Profit taking are pushing the European stock exchanges
European shares ended lower Tuesday as investors pocketed their profits after a second agreement on a plan to help Greece to dispel the specter of a dice ; be next month, but not to solve all the country's economic problems.
On profit taking, the Paris Bourse has sold 0.21% (7.30 points) to 3,465.24 points. The pan-European index Stoxx 50 fell 0.34%, the German Dax is 0.58% and 0.29% FTSE UK.
Trading volumes on the pan-European FTSEurofirst index was 22% thinner than usual, a sign that investors have not rushed to the exit after obtaining a agreement on Greece, much preferring a wait.
The agreement, torn by the euro area at night, after thirteen hours of negotiations, plans to reduce Greece's debt to 120.5% of GDP by 2020 through a new program of public loans of 130 billion euros and a restructuring of debt held by private creditors.
Highly anticipated by the markets, the plan is not a miracle cure for all ills of Greece. Strangled by his austerity measures, the country will return to growth until 2014, after four years of recession that have reduced the gross domestic product (GDP) 17% believe senior European officials.
Meanwhile, the aid package to Greece may yet derail and Greek debt explode to unmanageable levels by 2020, according to a confidential report prepared by "troika" of the country's international creditors.
Yields on debt issued by the 'peripheral' countries of the euro area eased in favor of the agreement. Sign of an easing in the bond markets, Spain issued in the morning 2.5 billion euros of debt in three to six months, with yields down by sharp the previous auction of this type.
The euro rose to 1.3270 dollars around him after reaching 1.3292 to the dollar after the announcement of an agreement on the Greek plan.
Signs that debt problems are not confined to Greece, the European Commission will propose Wednesday to suspend payments from the Cohesion Fund for Hungary from 2013, due to lack Budapest progress in reducing its budget deficit, shows a document of the EU executive.