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It will take five to ten years of tight budgets completely out of the current crisis, said Tuesday the governor of the Bank of France.

Christian Noyer, a member of the Governing Council of the European Central Bank, said on Europe 1 radio that French banks were healthy and they have no problem paying their deadlines with the ECB.

European banks will all pay off next Thursday due to 442 billion euros, but some may suffer, so the ECB will do whatever is necessary so that it goes well, he added.

"French banks are doing well, trust them exists.There was no big problem for us, "said Christian Noyer.

"But we must look more widely and today there is an interbank market that is less solid, less confident that it was before," he said.

Asked about the 442 billion euros in loans that European banks must repay, he said that French banks would have "no problem of course.

"First the French banks did not borrow much, then they are prepared it and the ECB, the Eurosystem, are getting it right for there to be cash needed," he added .

Banks in the euro area, "they will all pay" even though "there are some banks that are in worse situation that may be suffered," added Christian Noyer, stating that "we will ensure that no ' there is no problem and that all this goes well.

The Governor of the Bank of France acknowledged that "it is an important deadline that has disrupted a bit.Perhaps part of the explanation of the tensions that we have had in the banking system in Europe. "

"QUICK FIX THE DEFICIT

Deficits made by states during the recession weighed on consumer confidence and push them to save for fear of massive tax increases, "we must correct that and quickly," said Christian Noyer, stressing that "we are concerned about whether the debts it does nothing to stop them. "

Asked whether the French government could reduce the public deficit to 3% of GDP in 2013 as it has undertaken without undue damage to the economy, he replied: "I am satisfied that there may achieve without breaking growth."

Asked how he would have years of rigor or discipline to get out completely from the crisis, Christian Noyer said: "I think it will take some years, perhaps between five and ten years probably. "

"Otherwise, if you want to do it very quickly, then we can have a negative effect on growth, it must be done gradually, it will take at least five to six years," he said.

It held that the government forecast a GDP growth of 1.4% this year, "parried (ssait) figure is quite reasonable."

For 2011, "I hope we will close around 2%," he said, adding that this level of growth assumed that households consume and businesses to invest and hire.

"It depends on us, the degree of confidence we have and the degree of confidence that we will also depend on the determination of the state to move towards a balanced budget," he added.

The French government forecasts growth of 2.5% in 2011, a figure he called "ambitious" and that he could revise mid-August after the release of second quarter GDP.

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President of Rosneft Igor Sechin has not discussed a possible change of direction when he met with BP CEO Tony Hayward said the services of Igor Sechin.

Earlier, Igor Sechin, who is also deputy prime minister of Russia, said he expects that Tony Hayward soon resigned and that Russian officials learn the name of his successor at the meeting.

'We know that Tony Hayward will leave office and he will present his successor, "said Igor Sechin to the press before meeting with Tony Hayward.

"The issue of resignation of Hayward has not been addressed," he told Reuters in an official service of the President of Rosneft, adding that Tony Hayward had confirmed the commitment of BP on its strategic partnerships with Russian firms for current and future projects.

A BP spokesman in London had earlier said: "Tony Hayward is CEO.There was no discussion on changing that position. "

Tony Hayward's visit to Moscow was to meet the Kremlin's concerns about TNK-BP Russian joint venture of BP, which represents a quarter of world production of British oil.

Russian President Dmitry Medvedev was asked about the future of BP given the financial repercussions of the oil spill in the Gulf of Mexico.

The Russian ambassador to Britain said that the Russian government wanted to guarantee that BP's Russian joint venture it would not be affected.

TNK-BP was founded in 2003 and gave rise to a dispute between BP and its Russian partners.BP was accused in 2008 of them use their contacts in the administration and justice to take the upper hand on strategy and management control of the company.

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Even if the financial sector is ripe for a major cleanup in the United States, life on Wall Street should not be unduly disturbed.

At the first glimmer of dawn Friday, the MPs put the finishing touches to a draft revision of financial regulation more strictly supervises the operations of U.S. banks riskier.

However, banks such as Goldman Sachs Group, JPMorgan Chase and Morgan Stanley have achieved facilities which reduce somewhat the scope of clauses which have caused the most damage and spare themselves and a radical overhaul as the one that occurred after the Great Depression.

"Ultimately, these companies still retain a huge chunk of their ability to make profit," said Anton Schutz, president of Mendon Capital Management.

The banks went to war against the proposal of Sen. Blanche Lincoln, who intended to force them to split their operations on the swaps, and against the "Rule Volcker, who wanted to strictly regulate their proprietary trading riskier.

After 21 hours of marathon negotiations in Congress, these proposals are found somewhat blunted.As for some of the more radical, such as that which established the dismantling of large banks, they have disappeared over the discussions and negotiations.

What remains in the bill should result in benefits dehorned and staff supervision strengthened, without leading to a fundamental questioning of the business model of banks.

"CA DO NOT CHANGE BIG THING"

Finally, banks can still directly involved in the swap rate and currency, which represent the bulk of financial derivatives market, estimated at 615 000 billion.

They may similarly engage in swaps, gold and silver and hedging derivatives.

The split will affect only the derivatives on agricultural commodities, energy, equities, metals, and credit default swaps were not the subject of compensation.

The Volcker rule is similarly biased to allow banks the opportunity to invest up to 3% of their Tier 1 capital in hedge funds and private equity investment.

Analysts and consultants explained that the new regulations give ample opportunity to let a bank establishes a subsidiary of derivatives in its holding company and relocating to escape U.S. regulation.

"For me, it does not change much," said Cornelius Hurley, a professor at Boston University.

The U.S. authorities did not spend any way to the thunder of war when it comes to properly compartmentalize the organization of a holding company, says he."It can make things more expensive in the sense that there will be a cost of compliance," he said.

As it has been amended, Rule Volcker, named after former Federal Reserve Chairman Paul Volcker, who became economic adviser to the White House, authorizes banks well capitalized to continue to invest billions of dollars in hedge funds.

"I do not see anything in this text which, structurally, is translated for banks by a lessening of their results," said Richard Bove, an analyst for Rochdale Securities.

The rules Volcker and Lincoln will have an impact on Wall Street but no common measure with the "Glass-Steagall Act" passed after the Great Depression, who had drawn up clear boundaries between banks, brokerages and insurers.

Basically, this law was invalidated in 1999.

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Major European stock markets finished down sharply for the third straight session, driven down by banking stocks, while the major reform of financial regulation in the United States is virtually complete in its design.

The Paris Bourse ended below 3600 points to 3555.36 points after falling 2.37% on the session.However, according to investors polled by Reuters, the situation should improve significantly by the end of the year when the benchmark index of the Paris market is expected to 4,000 points in December.

In general, most world stock markets should benefit from future quarterly results of listed companies in Europe and the United States in the second half performance to overshadow these concerns related to sovereign debt of the euro area and the global economic slowdown.

At present the banking stocks are particularly affected by the current fears.Indeed, the Stoxx sector in Europe fell by 3.17%, while that means confined to the Greek settlements fell 4.48%.

The president of National Bank, Vasilis Rapanos, who is also head of the Association of Greek banks, however, has ensured that the Greek settlements resisted despite the significant challenges they face this year's.

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Analysts say Beijing has attached to its promise of its first concrete step Tuesday, without rein or be prepared for a too strong appreciation for the well-being of its exporters.

See also: China Will she let the yuan rise

"China has supported his words with actions and President Hu (Jintao) will arrive in Toronto with tangible proof that the country is seriously on the issue of greater flexibility of exchange rates," said Brian Jackson of Royal Bank of Canada, which provides earnings "limited" and yet "significant" to the dollar in the coming weeks.

Many analysts had considered the statements of the Central Bank sought to appease foreign critics before the G20 summit in Toronto (June 26 and 27).

The trading partners of China, especially the United States have renewed their pressure in recent months in favor of the yuan appreciation.They slam her undervalued, considering that artificially lower the price of exports from China and induced imbalances in the global economy.

The announcements of the Central Bank were also considered as a sign that the yuan would rise against new power to the dollar, after two years of stagnation.

This has boosted the Chinese currency in the interbank market on Monday in its strongest level against the dollar since the reform of the sytem Chinese exchange rate of July 2005, which was undocked from the dollar for the yuan to lean against a basket of currencies.

"We expect major movements in both directions, with a global shift towards a stronger yuan.But the G20 is complete, the rate of appreciation should slow, "said Mark Williams of Capital Economics in a note.

On Tuesday, the interbank market, the yuan has further strengthened first before falling back to 6.82 against the dollar, because, according to Dow Jones Newswires, a strong demand for the dollar.

The agency reported on speculation that Chinese banks behind this demand for dollars could have been encouraged by the central bank, decided to show that an exchange rate more flexible means of movement in both sense.

The fact is that the yuan has benefited from monday of the amplitude of the fluctuation band, after his narrow movements of the past two years which saw the de facto re-pegged to the greenback.

Tuesday and setting a central parity at the close yesterday on the interbank market, "the authorities have confirmed that they endorsed" the upward movement of the fluctuation band, Mitul Kotecha said, an analyst at Credit Agricole Hong Kong. "But there will be no aggressive movement of appreciation by the end of the year."

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Bouygues Construction announces that it has won a contract for 360 million euros for the construction of a railway tunnel in Hong Kong.

This project, won by the subsidiary Dragages Hong Kong, includes the construction of a section of the new high speed rail line linking Hong Kong to Guangzhou. The book, which will consist of two parallel tunnels, part of the future rail line linking Hong Kong to Shanghai and Beijing in 2015.

In a statement, a subsidiary of construction group Bouygues said that this new contract is in addition to 490 million euros announced it ten days to build a terminal for cruise ships, Hong Kong also .

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