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.

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.

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 second German bank has already passed such a depreciation of 760 million euros in the second quarter, more than the 21% discount that international creditors had agreed in July, as part of a new rescue plan for the Greece.

Given the further deterioration of the Greek financial situation in recent months, it is now a discount of 50% which is regularly discussed, which led to the further depreciation of Commerzbank, said a source.

Commerzbank, which is to publish its quarterly November 4, declined to comment.

The residual value of assets of the Commerzbank in Greek sovereign debt is estimated at 2.2 billion euros.

The German Finance Minister Wolfgang Schaeuble said Thursday a "total agreement" between France and Germany on measures to resolve the crisis in the euro area, but warned that this did "not yet a European solution. " Asked about the outcome of consultations on Wednesday with Chancellor Angela Merkel, French President Nicolas Sarkozy and other senior EU officials, the minister said that the positions of France and Germany were "total agreement" but suggested that differences remained with other members of the euro area.

Earlier in the day, the Secretary of State for Finance Steffen Kampeter had, in a letter to German MPs, acknowledged the persistence of differences on certain issues, including the exact definition of the skills fund to support the euro area The EFSF. These differences do not seem to be the result of the two largest economies in the euro area. They "have a responsibility to control Europe, but it does not replace the negotiations of the 17 countries" in the euro area, found Mr. Schäuble.

European leaders have promised solutions to the debt crisis at the latest at the EU summit scheduled for Sunday, and negotiations for this purpose are underway. On the issue of a "lever" that would allow the EFSF to help European countries to the penalty beyond a volume of 440 billion euros, "we have no joint proposal" for the moment, a recognized the

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.

American billionaire Warren Buffett has released details of its income and its tax-bill, encouraging other rich Americans whose boss of News Corp., Rupert Murdoch, to follow his example.In a letter to a congressman, Warren Buffett, the third richest man in the world, said it had won a total of $ 62.8 million last year, reduced to a taxable amount of 39.8 million dollars after tax deductions.

Warren Buffett, who supports the attempt by U.S. President Barack Obama to pay higher taxes for wealthy Americans, said it had paid a total of 6.9 million of taxes, a rate of 17.3%. This rate is much lower pay than many Americans, including his own secretary, said Mr. Buffett to Republican Tim Huelskamp in his letter dated Tuesday. Warren Buffett said to Mr.Huelskamp, ​​who criticized his position on taxes, that most of the senators and deputies, pay more than 30% of their income in taxes, "as all employees of the office except me."

Open war with Rupert Murdoch

Warren Buffett, who has accumulated a fortune of over $ 50 billion through its investments through his company Berkshire Hathaway, responding to a call from Mr. Huelskamp asked him to prove the truth of his statements on the few tax to which it is subject. "What would be helpful to see more of the ultra-rich publishing their taxes," Mr. Buffett wrote. "If you could get other rich Americans to publish their taxes at the same time as me, it would be very useful to get an intelligent dialogue on reform of taxes," said the billionaire.

"It is clear that many ultra-rich pay even lower percentages than me and get the federal government the amount of taxes could be useful to legislators to establish a fair tax code", he still writes. In particular, the billionaire city "Rupert Murdoch, one of my colleagues ultra-rich" owner of the Wall Street Journal that criticized last week Warren Buffett calls for higher taxes for the rich and had demanded the release its tax-bill.

Mr. Huelskamp has responded on his website regretting that Mr. Buffett has not yet released its official tax form. "If Mr. Buffet wants to actually pay its fair share + + tax the government can easily send voluntary contributions to President Obama and the federal government. This, apparently, he did not," concluded Mr. Huelskamp.

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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.

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.