Italian bond yields to six months jumped to 6.504% against 3.535% in a similar operation on October 26 while rates at two years have soared to 7.814% against 4.628%, unheard of since the creation of the euro area. These levels are considered unsustainable over time to the peninsula awash in a huge debt representing approximately 120% of its GDP.

The Treasury, however, managed to raise as planned EUR 10 billion with a demand remains strong make quick cash.

At the head of the country for less than two weeks, Mario Monti said on Thursday during a mini-summit in Strasbourg to the French President Nicolas Sarkozy and German Chancellor Angela Merkel, that Italy would "do its homework "and take the objective of a balanced budget in 2013. A goal that will require the rapid adoption of new austerity measures.

Tackle pension reform

The draconian austerity plans adopted in July and September will indeed not sufficient when the latest statistics (consumption, industrial production) fuel fears of a recession into the third largest economy in the euro area.

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece. Europe is planning to review the private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF).Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen. This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday. The board of directors of Dexia (-27.7% to 0.94 euros) announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular.The Franco-Belgian bank should speed up the sale of its jewels and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

The sugar group Cristal Union will acquire in a friendly group Vermandoise for nearly a billion euros to create the number five European sugar industry, which will be number two in France behind Tereos. Vermandoise group includes two companies listed on NYSE-Euronext Paris, the Society of Sugar Vermandoise (SVS) and the Sugar Company of the Old Pithiviers (SSPLV). The listing of the two securities is suspended.

GDF Suez (-0.20% to 22.40 euros) has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution.The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle (-0.80% to 64.34 euros) reported a sharp drop in its annual net profit by 48% to 30.4 million but expects a rebound in profitability for the year 2011-2012. The food group is also in talks to buy the vegetables Aucy in Russia.

Naturex (-0.76% to 49.42 euros), a specialist in natural ingredients of plant origin, will launch a capital increase of € 49.3 million to fund acquisitions and increase its free float stock.

Last response date, two UMP announced Friday their intention to table an amendment to Bill Financing Social Security (PLFSS) reserves to tax "excessive" for certain health insurance schemes. Their goal: to prevent a sharp rise in contract prices by encouraging individuals to use their mutual financial reserves rather than pass on the increase in the tax on membership fees.

Sébastien Huyghe, MP North, and Valérie Rosso-Debord, Meurthe-et-Moselle, advocated to establish "what could amount to a wealth tax" on the margins of solvency of each other located far beyond the legal limit. "The law requires unions to hold minimum reserves called legal reserves or solvency margins, which now account for 17% of the amount of annual dues. When this level is set aside, it is said that the solvency of the mutual is 100%, "they recall. In their amendments, MEPs are the players that has a line "located beyond 300%", a rate considered sufficient to ensure their development or deal with contingencies.

According Valérie Rosso-Debord, the reserves of each other is "five to six times beyond the level required."These organizations "a way of managing heritage, which is not in the interest of their contributors," lamented the member quoted by Reuters. For his part, Labour Minister, Xavier Bertrand, argued that no insurance company or mutual was in financial difficulties and were "not required to fully pass this increase" on their customers .

"No secret reserves"

These arguments will probably jump Caniard Etienne, the president of the National Federation of French Mutual, which represents 600 health insurance schemes. He said the tax increases will be reflected automatically on membership fees, mutuals have already seen their margins decline in recent years. In this context, it amounts to 3.5% increase "mechanical" contribution for 2012. "It is no secret reserves" into the coffers of these organizations, he assures.A view shared by Gerard Andreck, Chairman of mutual insurance companies (Gema), a trade association. "Maybe there are a number of which are in mutual capacity to absorb this increase, but not the general market," he said after the vote by the parliament of the text .

Yet, according to Le Parisien, the market would not be so tense. Based on the balance sheets and income sector, the paper shows that mutual health organizations are seated on a "gold mine hidden" gigantic. MGEN (Mutual of Education) would be the best endowed. In 2009, its reserves "excessive" reached 1 billion euros, representing a solvency margin of 667%, well above the standards. With reserves of 262 million euros, Malakoff Médéric benefit from a solvency margin of 779%.These financial reserves "would easily (these mutual, Ed) to support the additional tax under the government without making their customers suffer," the paper concludes.

According to a study released Wednesday by UFC-Que Choisir, the French spent 25.4 billion euros in additional contributions to health in 2010, an increase of 16.6% in five years, two times higher than the increase income. And raising taxes will bring to the state 100 million euros in 2011 and $ 1.1 billion in 2012, according to government calculations.

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One way to illustrate the policy to support training through professional transition contracts. But the Elysée had also clearing the way for some 60 miles away, sending his agriculture adviser, Daniel Perrin, to listen to the grievances of the employees laid off soon a group Lactalis Cheese Company, which manufactures including cheese … President .While polls show an improvement, but in the context of attacks on returning the case Bettencourt, Nicolas Sarkozy wanted to place his action under the sign of toughness. "The important thing is persistence. It is a keyword. (…) We are not in Libya would not have happened without toughness … the same tenacity will be put on employment, competitiveness of France. You have to fight inch by inch and finally get results, "he said.

By repeating the word seven times, Nicolas Sarkozy coined the slogan of the day.He also managed to draw a parallel between the end of the Gaddafi regime, which fell when everyone was betting on the stalemate, and the "titanic battle for France again become a place of production."

Sarkozy has nevertheless recognized that unemployment figures for the last three months were "clearly not good, but how could they be in the context of global economic and financial crisis?". He preferred to put forward some encouraging statistics, such as increasing the number of jobs created (120,000 in the first six months of 2011) quick cash. As his Secretary of State for Tourism Frédéric Lefebvre, he also established a link between unemployment and the demographic vitality of the country."A workforce that is increasing every year 150,000 people (…) is good news because in thirty years, France will be larger than Germany (and) it's good for the financing of our system of retirement, "he was glad. But "before reducing to one the number of unemployed is to find 150,000 jobs for 150,000 new" entering the labor market, he said.

On the concrete cures, Nicolas Sarkozy has remained modest. He announced a boost of 20,000 additional assisted contracts for young people and more than 50 years. But in a crisis of sovereign debt, no way to release the tightening imposed on the state budget. For the first time, the head of state has defended the new plan unveiled last week by Francois Fillon, who has to save one billion euros in 2011 and 11 billion in 2012.However, he vigorously defended the inclusion of the golden rule in the Constitution. "My God, but where's the catch? Are those temporarily in charge of the direction of France can not undertake that the annual budget goes toward equilibrium? ".

He cited the example of bipartisan agreement that has just spoken in Spain, "the Socialists and the Spanish right love their country more than their party, and I hope for France that politicians love their country more than their parties and their personal interests, "commented the head of state to the attention of the opposition.

Of the other major European stock markets, the FTSE-100 from the London Stock Exchange gained 1.02% to 5147.27 points and the Dax-30 from the Frankfurt Stock Exchange is 1.01% to 5529.26 points. Wall Street closed Monday evening while a cautious rebound Asian stock markets advance slowly.

While awaiting the president's speech to the U.S. central bank, Ben Bernanke, Friday, and the publication of the second estimate of U.S. GDP in the second quarter, the same day, the markets are mindful of the situation in Libya where the prospect a regime change seems inevitable with the fall of Colonel Gaddafi after 42 years of reign.

Oil prices retreat slightly

As a result, oil prices were cautious on Tuesday morning. In morning trading, a barrel of Brent North Sea crude for October delivery fell by 2 cents to 108.34 dollars, after losing 18 cents in early trade.A barrel of "light sweet crude" for delivery in October gained 27 cents 84.69 dollars.

On the macroeconomic front, the growth in activity in France has re-accelerated slightly in August, but three months to offset the sharp slowdown that has just experienced. The manufacturing PMI rose to 53.6 points against 53.2 in July.

In the U.S., sales of new homes in July were attendures to 16 hours.

On the corporate side, while the regime of Colonel Gaddafi is expected to end, the energy and oil are in the form: Total climbed 2.31% to 33.46 euros, GDF Suez is 1.66% to 20.50 euros EDF wins and 1.13% to 20.94 euros.

Carrefour: 1.69% to 18.95 euros

Carrefour announced Monday the appointment of Thierry Garnier, currently executive director of distribution group for growth markets, the Executive Director for China and Taiwan, replacing Eric Legros.

Sanofi: 1.72% to 49.97 euros

Aventis Pharma, Indian subsidiary of Sanofi, is close to buying activities without prescription Universal Medicare, an unlisted Indian pharmaceutical company to 75.8 million euros, said on Tuesday two sources close to the situation.

Societe Generale: 1.26% to 21.33 euros

Societe Generale has asked the bank Rothschild to set up a liquidity contract with a budget of 170 million euros to support its action, which has lost more than 40% of its value in a month.

In times of crisis more than ever, all inclusive, hallmark of Club Med, like and secure. Most tour operators would be more or less inspired to develop offers "house" all inclusive stays in hotels with different price points.

"The" all inclusive "is part of the DNA of Club Med. It is the heart of our product, said Anne Yannic, executive director of markets France, Belgium and Switzerland at Club Med. In a difficult economic environment, it is a reassuring promise. The formula has developed significantly since the financial crisis of 2008.All tour operators now offer all-inclusive club package. But the positioning high-end all-inclusive Club Med is unique. No one offers such a quality of service, except perhaps a few luxury hotels, but offer user-friendly that is also a hallmark of the Club. "

According to Patrice Caradec, CEO of Transat France (Look Voyages), the number of hotels clubs offered for French customers from 200 to 400 in five years. "Ten years ago, when ten French went in with a beach holiday tour operator, five opted for a formula club hotel, all inclusive, he says. Today is September Eventually, we will not sell more than that! "

Look Voyages already carries 75% of its sales in its 34 clubs Lookéa. These clubs are independent hotels from 150 to 200 rooms.Look Voyages ensures the filling of 80%, by signing contracts with their owners at least three years. Its own teams (10 to 20 people per club) make the animation.

Higher margins for tour operators

"With the Internet, which causes them to spend more and more tour operator, the formula is the most relevant, offering the best quality / price ratio, ensures Laurent Laforest, director of marketing for Look Voyages online cash advance. Club Med, which was once the preserve of the product club (animations, user-friendly, sports, child care), was copied by tour operators and hoteliers themselves. But the concept of club is not regulated, you can find everything and anything.The challenge is how to make its mark as a guarantee. "

This summer, for example, Thomas Cook France sells 72 hotels clubs (27 clubs Eldorador, the brand more upscale, 15 Villages Thomas Cook, 20 Aquatour clubs for customers in northern France, 10 Jumbo clubs, positioned entry ). "In deciding to go on the high end, Club Med has left a very important market segment. We have a lot of customers who come to us because Club Med has become too expensive for them, says Denis Wathier, Chairman of Thomas Cook France. The goal is a hundred clubs in two years. With the emergence of the Internet, tour operators must have something unique to offer. "

Another advantage is that the profitability of the formula."From the moment you sell a concept where you put the value added (animations, buffets, a specific decoration …) you can afford to sell the service more expensive, with higher margins," Wathier says Denis.

According to Laurent Laforest, clubs attract mainly couples (70% of customers) and families with children. "In a travel market in crisis, it is the segment that is resistant to the best tailor-made high-end", says he. "The demand increases and supply the following at the expense of traditional hotels, which are easily found on the Internet without going through tour operators," said Denis Wathier.

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On the merits, Germany continues to advocate for the export of its business model to other European countries and calls for reforms to improve competitiveness. For the rest, particularly with regard to assistance to States in need, remains intransigent. The President of the Bundestag has also warned that the plan of aid to Greece would not be adopted in September as planned.Contrary to what the Chancellor promised its European partners.

For the subject "is so important that the Bundestag can not examine it in a few days with the necessary attention. And the Bundestag itself decides how much time he needs, "hammered Norbert Lammert (CDU). This reference indefinitely slingshot echoes the deputies of the majority, offended to be confined to the role of registration of the major decisions on the euro area. Between 25 and 40 of them could not vote for it, according to estimates. Not enough to prevent its adoption as the Greens and Social Democrats (SPD) have already announced they would vote for. However, the balance of the majority is at stake if the number of defections on the right is important payday loan.And the chances of the Chancellor to come to his estate in 2013 will be weakened.

"Treasurers of Europe"

Always keen to show his concern for good management of public funds, the finance minister, Wolfgang Schäuble, dismisses the idea of ​​European bonds, "as the Member States to practice their own fiscal policy." The word remains taboo eurobonds in the ranks of allies of government, CSU and FDP, "the devil's work" as one commentator has called ironically the Spiegel. Spokesman for the financial matters of the CDU-CSU, Klaus-Peter Flossbach, "Europe does not need to eurobonds but strong budgets. And budgets are achieved with strong economies, not with Eurobonds. "

"Are we becoming the treasurers of Europe?" Questioned this weekend the newspaper Bild.The liberal party (FDP) is threatening to break the coalition agreement if it came to the idea of ​​Christian Democrats to take this direction. Because the option of Eurobonds would be well on his way within the Conservative party if we believe Die Welt.

Angela Merkel, always cautious and pragmatic, the idea is not yet ripe. While the latest polls give the Germans more Euro-optimistic: 2 out of 3 respondents believe that the currency will still exist in 10 years and 53% believe that the euro crisis is not going to get worse in a year .

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On other European financial centers, the Footsie-100 from the London Stock Exchange 1.50% to 5632.57 loose points, the DAX 30 Frankfurt Stock Exchange lost 1.66% to 6684.24 points, the FTSE MIB the Milan Stock Exchange drops 2.43% to 16,852.90 points, the Ibex 35 of the Madrid Stock Exchange gives 0.90% to 9032 points, the PSI 20 of the Lisbon Stock Exchange was down 0.86% to 6569, 24 points.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend. Yield spreads between bonds to ten years Spanish and Italian over German bonds widen.They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti talks in Luxembourg on Wednesday with the leader of the euro zone, Jean-Claude Juncker.

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country.The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American. Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, growth in manufacturing in July (10:00) and numbers of retail in June (11:00) are also scheduled.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: -2.40% to 7.64 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -1.15% to 36.37 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: -0.54% to 49.24 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -5.41% to 30.74 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -2.38% to 7.80 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: -0.48% to 12.52 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: 3.89% to 63.89 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -1.77% to 239.30 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -2.01% to 34.65 euros, Peugeot: -4.02% to 23.3 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.

Accor: -1.53% to 28.38 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.

In the summer of 2009, Yahoo and Microsoft and had forged an alliance in online search, the first confident marketing and PPC management to the second search engine. Six months after the agreement, Yahoo had enlisted the services of Shashi Seth, a deserter from Google and AOL, as vice president in charge of innovation search engine Yahoo.

"We launched more innovations and new products over the last 18 months than in the past five years, says Shashi Seth Le Figaro. We have succeeded in increasing the number of searches per session and attracted new users. "A success that Yahoo has replicated several major markets, including France, this fall.

Additional income

By giving Microsoft the technical management of its search engine, Yahoo has indeed been able to free up resources to improve its offer vis-à-vis the consumer. "Our strategy is based on three things: first, we build a search engine that provides answers, not just links, details Shashi Seth. Next, we broaden the horizon of research to not only find information for the user but also enable it to act on it, and finally, we focus on the mobile. "

In March, Yahoo has launched Instant Search in the U.S., which can provide results before they have finished typing the question (Direct Search).To be comprehensive, the motor adds to the Yahoo Web pages from the contents of its information categories (sports, finance, local information …). The group also launched an Internet search engine applications which sends its mobile application unearthed from his computer. Finally, Yahoo is working on customizing: eventually, the engine could explore Facebook and e-mail users, whose data are compiled in an index of private content to customize the search results. "Our role is to help users find information wherever it is. We seek to expand the sources of information in a neutral way, "says the boss of innovation Yahoo Search.

These innovations do not only attract users. They also result in additional income."We focus on user experience: if it is satisfied, he returns, will do more searches and clicks on ads more, analysis Shashi Seth. How to monetize that content also changes: before, they sold mostly text links, now it sells more advertising graphics (display) on the search engine. " A format that sells more expensive than sponsored links.

LE FIGARO. – Is it realistic to think that Greece will really pay off debts?

Christian Noyer. – Absolutely. The effort to reduce deficits should be continued. The remediation plan is credible, it is the Greek government to find a balance between increased revenue and reduced spending. There is room for maneuver: to improve tax collection and initiate privatization, which is the quickest and least painful to reduce public debt.Last year, the government has cut the deficit to 5% of GDP which proves that it is possible with determination, to get quick results.

Is not it a shame that the plan agreed with the IMF and Europe is primarily financial and does not propose economic strategy for growth?

I disagree with this criticism. The expected reforms have two aims: improving the public accounts and strengthen the growth potential of the Greek economy, make it more competitive.

But it is impossible to rely on the devaluation of the currency. Is not that a handicap?

No, because you can get the same result by reducing production costs and nominal wages.On the surface this may seem obviously more complex than a depreciation of the exchange rate, but in reality, we avoid the perverse effects of the devaluation, which increases energy costs, the cost of raw materials and results in a higher cost of debt when it is denominated in foreign currencies. Overall, a modest reduction in income yields the same economic effects that a significant devaluation.

Why must now implement a second remediation plan, a year after that of summer 2010?

The original plan, decided in an emergency, assumed that in 2012 Greece back in the financial markets. It was clearly too optimistic. The fundamental reforms will require more than eighteen months to produce their effects and restore confidence.A three-year horizon seems justified, and that is the average duration of IMF programs.

The facts do not they give reason to Eurosceptics who the countries in the euro area are far too dissimilar to live with the same currency and the devaluation is the way?

Certainly not! Eurosceptics believe that the devaluation could make a country competitive and give sound public finances. Wrong. And the French experience has shown us. In thirty years, and many devaluations, we have never posted a budget surplus and so we were never able to reduce our debt stock! What brings the competitiveness, it is a sound public financial management, careful monitoring of production costs and structural reforms conducive to long-term growth.Moreover, being dissimilar in the same currency area is not necessarily a handicap, as shown in the American example. But it is clear that we were not vigilant enough about the differences in competitiveness, which have widened within the euro area. When a country has increased productivity by 1% to 2% per year and that his wages rise from 7% to 8% per annum, it is sure that it is untenable after ten years. As central bankers, we will be more critical and will not hesitate to publicly condemn such abuses.

A single currency and a market without trade barriers can they be sufficient to constitute an integrated market, while tax and social security are very different?

You're right, we must go further and further integration for a functioning monetary union. The European Commission is currently working.Similarly, we must return to a single banking market. Before the crisis, with the ECB, financial institutions in the euro area benefited from refinancing conditions identical, making a single market. But with the crisis and massive government intervention in favor of their banks, the markets viewed the bank credit ultimately depends on the state, rating agencies have correlated the ratings of banks with those of sovereign states in which they operate. It's a real problem.We must return to a single European banking market and create such a federal system that can manage the deposit guarantees and bank crises in Europe.

What do you think of the device proposed by the French banks?

This solution has the advantage of being on a voluntary basis – since it is the banks themselves who have proposed – and is attractive for all financial actors, pension funds and insurance … In particular, the formula provides investors with a guarantee of repayment of the principal holders can then consider that it's more interesting to come to a scheme such as staying with the debt they are today.It is a development that I welcome, though some technical issues remain to be resolved and accounting.

You yourself have referred to "horror scenario" …

Yes, because the restructuring would be a disastrous solution. Greek debt is owned primarily by the Greek economy, banks and pension funds … A Greek default on its debt immediately would mean serious problems for Greek banks. The state would then be forced to bail out its banking system. And overnight, no one would lend to Greece. The country would be forced to post a budget surplus, a surplus in its balance of payments in order to pay its civil servants, social security spending, etc.. Such a scenario would require an adjustment to ten times and with minimal delay.This is absolutely dramatic, hence the term "horror scenario".

We often speak of a "plan B" for Greece, in case it would be in default. What do you mean by this term?

There is no plan B. Greece must bring this plan to completion to find a healthy sustainable economy.

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