But events took these days any other shape

The Greek crisis turns to nightmare. The Europeans thought lasting reassured investors after they were set to agree on the specific modalities for possible assistance to Athens, coordinate with the international monetary Fund (IMF). The message was clear: no need to fear a descent into the underworld of the finances of the Greece, because its partners will be there to support if necessary.

But events took these days, any other shape. While the market appeared again made of excitement since the beginning of the week, it is the European Statistical Institute Eurostat, which has accentuated, yesterday investors panic by announcing that the Greece public deficit was worse than expected in 2009. Believed located at 12.7 of the gross domestic product (GDP), it turns out that it has reached 13.6. And Eurostat clarified that, in view of persistent uncertainties about the Greek data, including public companies, this figure could still increase, reaching 14.

At this bad news to added another in the afternoon: the rating agency Moody's has decided to punish and to lower the credit rating assigned to the Greece of "A2" to "a3", while preventing that next degradation was feasible. "There is likely to see debt to stabilize at higher levels and at a cost of more important than what we had thought," said the Agency.

A scenario "absurd."

Greek bond rates soared. Yesterday, to find lender for loans for 10 years, the State was obliged to propose compensation of 8.8, almost three times more than what Berlin offers to deliver equivalent securities. A record since the entry of the countries in the euro area. Another sign of the same movement of mistrust: "credit default swap" (CDS) of Greek bonds, which ensures a lender against a potential default of payment, also reached a peak (read above - below).

The spectrum of a Greek debt restructuring plane now. The Minister of Greek finance, Georges Papaconstantinou, yet said "absurd" such a scenario and the Greek Government even reiterated yesterday its goal to reduce by 4 points of GDP public deficit this year. Without repeating, on the other hand, the objective of 8.7 of GDP, because with a deficit finally established at 13.6 of the GDP last year, such a reduction is the goal to 9.6...

In this context of exacerbation of the fears of investors, imagine more and more poorly that Athens could dispense with the joint assistance of Europeans and the IMF, that is a loan of about EUR 45 billion to an estimated 5 rate. Yesterday, the IMF and the European Union teams were on hand to discuss the modalities of such support. And while the countries of the euro area currently taking their legislation in order to unblock funds quickly, the Bloomberg agency believed that emergency funding was in the study. It would allow Athens to face its next term of repayment. On 19 may, the Greece must honour a debt of EUR 8.5 billion.

A worrying situation

Questioned at a Conference in Washington on the fate of other countries, such as the Spain or the Portugal, the Director of the international monetary fund, stressed that only the Greece could be in need of assistance. "If one is interested in the whole of the euro area, there is no particular problem on sovereign debt", he assured. Dominique Strauss-Kahn also indicated that discussions on the mechanisms of support to Athens "had begun" and that it would take "a few days" before draw first conclusions. He also admitted that the situation was worrying.

In any case, it is more difficult for the Prime Minister of Greece, George Papandreou, made between the requirements of the international financial community and a population badly IMF interference in the internal affairs. Yesterday, a part of the Greek administration was paralysed in the fourth day of strike since the beginning of the year. Aleka Papariga, who heads the Communist Party, called the people to resist against a policy that will lead the "like lambs to the slaughter".

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