The 10-year rate bonds of Italy is back above 7% in the afternoon, a rate close to its record, while Paris, Rome and Berlin have pledged not to touch the independence of the European Central Bank (ECB) in a mini-summit in Strasbourg guaranteed approval cash loans.

By late morning, Fitch lowered the rating by one notch from Portugal, to "BB +" from "BBB-". The agency has imposed its new rating a negative outlook.

But unlike the previously mentioned ambassador status which would yield between 4000 and 4600 euros per month, this new association between the rider and the city passed this time by a private group.

Bottle collector bearing the image of the runner

The League of mineral waters of Aix-les-Bains is in fact owned by the Group of the Musketeers (owner of the sign distribution Intermarché).

"Project Q" is the first program launched by the UAE aviation, and more generally by an Arab country. For many exhibitors Western the 2011 Dubai Airshow marks the transition to a "new era" in the region.After the bursting of the housing bubble in Dubai and the flurry of Arab spring, everything changed guaranteed payday loans. "There is a return to a certain wisdom in the investment and the need to prepare the post-oil by industrializing the country," developing a good knowledge of the Middle East. In the region, Abu Dhabi plays a locomotive. The capital of the UAE Goes technologies and among them, aerospace. The plane remains a powerful symbol and a tool for sovereignty.

For now, the country's aviation ambition focuses on helicopters and subcontracting. "Their goal is to become supplier of the forefront of major aircraft manufacturers, not a competitor," says one expert. To this end, Mubadala, the sovereign wealth fund in the UAE, has signed a worldwide partnership agreement with EADS in 2008 in the wake of an order for Etihad Airways, Abu Dhabi Company for 55 Airbus.

In the wake of European stock exchanges, investors should play the card of caution before knowing the details of the implementation of the anti-crisis plan of the euro area. At 12 hours, the index futures on the Dow Jones retreated slightly from 0.4% to 12,123 points. At the same time, those on the Nasdaq and S & P 500 declined by 0.43% to 2383.50 points and 0 no credit check payday loans.4%, to 1277.50 points.

Keep 12,000 points

Clearly, the objective of the session will be to keep the 12,000 points, recovered yesterday thanks to the announcement of a stronger than expected U.S. growth in the third quarter. "On the month, Dow Jones, which had not changed over the 12,000 points since August 1, now displays the best month ever (no higher than 12% has never been seen in 115 years ), "said elsewhere Chrsitian Parisot at Aurel BGC. The euphoria of yesterday should calm down, to allow time for U.S. investors to catch their breath.

They should also keep a close eye on the latest developments in the management of the debt crisis in Europe, with details expected in the coming days on the plan adopted in the night from Wednesday to Thursday.

Iceland began on June 27 last formal negotiations to enter the European Union. At the end, Icelanders will vote in a referendum.The challenge for the small island in the far north that is just three years of severe recession, is to join the single currency.

The debate in Reykjavik is far from settled, including the center-left coalition government, like the Minister of Economy Social Democratic supporter of the euro and its counterpart of Finance defends the virtues of the crown.

"The devaluation of over 40% has boosted the competitiveness of our exports. The gain exceeds the final cost. Unemployment would have been much worse, "says Green Minister Steingrimur Sigfusson. With two key economic sectors: aluminum and fishing account for 80% of exports. In this land swept by the waters and winds so imposing nature, the farm lobby and fishing make their voices heard. They reject the decisions of Brussels and its quotas.Yet, in fact, Iceland is already integrated into the European Union.

The case "Icesave" three years ago that poisons relations with Great Britain and the Netherlands also maintained Euroscepticism. The State has spent 15% of GDP to save its national banks but refused to compensate the foreign customers of the bank Icesave, bankruptcy. An early decision of the European Court of Justice could force Reykjavik to set the slate of 8 billion euros. "The bank Landsbanki has the means to repay by selling its assets revalued since the crisis," said the minister.

Indebtedness

Three years to regain control of the IMF, the economy drastically, radical restructuring of the banks have put the country on track for growth, helped by a crown devalued on line pay day loans.In the field, if the maintenance of a welfare state and the strength of social ties, related to the geography of the place and its small population, have reduced the impact, the crisis is far from over. Reflecting Hildigunnur Sverrisdottir, 35, architect, married with three children. "We are living a nightmare, every month, our debts pile up, we have no visibility and perspective," she confesses.

This family alone synthesizes all the symptoms of the crisis Iceland: Hidlig lost his job after the explosion of the housing bubble, the couple bought a house at full price. They chose a loan in foreign currency – yen, Swiss franc and euro – more attractive as deemed stable and offering lower interest rates. This not to mention local specificity to index mortgages on inflation, which reached its highest, 18%.Result, many Icelanders have seen the value of their loans soar. "In my generation, everyone has lost an average of 10 million crowns," says Hubert Koziet, who suffered a pay cut and an increase of one third of its credit.

Unable to repay their credit, Hidlig and her husband were offered a government program, reserved for owners 13 .500, which is to cap credit 110% of the value of the dwelling and convert crown. "We do not know what to do, we are still negotiating with our bank, we do not rule out leaving the country. Many of our friends, architect, engineer, accountant … went to Denmark and the United States. "

Counter the brain drain and attract new investment, are the future challenges for sustainable growth in Iceland. Because the economy remains crippled by capital controls and political instability.Ironically, today is not money that is lacking in the small island – banks are full of capital that the Icelanders and businesses could exfiltrer abroad – but it suffers from a lack of confidence in the future and the political elites.

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Ten days after his trip to Berlin, Nicolas Sarkozy visited on Wednesday in the financial capital of Germany for a further meeting with Angela Merkel. Officially, he came to pay tribute to Jean-Claude Trichet, who drew his bow at the head of the ECB. But in practice, to lock an agreement soon with the Chancellor. After a two-hour meeting nothing has filtered. The two leaders were released separately without comment. They looked tense.They rushed into their cars, to use the plane to Paris and Berlin.

The key issue – the appropriate role or not the European Central Bank in the financing of sovereign debt in support of the EFSF, the bailout funds in the euro area – remains still pending. France is clearly, even amending the Treaties. Germany has always been against the name of financial orthodoxy and independence considered sacrosanct by the ECB.

The question plagues the Paris-Berlin for months. At one hundred hours of a summit that everyone wants to believe decisive, it is especially doubt the strength of the Franco-German base on which the 17 partners of the euro and the 27 EU countries have establish a bulwark Sunday against the crisis and contagion."Monday morning he will have the markets, the United States, China and the IMF are convinced that Europe has a plan, a European official placed loose in the heart of the discussion. If there is no agreement, each European country will be reduced to playing individual survival. "

A "Mr Euro"

As a result, dramatically raised the bar for Sunday. Until recent days, Europeans thought solve problems in sequence: first Greece, then the recapitalization of banks with the strengthening of EFSF and economic governance coupled with greater budgetary discipline and finally the start of construction new treaties to push European integration. In an emergency, they say in Brussels, the Heads of State and Government will instead have to treat the whole as a whole.

Essential parts are already in place.Athens will release in the coming days with an 8 billion euro. She will spend the deadlines in November and avoid bankruptcy catastrophic for the euro. Unless dramatic, France and Germany also agreed on the recapitalization of banks. Governance side, it seems certain that the European Council President Herman Van Rompuy become "Mr. Euro ". The terms of the collective fiscal discipline and above the level of checks carried out by teams in each capital Brussels are still under debate. The case directly related to the revision of treaties, also raises serious questions of national sovereignty.

But against the backdrop of persistent differences between France and Germany regarding the bailout fund and the role of the ECB, it remains to organize the famous "against fire" in the euro area, ie to prevent the spread of the fire."It's reassuring to calm the Greek home. But that does not answer the real question posed by the market: what happens if other countries are in turn earned by the flames? ", Said the European official.

After degradation of Spain by Moody's and uncertainty on France by Standard & Poor's is Italy, the third power of the euro might come to haunt the summit. "Nobody talks about it openly, but everyone has the scenario of an Italian debacle in mind," said one senior source. After public criticism that its inertia creates the Italian employers, Silvio Berlusconi could be claimed Sunday accountable by their peers, they say in Brussels.

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Their message to politicians and financial elites, as can be read on the site 15october, is: "The powers that be working for the benefit of some ignoring both the will of the majority that the price human and environmental we pay. This intolerable situation has to stop. "On the site of the movement Occupy Wall Street, the tone is the same:" The thing we all have in common is that we are the 99% who will not tolerate any longer the greed and the corruption of the remaining 1%. "In Italy, the program is summarized as follows: "Occupation of public places by millions of people who do not want to pay the enormous economic and social crisis in the place of those who have caused: political power industrial, economic and financial" .

No central authority

This day of action is to cross an important milestone in the movement, which now acquires an international dimension. "It was needed to make weight against the power of financial markets that operate on a global scale," says Sophie Banasiak, "indignant" Paris.

However, there is no central body to coordinate the different actions. "If the collective Democracia Real Ya played a leading role in the initial mobilization in Spain, he does not prevail, either in the capital of the country or world, Heloise said Nez, a sociologist at the University Paris 13.Many groups are working together, but none have hegemony over the movement horizontal and egalitarian aims. There is no visible head and outraged caregivers to regularly change the voice. "

"If someone asks you 'who is behind it', they reply: 'I'" retorted on those who seek the organizers. The spread of a city or country to another must be spontaneous, for emulation. A process greatly facilitated by social networks, where multiple keywords are emerging, such as "yeswecamp", "# yosoy15O", "# event15oct" or "# Globalrevolution" … "I do not even know exactly who launched the idea of ​​the October 15, recognizes Spyros, OccupyLSX supporter of the movement in London.We have seen that call for Saturday and it was inspired by the movement Occupy wall street to do the same thing here. "

Specific demands of each country

If dissatisfied with the world found common denominators, claims and complaints are divided again according to national issues. In Spain, Real Democracia Ya accent has been on the reform of the electoral law to end the two-party system as well as stopping the evictions of indebted owners. In Anglo-Saxon countries, it is mainly finance, pointed as responsible for the crisis, which is targeted. Witness the names of the movements that develop, "Occupy Wall Street" and "Occupy London Stock Exchange (OccupyLSX)." In Israel, the mobilization is the expensive housing while in Italy, the outraged refuse to pay "a debt they have incurred."But all these central issues do not prevent each protester to express other concerns. In Spain some point impunity surrounding crimes of Francoism and the United States is denounced police brutality or the death penalty …

Above all, each city retains its autonomy: information flows globally, but "decisions, they, are taken at meetings in every city, Banasiak said Sophie. Each city chooses its own way of decision. In Paris and Madrid for example, is the consensus. The international dimension does not change the fact that the essence of the movement is local: it is in the physical encounter and dialogue in the streets. "

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First, European banks will have to be prepared to give up a larger share than expected of their claims on Greece. They will erase "probably more than 21%" expected, it was said Thursday the Department of Economics in Paris. Where we quick to point out that "it is no secret." "We are working on this issue" with Europe, they added. In Brussels, the figure of a discount of up to 50% is quoted."What we do not want is a credit event because it's an adventure," insists on the Ministry of Finance, where it is estimated, however, a "selective default" of the Greece "can be managed."

Once this fault act, he will then create a "confidence shock" at European level. Bercy is estimated that the French banks "are solid and have no problem of liquidity or solvency." However, "France is not deaf to the demands of the market for bank recapitalization." In other words, if the confidence shock has to go through the recapitalization, the Hexagon did not persist to refute.

Prohibit dividends

In the scenario that is emerging, which should be clarified at the EU summit of 23 October-, financial institutions would seek money on their own, in the markets.And the United States would open the "Windows" public that those who wanted to could come and borrow money guaranteed unsecured personal loan. "I'm not sure that French banks rush in!" Says a government source, thereby capturing the mood of the French bankers. The German bankers have also expressed their displeasure with Thursday to leaving the project "thinking that European banks are aware of alleged weaknesses." European level is mainly intended "to institutions that have failed the stress tests published in early summer, to those who have succeeded narrowly and perhaps a few regional banks," said Paris.

Nevertheless, the imperative that all will meet the objective of equity of 9% hard no later than mid-2012 that the EBA is about to impose.A figure Bercy "appropriate."

Will finally ensure that institutions do not go further curb the financing of the economy to meet this requirement. "To ensure that banks continue to finance the economy well, we can do things. It has, for example, how to play on their dividends, "said the entourage of the Minister of Economy, Baroin. In fact, the supervisory authority has the right to ban certain payments (dividends and bonuses, for example) as the level of fixed capital that is not achieved."If banks were not distributed as dividends in the last three years and focused on strengthening their capital, there might not be as urgent today," said a finance specialist.

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"We will not retire at age 60 as we passed in 1982," Manuel Valls Assen. "Nobody says that," irritated Martine Aubry. Yet behind the totem of 60 years Wednesday by waving the primary contenders, hiding the reality quite different. François Hollande only accepts the retirement at that age for those who already have all their quarters. And he sees this as an intermediate stage before a vast overhaul of the system. Manuel Valls as Jean-Michel Baylet also advocate to review everything but are more specific about their goal: a point system, "as in Sweden," says first, "a la carte," added the second.

This would eliminate the problem of legal age, everyone is free to stop work when he wants, even if just a small pension.Ségolène Royal promises, in turn, "the return to retirement at age 60, without any discount for those who have their useful contribution." Martine Aubry appear on the same line … which is precisely to return to 60 years as 1982, a slight difference: the contribution period required for a full pension will be more than 37.5 years. "When life expectancy increases, we must extend the contribution period," admits François Hollande. Well, this time, a point that is the consensus among the suitors, and who endorse the principle set by the Fillon reform of 2003.Holland and Valls even explicitly mention the term adopted in July by the government (41.5 years for 1955 and subsequent generations) in the jeers of the left.

Occupation: differences in hiring to firing

Martine Aubry does not believe in "contracts of generation" François Hollande (if exemption from the hiring of a youth while maintaining a senior in the workforce). In addition to cost 8 billion a year, it anticipates a "windfall" of companies. Ségolène Royal stigmatizes a new "social niche". As for the jobs of the future of Martine Aubry and Arnaud Montebourg, Manuel Valls speaks of an "ineffective measure" that will not allow young people to enter high quality business cards.While Segolene Royal wants to "put into law a ban on layoffs stock" and those "motivated by profitability alone," Martine Aubry wants to allow unions to "seize the court to appoint an interim administrator." François Hollande, he suggests increasing "financial sanctions" to fight against unfair dismissal.

Education: recruit or not?

The proposed François Hollande to create 60,000 jobs in Education in the five years, approved by Arnaud Montebourg, gives rise to a lively exchange with Martine Aubry. "It costs how much?" Quote the mayor of Lille. "2.5 billion euros," says the member for Corrèze. "I wanted to make sure that François Hollande, after proposing not to repeal the budget of Education, now wanted to increase by 2.5 billion euros," continues Aubry.

This in turn will "upgrade the salaries of teachers," "hire psychologists and doctors." Ségolène Royal has a different, for its part, the cost of hiring intended by Holland: "7 billion over five years since 500 million, they must pay every year and they are cumulative. " The president of Poitou-Charentes said that unions "are aware of the financial and budgetary difficulties of the country, and do not require a commitment as strong as this." It calls for "multi-annual programming as needed."

Medical deserts: the incentive constraint

Two camps are emerging. On the one hand, those who want to force young doctors to practice, at least for a few years in deficit areas: Montebourg, Aubry.On the other, those who believe that it will not work and prefer to stick to incentives: Valls, Baylet, Holland – even if it is ready to ban the facilities in the densest areas in doctors. Royal does not choose between two options, but imagine the "clinics with salaried physicians" in the suburbs or countryside.

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In five days, the index of the Paris Stock Exchange dropped 7.3% since the beginning of the year, it now shows a loss of more than 26%.

The atmosphere was febrile also on other major European markets, which have moped for most of the day. London has finally gained 0.50%, and Frankfurt, 0.63%.Wall Street also tried to regain his senses.

Throughout the week the markets were concerned about the inability of monetary policy makers and reassure them.

Finance ministers and central bankers of the G20 countries, gathered since Thursday in Washington, pledged to "make a strong and coordinated international response" to the crisis. For their part, major central banks around the world have pledged to continue "to support recovery" and promised to ensure that "banks have adequate capital." In vain.Immersed in doubt, investors offload the risky assets.

Jean-Pierre Jouyet, the president of the AMF, the policeman of the Paris Stock Exchange has agreed that the situation remains "very worrying" and expressed concern of a "risk of systemic crisis" able to dive the entire financial world into chaos.

Banks have also had a meeting even under high tension. They are finally rising again after about a member of the Board of Governors of the ECB that the institution "could reintroduce refinancing operations a year for banks," according to Patrick Jacq, economist at BNP Paribas . Societe Generale has increased from 8.76% to 9.78% BNP Paribas and Credit Agricole of 4.78%. Over the whole week, the titles of major French banks, however, blame the loss of more than 10%.The heaviest fall of the CAC 40 of the last five trading days, however, returned to Vallourec, cyclical value par excellence that shows a loss of 17.5% for the week. No value no CAC 40 ended the week in the green. In the SBF 120 JCDecaux climbs over 10% for the week. The title is valued by analysts to the strength of its prospects and the recurrence of its results.