Style and Classic Forever

Monday was the start and therefore the international gathering of the team of France, Perigueux. Two matches against Slovakia (3 and 5 November) will allow us to find and have a good time together. These two games ahead fun and interesting because our opponents are never clear to play.

This will especially help us work for the month of January. By early next year, there will be a very short end of the preparation for the Euro in Serbia will begin in January 15. We have only two matches against Norway in Toulouse (10/01) and Bercy (12/01). That leaves little time to prepare. People often ask me how far I can see myself playing with the Experts. My answer is clear: As long as I selected and my body will allow me to play at international level, I will always carry in me the desire to evolve under the tricolor jersey. After that, you never know what is done in the future …

From the London Olympics, I have 35 years. This may be more difficult to continue to evolve at this level. For when we do international competitions, often 8 or 10 games in two weeks. It is less obvious to do when you’re past a certain age. This will also depend on the next generation. We found some gems in recent years. But will there be to bridge the departure of certain executives? It is not safe yet. So as long as the former can give a hand, we must stick together and we get to pass the baton smoothly.

As you know, I was given the captaincy for some time. It is one thing, a duty which I am proud. My successor? Again, this is not easy to answer this question because it depends on the time when I’ll stop. If I had to leave today, I think Thierry Omeyer would be well placed to recover the cuff. This is one of the oldest in the group and someone is exemplary in terms of his personal investment in the group and training. Next, one who is led to take over is Nikola Karabatic. It is obvious from what it represents for the group and also for his exemplary. This is the model of the next generation. A professional with a big P. Rio for the Olympics, it will have to take the armband. I’m sure.

Akane Aki or AKIAKANE is an illustrator and Japanese singer who has had success in digital platforms, and Nico Nico Douga Pivix.

In early 2008, Akane Nicon with the video debut of “Koi wa sensou” cover of the supercell. He soon earned the nickname “Screaming Cinderella (Cinderella Screaming)” which well sums up his unique style of music and art and every new video uploaded over a million visits. Moreover, in each video, the young singer will upload its pictures and also opens an account on the site pixiv, a popular community for Japanese artists.

In 2011, she was noticed by record label TOY’S FACTORY that provides a contract. The August 17 public single “antinotice / Hanabira” which includes the songs: “antinotice” a powerful rock song written by wowaka Nicon (famous for his work with the vocaloid) and “Hanabira” a ballad written by the user nanoparticles always Nicon. The tracks are misate by Kiyoshi Kusaka, known for his work with artists such as Radwimps and 9mm Parabellum bullet. The single achieved some success, finishing with 23 ° in the Oricon charts sold 4,427 the first week.

From October 28 to November 1, 2011 Akane Aki’s illustrations will be exhibited in Lucca, on the occasion of the exhibition of the comic, the first floor of the Japan Palace (ex Royal College).

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The AAA (Attack All Around acronym, to be read “Triple A”) debut with the initialling of a movie. Initially the group members are only 6, including five boys and one girl, but the Avex Trax decided to add two other girls in the group, so come and Yukari Chiaki. The group with 8 members remained until 2007 until Yukari does not leave the group due to health problems by reducing the number of members to 7. The AAA as well as being good singers, dancers are also excellent, and it is noteworthy that the main items are Takahiro, Naoya, Misako and Mitsuhiro, while the other dancers who are singers.

Before his debut with the AAA, Naoya was the dancer Ayumi Hamasaki, and had appeared in some of Ami Suzuki PV and HALCALI, and also Takahiro, Mitsuhiro, Shinjiro and shut were the dancers took part in various competitions Ami Suzuki.Yukari Rhythmic Gymnastics also representing Japan, Misako was formerly an actress, and has played a role in the movie Grudge II and Chiaki was the model.

The AAA debut in 2005 with the single “Blood on Fire” used as the main theme of the movie “Initial D: The Movie.” The single reaches 9 th and sells 58,052 copies nell’Oricon. That same year, releasing three more singles: “Friday Party”, “Kirei na Sora” and “Dragon Fire”. The song “Friday Party” had been made for only 6 members, so the 2 girls arrive after they have room to sing only the chorus. The single “Friday Party” and “Kirei na Sora” both arrive at the 17 ° position dell’Oricon selling 12,728 copies and 17,331, respectively, the single “Fire Dragon” arrives and sells 20,689 copies of 20 °. At the end of the year receiving the award for “Best New Artist of the Year” at 47th Japan Record Awards.

The year 2006 begins immediately with an album, in fact, on January 1, released their first album “Attack” (also published the same day their first mini album with the same name, and is nothing more than a full version of the album). The album is well-positioned 16 ° and sells 56,693 copies. Album have worked many famous authors and composers as the producers who worked with SMAP and DA Pump, and rapper Motsu (MOVE) who wrote the lyrics of a song. The boys accumulate a lot of pressure, why not have time to participate in live on TV to promote their songs. The PV of their songs that go on TV are shortened, the full versions of PV are contained exclusively in DVDs. The rest of the year sees many outputs including 8 singles, a mini-album, a remix album. The first single is “Hallelujah” reached position by selling 27,814 copies in 8th, followed by two singles, “Shalala Kibo no Uta” and “Hurricane Lili, Boston Mari” and the first remix album “Attack Remix”. The individual arrived respectively at 20 ° and 10 ° position with a total of 13,484 and 19,832 copies. In the summer out two more singles, titled “Soul Edge Boy / Kimono Jet Girl” (“Soul Edge Boy is sung by the boys themselves, while” Kimono Jet Girl “just the girls) and” Let It Beat. “He placed the 12th and 7th position, and to sell around 22,000 copies. The month of September sees the release of the single “Q” (reached the 10th position by selling 14,809 copies) and the second mini-album “All / 2″.

On 1 January the following year they released their second album “All” from the two early singles “Chewing Gum” (where part only, and Naoya Takahiro) and “Black & White.” The two individuals are placed at the 7 th and 15 th position and sell a total of 14,571 and 24,883 copies. The album, however, arrives at the 23 ° position and sells 32,825 copies. On February 7 released their first album cover, entitled “CCC – Challenge Cover Collection.” The album sold 16,578 copies and is positioned 13 ° nell’Oricon charts. The album cover part of the TRF and Godiego. On March 21 they released two singles: “Climax Jump” and “Izayuke Wakatake Gundani 2007″ preceded by the third mini album “AlohAAA”. The song “Climax Jump” was used as the opening of the Drama “Kamen Rider Den-O”, and for the opportunity the individual is released under the name “AAA DEN-O form.” On 18 April they released their 15th single titled “Get Chu! / She Jijitsu No”, released in three versions: CD, CD + DVD CD + DVD A and B. The CD version contains a 24-page booklet, and CD + DVD versions have different covers. A month after the new single “Kuchibiru Kara Romantica / That’s Right”, and after another two months after it comes out another, entitled “Natsu Mono”. Meanwhile, Yukari decides to leave the band due to health problems. They sell a total of about 32,000 copies, respectively, and arrive at the 6 th and 5 th position. On September 19, her third album, “Around” preceded by the single “Red Soul” which sold just 9,267 copies, and so far is the single sold less than the entire career of AAA, while the album, however, ranks 8th position and sell a total of 28,242 copies.

On January 9, 2008 the new single “Mirage” which arrives at the 1st position (the first so far) and sells a total of 32,234 copies. Two months later they released their first Best Album, entitled “Attack All Around” and contains all of the a-side single released earlier. The album sold 41,929 copies and is well positioned 5 ° nell’Oricon. On 28 May they released their 20th single, called “BEYOND ~ Karada no Kanata” released in editions: CD, CD Extra, CD + DVD, selling just over 20,000 copies and arrives at the 4th position nell’Oricon. The June 18 release “Choice is Yours”, the fourth mini-album which involved only boys, so Misako and Chiaki does not sing in any of the songs do not appear in the videos, and even on the cover of the album. On August 27, released another single, “MUSIC! / ZERO”, which is used as the theme song of the anime “World Destruction: Sekai no Bokumetsu Rokunin”. The single was released in three versions: Regular with a disk containing more than one Short Movie, and two Limited.

On 14 January 2009 sees the release of another single, titled “Tabidachi no uta” that ranks 4th nell’Oricon, selling 24,777 copies. The single was sold in three different editions: CD, CD + DVD and CD + Extras that contains the video shot off the A-side. On 11 February they released their 4th album “Departure” selling 19,810 copies (the album sold less than their entire career) and ranks 4th in nell’Oricon. Also in that year, Japan will release a compilation entitled Disney’s “Disney’s Dream POP: Tribute to Tokyo Disney Resort 25th Anniversary” where they appear with the AAA “Hawaiian Roller Coaster Ride,” the song of Lilo & Stitch. On July 29, hitting a triple a-side called “Break Down / Break your Name / Summer Revolution”: “Break You Name” is sung by the boys themselves together to Saihuun, while “Revolution Summer” is sung by the girls alone. On October 21, released the single “Hide-Away / Hide & Seek / Find You” in as many as four editions: A, B, C and Memorial Arena Editions. The 3 songs that give the name of the individual over the song “With You” are the same song, but with different text, and arranged in a different way. “Hide-Away” is a song electro-pop and is sung by all members, “Hide & Seek” is electro-rock and is sung only by boys, “Find You” is the style pop-rock and is sung only by girls, Finally, “With You” is perfectly identical to “Hide-Away” but with different text, and was used as the ending theme for the anime “Inuyasha”.

On February 17, 2010 is released the fifth album called “Heartful” and is preceded by the single “Heart and Soul”. Both arrive at the 3 ° position, the album sold 48.882 copies while the individual will sell 35.736. The album contains songs sung only by some members as “Brand New World” sung only by Naoya, Chiaki, and Shinjiro Mitsuhiro, and “Rising Sun” sung by Takahiro, Misaki and shut. Finally there’s “As I Am” sung only by Misaki. On May 5, the new single “Dream After Dream ~ Yume ~ Yumekara Samet / Riyuu Altai” and turns out to be the second single to reach the 1st position, after “Mirage”.

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Abe Mao is a Japanese pop singer signed to Pony Canyon.

Mao began playing the piano when he was still in third grade until, entering high school, he decided to stop playing the piano to learn the guitar wanting to become a singer-songwriter acoustic pop in the style of Avril Lavigne. During the summer of his sophomore year of high school in June 2006, an owner of a music store invites you to participate in the YAMAHA TEENS ‘MUSIC FESTIVAL 2006 in Oita. Mao won his first prize with the song “Haha no Uta”, and shortly after in November to participate in the same competition at the national level earning an encouraging prize.

After high school, Mao moved to Tokyo where he signed a contract with a major label Pony Canyon. Before debut, he performed in clubs around the house and even Rock in Japan Festival. Between August and November, four acoustic songs released on iTunes with the titles “Anata no Koibito ni Naritai not Desu”, “Hitomishiri no Uta”, “My Baby” and “I want to see you.” Meanwhile, a song of Mao “want you DARLING” is used by the drama Tetsudo Musume ~ Girls be ambitious! ~ Beginning to gain popularity thanks to downloads on iTunes and MySpace.

In January 2009, Mao decided to debut directly with his first album “Free”, which ranks 17th on the Oricon charts. After the release of the album, begins his first tour “Abe Mao Live No.0″ starting from his hometown of Oita and performed in seven prefectures in Japan. The May 27 public single “Tsutaetai Koto / I want to see you” followed by “no Koibito ni Anata Desu Naritai not” getting a good success. The following year his second album “Pop” is preceded by the single “Itsu no Hi mo”. The album comes in 5 th position by selling 54,083 copies.

On June 9, 2010 released the single “Lonely” used as the CM drink Calpis Water, while in November the fifth single released is “19-sai no Uta”. On May 28 comes a new double a-side single with the title “Motto. / Hikari” which contains some traces of his live “Abe Mao Live No. 2″ held at Zepp Tokyo. Fifteen days after the single, Mao released his third album “Up.”

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Aiko is one of the most popular pop singer-songwriters of the Japanese scene, signed to Pony Canyon.

Aiko studied music and singing at the Osaka College of Music, graduating in 1996. At the age of 21 years, immediately after finishing the University, becomes the FM radio DJ OSAKA. Between 1997 and 1998 Aiko begins to publish his first works as an independent artist without success. However, the young singer did not give up at the first difficulty, and after signing the contract with major label Pony Canyon releases his first single that manages to get into the top 100 dell’Oricon with the title “Ashita” re-released years later on the 12cm version. In addition to publicize his record held his first one-man live at Esaka Boomin HALL.

The next single “Hanabi” achieved success and recognition of the Japanese public to reach the 10 ° position dell’Oricon Chart. From now on, every output is accompanied by Aiko un’intenza advertising. His first major label album comes out April 21, 1999 under the title “Chiisa Marui Koujitsu na” and get the 31 ° position dell’Oricon selling 138,185 thanks to reprints occurred in subsequent years.

In 2000, Aiko not reach for the first time the 1 ° position dell’Oricon Chart with his second album “Sakura no Ki no Shita” which sold 1,418,114 copies, becoming the very best-selling album from Aiko career. Following the success in November of that year released the sixth single from Aiko “Boyfriend”, which easily exceeds 500,000 copies. Aiko participates for the first time at the annual Kohaku Uta Gassen organized by the Japanese television NHK.

In 2001, the tour begins Aiko “LOVE LIKE POP Vol.6 Tour” with a following of the public, but is forced to cancel some dates for a severe sore trachea.Tuttavia to please all the fans held a special concert at Tokyo Kokusai Forum . The disease does not stop the singer of all musical activities, in fact, the three singles released in 2001 “Hatsukoi”, “Rosie” and “Oyasuminasai” get a good success entering the top 3 dell’Oricon Chart while the new album “Natsufuku” borders a million copies, taking the 1st position in classifca for 18 weeks.

In 2002, Aiko finally completely healed held a series of live concerts in Tokyo, Nagoya and Osaka without any problem tracheitis. The April 24 public the tenth single, “Anata to Akushu”, followed a few months later by “Kondo wa ni Made” album and “Soba ni Iru yo Aki” selling over 500,000 copies.

Even in 2003 Aiko continues to publish regularly managing to maintain a good success, the individual “Chouchou Musubi”, “Andromeda” and “Eriashi” come into the top ten, while the album “Akatsuki no Love Letter”, released on November 27, also gets the 1st place with 523,257 copies.

The year 2004 sees the artist only publish two new singles, and in 2005 published the first photo from the new album after album, “Aiko bon” which contains a biography and many photos of the singer. As evidence of the popularity of the singer, and even the next year, Aiko won the award for favorite artist dall’Oricon held. His sixth album “Kanojo” released August 23, 2006 debut sold 462,122 copies 1st in Oricon charts.

On April 2, 2008 is the turn of the album “Himitsu” published to celebrate 10 years of the singer, and released on July 23 24th single “KissHug” used as a song from the movie Hana Yori Dango. In 2010 published the single “Ashita Modorenai” which follows the ninth album “BABY” and shortly after another single “Mukaiawase”.

The singer announced in early 2011, the highly anticipated first and best album “Matome” which was published Feb. 23 in two volumes entitled “Matome1″ and “Matome2″.

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Acid Black Cherry is the solo project of YASU, the vocalist of visual kei band Janne Da Arc.

Yasunori Hayashi, yasu’s real name, is attracted by music since childhood, and especially by hand. In 1998 he joined the band as a vocalist Janne Da Arc. After almost ten years of cutting edge with the label, under dell’avex trax label, the band paused to give space to the solo careers of members.

In May 2007, yasu jealkb propose to collaborate with their song DDD, Yasu in the same period under the name Acid Black Cherry begins his first solo live tour that ends in Shinjuku with the performance broadcast on the Internet. The July 18 released its first single is “SPELL MAGIC”, through the cutting edge record label, helped by SUGIZO for the guitar and former member of Shusa La’cryma Christi as a bassist. The single climbs the charts and sold 51,170 copies Square 4 th in total. The 26 September is the time of “Black Cherry”, followed in November by the third single “Aishitenai”. Both discs are placed 2nd in the weekly Oricon charts.

Yasu starts 2008 with a new single “Fuyu no Maboroshi” before the release of his debut album “BLACK LIST”. Again both discs stand out in the 2nd position by selling 55,639 copies and 139,821 respectively. The 21 May is the time of “Recreation” on the first covers album, out August 27th and on the same day the single “20 + ∞ Century Boys” and the first live DVD “Acid Black Cherry 2008 tour” Black List “,” following the end of November by the single “Jigsaw.”

On February 18, 2009 is the turn of the eighth single, “Nemuri Hime” used as the ending of the TV program “Koisuru Hanikami” TBS. Even this single shows the success of Acid Black Cherry getting the usual 2nd position and surpassing the 60,000 copies sold. Before the second album “QED”, the singer decided to release another single “Yasashii Use” July 29. The album sold 110,722 copies and reach # 2 ranking, while the single selling 48,544 copies came 4th overall.

“Recreation 2″ is the title of the second cover album released June 30, 2010. Two months after the new single “Re: birth” theme song in the game Another Century’s Episode: R. For the occasion, the single comes out in a third version of the game with the BGM. The year 2011 saw the release of the single “Shoujo no Inori III” which is a continuation of the song “Shoujo no Inori”, which can be found in the album “BLACK LIST”.

After the summer of 2011, is announced the release of three singles after one month: one starts with “Pistol” which was published on September 21 and continue with “Shangri-La” on October 19 and “Chou” the November 13.

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In the storm that shook markets for months and financial groups, online banks are doing better than resist and explained by lower rates, a direct relationship to the client and fewer activities but prosperous.

Small in size despite a decade of activity – they now account for about 3% of French retail banking market – they show high goals and take advantage of the difficulties of traditional institutions – even though they they belong to the essential.

“I feel a momentum carrier. The need to pay less, be more attentive to his charge spring, so when there is a discourse of crisis, it is more favorable to online banking,” said Pascal gave to Reuters, President Fortunéo, number three in the sector with 150,000 customers and 210,000 accounts at end-2010, which expects 600,000 accounts in 2015.

Like its competitors, it recognizes that the big banks “suffer a little” with the debt crisis in the euro area and the need to strengthen their balance sheets.

These problems culminated in a sudden collapse in the stock market in the heart of the summer – Societe Generale sold 61.02% between July 1 and November 21, BNP Paribas and Credit Agricole 49.67% 60.14% – and today savings plans.

Boursorama, number two online banking in France, has limited the loss of this period to 26.88%, outperforming the European index of the sector (-34.98%).

In terms of image, “the crisis has two effects for banks in general: there is less patience with the lack of transparency or information and the sector as a whole was manhandled,” observes Marie Ramli, director products and channels at ING Direct.

Enhanced legitimacy

Responsible for the number one online bank in France with 820,000 customers, however, the crisis “provides opportunities (…) for all”, but the model of online banking is more beneficial.

The crisis “has given us greater legitimacy (…) At first when it comes to transparency, because it shows the pricing, they say clearly what you can do or not do,” said she told Reuters.

“Then in terms of equal treatment of the client. On the site, he found exactly the offers which may be claimed or not.”

Results validate the speech: when collecting life insurance unscrewed, ING Direct grew by 8% at end-June

Boursorama saw its net inflows drop in third quarter compared to 2010 (-62% to 24 million euros), but less sharply than the overall market (-84%) and rose by 17% of deposits on current accounts and 39% for bank savings accounts over the same period.

Online banks benefit from a range of small but deliberately oriented “rather prosperous segments,” according to Pascal gave Fortunéo.

Thus, their brokerage business took off in a period marked by high market volatility.

In the third quarter, Boursorama recorded 1.035 million orders, up 13%, and opened 12,289 new trading accounts (+30%). And ING Direct has doubled its number of orders in August and September compared to 2010.

“Customers mediate their positions, reposition themselves, but do not abandon the market,” said Pascal gave.

Related to Large Corporations

“Challenged by the direct approach,” they come “to test,” said Marie Ramli, especially as they appear, too, a growing appetite for high-banking, according to a survey carried out the BVA 27 and 28 October.

It shows that 38% of the French have used their phone to an operation and that 65% of them are banking applications develop very quickly.

ING Direct, for example, has relied on an application for the Apple iPhone and a partnership with the portal Yahoo! to launch a news channel bank.

Presides over the strategy that shares the competition, besides the DNA of online banking, the desire to strengthen the direct relationship with the client, another claimed advantage of these banks.

“We have a more compact structure, so we did not all the weight of a traditional bank. The traditional customer of a bank has less and less ability to have a partner that has a capacity of decision,” recalls Inès Mercereau, CEO of Boursorama.

She refuses, however, a rival of the main banks that online retailers are closely linked: ING Direct ING belongs to the Dutch, Boursorama at Societe Generale to 56% and 21% Caixa Bank and Crédit Mutuel Fortunéo.

If no does not hide, no one exhibits.

“I do not necessarily advertise it because the first thing to do was to establish the brand,” Inès Mercereau justified.

As for Pascal gave it considers that “it is no longer in (the) explain (…) Everyone understands that online banks are owned by large corporations.”

Employees of the Poitou Aluminium Smelter in Vienna (Group Montupet) again blocked their factory for 24 hours Thursday and Friday to protest against Renault, their main client, accused of not having fulfilled its commitments .

Employees have the blockade lifted Friday afternoon not only to their factory and the nearby factory Foundry du Poitou Fonte (Teksid group), also supplier of Renault.

They blocked Thursday afternoon portals trucks, preventing any departure or arrival of goods at two sites, but left open access to employees.

A majority of the 480 employees of the plant in Vienna Ingrandes had led a strike of nearly two months in September and October to protest against a plan of management provides competitive wage cuts of 15% for executives and up to 25% for the workers.

The Commercial Court of Niort had placed the plant into receivership last October at the request of the group Montupet, determined to withdraw and to encourage the search for a buyer.

The movement of employees had completed action on October 27 with the signing of an agreement with the administrator, who had found such “lapse of competitiveness plan”, already condemned by the government.

Hours before the signing of the MOU, representatives of the Inter CGT-FO-UDT-CFE/CGC had been received by the Industry Minister Eric Besson, who had indicated that the CEO of Renault, Carlos Ghosn , promised to maintain supplies to the plant, which supplies cylinder heads for engines.

CALL FOR SARKOZY

In a statement, the minister said that the automaker’s commitment would “ensure the workload of the future buyer, provided that it continues to meet industrial requirements.”

Anger is up a notch this week when, according to unions, management announced a drop in orders for Renault from 16,000 to 8,000 heads per week, “a drastic decline that can only lead to the liquidation of the factory, “said Gery Bégeault representing CGT.

Senator of the Vienne and former Prime Minister Jean-Pierre Raffarin has also sent a letter to Nicolas Sarkozy Wednesday in which he asks, “given the gravity and urgency of the situation,” to intervene personally “in this very symbol of industrial difficulties of our country. ”

This fear is even stronger than the commercial court of Nanterre will meet Nov. 30 to decide whether to continue the receivership.

“What we fear is that the court decides the judicial liquidation with continued activity,” said Gery Bégeault.

A meeting between the administrator and Renault is expected Monday. The future of the plant will probably be there and the wait staff the results of the interview to make decisions on the recovery of their actions or not.

After consolidating its position in France, the auction house will address abroad in the coming days. Objective: To increase its visibility.

Artcurial is the leading French auction house. In Paris, she plays to a par with its rivals Sotheby’s and Christie’s. But today this is not enough. Its shareholders, including the Dassault group which took 55% of the capital a few months ago, have other ambitions.

An office in Brussels, one in Milan

Artcurial hard to win the most prestigious sales due to lack of international visibility. So first step in mid-December: to reach more buyers, but sellers, Artcurial will open an office in Brussels. Active representation that will organize exhibitions and workshops expertise. Same, in the process, in Milan.

And by early 2012, it will also open an office in Beijing, mainly to find buyers. Especially since, unlike its competitors, Artcurial is very present on the sale of wine or watch the Chinese are very fond.

Member states of the European Union plan to withdraw from the future European Stability Mechanism (MES) the possibility of involving the private sector in the financial rescue of a country, said Friday four sources familiar with the .

Ongoing discussions are taking place in the broader context of trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said the same source.

This does not however affect the participation of banks and insurers in the second EU aid package to Greece, where they pledged to remove 50% of their claims to the country.

“France, Italy, Spain and the peripheral countries are in Germany, Finland and the Netherlands are against,” said one source.

“(The first) say that Greece is a unique case in terms of private sector participation (…) He felt that if it is a unique case, then do not include in the text (the European Stability Mechanism). It is their argument to remove it, “they added.

MY future, to be replaced on 1 July 2013 to the current European Financial Stability Fund, provides after an agreement reached last March by the leaders of twenty-seven that collective action clauses will be attached to bond issues in euro area from that date.

These “CACs” permit, in a crisis of solvency of a country, to force the restructuring of a debt without the unanimous vote of creditors.

Private creditors are also involved in a gradual manner in the event of a liquidity crisis with a continuation of voluntary exposure to a country, as was done at the beginning of the crisis.

CAPACITY MAY multiplied

This mechanism is different from the current EFSF because it relies on a structure of international law and will have a capital of 700 billion euros, 620 billion in capital subscribed and issued 80 billion in capital.

This structure will not only be given the maximum credit rating – AAA – while having an effective capacity of loan of 500 billion euros. This capability could potentially be greater if a banking license enabling it to access cash from the European Central Bank was granted him.

The issue of private sector involvement in the rescue of countries appeared for the first time in the Franco-German compromise called Deauville in October 2010.

Despite warnings from Jean-Claude Trichet, ECB president then, leaders of twenty-seven had a few days later endorsed this option, triggering panic in markets that had finally forced Ireland to use the international aid.

Discussed further in March, this issue was also one of the factors that accelerated the demand for support from Portugal.

Hence the request of a number of EU Member States to waive this provision in order to reduce gradually the calm in the markets.

A decision on this issue, however, is linked to progress on other key issues under discussion, the sources said respondents: treaty reform to record in stone a tighter control of budgets, role of the ECB in crisis management and eventual creation of eurobonds.