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While France, Italy and Germany are found in mini-summit in Strasbourg, Portugal is once again in the viewfinder of the rating agencies. Fitch downgraded one notch Thursday note of Portugal, from BBB-to BB +, together with a negative outlook. This decision made the downgrades of Portuguese debt the Safe investments to that of "rotten" or "risky".

"The deep deficit, high debt of all sectors of the economy and poor prospects for growth mean that the country will benefit more than qualified to hold a note type of investment, '" Fitch said in a statement . Portugal should address, according to projections by the agency, in a deep recession in 2012 with a decline in activity of 3%.

Among the areas of concern, the rating agency notes the debt of public enterprises."They have been the cause of upward revisions of the State debt and deficit figures, said Fitch. In this context, we expect a significant risk that new measures were announced in 2012. "Portuguese banks in turn will require a recapitalization, according to Fitch. They are strongly weakened by the debt crisis in Europe and amenable to private sector (firms and households), the most indebted in Europe, said the agency.

A 2012 budget "balanced"

Fortunately, according to Fitch, the Portuguese government is doing well. "The deficit target of 5.9% will be achieved this year, albeit with exceptional measures" and not reproducible in 2012, the agency notes. The 2012 budget, which targets a deficit of 4.5%, is "well designed," she continues. It contains substantial cuts in spending, including retirement pensions and salaries of civil servants.

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The European Commission on Tuesday launched its third offensive regulatory three years to reduce the power of rating agencies, suspected of fanning the debt crisis. Hardening through the option of civil action for misconduct or neglect, and a tight control of conflicts of interest.

The blunder of Standard & Poor's, mistakenly announcing the loss of the prestigious AAA of France, may have facilitated the political work of Michel Barnier."We need to ensure themselves of the risk we take," says Michel Barnier.

To achieve this, Brussels lists practical steps payday loans in 1 hour. Any investor can sue for damages "for serious misconduct or gross negligence" of a rating agency. A state will have a period of 24 hours to respond to a rating before it is published. Agencies should be transparency in their methodology.

A special chapter is intended to reduce conflicts of interest. It limits cross-ownership between the agencies and their clients. It also introduces the requirement for a borrower to change the agency after three years (or six if two competing uses).

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Indecision on the Paris Bourse. After losing 2.17% below 3100 points yesterday, the CAC 40 opened down sharply, falling more than 2% in early trade. He then did an about face and moves from 0.12% to 3078.02 points, around 10:20.

As on Wall Street and Asian stock markets, doubt seized investors, who are now considering the worst: a contagion of debt in the eurozone. With the center of these concerns, the situation in Italy, including the implementation of austerity measures remains uncertain. The announcement yesterday of the upcoming departure of Italian Prime Minister Silvio Berlusconi has in fact added to the uncertainty, as evidenced by soaring rates of the Italian Treasury ten years by 0.5 percentage points to 7.20%.

Unison concerns of investors, Brussels found the Italian debt situation "very worrying".Ditto for the International Monetary Fund: its director Christine Lagarde said today that "lack of political clarity" in Italy supplied the uncertainties, according to Reuters. Similarly, managers of U.S. Pimco, the largest bond manager in the world, estimated that "6% and 7% interest rate, the country will fail to stabilize its debt, which will become uncontrollable ".

To this distrust Rome, plus doubts about the ability to bounce back from Greece after the Greek Prime Minister George Papandreou announced his resignation Wednesday. It did not cite the name of his successor, who will not be released until Thursday.

Consequence of this climate morose, oil prices were down Thursday, though the announcement on the eve of an unexpected fall in U.S. oil stocks managed to halt the downward trend.

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Why this referendum is it risky?

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After finishing the week on his guard, down 0.04% to 8,678.89 points last Friday, the index of the Tokyo Stock Exchange is in pressed green area on Monday, gaining 1.69% just prior to closing. The markets reacted positively after the summit in the euro area this weekend, to put an end to the debt crisis. Meeting in Brussels, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the fateful question of European bailout fund and its clout in the marketplace. However, on request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another conclave of crisis.

Other Asian markets followed the upward trend in the Nikkei.The Hang Seng index of Hong Kong Stock Exchange rose 3.92% to 18,731.70 points, the CSI 300 Shanghai 0.66% to 2524.45 points, the Kospi index in Shanghai 2.86% to 1891 points, the BSE Sensex 30 in Mumbai 1.76% to 17,080.30 points the FTSE Straits Times of Singapore 1.95% to 2765.21 points and the S & P / ASX 200 Index 2.65% 4251.80 points Sydney.

Considering the situation "very complex", Nicolas Sarkozy has sought reassurance "negotiations progress on the issue of banks on the issue of Greece, things are progressing," he said. Selun President of the Republic, "a broad agreement is emerging on strengthening the EFSF." For its part, Angela Merkel added that the proposed model does not imply the ECB, as advocated by France.Clearly, the European bailout fund (EFSF) leverage its resources, but no new States' contribution of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF-today with $ 440 billion, and could see his strike force raised in 1000 or € 1500 billion.

The euro against the dollar stable

In addition, the euro area is considering creating a special fund that could be echoed by emerging countries to stem the debt crisis payday loans. China has expressed particular the possibility of financial support.Still, this idea is controversial, some states are reluctant to explicitly request the help of Beijing, according to diplomatic sources cited by AFP.

Until particularly critical of the slow pace until the EU to manage the crisis, the IMF, through its Executive Director Christine Lagarde, immediately praised the "very good progress" on Sunday. "It was really an effective meeting, and I hope it is really in the right direction for Wednesday," she insisted.

In addition, manufacturing activity in China rebounded in October after three successive months of contraction, according to preliminary PMI HSBC on Monday.The PMI purchasing managers calculated by the Bank rose to 51.1 in October, against 49.9 in September.

The hope of ending the crisis in Europe supports banking stocks

As a result of signals in the euro zone considered good, banking stocks rose. In Japan, Nomura Holdings gained 2.47% to 291 yen. While in Australia, Commonwealth Bank of Australia rose by 2.69% to 48.83 yen.

Also note that the Renault-Nissan hopes to sell 1.5 million electric cars in the world within five years, said Nissan (0.58% at 696 yen to the Tokyo Stock Exchange) on Monday in the part of a respect for the environment.

Oil prices were up in early trade Monday morning in Asia in electronic trading in the morning, a barrel of "light sweet crude" for December delivery gained 8 cents to 87.48 dollars on the New York Mercantile Exchange .Hand currency, the euro is stable against the dollar on Monday, the single currency displayed in the balance dollars 1.389 (-0.02%).

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Faced with the fear of a general banking collapse, the Franco-German couple is once again under the spotlight. And once again, things are not simple. Nicolas Sarkozy on Sunday in the German capital to "speed up" with Angela Merkel the implementation of the bailout of a Euro still full turbulence. The urgent need for the French president and German chancellor, is to flatten their differences on the use of the European Financial Stability Fund (EFSF) and reach a tentative agreement on the thorny issue of the recapitalization of banks.

Angela Merkel ruled Thursday that "there was a need to recapitalize, it would be reasonable to invest money" in terms of what could cost an emergency rescue industry.But she insists on the fact that the Fund will be used to bail out financial institutions on the condition that states can not themselves "to support the recapitalization of their banks' and it puts" endangered the euro area as a whole. "

In fact, Paris Berlin suspected of wanting to directly use the emergency fund to recapitalize banks weakened by the prospect of a debt reduction Greek. "The French have misunderstood the EFSF, decrypts it does in Berlin. Our position is that banks must first seek funding markets, and the side of the national public authorities. Only when there is no money available comes the European level. The EFSF is a tool for countries like Greece or Portugal.If a country like France – among the strongest financially of the euro area – wants to appeal, then this is the door open for all members of the area had ro dig into the fund. "

Berlin suspects Paris

An over-interpretation, says it does on the French side. "We have not yet begun to discuss that!" Do we wonder at the Elysee. At Bercy, it ensures not see fundamental differences with Berlin. "We agree with Germany, said the entourage of the Minister of Economy, Baroin, the fact that more capital into banks, including French," even if only to meet new international standards of Basel III in 2013.Whenever possible, the French banks also plan to comply with without recourse to the capital, let alone the U.S. – by separating certain activities if necessary, by distributing fewer profits to build equity .

But if there had to be re-capitalization, especially to reassure investors, "the sources must first be private," insists one at Bercy. "Ultimately, this should be to rely on injections of public capital." According to Paris, "a European coordination is essential to determine the amount of capital to meet the deadline by which this capital is to be achieved, and the tools for that. " It is on these criteria that France and Germany could agree this weekend.For its part, Brussels will make proposals for a coordinated recapitalization "in the coming days."

Moreover, given the deepening crisis, Angela Merkel has gradually accepted the idea of ​​economic governance of the European Union, defended by Nicolas Sarkozy. Expanding the powers of EFSF part of this process. However, the Chancellor – who imposed hard fought his troops to ratify the Bundestag building – is faced with a majority crossed by a strong current Eurosceptic.

Markets would also like to know more about the technical means to leverage the clout of EFSF. These contain the spread of the crisis heavyweight like Italy, Spain, and Portugal, while the levees are still weak.Should we go further and erase a more substantial part of the Greek debt? Should we consider that the Fund provides guarantees? The German finance minister, Wolfgang Schäuble, at least possible that Germany spends more money than EFSF the 211 billion passed by the Bundestag.

These tensions, it is now the standard mode of operation between Paris and Berlin. Pressure mounts on both sides of the Rhine, until a compromise emerges in a head-to-head at the highest level. Given their respective domestic political weakness or Merkel or Sarkozy can not afford a failure.

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easyJet and Air France continue their game of chess in the provinces. Less than a week after the offensive of the French company in the transport at low cost with the opening of a first regional base in Marseilles, the British low-cost replica by creating two new in Nice and Toulouse. They will open in April 2012 to welcome their first passengers in the summer. easyJet cuts the grass under the feet of Air France, which provides just opened its next two regional bases in both cities in spring 2012 (and then to Bordeaux in the summer of 2012).

EasyJet's management denies replicate but admits that the decision of Air France has an incentive to "accelerate the decision" to open a regional basis in good standing since the two cities where it already departures. This, to "increase opportunities for routes from both airports.""These new capabilities will allow us to open 10 new routes from those cities, which should take us half a million extra passengers a year," says François Bacchetta, easyJet Chief Executive Officer of France in an interview with Paris .

Grid regions

With this new investment of 100 million euros, easyJet, the second company in France with 12 million passengers a year, will lead five platforms which lights Roissy and Orly airports with a fleet of 24 aircraft cheapest personal loan rates. From Nice, easyJet will provide 250 flights a week with 5 new destinations in France and Europe and from Toulouse, it will operate 140 flights per week with 5 additional links to the province and Europe. The low-cost continuing its policy of grid areas in developing on "inter-market" which, she says, is "far from saturated."

The battle is also raging in the price. Air France has built its one-way offer from Marseille on triptych rate: 50 euros for France and some European destinations (Milan, Düsseldorf), 80 euros for Athens, Istanbul and Casablanca and 110 euros for Moscow. This, TTC and with "all the free services of Air France as a snack, newspaper and checked baggage." An allusion to some low-cost practices that charge these services. easyJet says its starting price will be "cheaper" than those of Air France, without further specification. Now remains to be seen what will be a replica of Air France Ryanair attacks directly with its new decentralized basis of Marseille.

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The market decline occurred in August and September did go up in smoke the equivalent of 216 billion euros over the market value of CAC 40 companies since January 1. During the one day of 22 September, falling 5.25% of the benchmark index of the Paris Stock Exchange has removed 40 billion euros, as much as the market capitalization of the size groups of EDF and L'Oreal!

Today, all forty major French companies weighed on the stock exchange the equivalent of 794 billion euros. This figure may seem high to the uninitiated, but it is actually little more than the book value of assets of companies entering the CAC 40.The fall in prices has reached such proportions that the largest industrial groups in the rating on the stock exchange deal at the price of factories, stocks of goods or land on which are built warehouses or stores.

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To save their jobs, twelve employees of the Lafarge plant in Frangey, in the Yonne, have chosen the weapon of hunger. They begin on Tuesday the eighth consecutive day without food. Their camp of five tents in which they placed cots, is placed just under the windows of the direction of the cement business of the group at Saint-Cloud in Hauts-de-Seine.

With this strong action, these employees, joined by the mayor of the commune of the Yonne, hoping to push Lafarge to reverse its decision, announced in late May to close their factory. Frangey site, dating back over 80 years and employs 74 employees, should gradually close its doors next year to a permanent closure in April 2013.Lafarge justify its decision with "a local market that is reduced by 40% over-capacity and an inability of the site to produce cement that meets new environmental standards."

The CGT, the majority union in the factory, these sweeping arguments. "The business is viable and profitable. And if the activity of the furnaces is low, it is because the traditional customers come from other sites such as Le Havre. And when asked why they prefer to Lafarge as trucks do 500 km to deliver, they can not be explained, "protested Sylvain Moreno, union leader, who understands that this is part of" the strategy of large ". False, answer a spokesman for the cement, "There was never any agreement between Lafarge and its competitors."

"A pool damaged"

As the situation escalates, Lafarge insists that the closure will be without pay.The group "has provided 100% of reclassification with a job on a site of Lafarge Cement in France," said a spokesman. Other support measures include a support for moving expenses, payment of the new rent for 15 years, or the accompanying spouse in finding a new job. "We want a smooth transition because we understand the emotion and anxiety of employees," said she. "If the goal of Lafarge, CAC 40 company, is close to reclassify, industrial activity in France has fallen very low," said Sylvain Moreno for his part.

Meanwhile in Saint-Cloud, Lafarge claims to be in contact "permanent" with the striking employees who received a "medical assistance, psychological and technical" from the group instant payday loan. Lafarge, which does not want this movement drags on, wants to "find an expeditious solution."But the ground is hard to find since the cement does not reverse its decision so that the strikers call for maintaining a pure and simple activity on the site. "I do not know how long this can last, says Sylvain Moreno. But I know that employees are determined to stay the course. We are ready for us to launch legal proceedings against the group to prove a lack of economic reasons, "said trade unionist.

"What is annoying is that it's 74 fewer jobs in the basin of Tonnerre is already quite damaged. Since 2003, 1,100 jobs have already been lost here, "says Maurice Godard, representative of the local union CGT de Tonnerre (Yonne).

Political turn

An extraordinary central committee (CEC), during which the situation will be discussed Frangey, is expected on Thursday. "There will be others.We want to continue the dialogue process, "says one at Lafarge. "There is no social dialogue, slice Sylvain Moreno, who says that management plans to relocate the appointment for he did not take place in Saint-Cloud," which will result in throwing fuel to the fire, "he warns.

Meanwhile, the movement takes a turn more and more political. Yesterday, Manuel Valls, a candidate for the primary PS, passing the camp, said that "Lafarge is able to maintain this site. This is the direction to move because you have to maintain this site. " Before him, the President of the Republic Standing, Nicolas Dupont-Aignan, came to see these "employees thrown like dogs" on the basis of arguments that "does not hold water."

The movement seems however not have the desired resonance within the company.A call to stop work was issued Monday on other sites but there has been little follow-up, pushing the CGT to regret "what little humanity" by other employees of the group.

Player Figaro BFM

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Excellent sense of timing for German banks … By the time the security deposit is again a concern for investors, the association of German private banks – which include Deutsche Bank and Commerzbank, and some 170 players bank – announced Thursday to reduce the protections afforded to their clients.

In Germany, the system operates at two levels. First level, all deposits are guaranteed by law up to 100,000 euros, as in France and in Europe parrout, in case of bankruptcy of a bank. This floor does not move then. What changes is the second level: it is the voluntary scheme set up by private banks. So far, they guarantee all deposits up to 30% stake in the troubled bank no faxing payday loan.Example, an investor putting his money into a small bank capitalized at 5 million the minimum guaranteed to see the money of 1.5 million.

By 2025 this will rise to 437,500 euros. "It's always much more than the legal minimum," pleads Mon officer of the association in Berlin. Not sure as long as this reform is very well received in the current tense situation. Knowing that, across the Rhine, and cooperative state banks maintain 100% protection on deposits.

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