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Germany "means that Greece is a member of the euro area", reaffirmed on Monday a spokesman for the Ministry of Economy … who quickly added that Athens was coupled with the necessary reforms "loosely controlled". A phrase that sums up how Berlin is losing patience.

An internal document in German Ministry of Finance, taken by the newspaper Handelsblatt, illustrates the degradation of the opinion of the Germans against the Greeks: "The Government will further Papandreou promised much to its partners, to access a new tranche of credit, but it will not happen, "it said. And his conclusion is clear: Germany is preparing seriously to stop helping Athens.

In fact, Berlin is now considering a very real insolvency of Greece.Finance Minister Wolfgang Schäuble is no longer small sentences like this weekend when it was hammered out of the question to continue paying for Greece as it does not fulfill the conditions set by its creditors.

The post-bankruptcy in the study

In gray and cream long corridors of the Ministry of Wilhelmstrasse, the teams of the latter were already working on the management of post-bankruptcy. According to Spiegel, two scenarios are discussed – the output of Pure and simple in the euro area. The Department neither confirms nor denies. But in an article published yesterday, the Minister of Economy, Philipp Rösler, openly spoke of a possible bankruptcy of Greece.

Yet next scene, the CDU denies pessimism. For the president of the parliamentary group in the Bundestag Volker Kauder, "an exit from the euro area is not a solution."The party's general secretary, Hermann Grohe, Cassandra pin that inflame the debate: "We need to encourage the Greeks. We help are people in this way. "

Chancellor Angela Merkel sticks, meanwhile, delivered the remarks Sunday in an interview with the daily Tagesspiegel, saying that one can not "fix overnight what is not done for years" . On Monday, after his meeting with José Manuel Barroso, it simply just a terse statement on the importance of the euro.But if his spokesman said that the government's official position is to rely on the conclusions of the troika (EU-IMF-ECB), which experts arrive Wednesday in Greece for a thorough audit, he added that Germany Greece would not help that "in very strict conditions."

Ruling coalition isolated

Within the ruling coalition in Berlin, the Christian Democrats are isolated. The brothers enemies of Free Democrats and the Bavarian CSU common cause. When Philipp Rösler, also chairman of the FDP and thus vice-chancellor, said that one should "refrain from further consider an orderly insolvency of Greece", the patron of Christian social applauds Horst Seehofer, "content that these thoughts are expressed out loud. "

The CSU has also adopted an important resolution yesterday internally.In fifteen pages, it will detail the conditions it deems necessary to accept in the future to vote on plans to assist countries in need. It says this sentence murders: "States which are not able to stick to common rules, and put the euro area in difficulty should expect to leave the currency area." In Germany, the time of indulgence is over.

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"CRISIS SPECIAL: fear of debt

The salvation of the euro area could come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area. The latter emphasizes, however, that the purchase of debt as of the Italian state was not central to the negotiations which took place several weeks ago, the agency Bloomberg.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4.153% against 2.959% in the previous similar exercise conducted on August 10.

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Warren Buffett, white knight of American banks in trouble? After investing $ 5 billion in Goldman Sachs in a financial crisis of 2008, the American billionaire announced Thursday that his Berkshire Hathaway fund invested in the same Bank of America (BofA), the first U.S. bank by assets.

Warren Buffett acquires 50,000 preferred shares with an annual cumulative dividend of 6%. The bank may redeem the securities when she wants by paying a 5% premium to the investor. Warren Buffett will purchase warrants to purchase also 700 million shares BofA to just over 7.14 dollars each. The warrants will be exercisable at any time over a period of ten years.

The billionaire has named the CEO of BofA, Brian Moynihan, this weekend. The deal was sealed a few days."Bank of America is a solid, well managed," says Warren Buffett in a statement. He said he was "impressed" by the capabilities of the bank "to generate profits" and "how [the leaders] are acting aggressively to overcome their problems."

The stock has lost half its value since January

Warren Buffett's intervention was welcomed in the markets: the title soared 25% at the opening of Wall Street. It concludes with an increase of 9.44% to 7.69 dollars while the Dow Jones ended down sharply from 1.51%. It must be said that the title was a particularly difficult month of August, falling to 35%. Since mid-January, the stock has lost half its value.

The situation of the bank, which reported a record loss of $ 8.8 billion in the second quarter, investors worried indeed.BofA is weighed down by deteriorating U.S. housing market but also by the problems inherited from its mortgage subsidiary, Countrywide Financial. It has pledged $ 8.5 billion to investors who lost big at the height of the crisis because of its risky financial products they sold.

Analysts estimated so that the bank would soon need a capital increase, the amount could reach $ 50 billion by some estimates. But CEO Brian Moynihan denies again the rumors: "I remain confident in the fact that we have capital and liquidity to our operations, says in a statement he issued Thursday.I recognize along with a significant investment from Warren Buffett is a strong support to our vision and our strategy. "

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The pendulum swings between her fingers. "As soon as the balance is broken, it means that there is radiation." So potentially the water flowing underground. Small round glasses and goatee-like of the eccentric Professor Calculus of Hergé, Hervé Laurent is no less serious. His profession: divining, or "geobiologist." A broader term to refer to a specialist in environmental influence on living organisms. In 2007, after receiving specific training in Vannes and have trained for three years, the former surveyor of 49 years decides to create his own company, Art of the place, to practice his passion. Since then, he walks every week in its adoption of Normandy, but also in Seine-Maritime, near Paris or in Normandy, in search of blue gold.

To do this, Hervé Laurent uses the methods of dowsing.This technique, which is controversial in the scientific sphere, based on the faculty of feeling "all that shines, like electromagnetic waves", including water. Once on the ground, sticks and other clocks are involved, "they function as amplifiers of radiation," said he. But according to him, "a trained diviner may very well do without it, once it knows how to put his body in condition to capture any breach of magnetic fields." Although it states "take them out to professional confidence to the customer …" In addition, Hervé Laurent also uses the "scintillation counter, an electronic device can also detect water" and that confirms a first trial.

"A failure rate of 10%"

Like the rods, the pendulum is used to find water. Photo: PM

Black Series for Chinese railways. After the disappointments of the Beijing-Shanghai line, widely derided by the Chinese Web, is this time a drama that causes the emotion of the public and raises new questions about the reliability of high-speed rail of the Middle Kingdom. The derailment on Saturday night, a fast train in the province of Zhejiang, near Shanghai, has made at least thirty-six dead and more than two hundred wounded.

The flagship of the national technology transformed in the process of death, it was enough to unleash the critics. The subject quickly became number one on Weibo, the Chinese Twitter, where some users even ask for the resignation of the new Minister of Railways, Sheng Guangzu.Determined to reassure public opinion, the central government responded quickly with the dismissal of three officials of the Bureau of Shanghai Railway and the opening of an inspection "urgent" for the entire rail network quickly. It is already the largest in the world with nearly 8000 kilometers. Beijing plans to build 25,000 km of rowing in 2015 and 50,000 in 2020.

"Management very opaque"

An incident signal is the cause of the tragic accident following a storm that would have cut the power supply.The first train came to rest on the line Hangzhou-Fuzhou up to the city of Wenzhou, before a second can come and hit on an overpass, four cars going overboard.

The recent revelations of corruption, which led to the dismissal of Minister of Railways Liu Zhijun, in February and the disappointments of the Beijing-Shanghai line, since its inauguration on June 30, have seriously damaged the reputation Fast Train "Made in China" held by the Chinese insecure themselves savings account payday advance. But the accident Wenzhou available as a "bloody lesson to all of the rail industry in China. This should be the starting point for standard rail safer, "said an editorial in the very official Global Times."The main problem of Chinese trains, the Ministry of Railways and its management very opaque bidding," says Thibaud Voïta, a researcher at Asia Centre.

Media and Chinese researchers close to the government are desperately trying to save face. While the label "100% Made in China" was praised at the opening of the Beijing-Shanghai, he suddenly recalled that part of the DNA is also imported Chinese railway. "The key technologies, such as control systems and the locomotive from overseas and they are perhaps not safe," said Professor Wang and the University Transportation Southwest Chengdu, known for his special train.

Today, the drama of Wenzhou could not only slow the pace of network expansion, but also jeopardize the future of the train overseas Chinese.Other emerging markets in South America or the Middle East were, however, referred to in Beijing.

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The battle will be tough on Tuesday at the Assembly: MEPs adopt or reject the amendment to the UMP famous Marc Le Fur taxing works of art to the ISF. The election be close, so the measure is controversial. It was passed Wednesday in the narrow circle of the Finance Committee with the votes of the Left and some elected majority, despite opposition from the general rapporteur of the budget, Gilles Carrez (UMP).

And the government is opposed. Sunday is Frederic Mitterrand, the Minister of Culture and Communication, which is mounted to the plate in an interview with Journal du Dimanche. "The taxation of works of art would mechanically collapse art market," he said.And added that the IRS can not afford to make checks, "the collection is so uncertain that it is not even encrypted by the Ministry of Finance."

Aware that the game is far from won, the Minister of Culture has sent a letter to the elected majority and will meet Tuesday morning. Gilles Carrez also seeks to convince. Some suggest an alternative solution, proposed amendment by Jean-Louis Borloo fall 5% to 19% taxation on capital gains on the sale of works of art. Gilles Carrez, but there is not favorable.

Losers among the highest wealth

More generally, the review this week in the Assembly to reform the taxation of wealth may be an obstacle course Internet Payday loans. Because the amendment on the artworks is just one more … 2000.The Socialists have multiplied the amendments, this reform reduces the ISF and removes the tax shield a political issue.

In its report on the text, Gilles Carrez, however, shows that taxpayers who receive the ISF will lose the shield to the reform, due to the end of the shield. Thus, 1015 households with more than 16.5 million euros of assets and beneficiaries of the shield will pay an average 211,323 euros EWB, against 64,164 euros today. Indirectly, these figures show that the shield divided by more than six bills EWB (429,057 euros before shield, 64,164 euros after). For estates of more than 65 million, the same bill passes 1.6 million to 275,000 euros. Considering that some taxpayers have abused the system by artificially reducing their taxable income (eg life insurance), Gilles Carrez defends removing the shield.However, he worries about the replacement part of the ISF, a tax increase of 11% per year, by inheritance and gift taxes, up 6%. And he notes that the reform leaves a hole of 550 million in 2012.

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The NYSE will try to rebound Thursday. At least this shows that the index futures that link upwards to just over an hour of opening. Than the Dow climbed 0.25% to timidly 12,305 points, the Nasdaq's advance of 0.43% to 2330 points while the S & P gained 0.26% to 1315 points.

Yesterday, U.S. markets have taken a double slap with first a series of bad macroeconomic indicators that raise doubts about the health of the world's largest economy. Then with Moody's decision to degrade three notches note of the Greek debt. The rating agency has cooled the financial markets had begun to hope that a solution be found to stabilize the financial situation of the country.

On Thursday, investors will try to turn the page of this session was the worst recorded since August 2010.But the excitement is palpable, while another set of indicators is important in the program. There will, before the start of trade, weekly jobless claims and productivity quarterly. Then, later, industrial controls and weekly oil inventories.

On the currency side, the single currency continues to rise against the greenback. Before the opening of U.S. markets, one euro was worth 1.4464 dollars. For their part, the oil prices were slightly higher in European trading. A barrel of Brent North Sea crude for July delivery traded at 114.90 dollars on the InterContinental Exchange (ICE) in London, up 37 cents from the close on Wednesday.In electronic trade the New York Mercantile Exchange (NYMEX) the barrel of light sweet crude (WTI) delivered to the same maturity gained 26 cents to 100.55 dollars.

Google and China: Paper

Internet giant Google will be monitored after the announcement of a hijacking Gmail accounts by hundreds of Chinese dissidents and American officials. While Google suggests a Haker Chinese, Beijing denounced the remarks "unacceptable."

The distributor Costco Wholesale Corporation reported net income of $ 324 million in the third quarter of 2010-2011 (73 cents per share), up 6% over the same period last year. Based on the number of share, earnings were 73 cents. Turnover was up 16% to $ 20.2 billion, with a jump of 12% on a comparable basis.

Limited Brands has announced a 6% increase in May same-store constant at 717 million dollars. But this figure is below expectations of analysts who had forecast an increase of 7%.

The mining equipment manufacturer Joy Global has reported a profit of 34% to 162 million in the second fiscal quarter, or $ 1.52 per share. Income climbed 19% to 1.06 billion. It's better than $ 1.35 per share and $ 1 billion expected by markets. The group also revises upward its forecasts. It now expects earnings per share between $ 5.60 and 5.30 against 5.10 to 5.40 before.

The shock wave continues to sweep Fukushima Europe's energy. While Switzerland has announced its nuclear phase-out, Germany specifies how the final cessation of its 17 reactors, her 7 oldest already being put off since the reversal of Angela Merkel.

On 6 June that the ruling coalition in Berlin to present its draft law on the date of the release of nuclear energy. The Ethics Commission was commissioned by the Chancellor gave his opinion: Germany should abandon nuclear power within ten years.A position to resume its behalf by the head of the Bavarian Christian Democrats, allies of the CDU Angela Merkel, during long and tough negotiations this weekend, amid new anti-nuclear demonstration.

Threat of blackout

Is that the pro-nuclear industry in mind, threatening the country with a blackout or an exorbitant cost in case of renunciation too fast for nuclear power plants. Energy-intensive factories will be in trouble, warns the Association of Industrial Energy. According to Bild, the government expects an output cost of an atom of 16 billion euros by 2015, while the overall figure of 40 billion euro circulates in the CDU documents cited by the Süddeutsche Zeitung .

In Italy, Silvio Berlusconi's government, which provided early in the year to revive the nuclear arrested in 1987, has also backtracked.He earned the confidence last Tuesday in Parliament on a gel for a year or two atomic projects.

In France, where nuclear has provided in 2010 about 74% of electricity, its place in the energy mix should be widely debated during the presidential campaign. In this context, the Government has entrusted to the Court of Auditors an audit on the cost of nuclear power, future decommissioning, waste management and additional costs of security including post-Fukushima.The Prime Minister asked to "gather the relevant questions of economists as associations of environmental protection, but they denounce expertise not pluralistic.

Completely new, reflecting the effect Fukushima in the country's most nuclear-armed world, the Directorate General for Energy and Climate (DGEC) asked its experts to calculate the impact on the electricity bill and releases CO2 down 5% from nuclear. Response in September.

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It's definitely good news. Growth of 2011 has started on a flying, rising 1% in the first quarter, after the tiny increase of 0.3% in the last quarter of 2010, according to figures released Friday by the INSEE. Not only is it much better than what was expected, but it is also the best quarterly performance registered by France since 2006. You almost forget that the institute of statistics at the same time, lowered the growth figures for the previous three years!

The Economy Minister, Christine Lagarde, who blew the whistle on the previous evening, was immediately welcomed this figure, which confirms "that the French economy is set on a path of robust recovery."Jean-Francois Cope, secretary general of the UMP, for his part spoke of "excellent performance".

It must be said that, as the saying goes at Bercy, all the lights earlier this year are "green" to watching a few nuances in detail. Household consumption was slightly accelerated, rising 0.6% against 0.4% over the last three months of 2010. And proof that the expenses do not only with cars and the latest gaming effects of scrapping the service consumption rebounded sharply. Business investment has, meanwhile, performed well.

Click on the thumbnail to enlarge the graphic.

The institute noted however that the balance of trade "contributes negatively again" on GDP growth (-0.4 point), but that "this is more than offset" by changes in business inventories, which contribute positively to 0.7 percentage points to growth.

Industrial production finally jumped 3.4% and `show its strongest growth over the last thirty years," Christine Lagarde welcomes. Which does not specify that this rebound in industrial production is largely due to the production of refined products, which dates back strongly for technical reasons related to the correction of consequences "of social movements at the end of last year" in refineries , said Insee payday loans.

"A little less strong"

The Minister of Economy nevertheless acknowledged "very possible" that the second quarter "a little less strong.""One swallow does not make statistical economic spring," said, in his way, the number two PS, Harlem Desir.

For even if the number of start of the year is a reflection of economic situation improves, the pace may not continue. Rising raw material, exchange rate of the euro, higher inflation that continues in the purchasing power effect of stock-cons, or international situation deteriorates … So many reasons fear a slowdown in coming months .

Bercy, however, confirmed on Friday its growth forecast for 2011 to 2%. The goal now seems achievable because over for the current year is already 1.6%.Traditionally more pessimistic, the European Commission was asked to meet on Friday too, its growth forecast for the Hexagon, 1.7% to 1.8% over the year.

2008, 2009, two years of recession

Each year in May, INSEE revised the growth of the three previous years. This time, it's a bunch down! Growth in 2010 has not reached as planned 1.5% but 1.4%. The recession of 2009 was 2.6% and not 2.5%.But it is in 2008 that the difference is most significant: adjusted downwards by 0.3 percentage points, the year does not end on a growth of 0.1% as announced, but a decline in GDP of 0, 2%, according to Insee

Moreover, the institute has recalculated the slight increase in deficit (state, social security, local) of France in 2010 to 7.1% of GDP at year end as against 7% announced earlier.

As for the debt, it was 82.3%, instead of 81.7% predicted previously to 1 591.2 billion.

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Surprisingly, this new twist in the judicial award of contract for the lighting of Paris. "A political issue?" Asks Le Parisien, Aujourd'hui en France, which obtained a copy of a letter sent by Daniel Canepa, Prefect of the Ile-de-France, adminstratifs court of Paris, where he request the cancellation of the mega-contract period of ten years, between the City of Paris and the consortium consisting of Bouygues and Vinci.

Signed in January for an amount close to EUR 900 million, the agreement signed by the end of the supply électricté by Veolia and EDF, through its subsidiary Citelum, the most beautiful monuments of Paris, some 1,800 red lights and almost 200,000 streetlights free online credit report.These providers have been evicted from historic call for tenders, against all odds, for want of form – some evidence required by the procurement code missing from the file – leaving the field open to Bouygues and Vinci.

The City of Paris "serene"

Daniel Canepa, prefect of Paris and the Ile-de-France. Photo credits: BORIS HORVAT / AFP