"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.

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.

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).

European shares opened slightly lower Tuesday, opting for caution before the Franco-German summit on the governance of the euro area. After three consecutive sessions of gains, Paris opened down 0.73%, 0.68% from London, Frankfurt 1.02%, Madrid and Milan by 0.65% to 0.28%. Monday, Paris won 0.78%, London 0.57%, 0.41% Frankfurt, Madrid 0.71% and 1.37% on the Swiss Exchange. New York has erased all its losses last week in garnering 1.90% for the Dow and 1.88% for the Nasdaq.

Global financial markets are also showing much more attentive Tuesday.Asian stock markets were the first very hesitant: Tokyo has ended up slightly from 0.23% after a session sawtooth and Sydney ended down slightly by 0.86%. Seoul, closed Monday, was an exception by closing up sharply from 4.83%.

All eyes are on the meeting between German Chancellor Angela Merkel and President Nicolas Sarkozy from 4:00 p.m. at the Elysee Palace in Paris. "The markets are expecting a very strong signal: Is there a pilot on the plane to govern the euro area? Will you finally speak with one voice in the Franco-German and stop to maintain the cacophony that lasts for months and madden investors? "asked a Paris-based analyst who requested anonymity.

But hopes could be quickly showered.Berlin has in fact warned that they should not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Germany .

"It seems that there is an acute attention paid to this appointment, and we believe that the margin for a big disappointment," warned analysts at MF Global. This meeting should ultimately focused on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

The rating agency Standard and Poor's considers that France has a "well-designed fiscal policy" that justifies its "AAA" rating with positive outlook "stable", said Monday one of its leaders.France is often cited among the countries most at risk of losing their "AAA", the highest rating possible for an issuer of debt, like the United States Friday.

The President of the rating committee of the States of S & P's John Chambers said during a conference call that the pension reform in 2010 was "a very smart" and the withdrawal of fiscal stimulus "an example of fiscal policies well designed. " "While this is not seen" in the budget immediately, longer than two years of working time has "significantly improved" the long-term debt, said Mr Chambers.

S & P was again justified in this conference call his decision to leave the United States the circle of the most reliable borrowers, explaining that the country was not a decision-making process as efficient as others in its attempt to reduce its deficit budget. "The euro area has its problems too," Mr. Chambers noted, however. France is often cited among the countries most at risk of losing their "AAA", the highest rating possible for an issuer of debt, like the United States Friday.

This, though reduced in size compared to some recent acquisitions in the luxury and fashion, would be a step in the refocusing of the PPR luxury brands and fashion at the expense of distribution.

One of the sources interviewed by Reuters said that discussions "were under way" on a possible takeover of the Italian family group, known for its men's suits high-end.

The other, more conservative, said that Brioni has long been in the crosshairs of PPR and the operation was "far from being buckled."

"PPR is always watching, discussing (…) but it does not always translate into a concrete operation," the source said, estimating that the figure of 350 million euros is "" makes sense in terms ratios ".

Neither PPR nor do you want Brioni comment.

The Italian daily Corriere della Sera reported Wednesday that the leaders of PPR would be in Italy "in a few days" to study the accounts of Brioni.

If no decision is expected in the Greek case in Brussels, ministers must however agree on the common framework that will be set up to accompany the publication of the results of stress tests banks July 15, they approach exercise again in no particular order.

"On the private sector, work is underway, based on the findings of the recent European summit – that is voluntary and no credit event – but I see no conclusive evidence on Monday," he said a source close to the preparation of these meetings.

This source said that the main option considered was proposed by French banks of a "rollover" of the Greek debt maturing by 2014.

But Germany has put on the table this week's proposals for an "exchange" of Greek bonds and, last Friday, the Institute of International Finance (IIF) proposed that Greece had to buy back bonds , again placing the Europeans to a blank page.

"We're not quite not return to zero kilometers, but it is not far," admitted a senior source within the euro area.

The budget of 30 billion euros initially expect for collecting authorities in the euro area banks and insurance companies is also questioned.

Diplomatic sources, indicate that it could eventually drop to 15 billion euros for the estimated 110 billion of Greek background, about three billion each for the German and French institutions.

"Getting 15 billion of 110 is not bad.It's even already a lot, "insists one of the sources echoing the statements of the President of the European Central Bank, Jean-Claude Trichet, who had invited the political leaders Thursday in the euro area do not make this private participation a centerpiece of the new Greek plan.

STRESS TESTS

A new Greek plan is not expected until early September and the Europeans have been given to address the issue that is closely related to the results of stress tests banks to be published next Friday.

Banks will have to prove that they can maintain a capital ratio drive ("core tier 1") of at least 5% to pass a test set featuring various financial shocks and theoretical results will also highlight the exhibits credit and sovereign debt.

For their part, the EU Member States stand ready to recapitalize banks failed in case they fail to raise private capital by the end of the year.

Institutions that have grazed the failure will in turn placed on a special watch list if the situation continue to deteriorate and will have until the end of 2012 to raise the bar.

A few days before the publication of results, the bloc still not fail to agree on all the criteria to be selected.

The Spanish authorities claim that such provisions they spend to prevent a possible reversal of the cycle are taken into account, which is not always the case.

This element could greatly influence the results of some Iberian and institutions beyond the health of the Spanish financial sector while the restructuring of national savings must pass a key test July 20 with two IPOs involving several of them.

As in previous test series, the Europeans also began to communicate in a dispersed on the success of their national banks.

Friday, the future president of the ECB and current president of the Bank of Italy Mario Draghi defended the health of the Italian banking sector, which he has said, will test with a significant margin.

Several German sources also stressed that no bank should fail Germanic testing even though many of them will cross the threshold of 5% accuracy.

On the Nymex, the contract in August of U.S. crude (WTI) finished with a gain of $ 1.88, or 2.02% to 94.77 dollars a barrel. Meanwhile, Brent advanced to 3.44%, or 3.74 dollars to 112.52 dollars.

Black gold has also benefited from a return to risk appetite of investors, advancing along with the euro, stock markets and all commodities.

The crude oil reserves fell 4.4 million barrels to 359.5 million.Those of gasoline decreased to 213.2 million barrels, down 1.4 million.

The market expected a drop in crude inventories of 1.4 million barrels, an increase in gasoline stocks of 600,000 barrels and distillate stocks increased by one million barrels.

Greek MEPs adopted the day of the first two components of the austerity plan intended to avoid the financial collapse of Greece, a plan denounced by many Greeks who still manifested by the thousands in the center of Athens.

After discussing the state of stocks of crude, the U.S. Agency for Energy Information said that oil demand in the U.S. fell in April compared to the same month in 2010, representing the first decline from one year to another in this area since November 2009.

A decree to this effect should be issued Wednesday, the ministry said, confirming press reports.

The government had made a gesture of appeasement against the outcry over rising energy prices in France in early April announcing a freeze on gas prices for a year.

He then explained that a 7.5% increase in gas prices should have been mechanically in July to pass on higher oil prices, on which long-term contracts are indexed to GDF Suez.

GDF Suez has in turn called for early May the establishment of a new tariff for gas in France, the rate plan currently in force in fact been suspended with the rate freeze.

"The government has decided to entrust the CRE (Commission for Energy Regulation), an expert mission on procurement costs of GDF Suez to develop a new formula for the benefit of consumers.A new formula and an amendment to the public service contract will be established on this basis, "said the Ministry of Industry, Eric Besson, in a statement sent to Reuters.

The latest increase in gas prices had been 5% on 1 April, which brought increased 20% year on year.

The 3.2% increase in gas tariffs for business comes as electricity tariffs applied to them will increase by 4.9% in total on 1 July.