Operators should not be inspired by the close-hearted Wall Street yesterday, nor one in the red, the Asian market this morning guaranteed online payday loans. They should also take time to digest the advertisements of the leading finance ministers of the euro zone, Jean-Claude Juncker, made in Tuesday night. The latter has warned that the Financial Assistance Fund (EFSF) would reach "probably not" the one trillion euros, as had been promised after the crisis summit last October.

The idea is to partially fund the social security system with a consumption tax us fast cash. In return, the employer contributions would be reduced, to reduce labor costs. The scenario, long taboo in 2007 as mentioned awkwardly between the two rounds of parliamentary by Borloo, brings together more and more supporters to the right and center, but not unanimous. The reluctance address the risk of inflation, so drop in purchasing power.

An equation that TF1 attributed to "a macroeconomic environment less favorable than expected, especially from September." This "economic uncertainty", leads the group also anticipated for the year 2011 "a withdrawal of consolidated turnover of about 1%."

However, if the proceeds of the TF1 channel degrades, the group announced a turnover in nine months, up 0.7% to 1.826 billion euros.

Ten days after a summit of the European Union has offered a new and generous aid package (130 billion of soft loans and additional deletion of 50% of its bank debt), Greece has still failed to respond positively to its European partners. The ongoing political chicanery in Athens are now exasperated the northern Europeans. Former German Chancellor Gerhard Schröder has just said out loud what they think almost all of his compatriots: "Greece should never have been back in the euro area! ".

Four days after returning from Brussels summit, Greek Prime Minister George Papandreou announced unexpectedly that he would submit to a referendum history of the Europe Agreement on October 27.In his speech before the vote, Prime Minister pledged to work towards forming a national unity government, which would then be able to obtain approval from the European level by a qualified majority of the Greek Parliament.

Saturday at midday, Papandreou has therefore gone to the President of the Hellenic Republic (with powers more symbolic than real, like the presidents German or Italian), asking him to convene the party leaders in for the formation of a grand coalition. But Antonis Samaras, the leader of opposition party New Democracy (center right) then stated publicly that he demanded the resignation prior Papandreou, in his eyes too discredited claim to form such a government of national unity.

About 200 flights on the 1000 planned were canceled Saturday. "We have given the forecast. Saturday at midday, only 200 passengers 3,000 were in trouble, "noted the direction of the company. Air France has temporarily limited to 100 passengers the ability of its medium-haul flights from Orly to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. Result: Passengers waited. This strategy and the delays it caused affected customers were exasperated. "It's a nightmare bad credit payday loans. We have been waiting seven hours.Our flight departed. We could not board because Air France has focused on particular families. We were placed on a waiting list telling us that we might catch a plane at 12:30, chartered by another company. Shame, "railed one of them.

On the front of the long-haul Air France canceled at Paris ten flights especially to New York, Montreal, Los Angeles, Tokyo, Abu Dhabi, Douala.

Provided Air France does not rule out last-minute cancellations. Considerable uncertainty remains about the level of participation of PNC (cabin crew) in this movement, they are not obliged to prevent the company of their intentions. Moreover, unions provide them a "surge" of the movement. "All the volunteers PNC reserves are currently using," said Didier Foussat, the union FO.

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. "

LE FIGARO. – The government has just decided a call for applications for six new TV channels. Is it a political pre-election?

Frédéric Mitterrand. – No doubt that what we have to stop the development of DTT will be analyzed in terms of pre-electoral context. That said, I see nothing shocking in policy decisions even in a pre-election when they are good decisions, that is to say they serve the public good. In this case, which was decided as the French used as the viewers that audiovisual players. Frankly, it's the solution I recommended in the month of MayAt that time we were in debate on the future chains compensatory granted to incumbents but also the adoption of a new technical standard.

You have decided to delay the adoption of this standard. Is not this go against the future?

The principle of a change in broadcast standard is an act, we decided to give us time to let the natural park of televisions renewal. It is a choice primarily for the benefit of consumers. A change in standard would have required too fast the French to invest in new equipment so that the transition to all-digital is hardly complete. This transition takes place remarkably well, so that one should not forget that it is a revolution for the French daily. All could not afford to grant a new effort.We therefore remain faithful to the philosophy of "Digital Television for All" by offering more channels to all the French, for free. Otherwise, we would then come to an undemocratic situation where some French would have been less than other channels while TNT is so far a success. In addition, manufacturers are not yet ready, which means to wait for the new equipment is available. However, the move almost natural MPEG2 to MPEG4, already widespread, himself is assured.And finally, the government has clearly emphasized the importance of HD, which helps, too, to improve the quality of programs to be offered to viewers.

The repeal of compensatory strings can it lead to a request of withdrawal from the incumbents?

The choice of Brussels was an important driver in the decision that we have just taken, so as not to take undue risk to the state and historical chains, which have in recent months for positions fairly fluctuating. These groups have also not incur costs for the creation of compensatory strings.On the merits, I think the decision is beneficial to all the audiovisual sector and to all groups, which can now compete for the acquisition of new frequencies.

The market can absorb six new channels, more importantly if they are generalists?

I do not want me to replace the Higher Audiovisual Council, which will be master of the choice of channels. But one thing is certain, we live today in a sluggish advertising, if not difficult. Also, it seems a priori the channels may be more likely to take their game in terms of the offer as economically.

Some operators entered the market for TNT in 2005 sold their frequency advantage. Is it necessary to regulate such transactions?

These new entrants have made significant investments to launch their channels and are highly valued.My concern is the future of entertainment, whose difficulties are palpable, particularly in terms of fiction. Today it is on the field I want to express myself and exercise my vigilance Communications Minister.

There is a rise of the Canal + group. How do you react?

Canal + Group is an extraordinary sense of the word. He has developed a unique marketing model, but also new writings be it the visual way to turn the sport or even satirical practice journalism. It is also an operator who demonstrates responsiveness and a sense of strategy remarkable, although it can cause a stir. I also note that Canal + finance a quarter of French audiovisual creation.I hope that when the CSA and the Competition Authority will consider the acquisition by Canal + channels of the Bolloré Group (Direct 8 Direct and Star), the investment in programs, and guaranteed to be outstanding, watched with special attention.

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Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials instant personal loans guaranteed. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

* Author of Europe can do without an economic government? (French documentation, to be published October 10, 2011)

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Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece. Europe is planning to review the private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF).Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen. This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday. The board of directors of Dexia (-27.7% to 0.94 euros) announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular.The Franco-Belgian bank should speed up the sale of its jewels and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

The sugar group Cristal Union will acquire in a friendly group Vermandoise for nearly a billion euros to create the number five European sugar industry, which will be number two in France behind Tereos. Vermandoise group includes two companies listed on NYSE-Euronext Paris, the Society of Sugar Vermandoise (SVS) and the Sugar Company of the Old Pithiviers (SSPLV). The listing of the two securities is suspended.

GDF Suez (-0.20% to 22.40 euros) has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution.The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle (-0.80% to 64.34 euros) reported a sharp drop in its annual net profit by 48% to 30.4 million but expects a rebound in profitability for the year 2011-2012. The food group is also in talks to buy the vegetables Aucy in Russia.

Naturex (-0.76% to 49.42 euros), a specialist in natural ingredients of plant origin, will launch a capital increase of € 49.3 million to fund acquisitions and increase its free float stock.

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.