A last issue is scheduled tomorrow to raise between 4

Is the France overtaken by the crisis in the euro area Look at the markets, we can ask the question. The rate between the France and the Germany differential returned with high levels. The difference of rates in 10 years ("spread") has thus reached yesterday 52 points basis during the day, according to Bloomberg. It was 48 basis points at the end of meeting, against 40 points early in the month and 18 points early in the year. In other words, the French State pays investors additional remuneration of 0.48 to its German neighbor.

What is the lift First to rumours circulating for two days on the markets, referring to next placement of the note by the France under & Standard Poor's negative surveillance. Rumours that specialists do however not take seriously. Monday, the same were also on the Italy. The Chairman of the rating agency, Deven Sharma takes care to recall that no country is immune from losing its AAA (read below) note. But he stressed that "S & P analysts consider that at the present time, the France deserve its AAA rating". The note of the France has not budged since 1975, the date of its first assignment.

A last broadcast tomorrow

While some economists doubt the ability of the French Government to reduce the public deficit from 2011. Nouriel Roubini did not fail to play the Cassandras last weekend. The American, known for his pessimistic positions taken, estimated that the public finances of the France were not "better as" than those of the Greece or the Ireland. "They did nothing from a structural point of view, their budget deficit is high, politically they are limited in their ability to make reforms. "It is just that, compared to the other, they are not yet at the same point," he professed.

But market experts, the increase in the risk premium French must be relative. "We are in a rumours, highly speculative and highly volatile market;" It is normal that investors are asking: If one looks only at the level of deficits, as simply do some American analysts, the France is the weak link of the countries rated AAA. "But there are also arguments to assert: the best tax revenues that provided, a decrease of its outstanding Treasury bills, share repurchases of debt that reduce the needs for funding the next year, better liquidity, a diversified economy, international champions the rank among the pupils", recalled Jean-François Robin, at Natixis.

For several days, the France is also not the only one to see its risk premium increase: the "spreads" the Portugal, the Spain or the Italy come to reach records. "What is worrying, it is the euro, not the France area, summarizes Patrick Jacq at BNP Paribas.". The French "spread" remains less than the levels of May 2010 (55 points), after the Greek, and less than April 2009 levels (65 points) crisis. "Yesterday, down by 6 points to 3.16 rate in 10 years. Simply, it fell a little slower than the German reference same maturity. "Investors are not by train to sell French debt", it insists the Agency France Trésor (AFT). It has virtually sealed off 2010 funding program, which amounted to EUR 188 billion. A last issue is scheduled tomorrow to raise between 4.5 and 5.5 billion. But this is a "preventive" operation that will allow the France to redeem part of debt coming due next year.