Prime Minister Mark Rutte. He said the solution is equivalent in effect to "resume direct" the money lent. However, the Dutch Prime Minister said that if the Finns get this guarantee, it should apply to all countries in the euro area make quick cash.

Therein lies the problem. By creating a two-tier system, the agreement undermines the solidarity displayed by the leaders of the euro area on July 21. "The participation of Finland has been canceled," said one EU source, deploring an arrangement going "against the spirit of the agreement" for Seventeen.

Difficult, however, to reverse, the source added.Helsinki is indeed required to deal with the nationalist party of the True Finns since their breakthrough in the last legislative elections and their reluctance to come to the rescue baskets drilled in the euro area.

Markets are not fooled

Under the pressure of Finland, the Heads of State of Seventeen had included a short clause in their agreement of July 21, stating that "where appropriate, a security agreement will be established to cover the risk arising, for Member States of the euro area, the guarantees they have provided to EFSF. " The rhetoric is vague and leaves open to interpretation. Yesterday in Brussels, experts from the ministries of finance in the euro area came together to floor on the issue.

For the Commission, this development is not a surprise, and he emphasizes the urgency of ratifying the agreement of July 21.José Manuel Barroso had written to heads of state of the euro area from August 3 to ask them to speed up the timetable, and thus "avoid introducing excessive stress in terms of conditions or additional collateral." We understand better the rush now.

Athens wanted reassurance yesterday, indicating he had entered into negotiations with a pledge of Helsinki. But financial markets are not fooled: "If all countries in the euro area, each requiring a Trust Agreement, this will restrict all the help that will actually be available for Greece," say economists at Barclays Capital. This would imply de facto establishment of an additional third envelope.

ALSO READ: