As such, it must be remembered that the S & P is not his first "mistake". In early August, when the deterioration in the rating of the United States, the agency had already deceived 2,000 billion in the calculation of the federal debt.

This lack of reliability of the agency does not affect the market reaction.Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.

Everyone to understand that France will soon be degraded

This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%. This would mean that in this case, France would borrow twice from Germany!

The shock is harsh, but it is ultimately not so dramatic as that. A 3.46 or 3.5% borrowing conditions in France remain reasonable.

● Reform the international monetary system

● Fighting against the volatility of agricultural commodities

● Regulate Financial Markets

● Financing for Development Assistance

● Reforming global governance

Boost growth

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Banks recapitalized to the tune of 100 billion euros

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan Greek, there is an effort of European countries [to, ed] and will also require an effort of the private sector," said his Belgian counterpart Didier Reynders.

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.

In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting.According to sources cited by Reuters, an agreement in principle was reached by European finance ministers on the recapitalization faxless pay day loans. European diplomats interviewed by AFP were less categorical in the late afternoon. "There is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF). " On the other hand, "the ministers are trying to agree on the minimum capital."

The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012.A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday. These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source.But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe. France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain.She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies. European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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Two national radio stations also sentenced to a yellow card. Europe has a wide-open its branch in PS with a talk time of 152%. Even France Inter, a radio public service has been formally for giving a talk time of 129% in opposition.The strings are warned if they reoffend, they face penalties!

"A special alignment of planets"

Convened Monday to CSA, those responsible for these chains are prohibited. This imbalance is due to broad "a special alignment of planets" in the news.

The DSK affair hit the headlines all summer, in September, the Senate shifted to the left and the Socialist Party held its primary. Two of the primary debates were broadcast on news channels, i-TV September 28 and October 5 BFM TV. The gap has even peaked in late August. Thus, i-TV spent 28 hours at PS 40 in July and August against 11:46 for the majority bloc.

The UMP had warned. Franck Riester, the national secretary for communication of the UMP had according to Jean-Francois Cope sent a letter to the CSA two weeks ago.He asked to see the imbalance of talk time and draw the consequences.

"Today, the CSA has highlighted what we said for weeks without being heard," says one in the entourage of Jean-Francois Cope. "This case is an opportunity to reflect on the rules. We were surprised by the impact of primary socialist. But I refute the idea that we are a party line. Instead, we have an image of independence online pay day loans. If the UMP held a primary, we would have done the same coverage, "said Alain Weill, CEO of NextRadioTV, parent company of BFM TV.

Wednesday, Michel Boyon, the president of CSA, and Christine Kelly, one of its members, recalled that "respect for pluralism of time is a constitutional issue and not to derogate pretext of a strong current. " "The senatorial primary and PS were predictable.Chains would have anticipated. This is not the fault of having prevented, I have met on 1 July to talk about, and late August to warn them, "said Christine Kelly.

No compensation

The CSA, responsible for enforcing pluralism in the media, has even been tolerant. "The 50% of time is a floor. The CSA was prepared to accept reasonable overruns due to the news. We could tolerate a talk time of 70%, 80% or even 100% exceptional, "said Michel Boyon. He reminded the rule for newspapers for information, speaking time is counted in three months. After abuse from July to September, the counters were reset for the period 1 October to 31 December."There will be no compensation for the excesses of talk time recorded in the previous quarter," said Michel Boyon.

Dialogue and anticipate

The CSA refutes the idea that the rule of pluralism is inadequate to news channels. Proof: France Info has not been formally general as his cousin was the France Inter. But difficulties exist.

The news channels should repeat the same news in their 45 or 50 daily newspapers. And each time a Socialist head is much talk time counted.

"The rules exist and we must respect them. For the future, it will interact intelligently with the CSA and better anticipate, "says Catherine Nayl, Director of Information of the TF1 Group. "But this is not always easy. And the interview with the DSK JT 20 hours of TF1 September 18 was widely reported on JT LCI. "

Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets bad credit personal loan lenders. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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Even gloomy atmosphere on other European financial centers: the Frankfurt Dax falling 3.02%, the Madrid Stock Exchange of 2.24%, the FTSE-100 in London fell by 2.08% to 5,295.75 and Milan 2.34%.

Concerns about the hypothesis of a failure of Greece again weigh on investor sentiment, like those of Asian stock markets on Monday. Friday and Saturday together in Wroclaw, Poland, EU finance ministers have decided to postpone their decision in October on a loan of 8 billion euros in Athens, pending the outcome of a "troika", under 18 hours, on the progress of promised reforms.

In addition, they have made little progress on the second aid plan for Greece, nearly 160 billion euros including the private sector, pledged in principle last July 21. Greece should show its good will, while his government is accused of delay in implementing measures to reduce the deficit. This Sunday, Athens has announced in the wake of new economies to reassure its European partners.

It must be said that in Europe, solidarity with Greece began to annoy the majority of people. Evidenced by this poll Ifop for Sunday Ouest France, which states that 68% of the French disapprove of the increase in French contribution to the rescue of Athens.And while "divisions" have emerged among governments and the European Central Bank, as noted by Timothy Geithner, U.S. Treasury Secretary, on the sidelines of the meeting of European finance ministers that he was invited .

To fill a deficit in the U.S. To this must be added the concerns about the U.S. economy, which pose a risk to global growth. Markets await including many of the plan for the use of 447 billion dollars of Barack Obama. The U.S. president, anxious to see his program pushed by Congress, has called this weekend to support the Republicans, to avoid "dead end".He also warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit, while the United States must find 1.2 trillion dollars in savings by the end of the year. Thus, Barack Obama will propose to Congress Monday a tax on the income of taxpayers earning over a million dollars a year.

Analysts and investors are also awaiting a meeting of the Federal Reserve on Tuesday and Wednesday on interest rates in the United States. The feeling now is that the U.S. central bank will launch a new version of "Operation Twist" program to exert downward pressure on interest rates over time.Such a prospect would be a tasteful for scholarships, especially as the Fed pledged to keep rates low until mid-2013 at least.

Macroeconomic side, in Britain, the Financial Times this fall could be a gap of 13 Internet Payday loans.8 billion euros in public finances, or 25% more than expected. Such an amount would extend the austerity policies adopted in Britain.

In the U.S., the NAHB housing index will be released in 16 hours.

On the foreign exchange market, the euro accentuated his decline against the dollar on Monday. The euro bought 1.3653 dollars against 1.3797 dollars on Friday night. He fell last week below the threshold of $ 1.36 for the first time since February. Oil prices are also in the red. Around 12:30 in Paris, a barrel of Brent North Sea crude for November delivery traded at 111.75 dollars in London, giving 47 cents from Friday's close.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery gave up $ 1.19 to 86.77 dollars.

Values ​​to follow

• Banking and cyclic to the death

Mid-session all CAC 40 stocks are in the red. Societe Generale (-4.85% to 18.04 euros) and BNP Paribas (-2.62% to 27.45 euros) are again in turmoil. Doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin.

Cyclical stocks, the more dependent the economy, declined also to the image of ArcelorMittal (-5.24% to 12.66 euros) which records the heaviest fall of the CAC 40.

• EADS (-0.29% to 22.03 euros)

Qatar is interested in buying Daimler a 7.5% stake in EADS, according to the Sunday edition of Der Spiegel.

• Technip (-3.02% to 66.21 euros)

The group said it had been awarded by a contract Petobras provision of basic engineering and detailed design for a new fertilizer complex to be located in Uberaba, in Minas Gerais, Brazil.

• Sanofi (-1.68% to 47.68 euros)

The pharmaceutical giant said Monday it has obtained from the American justice the right to maintain exclusivity until August 2012 U.S. sales of Eloxatin, a drug against colorectal cancers.

• Natixis (-1% to 2.36 euros) and Safran (-3.69% to 25.32 euros)

The bank released the CAC 40, replaced by the industrial and technology group, previously listed on the SBF 120.

• STMicroelectronics (-4.92% to 4.73 euros)

The group has financial capacity to make acquisitions in microprocessors or motion sensors if the opportunity arises, says the CEO of a Wall Street Journal interview published Monday.

• ABC Arbitrage (-1.98% to 6.45 euros)

The company specializes in exploiting price differences between similar financial instruments, recorded a net profit of 16 million euros over the first six months of the year against 15.3 million euros in the first half of 2010.

After many negotiations, members of the majority and the government managed to agree on a new system. Unless new amendment to the Senate, these reductions always will engage after five years in prison. But instead of 10% a year, they amount to 2% between the sixth and sixteenth years of detention, 4% between the seventeenth and twenty-fourth year and 8% thereafter.It was not until thirty years (instead of fifteen) to see its added value exempt. This regime will apply to final bills of sale signed on 1 February 2012. Given the usual delays, it will be necessary to sign the trade deadline in November. When the tax applies, the rate is 32.5%.

Increase in new sales

As a result, professionals expect an increase in offered for sale by then. "Owners who hold their property for at least fifteen years will want to take advantage of the current exemption of capital gains," said Jean-François Humbert, notary in Paris. Not sure, however, that buyers are at the rendezvous no teletrack payday loan. "Individuals who do like to let investment buy empty flats, said Laurent Vimont, president of Century 21.Or those who put their property to sell in a hurry are likely to already have a tenant. "

Sales of second homes, they weigh only 7% of the market (56,000 sales per year). And the fall is not a favorable period for transactions involving such property. But if the sale is finally concluded, it will probably be with lower prices. "Owners can grant rebates 5 to 10% up to sell quickly," said Jean-François Buet. As of February 1, however, the market is likely to seize up. "With the entry into force of this device and the negative pre-election period conducive to procrastination, the owners will be tempted to keep their property, advance Mael Bernier, spokesman for the loan broker Loans. The number of sales expected to decline. "

Is that the market is very sensitive to shifts in tax.Before the deputies did retouch the future scheme, the government announced on August 24 suppression of hard-reliefs and exemptions on real estate gains. The reaction was immediate. Within the network of estate agents Century 21, 500 sales agreement and terms of sale 1500 were canceled over the last two weeks. "In our 75 000 mandates, 5% were removed," adds Bernard Cadeau, president of the Orpi teaches.

One way to illustrate the policy to support training through professional transition contracts. But the Elysée had also clearing the way for some 60 miles away, sending his agriculture adviser, Daniel Perrin, to listen to the grievances of the employees laid off soon a group Lactalis Cheese Company, which manufactures including cheese … President .While polls show an improvement, but in the context of attacks on returning the case Bettencourt, Nicolas Sarkozy wanted to place his action under the sign of toughness. "The important thing is persistence. It is a keyword. (…) We are not in Libya would not have happened without toughness … the same tenacity will be put on employment, competitiveness of France. You have to fight inch by inch and finally get results, "he said.

By repeating the word seven times, Nicolas Sarkozy coined the slogan of the day.He also managed to draw a parallel between the end of the Gaddafi regime, which fell when everyone was betting on the stalemate, and the "titanic battle for France again become a place of production."

Sarkozy has nevertheless recognized that unemployment figures for the last three months were "clearly not good, but how could they be in the context of global economic and financial crisis?". He preferred to put forward some encouraging statistics, such as increasing the number of jobs created (120,000 in the first six months of 2011) quick cash. As his Secretary of State for Tourism Frédéric Lefebvre, he also established a link between unemployment and the demographic vitality of the country."A workforce that is increasing every year 150,000 people (…) is good news because in thirty years, France will be larger than Germany (and) it's good for the financing of our system of retirement, "he was glad. But "before reducing to one the number of unemployed is to find 150,000 jobs for 150,000 new" entering the labor market, he said.

On the concrete cures, Nicolas Sarkozy has remained modest. He announced a boost of 20,000 additional assisted contracts for young people and more than 50 years. But in a crisis of sovereign debt, no way to release the tightening imposed on the state budget. For the first time, the head of state has defended the new plan unveiled last week by Francois Fillon, who has to save one billion euros in 2011 and 11 billion in 2012.However, he vigorously defended the inclusion of the golden rule in the Constitution. "My God, but where's the catch? Are those temporarily in charge of the direction of France can not undertake that the annual budget goes toward equilibrium? ".

He cited the example of bipartisan agreement that has just spoken in Spain, "the Socialists and the Spanish right love their country more than their party, and I hope for France that politicians love their country more than their parties and their personal interests, "commented the head of state to the attention of the opposition.

The markets seem to be torn between the desire to focus on quarterly results released last night or expected, and the wrong signals sent by the European and Asian markets. They are disappointed with the proposals of President Nicolas Sarkozy and German Chancellor Angela Merkel. The two leaders, who gathered to discuss the governance of the euro area, have not provided a response to the concerns of investors about the debt crisis in the euro area.Of course, a battery of measures was announced: economic government of the euro area, "golden rule" budget, tax on financial transactions, fiscal convergence. But Germany and France have ruled out a strengthening of the European emergency fund (EFSF) and the creation of Eurobonds, measures eagerly awaited by the markets.

"The concerns of investors are unlikely to dissipate anytime soon and could increase the pressure against the European leaders' strategists warn of Crédit Agricole CIB. "We are concerned that investors not only in the short term this framework must also be approved by all other countries and which offers no short-term response to the problems that worry the markets," added the manager of Barclays scholarship.

Oil up

In this context, operators will try to focus on indicators of the day.Before the opening, the Labor Department will release the index of producer prices. Weekly oil inventories will follow. Investors expect a decline in reserves, which pushed the futures contract on a barrel of "light sweet crude" for delivery in September rose 1.19% to 87.68 dollars.

Note the side of the currency, the attempt to rebound in the euro against the dollar. After being battered in the Asian trade, the single European currency recovers. Around 11:30 in Paris, the euro bought 1.4450 dollars against 1.4406 dollars late Tuesday.

The values ​​of the day

News companies are also responsible for:

The Dell IT group has published Tuesday profit up 63% in the second quarter to $ 890 million, or earnings per share of 54 cents higher than expected. But the group has revised its annual sales targets downward.

Analog Devices reported last night for its third fiscal quarter, net earnings rose to 219.9 million dollars. But the group has disappointed analysts by saying that he expected an exaggerated caution of customers in a context of growing global economic uncertainty.

Abercrombie must report before the market opens its second quarter results. Ls forecasts indicate a profit of 29 cents per share and a turnover of 916.8 million dollars.

Deere also has pre-market release the results of its third fiscal quarter. The benefit should be 1.66% per share, according to economists.

Staples will announce its second quarter results, as Hot Topic, Limited Brands and Petsmart.

The banking sector battered yesterday after the European project for the taxation of financial transactions, will also be monitored.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.