On the front of the currency the euro jumped 1

Financial markets have partly won their arms of iron against the political sphere. Raising the pressure on the Greece, until unsustainable levels - 2 years rate climbed up to 7.82-, they forced European leaders to unveil a plan with specific conditions, while they were in the policy statement of 25 March. The States of the euro area thus accepted, Sunday, support in Athens a total of EUR 30 billion, at a fixed rate over three years to about 5, less prohibitive than the current market conditions. "With the additional help of the international monetary Fund (IMF), there is what cover all the needs for funding of the Greece in 2010: the risk of failure is discarded this year", note Bruno Cavalier, Oddo securities, adding that "the issue of the fiscal sustainability of the Greece remains full."

Yesterday, the adjustment of the markets has been important. On the front of the currency, the euro jumped 1.42, to 1,3692 dollar at the height of the meeting. At the end of European session, he exchanged against 1,3589 dollar ( 0.91). The single currency, which hit a low point this year to 1,3303 dollar returned to 1.36 dollar for the first time for a little over three weeks. Since the beginning of the year, the European currency gave a little more than 5 against the greenback, particularly of the fact of the Greek mortgage. Yesterday, the euro rose against all currencies. Strategists Credit Agricole CIB, the single currency could touch the 1,3820 dollar threshold if the issuance of bonds to 1 year and 6 months goes well today. It is the next key step. The award of a State loan for 7 years, March 29, had not attracted strong demand, which had caused a penalty in the markets. The lifting of 1.2 billion euros Tuesday will be so closely followed and compared with bonds emission conducted in January, whose performance was found to 2.2 on the titles to 1 year and 1.38 over those 6 months. This operation will be also crucial for Greek rates.

Caution operators

Yesterday, the performance of State bonds to 2 years relaxed pitch less than 78 basis points, to 6.04, is the largest fall since the beginning of the Greek crisis. The rate to 10 years conceded 50 basis points, at 6.63. The risk premium, measured by the difference in rate with this mature German borrowings amounted to 346 points, compared to 427 points last Thursday, at the peak of tensions. "The example of the Hungary, which also received assistance from the IMF, shows us that it took 12 months to pass a level of risk premium of 500 basis to 200 points points", analysis Padhraic Garvey, at ING. "This tightening will depend on the capacity of the Greece to reduce its fiscal deficit over the next 12 to 24 months." The strategist said that, in the best cases, it will take a few quarters to see premium Greek fall 200 points. However, it is not excluded that the markets are now seeking to force the Greece to request the activation of the plan of assistance. The relief of yesterday was accompanied by a caution in the comments of the operators.