Gold week may still be hot on the social front

Difficult to say at this stage, if the repetition strikes shaking the Greece will reduce the ability of the Government to reform. In any case, they complicate the maintenance of its good relations with Brussels. Summoned to explain before Friday on the use of the "exchange swaps" which, on the advice of Goldman Sachs, have allowed it to cover up the amount of its debt, Athens was asked a few extra days. Ground for this delay: strikes repeatedly in the public sector, and in particular, last week, the Ministry of finance.

Gold week may still be "hot" on the social front. After the public service, which massively disengaged on 10 February to protest against spending cuts which it will bear the costs, a general strike, involving sectors public and private, scheduled Wednesday. Is the day that the European Commissioner for economic and Monetary Affairs, Olli Rehn, had chosen to go to Athens! Finnish is always expected in Greece this week.

Strikes complicate not only the agenda of Olli Rehn. They invite the Prime Minister Georges Papandreou, to caution in his calendar of reforms. Friday, they are taxi drivers who have observed a day of strike. As customs officers, who went on strike since last Tuesday, they had decided to extend their movement at least until Wednesday, before justice judge their strike "illegal and abusive". So that the political flexibility margin of Papandreou, who can take advantage of favorable polls, could melt like snow in the Sun.

German denial

Athens but would need to give committed to Brussels. Does that in an attempt to reassure the markets: while according to some estimates, simple inflation of the cost of its debt could cost more than a half percentage point of GDP to the Greek State in 2010, it could seek to lift as soon as this week, EUR 5 billion on the bond market. Forced to borrow EUR 54 billion this year, should indeed to have collected 20 by April or may. However, he fears having to offer very high to find licensee rates. According to estimates of UniCredit, the rate could rise to 7.3 for loans to 10 years. Georges Papandreou indicated, however, yesterday, that the Government did not need to borrow before mid-March.

Details on a possible aid to the countries of the euro area would release the pressure, as suggested by Athens According to the weekly magazine "Der Spiegel", which cites "of first reflections of the German Ministry of finance", this plan consists in part of credits and guarantees could reach "between 20 and 25 billion euros", in function of the share that each country holds in the capital of the Central Bank European 4 to 5 billion for the Germany. Yesterday, the German Ministry of finance in denial of this information. Signs that the Greek debt management still pending particularly thorny, the Government conducted last weekend, a highly sensitive appointment: Petros Christodoulou was chosen to replace Spyros Papanicolaou as head of the Agency for the management of public debt. Among its functions passed, the new head of Greek debt has worked for Goldman Sachs.