While Budapest dismissed all claims with the International Monetary Fund since he took office in spring 2010, the decision of the head of the Conservative government to reconnect with the institution led by Christine Lagarde is a clear political defeat.

He assured that the government did not act in an emergency, Hungary continued to borrow in the markets and the agreement would not affect the financing of public debt.

"We are not dependent on the goodwill of others," he said.

The IMF representative in Budapest was not immediately available to comment on these statements.

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.

As feared, the Slovak Parliament rejected on Tuesday the strengthening of the Financial Assistance Fund of the countries in the euro area, potentially exacerbating the debt crisis. There is indeed no "plan B" to circumvent the veto.

"Of the 124 deputies present, 55 elected officials voted in favor, 9 against and 60 did not vote," noted the Vice-Speaker of Parliament Pavol Hrusovsky, after the vote. Without the 22 members of the SAS did not participate in voting, the coalition could not consider getting a required majority of 76 elected members.

Considering that the Slovaks are too poor to pay for the mistakes of others, Richard Sulik, the leader of this party, opposed the EFSF, unless that Slovakia is provided to pay his bill, an event swept by Brussels.

The result of this vote should logically lead to the collapse of the center-right party Radicova Ms. Iveta SDKU-DS who had associated with a motion of confidence in his cabinet.

EU leaders decided on July 21 to give the EFSF new powers including increasing its lending capacity to 440 billion euros. An envelope that could be used to recapitalize European banks.

But to become effective, these measures were to be ratified by the parliaments of 17 countries in the euro area, which had set up in mid-October. Sixteen countries have already approved these changes, Slovakia is the only one to refuse to ratify it.Bratislava had already refused to participate at the forefront of aid to Greece decided in spring 2010.

Strengthening the EFSF represents a contribution of 7.7 billion euros for this small country, entered the eurozone in 2009. Given the risk of paralysis, Bratislava has raised the possibility of a second parliamentary vote, in which the opposition Social Democratic Party (Smer-SD) could support the strengthening of EFSF. No date has been set for that vote.

The leader of the opposition Smer-Social Democrats SDn Robert Fico, former prime minister, warned that he would abstain from voting on Tuesday but could then provide support to the government in a second vote provided that early elections are held.

The European Commission had in turn put pressure indicating "strongly hopes" a positive vote to help ensure "the stability of the euro area".Monetary union is by no means destitute. But she should return to EFSF old formula, with a lending capacity and lower private supposed to allow new tools to stem contagion from the crisis in countries like Spain and Italy.

Already, the decisions taken on July 21 are partly obsolete. On the one hand, the EFSF will have probably still be muscular to leverage its clout to reassure markets on its ability to cope with a possible spread of the crisis in Italy or Spain.

On the other hand, the leader of the finance ministers of the euro area Jean-Claude Juncker acknowledged Monday that the losses will suffer the creditor banks in Greece are likely to be greater than expected.

Made outstanding contributions in the second aid package to Greece, decided July 21, banks had committed to eventually accept a depreciation of 21% of their portfolio of Greek bonds, in order to relieve Athens , awash in debt of close to 350 billion euros. But this figure of 21% now seems outdated. "The discussions focus on a discount of 50%" today, said a European government source told AFP.

If this threshold is reached, Greece would move to a default similar to Argentina in 2001. The country's creditors in the end had to accept a discount of about 70% on a debt four times less than that of Athens.

Greece, however, snatched on Tuesday troika comprising its creditors (European Commission, European Central Bank and International Monetary Fund) the promise of payment in November of 8 billion euros.

This will prevent an immediate collapse and allows it to buy time in negotiations to restructure its debt in the euro area. The fears weighing on the banking system led the Europeans to agree to recapitalize their banks. The Commission President José Manuel Barroso, will also Wednesday "proposals" in that it will present to the Commissioners.

The action of the first Swiss bank UBS has opened lower Monday after the surprise resignation of CEO Oswald Saturday Grübel after the scandal caused by the massive fraud by a trader who cost the institution $ 2.3 billion . After falling 2.17% at the opening, title UBS limited its losses, down 0.40% to 10.08 Swiss francs in a market down by 0.35% at 7:13 GMT.Sergio Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa and a former leader of the Italian bank Unicredit, will assume the position of interim CEO with immediate effect, UBS had said Saturday.

Gruebele Oswald resigned after the spectacular case of fraud which cost 2.3 billion dollars and another blow to the reputation of the first bank Helvetic. "The Board of Directors of UBS has accepted the decision of Oswald Grübel to withdraw from his duties" the bank said in a statement. Kaspar Villiger, President of UBS, said in the statement that "The Council regrets the decision of Oswald Grübel.The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. "

"This decision reflects the strength of its principles and integrity," added the president of UBS, adding that "during his tenure, he managed to turn the company around and increased impressively in the UBS base ". M. Gruebele, 67, was taken from his retirement two years ago to address the UBS, after leading the rival bank Credit Suisse. Taking the head of UBS in the midst of the financial crisis during which the bank had lost billions of francs and posted record losses, Gruebele M. had returned to profit in 2010.

Oswald Grübel "retires from office after having helped UBS to become one of the best capitalized banks in the world" acknowledged Saturday the chairman of banking giant Helvetic.Kaspar Villiger said shortly after during a conference call that the board of directors of UBS did not want to see Oswald Grübel leave immediately and would have preferred to keep jusqu''à the shareholders' meeting in spring 2012. But Oswald Grübel, abandoning his position as Chairman of the Executive next year would not have constituted a strong enough signal, said Chairman of UBS from Singapore. UBS disclosed last week have suffered a loss of $ 2.3 billion (1.7 billion) after one of its traders had made "unauthorized trading".

A broker of 31 years, Kweku Adoboli on suspicion of fraudulent transactions, was charged and detained in London, as part of this young man will affaire.Le jailed at least until his next hearing on 20 October.The largest shareholder in UBS, the Singapore sovereign fund GIC, had reacted severely after the discovery of the fraud, calling the Swiss bank "to react firmly to restore confidence in the bank."

There are less than a week, however, Oswald Gruebele, had told the Swiss Sunday newspaper Sonntag, he did not feel guilty in the fraud case and had no intention of resigning. "I am responsible for what happens in the bank. But if you ask me whether I feel guilty when I say no", said the banker, Sergio P. Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa, will assume the position of interim CEO with immediate effect, said UBS."The Board is deeply disappointed by the loss from unauthorized trading operations and will fully support the independent investigation," said UBS also in a statement.

Swiss bank UBS had started Wednesday in Singapore where one of its largest shareholders, a series of meetings of its Board of Directors, held in the utmost secrecy. Friday, Oswald Grübel, continued to assert that he had always trusted the board of the group, despite the fraud and rumors of his imminent departure, according to a Swiss newspaper. Réagisssant the shock wave caused by the announcement of fraud, UBS decided to suspend all advertising campaigns.

The non-reimbursed health costs, known as "co-pay" has declined slightly in 2009 and 2010, said on Wednesday the Ministry of Health, confirming a report in the daily newspaper Les Echos. According to figures from the DREES (Direction of research, studies and evaluations and statistics), which depends in particular the Ministry of Health, rest paid from a peak of 9.7% in 2008 and dropped to 9.4% in 2010.

This phenomenon is explained by the growing importance of 100% reimbursement by health insurance care for the chronically ill (ALD / long-term illness), which increases the average statistically supported.However, other measures, taken a few years ago, had the effect of this increase is dependent: franchises 50 cents on each box of medication, lower rate of reimbursement for certain drugs, increase in daily hospital fee increased from 16 to 18 euros.

"Contrary to some, supported by national solidarity is still very high, and the amount still to be paid by households is the lowest in Europe after the Netherlands," said Wednesday Les Echos the health minister, Xavier Bertrand, who is chairing the Commission on Wednesday health accounts.

For ambulatory care (non-hospital), the figures of the Drees set dependent than the rest of 12%: support for health insurance is down to 55% on average, while the complementary reimburse 33% health.For drugs, patients are out of pocket to the tune of 16.3%. For the hospital, rest paid is 3.2%. For ambulatory care (hospital treatment free night in the hospital), it was 12.7%.

The composite PMI, which includes industry and services, rose to 53.6 in version of "flash" against 53.2 in July.This last figure marked a low of 23 months.

In services, the purchasing managers' index, which also shrank in May, has started to rise to 56.1 from 54.2 last month.

But this obscures the rebound of the index decline of manufacturing, which dropped to 49.3 and returns for the first time since July 2009 under the 50 between contraction and expansion of the business.

Economists and analysts polled by Reuters on average expected a less pronounced decline to 49.7 for the industry and a decline to 53.5 for services.

The survey also shows that the new contracts signed by French companies (industry and services combined) recorded in August their lowest growth for two years.

More worrying in the services, the expectations component of business leaders is down more than five points from one month to another.

"Manufacturers are faced with the contraction in output and order books at a time when declining confidence in the services sector," he told Reuters Chris Williamson, chief economist at Markit. "So we really can not imagine how the growth of the service sector can remain at current levels."

Based on the latest figures from PMI, the French economy would see growth limited to 0.1 or 0.2% in the third quarter, he said.A rebound that would be only symbolic after the stagnation of the period from April to June announced ten days ago by INSEE.

Among the few positive results of the flash PMI figure the resilience of employment, which is an upward trend, the number of recording even the most sustained growth for four months.

These indices are calculated on the basis of about 85% of respondents in the sample followed by Markit, consisting of 750 business services and manufacturing.

The cost of school students in 2011 will increase by over 4%, calculated their organizations. While inflation was 2.1%, the "cost of student life" increases of 4.1% compared to last year, according to UNEF, the first student union, and the "cost of school "4.2% according to Fage, the second organization, which is more than in 2009 and 2010. The return cost and 2657.3 euros a student and Ile 2265.8 euros in the province, said the Fage.

For both organizations, the increase was mainly due to housing and mandatory spending levels announced this summer by the government (fees, meals academic, social security). The UNEF insists that small units of large Cities are those whose rents are rising the most. "The figures of the Observatory of Student Life (OVE) give us an average of 646.6 euros for rent student Ile-de-France, an increase of 7.7%", details the Fage. As for increases validated by the government this summer, they represent an increase of 4.4% of the cost of living, according to UNEF.

As a result, the organization requests that the government does not sacrifice the purchasing power of students on the altar of debt reduction and the maintenance of "AAA" rating of the debt of France, while the budget announcements are expected Wednesday ."These decisions" will be viewed with extreme caution and extreme firmness by UNEF. It is not for students to pay the triple A of France, "he told a press conference the chairman, Emmanuel Zemmour, claiming that the tenth month of stock is properly funded.

The government will present its own assessment of the cost of the return within 10 days

But the executive defended himself: "The rising cost of this return is probably one of the lowest in the last five years," he told AFP the Minister of Higher Education Laurent Wauquiez. He cites as evidence an overall increase in rents at the national level "of 1.2% this year against 1.5% last year" and higher ticket university meal 1.7%, after 3.4% in 2010. Mr Wauquiez said that increases in the ticket "UK" or in license fees (1.7%) are "below inflation" (1.9%)."I do not take lightly the issue of cost of student life, but we need everyone to take the measure of the efforts," he added.

"France is the European country in which to study is the cheapest" and the government chose "not to increase, with the crisis, student fees, unlike Britain, Spain or Italy, "insisted the minister. "Student organizations are perfectly legitimate and in their role out of ciphers, but these are not scientific and statistical evaluation", he further argued, promising formal evaluations by "ten days".

However, the UNEF judge's record five-year "bad" in terms of purchasing power of students: on average since 2006, mandatory spending for students increased 33.2%, but the welfare of 13%.In higher education, the proportion of students from lower income households fell in the same period by 9.1%, "a historical perspective" according to Emmanuel Zemmour, because "the financial barriers to acccès are becoming larger ".

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.