The euro retreated against the dollar after the seven-week high hit the previous day in the wake of the Brussels agreement on the management of the debt crisis.

In the bond market, the Italian bond yield to 10 years has exceeded 6% after the award of the Treasury, while the German Bund futures cut their losses.

Brent crude dropped below the threshold of $ 110 and U.S. crude has returned close to 92 dollars.

The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial draft of the government, and also introduced a tax on beverages containing artificial sweeteners, sodas lights.

The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

A few hours earlier it had expressed its opposition to a tax extended to lights products."Broadening the tax base it would lose its coherence" had she said, stressing the goal of the fight against obesity project.

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 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.

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).

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Thousands of protesters began to gather in Rome Tuesday to protest against the austerity plan which the examination begins the same day the Senate to call the main Italian trade union, the CGIL, which also launched a word of 'general strike for the day.

"It's a plan that the country does not deserve", "we are on the brink of the abyss, we need a responsible government," said the general secretary of the CGIL, Susanna Camusso, before taking up cortège.Coups the whistle and peppered their attendant banners, all in a friendly atmosphere.

Demonstrations are planned in a hundred cities of the peninsula.In the morning there were already 10,000 demonstrators in Florence and a few thousand in Genoa.

Many tourist sites closed

The strike call, which will last eight hours, has caused disruption in many areas, particularly in transport. Planes, trains, buses, subways and ships record cancellations and delays.Famous sites like the Colosseum, the Roman Forums or the Borghese Gallery, are closed because of the strike also affects mouvement.La hospitals or jobs, but not the schools where the return has not started.

CGIL has triggered the movement to protest against the austerity plan, adopted in emergency on August 12 by the government, calling it "a wicked and evil", especially since it relates to labor law, making it more easy dismissal.

The review of the plan, expected to enable Italy to reach a balanced budget in 2013 instead of 2014, begins Tuesday at 1430 GMT in the Senate. The government wants its final adoption by mid-September.

The transaction will allow the private equity fund Permira, owner of Provimi in 2007, winning more than 2.3 times its initial investment.

The Company has issued an Ebitda of 86 million euros in the first half, up 20.3%.

"Cargill has offered a clear and compelling case and we believe that the combination of its activity feed with Provimi will create a stronger business," said the CEO of Provimi, Ton van der Laan.

Provimi had been coveted in June of DSM, Nutreco and Chinese New Hope.

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.

A failure of U.S. policy makers to forge a consensus on this issue would have serious consequences throughout the world, she warned.

"The clock is ticking, and it is clear that this problem must be solved immediately," she said during an intervention at the Council on Foreign Relations, an American political research institute, according to a transcript of his speech.

Christine Lagarde has called on Washington to develop a credible fiscal adjustment program, highlighting the danger of acting too hastily.

"The United States could face another jobless recovery.That's why we warned against a hasty fiscal consolidation, while stressing the importance of an early agreement. "

The warning from the former French Finance Minister comes as the lack of progress Congress pushes markets to bully the dollar, which comes down against major currencies.

The televised speech Monday night, President Barack Obama has not hinted to advanced.

In the absence of increase in the borrowing capacity of the United States, Washington may find itself in default on certain obligations.

"A negative shock in the United States would have serious consequences throughout the world," warned Christine Lagarde.

This also addressed the crisis in the euro area in his speech, and notably called on European leaders to rapidly implement the measures agreed at a summit of 21 July on the second aid package to Greece.

The difficulties faced by Greece, Portugal and Ireland highlights the risks posed by an incomplete economic and monetary union, she said.

The IMF chief also urged Japan to take bold steps to reduce its very high debt, and called emerging countries experiencing high growth rates act upstream from overheating.

The IMF still expects global growth in the short term from 4% to 4.5% by 2012, with a recovery unevenly distributed around the world and a risk factor "clearly down."