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Spain has asked banks Thursday to raise a further € 50 billion to protect themselves from the consequences of the housing crisis.

In a statement on the financial sector reform, the Ministry of Economy said that banks will increase to 80%, their provisions for problem assets.

Madrid said that no public money would be used for banking reform and institutions had until the end of the year to increase their level of provisions. 

The aim of this reform is to trigger a new wave of consolidation in the sector to develop, four years after the bursting of the housing bubble, banks stronger and restore confidence vis-à-vis Spain, which could still be a victim of the debt crisis in the euro area if ever it were to worsen.

Took office in December, the new right-wing government led by Mariano Rajoy is committed to restructuring the banking sector in the country once and for all. 

The previous government, Socialist Jose Luis Rodriguez Zapatero, had forced some 45 regional savings banks, the "cajas" – for the most highly exposed to noxious claims after the collapse of the housing market in 2007 – to merge with each other and to raise capital, brandishing the threat of nationalization for those who do not would comply with its guidelines.

With the austerity measures taken by the two successive governments to Spain to avoid being carried away by the debt crisis, an unemployment rate that reached 23% the labor force and a likely recession into the fourth largest economy in the euro area – the second in four years – bank loans do not increase. 

But their potential losses are so high – $ 176 billion according to the Bank of Spain 18% of GDP – that markets are not likely to repeat immediately trust sector.

The bank most threatened by the banking reform is Bankia, the result of the merger of seven "cajas" became the fourth bank, which is particularly exposed to the real estate sector.

The property, which has already received 4.5 billion euros of state aid, a portfolio of 41 billion euros in loans to developers and 11 billion of real estate with were seized.

Gazprom said Wednesday that its net income had declined to 151.98 billion rubles (5.02 billion dollars) in the third quarter due to losses. </ P> <p > This balance, however, slightly exceeding the consensus of Reuters which gave 149.6 billion rubles. </ p> The quarterly revenue totaled 949.59 billion rubles against 779, 28 billion a year earlier and a consensus giving 950 740 000 000. </ p> Over nine months, net income was 923.6 billion rubles. </ p>

European shares closed sharply down, the uncertainties surrounding the announced departure of Silvio Berlusconi has pushed the Italian rate of the loan to 10 years in excess of 7%.

The CAC 40 index ended down 2.17% to 3075.16 points in the wake of the fall in Milan instead of 3.78%.

The London Stock Exchange was down 1.92%, the Frankfurt 2.21% and the Eurostoxx 50 index of 2.34%.

The Stoxx European banks index (-3.67%) and insurers (-4.38%) signed the two largest declines sector in Europe.

Silvio Berlusconi said Wednesday he would resign the Presidency of the Italian Council once approved emergency economic reforms demanded by the European Union.In recent years, Greece, Ireland and Portugal have each in turn been forced to call for international help after seeing the cost of their debt to cross that threshold.

Most European stock markets had yet opened in the green, in the wake of positive fences in New York and Tokyo after the announcement Tuesday night, next to the resignation of Prime Minister Silvio Berlusconi.

But doubts about the timing of his departure, the identity of the successor and the risk of political instability continue in the third-largest economy in Europe have quickly gained the upper hand, replacing Italy Greece at the forefront of topics concern.

The Swiss pharmaceutical group Novartis announced Tuesday the elimination of 2,000 jobs at the group level and a series of measures designed to absorb the price pressure.

These reductions, announced in conjunction with the release of third quarter results will speak mainly in Switzerland and the United States, and will be offset by the creation of 700 jobs in low cost countries and other countries, Novartis said in a statement.

The group also plans to close two locations in Switzerland and Italy. Part of the research will also be transferred from Switzerland to the United States.

For the third quarter, Novartis presented figures in line with market expectations.Revenues totaled $ 14.8 billion, up 18% in dollars and 12% at constant exchange rates.

Net income reached 2.49 billion dollars, an increase of 7% a year in dollars and 15% at constant exchange rates.

Analysts polled by Reuters on average expected a turnover of 14.86 billion and a net profit of 2.84 billion.

At 9:25, the title yielded 1.64% to 50.95 francs, while the European Health Index fell back 0.4%.

The Basel Committee on Banking Supervision will make the uniform implementation of prudential rules say his priority Basel III, announces its President Stefan Ingves in an interview with the Financial Times.

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.

According to Valerie Pécresse, the government is considering an increase in future tax on soda, which could be up to his double. It does not however extend to sweetened beverages as has been said in the press. Soda tax should be doubled.

The government is considering an increase in future tax on soft drinks that could go to his double, said Wednesday the government spokesman Valerie Pécresse after the Council of Ministers.

"It is envisaged that an increase could not be more than twice," said budget minister, adding that the tax, announced in late August as part of the anti-deficit plan would not be extended to sweetened beverages, fruit juices and mineral waters, as has been said Wednesday morning in the press.

Discussions on expanding the bailout of the euro area began this morning in the Bundestag. The plan should be adopted this afternoon. The German Chancellor Angela Merkel

German MPs began at 9 am Thursday to discuss the expansion of the bailout funds in the euro area, where they must decide by late morning. The Bundestag (lower house) has to decide on expanding the envelope and skills of European relief fund created in 2010 (EFSF) to assist countries in the euro area in need.

The relevant law should be approved by a large majority. "One or the other friend has a different conception of things," conceded the first speaker, the leader of the Conservative caucus (CDU / CSU) Volker Kauder, referring to the reluctance of a number of members of the majority to engage in Germany even before the rescue of its partners."But we will show that this coalition is able to act: the future of Europe is in good hands with the government," he said.

The vote on Thursday will be "an important contribution to our country for the future of Europe," he promised. Tuesday after Slovenia and Finland Wednesday, Germany will be the eleventh country to approve the mechanism. Six other countries will be asked, including Estonia, which must also discuss the issue Thursday, and Slovakia, still reluctant. The implementation of the mechanism requires the approval of 17 members of the euro area. But the green light from Germany, Europe's largest economy and biggest contributor to the bailout fund with 200 billion euros of guarantees, should give a decisive impetus.

After the vote registered, the number of dissident liberals and conservatives will be scrutinized carefully as an indicator of the flexibility of Merkel to confirm the next steps of European rescue plan. The exact number should be known only in the afternoon. The Bundestag is to vote this fall on a second plan of aid to Greece and early 2012 on the permanent mechanism MES, to succeed the EFSF. European leaders hope to have finished the EFSF expanded by the end of October, even though the discussions are already raging over a new building that would, if necessary, assist Italy or Spain.

Greek Prime Minister George Papandreou called Tuesday a sign of support from its European partners, while Greece puts all his energy to accomplish the necessary reforms to its crisis.

Speaking at a press conference with his German counterpart Angela Merkel, he stressed that Greece would fulfill its obligations for sure and that the country was a primary deficit to zero in 2012.

"Conditions have changed because of the recession," he said."But the goals have remained the same."

"But it is important to receive a sign of support from our European partners," he added.

Angela Merkel, for his part reiterated that the right-wing coalition in power in Berlin would get the vote of strengthening the powers of bailout funds EFSF Thursday without having to call on opposition voices.

Germany, Merkel said, wants a strong Greece "will do whatever is necessary" for this purpose.

But, she added, Greece must fulfill its obligations for the discharge of its donors meeting in the troika (International Monetary Fund, European Central Bank and European Commission).

European stock markets opened in the red after the Fed's pessimistic statements on global growth, and support for the U.S. economy ruled by markets shy. Asian stock markets have closed sharply down Monday, August 8, 2011. The Tokyo Stock Exchange lost 2.9%, 3.79% Shanghai, Sydney 2.9%, Seoul 3.82% Hong Kong 2.11%. The Bombay Stock Exchange, she fell to its lowest since 2010 (-3%).

The disappointment with the decisions and statements pessimistic about global growth of the U.S. Federal Reserve made the day before the European stock markets fall heavily at the opening Thursday, banking stocks again touching the bottom.

The Paris Stock Exchange opened down 2.66%, 3.22% from Frankfurt, London, 2.75%, Milan 3.02% and 2.43% in Madrid.The modesty of the support measures announced and pessimistic about the future of the global economy expressed by the Fed had pushed the European stock markets Wednesday, as Wall Street. The measures taken by the Fed do not forget to markets that "the crisis in the euro area remains at a high level," noted Padhraic Garvey, ING in Frankfurt.

"The Fed gave up stronger measures" that would have reassured the markets noted for his part Berenberg Bank. Wednesday morning, Asian stock markets have also accused the coup and Tokyo ended its session on a net decrease of 2.07%. Always at the forefront, banking stocks fell sharply. In Paris they yielded between 3% and 5% in Frankfurt, they were the red lanterns, Deutsche Bank and Commerzbank losing 4.81% 4.19%.

After two days of meetings, the outcome was awaited eagerly by investors, the Fed announced it would sell by the end of June 2012 for $ 400 billion of treasury bills and buy for the same amount with longer maturities. The purpose of this measure, dubbed "Operation Twist", is to lower interest rates in the long term to support the activity.

The evolution of the situation in Greece is also still followed by the markets Thursday. The Greek government resigned Wednesday to take further austerity measures in 2011 and 2012, under pressure from its creditors, the EU and the International Monetary Fund (IMF).