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Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. Copyright (c) 2008 Standard.

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Presentation on theme: "Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. Copyright (c) 2008 Standard."— Presentation transcript:

1 Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. Copyright (c) 2008 Standard & Poors, a division of The McGraw-Hill Companies, Inc. All rights reserved. Apres la Grèce, comment se présente le financement des dettes publiques? IFRI Jeudi 25 mars 2010 Jean-Michel Six Chef économiste Europe Standard & Poors

2 2. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. Emissions Souveraines en 2010

3 3. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. 2009: Global Bond Demand and Supply Source: JP Morgan, BarCap, S&P Research

4 4. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. 2010: Global Bond Demand and Supply Forecast Source: JP Morgan, BarCap, S&P Research

5 5. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. Les Risques de Refinancement: Ratio Stock de dette a CT+ Dette LT venant a maturité / PIB En pourcentage du PIB

6 6. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. Impact dune hausse de 3% des taux dinteret sur le service de la dette (exprimé en % du PIB)

7 7. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poors. This report was prepared by Standard & Poors Fixed Income Risk Management Services group. This group is analytically and editorially independent from any other analytical group at Standard & Poors, including Standard & Poors Ratings. Standard & Poors information contained in this document is subject to change without notice. Standard & Poors cannot guarantee the accuracy, adequacy or completeness of the information and is not responsible for any errors or omissions or for results obtained from use of such information. Standard & Poors makes no warranties of merchantability or fitness for a particular purpose. In no event shall Standard & Poors be liable for direct, indirect or incidental, special or consequential damages resulting from the information here regardless or whether such damages were foreseen or unforeseen. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments, strategies to you nor is it considered to be investment advice. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. © 2010 Standard & Poor's, a division of The McGraw-Hill Companies, Inc. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part is prohibited without written permission. STANDARD & POORs, S&P and RATINGSDIRECT are registered trademarks of The McGraw-Hill Companies, Inc.


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