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

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, Belgian Finance Minister, before a meeting with his colleagues throughout the European Union on Saturday. 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. 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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If the prospect should be revised to "negative", this would imply that Moody's would likely lower the rating over the medium term, most often at a maturity of three to twelve months.And France would become the new big country, after the United States to lose its prestigious rating that allows it to borrow on the current market conditions very favorable.

A budget supervision

In reaching its decision, Moody's analyze the ability of the French government to meet its budget commitments. She stressed that if the financial strength of the French government remains very high, it "has weakened since the economic and financial crisis worldwide has led to a deterioration in its debt ratios, which are now among the lowest in AAA-rated. "In addition, "France could face a number of challenges in the coming months, such as the need for additional support to other European countries or its own banking system, which could increase significant commitments that must support the country's budget. " The remark came just after the adoption by the members of the guarantees provided by the French in the process of dismantling the Franco-Belgian bank Dexia.

Moody's said that this review is part of its annual financial statements for France and it is not yet a decision on the rating of the country. But after this warning, the marathon budget to the Assembly for consideration of the budget 2012, which begins on Tuesday, should be closely watched.France 2 last night, Prime Minister Francois Fillon warned it would take "new measures" austerity if France did not record a "minimal growth of 1.5%" in 2012 because the proposed budget is "built on a projected 1.75% growth, but it works with a minimal growth of 1.5%."

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Lack of energy also in other major European markets, which ended in a disorganized. In London, the FTSE fell symbolically 0.06%, while in Frankfurt the Dax was up 0.30%. Of the European indices, the Euro Stoxx 50 slipped 0.50%.

Wall Street was also on the reserve. In session, the Dow fell by 0.26% and 0.35% Nasdaq clawing. Investor caution was reinforced by the expectation of several major events.In Europe and the United States.

For specialists in Barclays stock, the markets were essentially "focused on the voting Slovakia for the ratification of the European Financial Stability Fund." Slovakia is the last of 17 countries in the euro area to decide. In order for this tool, designed to help fragile countries in the euro area to work, the votes of 17 countries in the euro area is needed.

Opening of the ball results on Wall Street

Febrile, investors have minimal response to green light by the Troika, comprising the creditors of Greece, the release "early November", a new tranche of the loan in Athens, vital for the country low interest rate personal loans.

The outgoing president of the European Central Bank, Jean-Claude Trichet, also dampened investor optimism.He said that "for three weeks, things have deteriorated, the crisis has become systemic."

The launch of the quarterly earnings season in the U.S., added to the uncertainty, while the U.S. economy is idling.

As usual the aluminum giant Alcoa will open the show of these announcements after the close of Wall Street. These publications will tell more about the economic outlook of the world's largest economy, which continue to worry the markets.

Bank stocks up

In Paris, as in the rest of Europe, however, the banking sector continued its forward march.José Manuel Barroso, President of the European Commission Jose Manuel Barroso said on Wednesday that he would "proposals" concrete to the European Commission on the recapitalization of European banks.

Credit Agricole SA has gained 1.12%, BNP Paribas was up 2.96% and 5.28% Societe Generale. Operators, disoriented and obviously out of inspiration, wore special attention to the beliefs of analysts. Vallourec (-1.42%) and Aéroports de Paris (-0.85%) have seen their recommendation downgraded by JPMorgan and Essilor (-3.83%) by Morgan Stanley.

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Moderated somewhat in early trading, the Paris market has accelerated the pace in the afternoon, reassured by the good performance of Wall Street. In session, the Dow Jones advanced 0.30% and the Nasdaq by 0.63%. The day before the New York Stock Exchange had hoisted the green flag in the home straight with any information that has filtered after the meeting of economic ministers of the European Union about a possible recapitalization of banks in Europe.The hypothesis was reinforced Wednesday when German Chancellor Angela Merkel ruled "justified" to recapitalize European banks in need, noting that his country was ready to do "if necessary".

Other European markets rose in unison. London was up 3.19%, Frankfurt was awarded 4.91%, Milan 3.94% and 4.03% Euro Stoxx 50.

Markets were also encouraged by the good employment figures in the United States. The firm ADP, which always reveals its figures a step ahead of the official statistics, said the U.S. private sector had created 91,000 jobs in September, about twice as anticipated by analysts.

But for most experts, this is a rebound "essentially technical" free business cards. In fact the concerns about the future of Greece are still present.Similarly, fears of slowing global growth or even recession are ever more brightly. The International Monetary Fund (IMF) has painted a particularly grim situation. "A global recession in 2012 can not be excluded" admitted Antonio Borges, Director IMF Europe.

Dexia regaining ground

The announcement of the degradation of three notches on the note of Italy by the rating agency Moody's has however not really affected the morale of the operators. The news was widely anticipated by the market. September 20, its rival Standard & Poor's had also downgraded Italian.

Investors have indeed benefited from the falling value of certain financial and industrial stocks in recent days to engage in purchases with it. In Paris, Societe Generale has returned 8.65%, 9.89% Credit Agricole and BNP Paribas 8.5%.Even the Franco-Belgian Dexia threatened to dismantle and had fallen by over 22% the day before a section of the movement. The stock has recovered 1.49%. This is despite a particularly harsh note from Goldman Sachs with respect to the French banking sector.

The cyclical industry and the technology were also in great shape with Cap Gemini (14.18%, largest increase in CAC 40) Saint Gobain (+9.3%), Lafarge (8.72%) and Peugeot (8.60%).

Another element reassuring: the announcement of an increase, the first since May, the U.S. ISM non-manufacturing index. Good news that comes at a time of doubt about the growing economy of the United States. Moreover, investors who are eagerly awaiting the president's speech Barack Obama on jobs Thursday, learn this morning by CNN that he should propose to spend $ 300 billion to new posts.

Japanese exporters straighten the head

In Tokyo, the Nikkei, which was closed yesterday's session at its lowest for two years, started the day with a gain of 1.54%. It accelerated progression in the morning and was up 1.93% to 8756 points in a half hour of closing. The index is particularly driven by the weakening of the yen against the dollar yen trading at around 77.50 this morning, less than 77 against yen during most of the previous days. The Japanese currency fell after the decision of the Swiss central bank yesterday set a floor rate of 1.20 Swiss francs to one euro.The dollar and the euro are raised in the process, vis-à-vis the Swiss franc as well as the yen.

Also note the decision unanimously, the Bank of Japan (BoJ) to keep its key rate in the range of 0 payday loan lenders.0% to 0.1%, in order to fight against the effects of deflation and the high price of yen. The National Bank has also indicated that he still hoped a return of the Japanese economy to moderate growth between the end of the year and early next.

Side values ​​result: operators take the opportunity to return to the export sector had been battered in recent days.Among the largest increases are as Mazda Motor (3.40%), Sony (3.09%), Sharp (1.52%) and Panasonic (1.31%).

The title Yahoo Japan Corp. also climbed 1.92%, buoyed by the announcement last night of the ouster of the CEO Carol Bartz, in office less than three years, replaced temporarily by Tim Morse, current chief financial officer.

Rebound of the Australian economy

Elsewhere in Asia, is also the time for optimism. The Stock Exchange of Hong Kong and Shanghai respectively, earning 1.20% and 1.32%. The Korean Kospi flies of 2.71%, driven by the technology sector. Samsung Electronics is 4%, LG Electronics and Hyundai Motor 5.3% 2.6%. The Indian Sensex gained 1.03%.

In Australia, the S & P grants itself 2.30%. Operators have learned that the national economy, weighed down earlier this year by natural disasters, experienced a sharp rebound in the second quarter.GDP shows an increase of 1.2% over the period and 1.4% year on year, said Wednesday that the Bureau of Statistics (ABS). These figures exceed the consensus expected a 1% increase in the second quarter and 0.7% year on year.

Like the Asian markets, the benchmark index of the Paris market is supported by the slight increase in U.S. markets, reassured by the Federal Reserve. Investors are indeed more and more convinced of the will, confirmed last night by the U.S. central bank to act to restore growth.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point.Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will learn in 12 hours of agricultural price indices in July. United States, the employment figures for August will be published in the early afternoon, followed by the index of industrial activity in the Chicago area and in industrial orders in July and inventories crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European.In mid-session in Paris, the European currency was worth 1.4441, up 0.02%.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

Bouygues strongly supports the trend. After being briefly suspended trading at the opening, the title of group jumped 12.54% to 25.98 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night.In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (3.55% to 16.75 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland. Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1 , 9% over this period easy payday loans.

In turn, Carrefour is the sentence (-3.19% to 18.05 euros), after the group announced a net loss of 249 million euros in its first half.Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-1.70% to 75.70 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half. Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (1.48% to 36.06 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (-0.75% to 262.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (stable at 158 ​​euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (1.82% to 2.8 euro) reported net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (0.74% to 57.27 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-5.31 euros, 3.39 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip wins 2.28%, to 66.45 euros and a total advance of 31%, to 33.59 euros.

For its part, Bourbon wins 1.62%, to 22.86 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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The union claims toufefois "welcome the clear commitment to compliance with the fiscal path."

The National Association of Food Industries for its part believes that the creation of a tax on soft drinks is "unacceptable.""It is a policy identical to that which was conducted for alcohol and tobacco, and we do not want food to undergo this type of approach," said Jean-René Buisson, president of the Association National Food Industries (ANIA). "We are aware of the need to participate in collective efforts but we do not want this action is taken based on the nutritional aspects of the product."

Manufacturers of cigarettes and tobacco shops demanded government action against smuggling to protect their industry, they are threatened after the announcement Wednesday by the government of a new tax increase. "Before 2003, the parallel market was estimated at 2-3%. Today we talk about 20% in 2012, the term 25%? "Pascal Montredon concerned, the President of the Confederation of tobacconists.Several studies have smoked a cigarette in five in France comes from the parallel market, purchased abroad, online or imported through criminal networks

In the construction sector, Ridoret Didier, president of the French Building Federation denounced "a heavy blow to SMEs in the building" with "The change in the calculation of the relief on low salaries and reintegration, in this calculation, the overtime. " "The SME sector will be particularly affected as they are mostly remained at 39 hours," says he told AFP.

Liébus Patrick, president of the Confederation of Crafts and Small construction companies, is pleased to share the "message about the importance of maintaining the 5.5% VAT for maintenance and restoration [ d] been understood as the government realized that we were a growth industry. "It regrets, however, the additional movement of the plane on the "scellier" and equipment for sustainable development: "This will impact on activity and employment," he added.

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"Rigor: the right plan welcomes the left denounced the cynicism

After the 2008 financial crisis, Europe has faced since last year in a sovereign debt crisis that is partly rooted in the first. Some countries have seen their debt rise significantly because of the money committed to bail out large parts of their financial sector they have decided to nationalize. This is not the case of France, who withdrew 2.7 billion euros of its plan to support the banking sector. The impact of financial crisis on the real economy have also weighed on state budgets.The current difficulties are also punished too complacent management of public finances, with the vote for decades of budget deficit and rising debt.

This crisis is not unique to the euro zone, whose levels of debt and deficit, relative to the size of its economy, are lower than those of the United States or Japan. But markets have begun to test its strength and cohesion. Appropriate responses are partly national.

Spain and Italy have in recent weeks strong measures. Without being affected by financial stress comparable to other countries have taken appropriate action.

From 2007, France decided to apply the rule of non-replacement of an official two. A path of public finances has been defined, which provides for the return to a deficit of 3% in 2013 and is intangible.For the first time in 2010, spending on Medicare have remained within the limits set earlier this year. Pension reform has also strengthened our financial statements in the long term.

Nobody has the right to lie to the French on the efforts that we must make.No one can return to these measures to ensure financial and social sovereignty.

Appropriate responses are also European.

A fierce solidarity between Member States of the euro zone must win against the selfish temptations or protectionist.

With the creation of the European financial stability, the effective capacity of intervention was increased to 440 billion euros, then the decision July 21 to expand its missions in a preventive role, the Heads of State and Government of the euro area set up in a few months a true European Monetary Fund. It demonstrated its flexibility and means that interventions are tailored to the leads.

Some advocate the creation of European bonds, the "Eurobonds", they present as a panacea.But they forget to say that this would increase the cost of the French debt and could even jeopardize its credit rating. Above all, they pretend to believe that this solution may be considered now as an immediate response to market disturbances.

How to accept today the pooling of public debt through Eurobonds, while the decision to spend public money is taken in each Member State? How to separate the financial responsibility for the management decision?

It is clear that in practice eurobonds can be achieved without considerable strengthening of fiscal discipline and economic governance within the euro area. This means they pass through an integration which there is currently no political consensus.In this regard, I find it ironic that some criticize the initiatives through which we move, but called for the establishment of eurobonds.

The adoption by the Member States of the euro area of ​​a balanced budget rule with constitutional and binding on the annual budget, as proposed by the President of the Republic and the German Chancellor to their counterparts, will s ensure that everyone present as soon as possible accounts tending toward equilibrium. This will give the length of sanitation in the country finance in the euro zone credibility that will restore confidence and to discourage speculation. It would be wrong not to adopt it for the future in all Member States of the euro area. France must, on this issue, set an example.It is in the national interest.

This collective discipline would be meaningless without a collective ambition for growth. The growth in Europe requires an investment in fixed intelligence and knowledge economy. With the tripling of the tax credit research and investment program for the future is the strategy adopted by France. It also requires a better orientation of the Cohesion Fund and European Structural Funds.

In addition, a new step is necessary in the economic integration of countries in the euro area. France defends years the creation of a European economic government. It is proposed that the President of the Republic and the German Chancellor.

Seventeen countries can make the choice to adopt a single currency without incurring a movement of reconciliation of their economies, their tax systems and their social models.France and Germany have always been the motors of European integration. This week with Nicolas Sarkozy and Angela Merkel, both countries have decided to take the next step, including the creation by 2013 of a common corporate tax. On the eve of 50th anniversary of the Elysée Treaty, by which General de Gaulle and Chancellor Adenauer to seal the reconciliation between our two countries, France and Germany show their will to strengthen their convergence and start a new governance European.

Given the magnitude of these challenges, I appeal to the unity and sense of responsibility of all political parties.

Constrained by its primary, the opposition seems to say no in advance, regardless of the question. Yet there is the Socialist Party of economists and officials informed sincere.Unfortunately, while the president and German Chancellor put all their credibility in the balance to defend our currency and that the policy we conduct ensures the maintenance of the rating in France earlier, the Socialist Party seems committed to the proliferation of government jobs and contracts helped, showing that it has not yet taken the measure of effort we need to do to keep our commitments to reduce the deficit and debt.

A message of national unity is still the best answer to the doubts of markets and investor concerns. Indeed, this message most of the major European political forces have chosen to focus.

Nobody asks the French Socialist leaders to renounce their beliefs or even their legitimate ambitions.Recognize the efforts of France and Germany out of the crisis, embark on a "golden rule" of common sense, it would show responsibility and a sense of national interest that would to their credit.

Finally, another source of motivation for investors: the good results from Apple. After those, equally good, IBM, the group reported Tuesday a quarterly revenue again well above expectations, driven by strong sales of iPhones, particularly in Asia, and tablets iPad.This new support this morning all the technology stocks in the region.

In Japan, the Nikkei shows a rise of 1.15% at 10,003 points at a time of closing, including increased by Pioneer (3.12%), SoftBank (2.61%), Toshiba (2 , 99%) and TDK (3.18%).

The Stock Exchange of Hong Kong more timidly climbed from 0.10% to 21,914 points. The bank is on the rise as Bank of Communications (0.91%). In contrast, the Shanghai Stock Exchange was down 0.41% to 2785 points. In Korea, the Kospi up 1.15% and the Indian Sensex gained 0.36%. The S & P Australian advance of 1.60%, boosted by the progresison heavyweight BHP Billiton (1.64%), which announced that a new record for annual production of iron ore. Action News Corp (3% to 14.94 dollars) is also continuing its rebound after the hearing of his boss Rupert Murdoch in front of British parliamentarians.

Oil up

Oil prices were also up Wednesday in electronic trading in Asia, with investors encouraged by the figures better than expected real estate in the United States, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in August took 80 cents to 98.30 dollars. That of Brent North Sea crude for September delivery took 69 cents to 117.75 dollars.

For its first grid back, the CEO of Europe 1 has muscled its morning. At the helm, Bruce Toussaint, a defector from Canal +. To maneuver for political and big personalities: Jean-Pierre Elkabbach retains his interview. For humor, Nicolas Canteloup has re-signed for a season and retains his column, which is a peak audience of the station with 1.4 to 1.6 million listeners.In a grid, which reaffirms the primacy of the information, Nikos Aliagas therefore takes the side of people who had been introduced by Marc-Olivier Fogiel in his morning.

Moderator contract of TF1, Nikos Aliagas presents "50 Minutes Inside", the magazine of a people. On the radio, he has succeeded in redressing the morning of NRJ in two seasons only.

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