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 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 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.

Organizations require retirees to protest Thursday in 110 cities against the plan anti-government deficits, the loss of purchasing power and delayed the reform of addiction. Paris will be the highlight of this day inter-engagement, with a planned demonstration at 14h between the Place de la Bastille and of the nation, the call of the UNSA-retired from UCR-CFDT, the Unar-CFTC, the UCR-CGT and the FGR-FP.

These pensioners' organizations have condemned the government decision to postpone indefinitely the reform of financing of the loss of independence and recalled "the need to create a universal benefit to compensate for the loss of autonomy regardless of age, care for national solidarity, as part of Social Security. "

Campaign promise of Nicolas Sarkozy in 2007, this reform was to improve the quality of care for older people and reduce the cost for individuals, has been postponed several times, the last time in late August. But is conspicuously absent from the bill funding the Social Security (PLFSS) for 2012, presented Wednesday by the Cabinet, even if it is intended as annual increases in funding for the elderly.

Regarding the purchasing power, "which continues to deteriorate," the five unions fear a further decline due to plan anti-government deficits announced in late August. At the same time, they demand a significant increase in pensions, especially for low pensions, minimum pension at the minimum wage and a new method of indexing.

The UCR-FO, which was signed in July calling for the single day of action, has finally shown solo on September 20 with all the militants OST to the trial of "austerity".

Initiated in 2009 as part of the big loan, the proposed public-private partnership around a consortium between the state, Orange, Thales and Dassault Systemes secure systems must provide for the accommodation of digital data, "cloud computing "- notably through the creation of large" data centers ", hosting data dematerialized.

The MoU was signed Friday between the four partners, but will be released once approved by the representative bodies of each of the signatory companies, in the fall."At this stage, the government does not comment on the case under investigation," said the Ministry of Industry. Also questioned the direction of Orange said the project progressed "quickly and well" but declined to confirm the signing of the MoU.

In the name of national sovereignty

In January 2010, Prime Minister François Fillon has called for the emergence in France of a system of secure cloud computing, in the name of "sovereignty" to deal with often foreign providers. As part of the big loan, the government has allocated a total budget of 4.25 billion euros for development of the digital economy.Part of this amount – 2.25 billion – will be particularly aimed at financing research and development initiatives relating to "use, innovative services and content" on the envelope is that cloud computing consortium should draw some of resources.

In late May, the three private partners Orange, Thales and Dassault Systems, had submitted a dossier to the Government, in response to a call for expressions of interest. Modalities remain to be clarified, as the level of funding or the governance of the consortium, said a source familiar with the matter.

The rating agency Moody's on Friday threatened to lower again the note of the Spanish debt, currently at "Aa2", pointing the finger once again the financial situation of the regions and sanctioning already six of them .

Degraded after the note of Spain March 10, the agency announced that it could still take away a notch.

If it did, during its review period of three months, the country would continue, however, borrowers in the category of high level, as classified by Moody's.The Madrid Stock Exchange responded with a drop, losing 1.42% at 0800 GMT, while the rates in Spain and ten years of going above 6%, an astronomical cost of financing for the country.

Thus, Spain has been good conduct several austerity plans to reduce its deficit and reforms to modernize its labor market, the pension system and banking sector for the rating agency, it keeps "an increasing vulnerability tightening the market. "

This fragility has also been felt in recent weeks about the bailout of Greece, which has been pitching the Madrid stock exchange and bond yields climb to record highs Spanish. The country is in the crosshairs of the markets for over a year now, Fitch and Standard & Poor's downgraded its rating in April and May 2010.

Moody's cites two reasons for its decision Friday.The first, "the continuing pressure to finance faced by the Spanish government," the pressures that could "escalate" to the Europe Agreement for aid to Greece. The latter has "set a precedent" by involving the private sector and a marked increase in the risk for investors, bondholders fragile in the euro zone, said the agency, which also threatened in June to degrade note Italy for "similar concerns."

Moody's second argument, the difficulty of Spain to reduce its deficit because of an "environment of low growth" and "fiscal gap that persists in many regional governments." The Spanish economy struggling to emerge from the crisis, with growth almost sluggish in the first quarter (0.3%) and rampant unemployment, which reached 20.89% of the population in the second quarter, the highest among industrialized countries.

In addition, rating agencies, analysts, as well as the International Monetary Fund (IMF) have expressed in months of their concerns about the financial position of the 17 Spanish regions, heavily in debt (121 billion euros in cumulated) with a strong financial independence and so far reluctant to reduce their deficits.

Not surprisingly, Moody's decided Friday to lower a notch notes six areas, one of the most powerful, Catalonia, due to "the deterioration of their fiscal and debt."

The other five regions are sanctioned Castilla-La Mancha, Autonomous Community of Murcia, the region of Valencia, Andalusia and Castile and Leon.Moody's "provides that regional governments will miss their collective goal deficit with a difference of up to 0.75% of GDP, which would make it more difficult to achieve the overall objective of the government deficit (6% of GDP in 2011). "

Until recently, regional finances were not controlled by Spain, which introduced a first follow-up, by setting targets for deficit reduction. But in 2010, it rose to 2.83% of GDP, well above the official commitment of 2.4%. In the first quarter 2011, only half of the regions had a deficit consistent with the objective, according to the Ministry of Economy. It displays its strength and has set ambitious goals for the coming years: 1.3% in 2011 and 2012, 1.1% in 2013 and 1% in 2014.

Finally, Moody's also threatened to lower notes of four Spanish banks, including the number one in the eurozone Santander, as well as the Confederation of Spanish Savings Banks (CECA). The other three banks involved are BBVA, La Caixa and Caixa-Bank. "A potential decline in the note by the Spanish government would affect only the notes of debt and bank deposits that have high individual ratings," Moody's said.

Santander, BBVA and CaixaBank, which are the first three listed banks in Spain, as have long-term rating Aa2 and P-1 short-term, which puts them in the category of borrowers to high level, as classified by the agency . La Caixa, the first Spanish savings bank, is rated A1 on the other hand, in the "medium high". Finally, Ceca is rated A1 long-term P-1 short term.

This increase in debt could undermine the government's objective to begin to reduce the debt ratios of France from 2013.

"This will have an indirect effect is an increase by 2014 our debt levels, given the inclusion of guarantees, up to about 15 billion euros," said François Fillon to Following a meeting with parliamentarians of the majority.

The government expects public debt will continue to grow this year and next year (85.4% and 86.9% end 2011 end 2012) and begin to decline in 2013 to reach 86.4% at end 2013 and 84.8 % end of 2014.

François Fillon announced that the new support plan for Greece would require a new supplementary budget to be presented to Parliament in September.

The leaders of the euro area reached an agreement Thursday involving the private sector and reforming drastically the stability fund to make an embryonic "European Monetary Fund."

Welcomed by the markets, the new Greek plan, a total of 109 billion euros, will be echoed by participating banks and European insurers, the amount could go up to 50 billion euros.

NO BANKRUPTCY OF STATE

"This agreement marks an absolutely decisive in the history of the euro area," said François Fillon."There will be no state of bankruptcy in the euro area, because the solidarity of the euro area will be complete.."

The "golden rule" would entrench the need to reduce deficits in the French Constitution is now more than ever, still says the head of government.

"It is indeed now a joint effort of the countries in the euro area to adopt this budget framework must be credible leads," he said.

France has pledged to reduce its public deficit below 3% of GDP in 2013 but believes it must include the balance of state finances in a basic document.

If this "golden rule" was passed by the majority, it must, to be enshrined in the Constitution, getting three-fifths of the vote in a Congress, which requires adherence to some of the parliamentary left.

The Socialist Party refuses for the moment and Nicolas Sarkozy has not officially taken the decision to convene the Congress but the majority, Francois Fillon at the head, pushed him to move forward.

For the Prime Minister, France played a "central role" in the conclusion of the agreement, including by reaching before the summit in Brussels an agreement with Germany.

"The Franco-German duo has once again played a key role in finding the right solutions to the crisis.I guess you could say that the Franco-German couple is the key to stability in the euro area, "he said.

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.

Marine Le Pen is back media on Thursday night on the set of the new political program of France 2, the words and actions. Out of the euro, devaluation, protectionism … As it has done since the beginning of the year, the president of the National Front has been much talk of economy, defense of positions for less iconoclastic. Decryption.

The unknowns of the output of the euro "currency iniquitous"

If elected, the president of FN is given 6 or 8 months to explain to other members of the euro area "is its willingness to find a national currency." "Some will refuse, others will agree, she predicts. If they will not, I does not bring my people to social death."While Greece is on the verge of bankruptcy, no one denies that the single currency has entered a zone of strong turbulence. But, negotiated or not, the output of the euro is really a gamble. "It's Armageddon," says economist Jacques Delpla even in Nouvel Obs. If she wants out of the euro, in order to devalue the franc again, about 25%, and thus boost exports through competitive devaluations. Therefore growth. On paper, it works.

The dangers of the devaluation

Jean-Louis Mourier, economist at Aurel Leven firm, confirmed in a recent article in L'Expansion "competitive devaluations would win 3-4% growth in the first two years." It is then that it thickens. The CFDT, in a plea for the defense of the euro, said: "such a policy only works once and gives a temporary advantage that will soon be destroyed by the reactions of neighbors."And the union to the French warning: This would leave after a few months "to reduce wages to earn even more competitive internationally." Even more dangerous than imported products, they would see their prices rise. First of them, oil and thus gasoline has already reached record prices.

The other side of protectionism

The purchasing power of French could also be affected by another measure advocated by Marine Le Pen on behalf of the industrialization of France re: protectionism. According to economist Jean-Marc Daniel, who speaks in the video below, this part of the nationalist tradition of NF. "By means of protectionism, it charges abroad, he says, but it does not say that Marine Le Pen is that those who pay the customs duties are the buyers of these products, the locals. "

The miracle of the decline in debt

The output of the euro, and the decline in the value of the franc, which would follow, mechanically generate an explosion of debt. Investors, faced with the unknown of a return to the national currency, might desert the French debt to debt to prefer German or U.S. debt and interest rates that would be imposed on France in the markets rise. Marine Le Pen scans the argument and argues that "the Bank of France to finance the Treasury interest rates" very low or zero. "She explained that it would create" a plan for debt reduction "by "monetization" of this "100 billion euros per year." In short, she wants to run the printing press.