While Budapest dismissed all claims with the International Monetary Fund since he took office in spring 2010, the decision of the head of the Conservative government to reconnect with the institution led by Christine Lagarde is a clear political defeat.

He assured that the government did not act in an emergency, Hungary continued to borrow in the markets and the agreement would not affect the financing of public debt.

"We are not dependent on the goodwill of others," he said.

The IMF representative in Budapest was not immediately available to comment on these statements.

France and Germany called Saturday to the new Prime Minister of Greece Lucas Papademos the "full implementation and full implementation of all commitments" by his country to emerge from the crisis, according to the Europe Agreement of 27 October.

Italian President Giorgio Napolitano Sunday continued its consultations for the appointment of a new government to replace the outgoing team of Silvio Berlusconi, who resigned Saturday evening under the jeers of the Roman people.If pressed, the index may end up around 1100 early 2012, says he.

Many investors bought put options (selling) before the weekend to guard against a possible drift to lower Wall Street next week. However, seasonal factors could play for the Exchange.

November marks the beginning of the "best six months of the year", a period when the Dow Jones recorded a gain of 7.5% on average and has been for 50 years against 0.4% for the other part of the years, according to the Stock Trader's Almanac.

The holiday season partly explain this discrepancy.

"Dear Silvio, a new opportunity to escape with Ryanair." It is this formula that the low-cost airline has launched an advertising campaign on its website to promote its flights to 9.99 euros from Rome.

With a photograph of the Italian Prime Minister taking in hand the new calendar of charity of the company filled with scantily clad women, Ryanair offers Berlusconi to "escape", while the head of government is experiencing a major political crisis in the country that could lead to step down.

This is not the first time that Ryanair uses the news to advertise.In August this year, the company overdone the matter Depardieu, who had urinated in the hallway of an aircraft during a flight on August 17. "We are not the only ones who piss on the competition," was written at the time Ryanair on its website. One thing is certain, if the company is ready to surf the news, this is rarely the best of taste …

The U.S. agency has reduced the sovereign rating of Baa1 to Baa3 from Cyprus, is just a notch above speculative grade.

This new note has been placed under review for possible downgrade again.

The need for public support to the banking sector comes as Nicosia lost access to international financial markets, which would force the country to seek emergency funding measures, says Moody's.

"This state support will have a significant negative impact on the debt of the state," the rating agency said in a statement.

The second German bank has already passed such a depreciation of 760 million euros in the second quarter, more than the 21% discount that international creditors had agreed in July, as part of a new rescue plan for the Greece.

Given the further deterioration of the Greek financial situation in recent months, it is now a discount of 50% which is regularly discussed, which led to the further depreciation of Commerzbank, said a source.

Commerzbank, which is to publish its quarterly November 4, declined to comment.

The residual value of assets of the Commerzbank in Greek sovereign debt is estimated at 2.2 billion euros.

European leaders Sunday traced the outline of a plan to end the debt crisis that threatens the euro area, despite disagreements, and pressured the Italian leader Silvio Berlusconi seemed to hear their calls in a pinch.

A summit in Brussels has apparently helped a little closer Franco-German couple, who previously showed strong differences on how to strengthen the clout of the Fund to support the euro area (EFSF), a financial need to stop the contagion of debt.

A "broad agreement" is emerging on this issue, assured French President Nicolas Sarkozy, while this issue poisoned relations between Paris and Berlin for several days."Discussions are progressing well, there is no blockage," he said.

Careful, however, the French president warned that he would "still many hours of discussions" to reach a final solution Wednesday, during a new European summit which aims this time decisive.

After a standoff, Paris was forced to abandon his idea of ​​involving the European Central Bank (ECB) in strengthening the firewall in the euro area. German Chancellor Angela Merkel adamantly opposed on the grounds that it would have violated the legal prohibition against the European Central Bank (ECB) to help governments fiscally.

Two scenarios for the EFSF

Now, two scenarios, but matching multiple variants are still under consideration to give the EFSF firepower of at least 1000 billion euros, according to figures circulating.One proposes to act as an insurance system of partial public debt of countries in difficulty, the other is considering creating a kind of special fund to accept contributions from outside investors, which could be backed by the International Monetary Fund.

The President of the European Union, Herman Van Rompuy said after meetings on Sunday that "combined, these two models could have a cumulative effect." Executive Director of the IMF, Christine Lagarde, has expressed his satisfaction as he left the meeting Sunday evening. "We made very good progress, it was really an effective meeting, and I hope it is really in the right direction for Wednesday," she said.

The model involving the IMF, however, cause controversy, because countries such as China could invest."The Chinese said they were interested, but some member states are skeptical about the idea of ​​integrating a Chinese contribution to the EFSF," said one diplomat.

In addition to the EFSF, the answer to the crisis is to stabilize the over-indebted Greece, creditor banks impose on the country's heavy losses, recapitalize them for the shock and therefore more arming the EFSF.

In detail, the countries of the euro area have agreed to require banks losses of at least 50%. Greece is currently stifled by a huge debt of some 350 billion euros. Negotiations are ongoing with the financial sector.

Concerning the recapitalization of banks, the amount proposed is approximately 108 billion euros, according to a European source. The Europeans have yet to define the terms of the plan.Announcements should be made Wednesday on this.

"There will be no solution to this crisis pan-European if Europe does not take a global decision," stressed the Prime Minister of Greece, George Papandreou.

The Australian Minister of Finance, Wayne Swan, on Monday accused European leaders of having "lost time" past 18 months and urged them to present a serious plan, otherwise endanger world growth.

Worried about a contagion of the crisis, European leaders have also shown severe Sunday against Italy awash in a debt of 1,900 billion euros. Rome is accused of failing to meet its commitments to fiscal restraint and not enough to reform its economy.

Berlusconi will pension reform

"We have made it clear to Berlusconi that Italy must do everything to be up to its responsibilities," said German Chancellor. "This is not to appeal to the solidarity of partners if we do not have the necessary efforts," warned Mr Sarkozy for his part.

These stern warnings seem to have been heard by the Italian head of government: the latter announced his intention to convene an extraordinary cabinet meeting Monday to reform the pension system. Rome causes irritation of its partners who fear a major crisis in the euro area if the public accounts are not firmly held.

Last project: the reform of the governance of the euro area. EU leaders appointed Van Rompuy at the head of the summit meetings of the euro area alone, in addition to his cap pattern of the EU.The EU countries not members of the euro area, such as Sweden, do not like this two-speed Europe that is taking shape. They got a top-27 Sunday to take place Wednesday, one hour before that of the single euro area. British Prime Minister David Cameron has postponed the official visits he had made in New Zealand and Japan to attend this crucial meeting.

The hotel group is still operating income in 2011 of between 510 and 530 million euros on the table and continued work "sustained in the fourth quarter 2011," we read in a statement.

During a conference call, the CFO of the group, Sophie Stabile said he had found no signs of slowing reservations by the end of the year.

"It has always been a positive trend and no signs of slowing down in terms of bookings at the end of the year.On October, there has been good predictions in terms of bookings, "she said.

Accor has reaffirmed its goal of opening 35,000 rooms in late 2011 after having already commissioned 28,000 at the end of September.

The company, which counts among its brands Ibis, Novotel and Sofitel, achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S .On a comparable basis to rise is 5.8% (4.52% expected) and 2.7% as reported.

In high schools and mid-range, sales for the third quarter rose 5.3% on a comparable to 907 million euros in the third quarter of 2011

In Economy Hotels (outside the U.S.), the increase on a comparable basis was 7.5% to 516 million euros in the third quarter of 2011.

On this last segment, hotels in the United States conducted its largest increase since the beginning of the year (5.1% organically) to EUR 153 million.It is linked to higher occupancy rates (+1.8 point) and the improvement in average prices (+1.7%).

The action of the fourth global hotel group behind InterContinental, Marriott, Hilton and Starwood, closed Tuesday at 22.07 euros (-0.14%) showing a market capitalization of five billion.

Francois Hollande will be the main opponent to Nicolas Sarkozy in the battle of 2012 to the Elysee. The presidential majority, ousted the media for several weeks because of the primary PS, is preparing to make a bitter attack on the Socialist candidate and designated program. The first will be chopping Francois Fillon Prime Minister was the guest log 20 hours tonight on France 2. And tomorrow, the UMP holds a convention on the PS project.The main points on which the tenor of the majority party will attack Francois Hollande.

Tax increases

According to the draft of the PS, François Hollande wants to tackle tax loopholes. Of the 70 billion niches created since 2002 and consists cancel 50 billion, including tax exemption for overtime or reduced VAT in catering. The UMP will not fail to note that with the PS to power, the French will see their taxes increase by $ 50 billion. Unlike Nicolas Sarkozy, who has hammered throughout his five-year that he was not elected to raise taxes, Francois Hollande has already announced that there will be increasing the tax burden .The member from Corrèze is this view more honest than the head of state since the past two years, the main conservation measures taken by the government are deletions, and movement of the plane on tax loopholes. The draft budget for 2012 also provides for the creation of five new taxes. Result: The tax burden in France next year will reach 44.5% of GDP, exceeding the level at the beginning of the quinquennium of Nicolas Sarkozy. The other project in Holland, is a major tax reform: it proposes to merge the income tax and the CSG, to tax capital on a par with the work and to broaden the base of this new tax . For businesses, it supports a higher tax rate on companies that do not invest. We can therefore speak of a general increase of the capital tax, businesses and households. François Hollande will struggle to pretend otherwise.He must convince them that these increases are fair and equitable.

Retirement at age 60

Despite the embarrassment caused by the words of Pascal Terrace, retired adviser, François Hollande promised to restore the legal age of retirement at age 60, against 62 years since the reform of 2010. "The first decision that I will take on the issue of pensions is to allow those who have paid 41 years and have 60 years to leave," he said at the last televised debate against Martine Aubry. Employees who have accumulated 41 years can retire at 60 "but they will have a discount," he said. Still: this is where the majority of the risk to most door overhang, while life expectancy is increasing and all European countries have rejected the legal age of retirement at 65 or 67 years.Especially since the measure would cost about 25 billion euros by 2014, and much more en suite. François Hollande, however, can meet that beyond the boundaries of age, he advocated a systemic reform of the pension system to ensure the long-term funding, which will focus more on wages alone, and its support for an increase the contribution period.

The creation of 60,000 jobs in Education

François Hollande announced its desire to recreate the 60,000 job cuts in Education since 2007. The President of the General Council of Corrèze said that 12,000 jobs would be created per year for an annual cost of 500 million euros, 2.5 billion euros over five years.The faculty, which had partially detached from the PS in 2007 to vote Bayrou, and parents, frustrated with deletions of classes in September, will certainly appreciate this proposal. The UMP for its part will not fail to note the exorbitant cost – 100 billion euros over a period of full activity, or 40 years – this measure, and the question of its funding in times of reduced deficit. And here, Francois Hollande has remained unclear. These new posts will be offset by redundancies in other departments, he said. The member from Corrèze drew a parallel with the plane of 3 billion euros announced by Nicolas Sarkozy for the renovation of prisons.Does it mean that François Hollande give it up, while the number of inmates incarcerated in France reached a record? It is soft to the right stick to be beaten …

Youth employment and contract generation

Francois Hollande supports the proposal dear to Martine Aubry to create 300,000 jobs for the future. He wants the focus on youth in the neighborhoods where unemployment this population exceeds 40%. This represents a cost of three to four billion euros a year. It will be financed by eliminating exemptions on overtime. The UMP will scoff beautiful on the use of old recipes, François Hollande will always remember that the youth employment in 1997 have three-quarters of them to get a firm foothold in the world of work.And do not forget that the government does not hesitate, either, to use the weapon assisted contracts: 500,000 are budgeted in 2011. However, Francois Hollande will be more difficult to defend its contract generation – the possibility for an employer who hires a young and maintains a senior employment in the same position to be exempt from charges for three years. I must say that Martine Aubry has given the right arguments to criticize the measure: during the primary campaign, the mayor of Lille pointed to the cost -8000000000 euros – and windfall – the companies, which in any case need to hire, will turn to the cheap solution for them. Even the unions are not convinced. Francois Hollande wants to fund it by redeploying 25 billion euros of social contribution exemptions provided to enterprises.Jobs few or no qualifications will therefore suffer the consequences. Still give a response argument to Francis Holland exempts the government today to payroll companies that hire young apprentices or alternately.

The nuclear

If Francois Hollande says it wants to free itself of nuclear, he refused to submit commitments total output. The member from Corrèze has however promised to spend 75% of nuclear electricity to 50% by 2025. He says that the plan is financially sustainable: the necessary funds will come from cuts in tax loopholes and the introduction of a carbon tax on industries that emit lots of greenhouse gas emissions. This remains unclear. The UMP retorted that out nuclear power will be very expensive – € 750 billion at least according to the owner of the Atomic Energy Commission.No one would deny that the output of nuclear power has a price. This is a societal choice. The Germans themselves are willing to pay for it. The French, if they elect Francis Holland in 2012, will also.

The Basel Committee and will conduct the first global effort to force banks to hold more liquid assets, said Stefan Ingves, who is also governor of the Swedish central bank.

"A balkanization of rules on the long term is in nobody's interest," said Stefan Ingves FT.

The Basel III should lead banks to hold more capital to better deal with unexpected losses, but concerns are emerging that some countries do not respect them.

The newspaper reported that the committee plans therefore to publish maps showing which countries of the world follow the rules or not. The committee will also send teams of experts to check whether the transposition laws and regulations of each country are consistent with the agreement.

The Basel Committee is finalizing details of two rules of liquidity: the liquidity coverage ratio, which could require banks to hold sufficient liquid assets to survive a crisis 30 days, and the ratio net of stable funding, which would force financial institutions to make greater use of forms of long-term financing.

The Dow Jones has given 2.36% or 258.08 points at 10,655.30 and the S & P-500, wider, fell 2.85% or 32.19 points at 1099.23 , a low of thirteen months.

The Nasdaq meanwhile lost 3.29% (79.57 points) to 2335.83.

The financial sector was particularly hard hit, after the 10% decline marked by the Franco-Belgian bank Dexia. The group very exposed to the Greek debt, illustrates the risk posed by the financial situation of Greece in the European banking sector.

Bank of America has dropped from 9.64% to 5.53 dollars per share, its lowest level since March 11, 2009.Morgan Stanley has in turn yielded 7.63% to $ 1.03.

Both banks have also seen prices soar credit default swaps on their bonds, in part due to speculators betting on a deteriorating situation.

Citigroup and Goldman Sachs have respectively dropped by 9.8% to 23.11 dollars and 4.7% to 90.08 dollars.

The KBW bank index plunged 4.78%.

In addition to the fears of Europe, analysts fear that the poor state of the U.S. economy does reduce bank profits and thus would reduce even more their ability to absorb losses related to mortgages.

"Fear and uncertainty will guide these values ​​until we find the clarity in one way or another," said Jason Ware, of Albion Financial Group.

The index of manufacturing activity in the United States had temporarily supported the meeting before the downturn in the wake of financial resources.