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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This drop in sales spares no distributor:

-Department stores as well accuse a sales decline of 7% in value in September, compared to the same period in 2010,

-Chains saw sales backward 10%

-The decline in sales is 12% for independent multi-brand and 14% for Monoprix.

Monoprix, it was confirmed that the "weather is unfavorable, has had an impact on sales", but also justifies the bad news by the fact that the month of September 2010, compared, was a great month, "sales were then actually up 7%, "says the distributor is.The postponement of a commercial called "The nine days', held in September last year but this year is set astride September and October, may have also contributed to falling sales, recognizes we also Monoprix.

The worst September for a long time …

As for independent multi-brand, the drop in sales was certainly 12% in September, but the segment of the lingerie was displayed, according to the IFM, the best resistance (+ 0.3% in value in September).

All distributors alike, sales began to level off in the summer, the balances have been very disappointing for retailers.During the period January-August 2011, they had already declined by 1.7% in value over the same period last year.

The downward trend has clearly intensified in September, which is the worst for the industry for a long time: according to the IFM, clothing sales in France had indeed increased 2% in 2010, which was a good year, after falling 8% in 2009. But they climbed 1.2% in 2008 and even 8.3% in 2007.

The outlook for the month of October are not provided completely obscured: true, according to Franck Delpal, an economist at the IFM, a slight improvement in weather clothing is not excluded in October, with relapse of temperatures .Already, the last weekend of September would, he said, was marked by an upturn in sales, including warm clothing.

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All industries show an increase in sales: fresh dairy products (+3.5%) in water (7.9%) through medical nutrition (9.8%). But it is the child nutrition that takes up the results (10.5%).For the latter pole, "the strong growth in value of 5% reflects both the favorable mix of growth, and also increases in the prices since the beginning of the year in most markets" , the group said.

For the first nine months of the year, the group recorded an increase of its turnover by 7.7% on a comparable basis to 14.5 billion euros. All of which leads to the Group CEO, Franck Riboud, that "Danone is doing well: Asia, Latin America and the Africa-Middle East continue to grow strongly. We work to strengthen our leading position in Russia and the United States and our performance in Western Europe remains strong. "

Confident in the long term

Equally optimistic, the Chief Financial Officer Pierre-Andre Terisse said during a conference call that the dynamics of the fourth quarter should be "fairly close" to that of the third.He therefore reiterated its 2011 objectives, namely an increase in sales on a comparable 6% to 8% and an increase in its operating margin by about 0.2 percentage points, still like. This growth will come from all its activities, but particularly integration synergies of Unimilk, said that Danone still expects to grow its free cash flow consistent with the goal of two billion euros for 2012.

"This is the construction of our engines of growth that continues to make me confident: confident for 2011, we will deliver as expected a strong and profitable growth, despite the sharp rise in commodity prices since the beginning of year; also confident for 2012, "enthuses Franck Riboud.

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400 million of property disposals

The state continues to rationalize its real estate. For example, some services will leave from the Department of Budget rentals in 2012 in Paris and moved to a new building owned by the state to Ivry-sur-Seine. The result: an economy of rent of 24 million euros. Once the move made, 55% of the central administration of the Ministries of Economy and Budget work beyond the device. Justice must, too, leave the premises rented accommodation near the Place Vendome for a building purchased in a less prestigious neighborhood. The Ministry refused last year to relocate some of its troops Porte de Bagnolet and tried to impose a more stylish place, Porte de Versailles. But the MPs had set a stop."We will carefully consider the new proposals of the ministry. They have a budget of 160 million they will in no case exceed, "said Yves Deniaud, UMP deputy and president of the Real Estate Council of State.

Besides Paris, the restructuring of administrations in the region (with the merger of directions) can reduce office space. The state has released 146 504 m2 in 2010 and 46 383 m2 in 2009. In addition, 561 semi-public structures (ranging from museums to Météo-France) are now asked to have a good property management.

As in 2011, the government hopes that it will report sales of buildings 400 million in 2012. "The aim should be held this year," said Yves Deniaud.

More funds for the Senate, at least for the Elysée

The endowment will be paid to the Senate of 327 free business cards.7 million in 2011 to 333,600,000 in 2012.This 1.8% increase, after years of freezing, is related to the creation of five additional seats in the Senate. The allocation granted to the National Assembly is her stable at 534 million. This reduces the Elysee (112.3 million in 2011, 111.7 million in 2012, with travel costs down), as well as the Constitutional Council.

"Small taxes" various

Municipalities with forestry in 2012 will pay a fee of 2 euros per hectare. What to bring 5.6 million to the National Forestry Office (ONF). The visa fee regulation for foreigners pass him, from 220 euros to 340 euros.

Special pension schemes

The grant from the State for such schemes – funds RATP and SNCF in mind – will reach 6.6 billion, against 6 billion this year.This grant is intended to balance the books despite the demographic ratio (number of contributors / number of retirees) worse than in the general scheme.

Medical Insurance

Voted in the fall, but censored for reasons of form, the device liability insurance risk specialists (obstetricians at the top) is reintroduced at the time of this budget, as promised by the executive. The idea is to cover losses of more than 8 million euros via a common to all health professions. This allows pooling of contributions limited (15 to 25 euros a year according to the Government).

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This mechanism, which takes its name from the famous dance that was all the rage in the 1960s, had just been used for the last time in 1961. Its objective is to reduce interest rates in the long run to give a boost to business investment and the demand for housing loans, which use these rates as reference.

The Fed, however, chose not to touch interest rates that determine the short-term rates. They remain between 0% and 0.25%.And they will remain at historically low levels until mid-2013, said a statement.

Market disappointment

In addition to this twist, and in order to support the mortgage market, the Fed will also buy real estate securities without increasing the size of its portfolio. For this, it will continue to reinvest the securities-backed real estate it owns as they fall due. But the FOMC said, instead of buying Treasury bonds as it did previously, she will buy securities backed by mortgage-agency mortgage refinancing para as Fannie Mae and Freddie Mac.

This double operation shows that the Federal Reserve, the economy remains very depressed."The latest economic indicators suggest a continued weak conditions in the labor market and unemployment remains high, the Fed said. There are significant downside risks weighing on economic prospects, including strains in global financial markets. " These findings are similar to those of the IMF, which announced Tuesday it had seen very sharp fall in its growth forecast for the U.S., in theory at a level insufficient to expect a decline in the unemployment rate, which remains very high, to 9.1%.

On Wall Street, where the launch of Operation Twist was widely anticipated, the operators retain the discretion not optimistic the U.S. economy. Shortly after the news release of the Fed, the Dow Jones, which evolved in equilibrium has shifted into the red.It closed down sharply from 2.49% to 11,124.84 points.

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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.

Initiated by Valérie Pécresse, it has been refined over the summer by the services of Laurent Wauquiez. Main innovation: This fund was set up in collaboration with private banks to replace the young who can not provide security for accommodation in university residences. The project is also to extend this funding to candidates for private dwellings.

A quest that may turn the galley

The announcement comes just a few days or weeks of their return, many students are actively looking for a roof.To facilitate a search that may turn into a hassle, avoid pitfalls and surprises, the CNOUS (National Center for University and school), umbrella Crous, opens a portal to a comprehensive supply Housing in Ile-de-France. In this site are not only offers university residences, but also offers private landlords benefiting from new label CNOUS. For this new label, the organization set up with professionals and students, a questionnaire containing the prerequisites for inclusion in the list of homes approved by the regional Crous (heating, sanitary facilities or a network electrical standards …).The questionnaire four themes: the quality of housing, proximity to centers of education, respect of good practice in relations between the landlord and the tenant and the student price. Indeed, a report by the DGCCRF of August 2010 complained scams that students are the most frequent targets: unfair, inadequate housing, debit authorization of maintenance and repair of the deposit, ban to host friends …

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On other European financial centers, the Footsie-100 from the London Stock Exchange 1.50% to 5632.57 loose points, the DAX 30 Frankfurt Stock Exchange lost 1.66% to 6684.24 points, the FTSE MIB the Milan Stock Exchange drops 2.43% to 16,852.90 points, the Ibex 35 of the Madrid Stock Exchange gives 0.90% to 9032 points, the PSI 20 of the Lisbon Stock Exchange was down 0.86% to 6569, 24 points.

Juncker meets with Italian Minister of Finance

The European sovereign debt and U.S. continue to weigh heavily on the trend. Yield spreads between bonds to ten years Spanish and Italian over German bonds widen.They stood at 402 basis points respectively (13 bps) and 386 basis points (12 bps). Italy and Spain are again under pressure from the markets fear a contagion of debt. Their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries. The Italian Finance Minister Giulio Tremonti talks in Luxembourg on Wednesday with the leader of the euro zone, Jean-Claude Juncker.

China increasingly perplexed vis-à-vis the dollar

Investors also remain worried about the strength of U.S. growth. And, although the Senate has ratified Tuesday the plan to raise the debt ceiling. Insufficient agreement by Moody's which could lower the rating of the country.The closing down sharply on Wall Street Tuesday night also confirms the markets in their choice to continue to withdraw.

China, for its part welcomed the adoption of very hard this plan. Beijing said it would continue to limit its dependence on the dollar, whereas the U.S. has failed to defuse "the bomb of debt." The rating agency Dagong China in the wake downgraded American. Wednesday morning, Asian stock markets, with the exception of Shanghai, changing all down sharply.

Eurozone: activity in services slows further

On the macroeconomic front, the growth of activity in the services sector continued to slow in July to register their slowest pace since March 2010. The PMI index reached 54.2 against 56.1 in June.

The same goes for the euro area and for Germany: the composite index stood at 52.5 against 56.3 respectively in June and 51.1 against 53.3 in June.

For the euro area, growth in manufacturing in July (10:00) and numbers of retail in June (11:00) are also scheduled.

In the U.S., investors will also pay attention to employment figures in the private sector in July (2:15 p.m.), the industrial orders in June (16 hours), the ISM services in the month July (16 hours) and weekly inventory of crude oil (16.30).

Bic flies, Societe Generale sinks

Air France-KLM: -2.40% to 7.64 euros

The airline plans to delays or cancellations of flights, from Paris, following a strike by technicians responsible for maintenance of its aircraft.

Total: -1.15% to 36.37 euros

The oil company and its CEO Christophe de Margerie were returned to correctional late July for "active corruption" in the investigation into the UN program "Oil against food" in Saddam Hussein's Iraq from 1996 to 2003 officials said a judicial source.

Danone: -0.54% to 49.24 euros

The dairy group has unveiled a proposed acquisition of 250 million euros in nutrition in India to expand into the Indian markets for infant nutrition and medical purposes.

Societe Generale: -5.41% to 30.74 euros

The bank chaired by Frédéric Oudéa posted net income down 31% to 747 million because of writedowns on loans Greek past.Greece forced Societe Generale has given up its goal of net profit of 6 billion euros in 2012.

Crédit Agricole: -2.38% to 7.80 euros

The bank said it had sold its commercial finance Eurofactor in Britain to GE Capital.

Suez Environnement: -0.48% to 12.52 euros

The group specializes in water management and waste released on Wednesday a net profit down 43% to 221 million euros in the first half. Suez Environnement, however, reaffirmed its financial targets for 2011-2013.

Bic: 3.89% to 63.89 euros

Bic raised its growth target for the division of pens, lighters and disposable razors, to "greater than 5%" against up to 5%.Instead, the group anticipates a decline of about 10% growth for its advertising and promotional products division against 5% previously.

Hermes: -1.77% to 239.30 euros

The Association for the Defence of Minority Shareholders (Adam) wonders why the saddle spends as much to buy back its own shares, whose price has reached a new record this week, said Tuesday its president Colette Neuville.

Renault: -2.01% to 34.65 euros, Peugeot: -4.02% to 23.3 euros

American manufacturers have announced their sales figures on Tuesday night. Chrysler reported a 20% increase in sales of new cars in the U.S. in July, while Ford saw its own increase by 9%.

Accor: -1.53% to 28.38 euros

Accor announced the signing of the sale of catering group Lenôtre Sodexo following the favorable opinion of the works councils of both groups.

After-hours trading, Vilmorin and Cegedim must publish their annual turnover for the first and second quarters respectively.

Institutions are trying to adjust to their new regulatory and economic environment heated, that undermine the profits of their activities and investment.

HSBC did not identify the countries involved in the wave of savings.But the new leader of the group since January, Stuart Gulliver, had clarified its intentions with the publication of its strategic plan in May: he wants to return to the strategy of geographical expansion at any of his predecessors, will focus its efforts to on Asia.

In 39 countries, the bank has planned to scale back or even shut down some businesses, as it did for its retail banking in Russia or Poland. In the U.S., it will sell 195 branches to First Niagara for one billion dollars. In total, approximately 10% of the HSBC will be affected by the wave of savings. "A brutal restructuring plunging thousands of employees in limbo," according to the union Unite.The purpose of the institution is to reduce by two years its fixed costs at least $ 2.5 billion.

New regulations

The markets expressed their good report: in a very depressed market environment, the title of the bank surged 2 online payday advance.19% Monday. Investors greeted the passage of publication of interim results of good quality, marked with a taxable income of $ 11.5 billion (8 billion), up 3% year on year.

The HSBC savings plan should also prepare the institution to banking regulations in the future. More demanding in terms of mobilizing capital and liquidity, the new rules have encouraged banks to lower their activity levels. The gloomy global economic outlook, fueled by the debt crisis, also pushing the leaders to be cautious.Especially for the upturn, the schools had massively hired two years ago, in trading activities, in particular.

Since the spring, the banking industry have frequent announcements of job cuts. Goldman Sachs will separate for "economic reasons" about a thousand employees in September. Barclays would have eliminated 600 jobs in its investment banking division, BarCap and 2000 in its retail operations, since the beginning of the year. His compatriot Lloyds Banking Group is preparing to offload 15,000 jobs in order to focus on the United Kingdom. Allied Irish Bank Irish plans to turn to go from 2000 employees. German Commerzbank has already eliminated 7,400 positions. Credit Suisse expects 2000 job cuts in its investment bank, Intesa Sanpaolo 3000 …

As stated on ABC's website, this agreement is only "temporary" and must still be approved by Congress. If the information was confirmed by Washington, would mean that the U.S. can continue to borrow on financial markets.Good news for Barack Obama in less than a year of presidential elections. After a long back against the long struggle between Republicans and Democrats, the White House had decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who seems to have paid off.

As a result, optimism had returned to the side of Parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, recognized the progress in negotiations with the White House. "Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday.Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

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