Monday, Greece had not yet given its response to the drastic conditions imposed by the European Union and the International Monetary Fund in return for a second plan help, and the meeting on that leaders of the major Greek political parties has been postponed until Tuesday.

In early trade, the Dow Jones lost 0.5% (64 points) at 12,798 points. The Standard & Poor's, wider, yielded 0.5% (7 points) at 1,338 points while the Nasdaq composite fell by 0.59% (17 points) to 2888 points.

"After a robust start to the year, investors take a break to reassess the drivers of the market," said Andre Bakhos to Lek Securities.

Values, Hasbro drops 2.7% after posting a fourth quarter earnings just above the expectations of analysts, who themselves had been lowered .

Lazard loose more than 7%. The investment bank posted a quarterly profit below expectations, hurt by lower commissions received as a financial advisory segment, which has not prevented ; to raise its dividend.

While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet, the measure should come into force on 1 January. This had been announced in the autumn Eric Besson, Minister of Energy. Indeed, he had promised for this winter complete automation of the procedure for awarding the tariff of primary necessity (TPN), commonly called the social rate of electricity

This delay, which should continue for several more weeks, is because the "last formal consultations" between government and industry must always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of the Parisian …

These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is below 634 euros a month (for a single person). Entered into force in 2005 for electricity and for gas in 2008, social tariffs were previously allocated on demand to beneficiaries (the limit is 7800 annual revenues of approximately EUR for a single person and 11,700 for a childless couple, ed), but by lack of information or administrative complexity, many do not demand.

Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.

"The decree is under review by the State Council, it should be able to give its opinion in the coming weeks, as he will have the last formal consultations that are normally involved in early (February Ed.) . The decree will be published in the coming days, "the ministry said in a

. commmuniqué, president of the Syndicat Intercommunal the Outskirts of Paris for Electricity and Communication Networks (Sipperec) Catherine Peyge noted that there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, c 'ie they spend more than 10% of their budget for their energy bills, says she. "What do the government to publish the decree and to end this anomaly is that a tariff, decided in 2000, implemented in 2005, still unable to protect families who need it? Meanwhile the electricity prices rose 6% in two years, and the bill could rise by 30% by 2016 ", criticized Ms. Peyge

.

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.

The Minister of Labour Xavier Bertrand said on Sunday that the unemployment figures of the month in October would be "not good", asked the Grand Jury RTL / Le Figaro / LCI. The figures, to be published Monday, "will not be good and everyone knows they can not be good due to a crisis which does not come out yet and even in the field is growing," he the minister said."When we decided to discontinue its business relationship with a subcontractor and that is a very large group, we must notice," he said, adding also want to "support the employees of these subcontractors."

A permanent contract for temporary

Xavier Bertrand was also suggested to create a permanent contract in the agency sector. "I'm going to suggest to all companies in this sector to set up a permanent to temporary," he said, saying it might interest between 15 and 25% of the 500,000 temporary workers. The minister also stressed the need to improve the system's return to work after periods of unemployment.

Referring to the future of 35 hours, including the UMP says it wants "out", Xavier Bertrand said that France was already "out of 35 hours." He ruled out any "revenge" and "ideological approach" that "would penalize employees."

Lu Zhongyuan, vice president of the think tank Development Research Centre (DRC) of the Chinese government also believes that inflation will fall to 4.5% next year.

The economic slowdown expected – compared to a rate of over 9% expected this year – is estimated by the economist as "reasonable and acceptable" because, he says, the quality of growth improves.

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.

First quarter growth was 1.3%.

On an annual basis, the gross domestic product (GDP) German 2.8% in the second quarter, said the Federal Statistical Office, again confirming the preliminary estimate.

The detailed statistics show that the trade balance, which weighed on energy imports, subtracted 0.3 percentage points to GDP in the period April-June

Domestic demand added 0.3 percentage points.

France, aims to install 19,000 megawatts (MW) of onshore wind by 2020 but the "Grenelle of the environment" has increased the administrative strata including parks by submitting to the rules governing classified facilities for protection Environment (ICPE).

In terms of offshore wind, Frédéric Lanoë also concerned that the size of the recent tender of the French government is insufficient to establish a price competition.

"The wind projects are capital-financed by actors who are like us in many countries, since they are European-offs," he told Reuters on Thursday.

The rankings include ICPE forced to respect a distance of about twenty km from the masts of wind and weather radars in France and the army, which limits the number of areas available for their implementation.

"Currently almost 3,000 MW are blocked for reasons of speed cameras," said Frédéric Lanoë arguing that technological advances that reduce the trace of wind turbines on radar with a suitable paint.

EDPR in France operates 284 MW of installed capacity in onshore wind, or 5% of the capacity French, but most of its business is in the U.S. with 3,200 MW and Spain (2,050 MW).

The decline of France's attractiveness is also due to delay in the publication of regional patterns should determine the geographic areas allowed, the increase in tax due to the abandonment of the business tax and the many legal remedies, estimated Frédéric Lanoë yet.

Almost systematic recourse

"You end up with a compression of our very substantial margins that makes projects in France are far less attractive than projects in Romania or Poland," he added.

EDPR plans to have one.700 MW installed in Poland, slightly more than the capacity of an EPR-type nuclear reactor, 990 MW and 610 MW in France in Romania.

"There were good years but now in France do not follow megawatts. It is related to the combined effect of spatial constraints, the length of the instructions and use that freeze plans," said Frédéric Lanoë.The deadline for obtaining a building permit in France about two years against six months in Belgium, he said.

EDPR also search for partners to respond to the call for tenders launched in July by the Government for the implementation of 3000 MW offshore

"We are ready, we develop 2,500 MW in Scotland, we work on alliances, we will answer the call for tenders if we think that is likely to have the project and is profitable" at he said.

France, currently has no offshore wind farm and aims to install 6,000 MW by 2020 when England is 32,000 MW and 10,000 in Germany.

"The concern is the size of 3,000 MW that will help feed some players, but is it that there will be room for others?" Asked Frederic Lanoë.

The CEO of EDP Renovaveis wishes that the second phase of the tender announced for 3000 MW in April 2012 is advanced and more ambitious in order to attract more players and allow competition on prices.

They fear more generally a new recession in the United States and destabilize the financial system in Europe and indeed HP has only reinforced their fears on the eve of the weekend.

Hewlett-Packard finished down nearly 20% to 23.6 dollars, its largest loss since the crash of 1987.

The IT group had announced the day before it could split its PC division and lowered for the third time its annual targets.He also reported a takeover bid for the British software company Autonomy.

The Dow Jones lost 172.93 points (1.57%) to 10,817.65. The S & P-500 yielded 17.12 points (1.50%) to 1123.53. The Nasdaq Composite lost 38.59 points (1.62%) to 2341.84.

Wall Street accuses its fourth week in a row in the red.Of all the week the Dow lost 4%, the S & P 4.7% and the Nasdaq 6.6%.

"What I see is fundamentally a crisis of confidence more than economic or financial at this stage", however, tempers Natalie Trunow (Calvert Investment Management).

"I'm always a nice surprise in the third or fourth quarter," she says, adding however that the volatility risk move given the economic news of the moment, including the decommissioning of the United States by Standard & Poor's.

The S & P 500 was down the threshold of support 1130 and the next, in the opinion of analysts, is at 1100. He had lost 4.5% Friday, the sixth time in the past two weeks where he accused a loss of at least 4%.Since the beginning of the year, he suffered a loss of 10%.

Wall Street defines a correction as a decline of 10% from a recent peak. A fall of 20% compared with a recent peak is considered devoting a bear market. The S & P lost 17% from its peak closing April 29.

To high-tech always, Intuit has supported a time, but the Nasdaq's 8.31% gain could do nothing against the plunge in HP. Intuit said Thursday that he anticipated an increase in earnings per share up 24% in fiscal 2012.

24:50: contracts of insurance against default (CDS) reached new highs Thursday on France and its main banks, which were the subject of many rumors involving a fall the day before the stock market. At 12:44 (10:44 GMT), the "credit default swaps" (CDS) in France were at 175 basis points, which means it must pay $ 175,000 a year to provide $ 10 million in French state debt to 5 years. The CDS on banks have also signed highs, well above most of those reached during the 2008 financial crisis, even as tensions on the funding of banks were extreme at the time.In detail, the Societe Generale CDS were Thursday morning at 335 basis points, far from the end of 2008 reached 150 and 200 affected in the outbreak of the debt crisis in May 2010. For their part, the CDS were BNP Paribas 237.6 basis points and those of Crédit Agricole to 266.7 basis points, well beyond the 100 to 150 basis points, the level around which the CDS on banks turned so far. The CDS of them have reached Natixis 192.7 basis points, which is not a record because they were 300-350 during the 2008 crisis, the bank was one of the most severely affected at the time.

24:38: Jean-Luc Mélenchon said he would tell the rating agencies to go "to the niche," Thursday on France 2. Faced with the crisis, "it is not that important to reassure the markets, it is the producers, that is to say, companies and employees," assured the former minister."We must resist, do not capitulate to the financial markets at the same time (…) and hitting those who strike us. It's still great, we are in the hands of rating agencies, but who are these people? "

12:30: Austerity in Italy. The Italian Minister of Economy, Giulio Tremonti said Thursday "very strong measures for 2012/2013" in the new austerity plan being developed to achieve a balanced budget a year ahead of expected. "We will reduce the deficit almost in half this year we will have to be 3.8 / 3.9%". The minister acknowledged that Italy had received indications from other European countries and the European Central Bank that serve as tracks.

12:22 London erases gains, Milan goes into the red.

12:00: The Paris Bourse goes into the red, the bank relapse.The Paris stock exchange plunged below 3,000 points.

11:54: BNP Paribas and Societe Generale go into the red, the CAC 40 is weakening.

>> How did we get here? The movie event of the crisis in a few dates here.

10:55: Paris tries to bounce back. The Paris Bourse and the banking sector were trying to rebound Thursday after a meeting black. At 10:18, the CAC 40 2.50% clinching points to 3077.05 and Societe Generale was flirting with 7%. "Can we believe the bounce? I have no idea, right now the smallest rumor brought down the market in delusional proportions," tempers Waldemar Brown-Theremin, manager of equity Turgot Asset Management .

10:52: European shares rise. The index featured the Milan Stock Exchange, the FTSE Eb, accelerating its rise Thursday morning after opening on a rise of 2.79%, jumping over 3%.London is also up sharply after a decline of more than 3% yesterday. Around 7:45 GMT, the FTSE-100 index of the core values ​​displayed an increase of 101.85. Frankfurt opened up 2.81%.

10:34: The Shanghai Stock Exchange closed up 1.27%, erasing the losses during a meeting with newspaper articles reporting that a government pension fund had acquired shares to support the market.

10:00: The SocGen takes the bull by the horns. The title recorded an increase of 7.19% on the Paris Bourse, the day after a black day which saw its collapse amid rumors of bankruptcy.

What you want to know about the debt crisis

Who is responsible? That investors are likely? And if we regulated the agencies? All the answers to your questions here.

[To understand why the title of the Societe Generale fell apart, click here]

9:50: Marine Le Pen tape fist. France Inter, the president of the Front National Marine Le Pen on Thursday called the policy to "regain control" on the economy, accusing them of "pass the keys to the truck to people who were not allowed driving "giving" political control to banks and markets. "

9:30: Apple head. Apple has become the world leader in terms of market capitalization. The manufacturer of the iPhone and iPad exceeded that of oil giant ExxonMobil Wednesday at the New York Stock Exchange.

9:00: Asia limit losses.Asian markets have limited the damage or closed up, while gold, with its status as a safe haven, bursting with new limits: Tokyo closed down slightly by 0.63%, Sydney ended with the balance, Seoul gained 0.62%.

8:18: "We are making solid profits, we strengthened our capital, there is no problem on Societe Generale," says its CEO, Frederic Oued.

8:13: The gold through the roof. The ounce of gold reached 1,814.50 / 1815.50 dollars on the market in Hong Kong early Thursday morning after the new bear market, the U.S. and Europe yesterday. Is a Lienprogression over 50% since August 2010/Lien. Considered a safe haven by investors, the price of gold steadily increasing in times of crisis or financial market.

0:30: Italy under pressure. "We must act quickly."Silvio Berlusconi pledged Wednesday to adopt by August 18, new conservation measures, under pressure from the ECB, which has granted a respite to Italy by acquiring a portion of its debt in return but requires a more severe austerity. The prime minister promised to "convene a Cabinet by 18 August" to adopt a new savings plan, and "perhaps before," during a meeting with the social partners.

0:00: Obama Bernanke.Le meets U.S. President received on Wednesday the president of the central bank to discuss the difficulties of the U.S. economy and the risk of contagion from the crisis of European debt, said the White House. They "discussed the prospects for recovery and employment, and budgetary problems, including the need to address the deficit in the long run," said the presidency in a statement."They also discussed the situation in Europe," the text, which states that it was the third time the two men met this year.

The context

European shares rebounded strongly Thursday at the opening, driven by banking stocks after the downfall of the previous day caused by rumors-denied-once degradation of the note of the failure of France and Société Générale. "The collapse in global equity markets was too important" Wednesday, analysts said Axa IM, hoping more rational for this session.

But concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic. The overwhelming investor nervousness could therefore persist while no major indicator is the program on Thursday.At this point, the rebound is largely technical after heavy falls the previous day and must be confirmed.