This could in the future scaring some lenders

Americans have always exceeded the French in the art of the show. Thus Barack Obama with since the White House the conditions of the arrival of Fiat in Chrysler has nothing to envy to the memory of Dominique de Villepin announcing the marriage of Suez and GDF on the Matignon steps. The provision is further accomplished that accompanied a coup MOP opening the door to a new uncertain world where first creditors will be the last. This could in the future scaring some lenders. The question is whether if this cleaning will succeed to save Chrysler without leaving the road to Fiat. Its inappropriate models, its aged plants weigh heavily on the viability of the father of the Jeep. Sergio Marchionne sees an opportunity to regain the lost key to the US market and to erase the affront of time Fiat was nicknamed us Fix It Again Tony. But this market is in free fall and gives little signs of recovery. With the Turin's relief, Marchionne, who already covets Opel would be wrong to overstate his forces and his gift of ubiquity. Of course investors, with a rebound of 68 of the value of Fiat since January, seem to be trusted. But its first quarterly loss for four years must remind him that before building floors should ensure the foundations. And those of a business are always never moral or economic policy.

Cordon sanitaire

Already in the trend of the fall of 2008, the quarterly accounts for this very seized spring essential fashion accessory is the cordon sanitaire, which is very tight on cash. Telecoms operators are more and more numerous to wear it over their investments, cutting back without States of soul, such as Deutsche Telekom, or by saving thanks to the sharing of infrastructure networks, such as Telefonica and Vodafone. Equipment manufacturer Ericsson is ensuring that it does not feel the effects of this wait, the internal growth of its sales in the first quarter to 5, was slightly less consistent than expected by investors become nervous after the first quarterly loss of concurrent tandem Nokia-Siemens, providing for a decline of 10 of the market. Worse, the Swedish ignores fashion by loosening the cords of his net cash, which has melted to a third party for three months, three quarters because of the constitution of its joint venture with STMicroelectronics. An other decontamination sas him just default, one which would quarantine the loss of its two joint ventures the second since Sony Ericsson who have siphoned off half its operating profit for the quarter.

The ordeal of the bath

If the pleasure taste at the end of the ordeal, the minority shareholders of Natixis are still far from nirvana. Despite a few scattered trades (Coface, asset management) whose value is inentamée and its participation in the strong networks of detail of its parent companies, the prospects of profitability of the Bank for financing of Caisses d'Epargne and Banques Populaires had nothing of reversing. 6 Of own funds the year off last "-crisis", they are two to three and a half times lower than the current objectives of the European investment banks. Shell did not used to the marriage of his parents, eventually reached a through more élyséenne one could imagine three years ago, its rating is justified less and less. The largest bank sinking from Crédit Lyonnais is today more essentially as a bath of 31 billion of poisoned assets that its two main shareholders are unable to drain and public authorities are wondering if the injection of fresh cash enough to dilute. Reaffirmation by its President, François Pérol, last Thursday, that the withdrawal of the rating was not the agenda is not to leave waters scholarship course which, despite a doubling from the point low in early March, has been divided by eleven in twenty-nine months of existence.