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Danone has published a quarterly revenue in line with expectations. At first, in the absence of good surprise, the valuation of Danone can call. The title pays more than 14 times earnings expected for 2012, while the CAC 40 builds about 8.2 times the estimated profit for 2012. "This is justified from the point where Danone is growing higher than the overall economy. The group offers products with high added value for the elderly and babies. It is well positioned in emerging markets, "says one fund manager.

We must also put into perspective the value of Danone with that of Nestlé. The Swiss giant capitalizes 15.6 times the expected result next year. The market welcomed by the superb performance in all segments, including the brilliant success of Nespresso, the subsidiary that specializes in luxury coffee.

Danone is perceived by the market as a growth and not as a "value", not valued due to lack of development prospects no fax pay day loans. The situation of Danone in terms of profitability is satisfactory. Operating margin exceeded 14% after the first half. Better still, it exceeds 20% in Asia.

Possible sale of the water industry

Still, Danone must win the market with new projects. In recent years, Danone has refocused on the markets of healthy nutrition and health. The group is poised to sell its water sector, reports Bloomberg. It is in talks with the Japanese Suntory. The water industry is about 17% of sales of Danone. Growth and profitability are slightly lower than the other branches of the group.Meanwhile, Danone could strengthen its nutrition industry with an acquisition.

In any case, it will not be possible to create value with a takeover bid. When Danone had been rumors of takeover by Pepsi, leaders such as politicians had split from a multitude of arguments, economic patriotism.

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"Good quarter for Danone

On May 15 the "outraged" Spaniards camped in the square of Puerta del Sol in Madrid. Borrowing their name to the pamphlet by Stephen Hessel, they said they were inspired by the Arab Spring to shout their rebellion against the explosion of unemployment and austerity policies implemented by the government … Since then, the challenge has been extended in the rest of Europe but also overseas. Five months after the birth of the movement in Spain, in 82 countries is that these "outraged" will show this Saturday, October 15. Zurich to New York, to Rome, Tijuana, Hong Kong and Johannesburg, calls have been launched in 951 cities worldwide.

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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"IN PICTURES – These celebrities who endorse the anti-Wall Street

Marrakech in March will be a new palace, the Palais Namaskar, the latest addition to the prestigious collection of luxury hotels OetkerD family, which already has four locations: the Bristol in Paris, the Château Saint-Martin in Vence, the Hotel du Cap Eden Roc at the tip of Cap d'Antibes, and finally, the Brenners Park Hotel in Baden-Baden in Germany. Located 15 minutes from the Jema el-Fna, the hotel offers 41 villas and suites, most with private pool. There will be two restaurants, a lounge bar, spa, and can accommodate up to 250 people for receptions.

For the first time, the family Oetker will only manage the facility. Its owner, businessman Philippe Soulier – who made his fortune in shipping in Nigeria – has invested 50 million euros and left a free hand to his designer Imaad Rahmouni. "I told him no limit lines, or budget," says he."The result is a look at oriental, contemporary, in an idyllic, says Alain Brière, vice president of sales and marketing. Prices will be from 1000 euros per night per villa. "

Within months of Marrakech, the Oetker family will settle in … Abu Dhabi, where Bristol is preparing to open a second location in its name, a first for the Parisian palace. Opening in 2014 for this hotel of 184 rooms belonging to Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Public Works of the UAE.

Inventor of baking powder

"Our ambition is to enrich our collection of ten hotels in ten years, announced Marrenbach Frank, president of Oetker Collection. We have a view of another hotel in France.Our priority destinations are Europe (London, Istanbul, Milan, Rome), the Middle East (Muskat) and New York, of course faxless cash advances. "" We had applied for the Hotel de la Marine, "said Didier Le Calvez, CEO of Bristol, which ensures that 2011 is a "very good year for the hotel, with an average price of 900 euros, and an occupancy rate of 77%."

The luxury hotel is a small business conglomerate Oetker, present also in banking and in sea freight, which it now derives nearly half of its sales. Oetker, which was founded in 1891 by inventing baking powder, owes its fame to its food brands (Dr. Oetker, Ancel …). The German group, whose turnover is approaching 10 billion euros, is present in both the beer, pizzas and puddings, all over the globe.To India, where he sells such sauces and mayonnaise.

In Europe, the king of frozen pizza. Ristorante with its range, it is the leader in Britain and Italy. In France, where he landed in the frozen five years ago, its competitors were making fun of his ambitions. By offering the first pizza to the size of the plate, he took in record time the first place.

Ancel with the brand, which has in France a stronger reputation, he became for several years with his sticks and pretzels.And he now intends to regain ground to Alsa, the radius for which preparations desserts Oetker brand has also recently been replaced on the packaging Ancel.

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To allay the suspicion that surrounds the future of the single currency, Europe is beginning to have a somewhat more precise remedy to administer. For proof, Paris, which was until now very reluctant to discuss any other plan than that of July 21, hesitate, now, to openly discuss an alternative scenario.

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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Traffic in transit will be disrupted Tuesday, following the call for mobilization of CGT-CFDT, UNSA, FSU-Solidarity, denouncing an austerity program "unacceptable" the government and require "a different distribution wealth. "

With the exception of SUD-RATP, which filed a notice of indefinite strike on July 31, no organization has called to stop work in transportation. However, the CGT federation filed a notice to the RATP and SNCF, and SUD-Rail, to allow agents who wish to go forward.

Here are the latest traffic forecasts:

• At the SNCF

On the night of Monday to Tuesday, all night trains Lunea are deleted.The traffic on Artesia (France-Italy relationship) and between France and Germany will be normal.

Tuesday, more than 4 of 5 TGV will travel to or from the arrival of Paris, except for the TGV Atlantique trains close to 3 out of 5, and more than one train an average of 2 on the TGV province-province.

For Transilien, traffic at peak hours will average close to 4 out of 10 trains, and for TER, the traffic will be close to 2 of 3 services at the national level. Locally, the traffic will go from 4 to 10 trains on a near-normal traffic by region.

The station also provides an average of 2 to train Intercity day (including Teoz).

No Lunea (domestic traffic at night) will flow, however the nights of Monday to Tuesday and Tuesday to Wednesday. On international routes to night, no disturbance is expected to Germany and Italy.Traffic will also be normal day on the Eurostar (England) and Thalys (Belgium, Germany) and virtually normal on Lyria (Switzerland).

Other lines of Paris-Nord-Est and Paris will have a service close to two out of three trains, and those of Paris-Saint Lazare, Paris-Montparnasse and Paris-Lyon train in two.

• In the RER, RATP zone

RATP provides 3 of 4 trains on the line A and line B, a train of 2 during peak hours and a train of four off-peak hours. The interconnection will be suspended from Gare du Nord, but maintained at Nanterre Préfecture.

For portions of RER managed by the SNCF, the traffic will be normal to the line A (Nanterre Préfecture Cergy and Poissy) and Line E. There will be a train of two outstanding lines of the RER B and C, without interconnection to Paris Nord.On the line D, it will take two trains an average of 3 indicates the station, with interconnection between Paris-Lyon and Paris Nord,

• In the metro and bus in Paris

For the metro, the RATP provides a normal or near normal traffic on all lines except lines 5, 7, 7a and 9, where it will take between a train and two trains of 2 to 3.

Traffic will be near normal for buses, as well as on lines 2 and 3 of the tramway. For Q1, there will be a ream of 2.

• By Province

The strike notice was deposited in 39 urban transit systems, including Lille, Marseille, Lyon, Bordeaux, Toulouse and Strasbourg.Such notice having been filed in most cases by only one union, the traffic should be only slightly affected.

The notice concerning the networks of the following cities: Amiens, Angers, Angouleme, Belfort, Besançon, Bordeaux, Bourges, Caen, Cannes, Chambéry, Dijon, Douai, Lille, Limoges, Lorient (strike 55 minutes), Lyon, Le Mans, Marseille (strike 3:30), Maubeuge, Metz, Montlucon, Montpellier, Moulins, Mulhouse, Nantes, Nice (strike from 9 to 12), Nimes (strike 9:30 to 10:30), Pau, Poitiers, Reims, Rennes, La Rochelle, Rouen, Royan, Saint-Nazaire (strike from 10:30 to 14h), Strasbourg, Toulouse, Tours, Vichy.

• To monitor traffic

Hotlines are available to travelers by SNCF: 0805.90.36.35 the Main Line, TER, Téoz and Intercity, and 0805.70.08.05 for Transilien.

For traffic forecasts, two websites are available: www.sncf.com and www.infolignes.com for all traffic forecasts.

For the RATP, is the number 0800.15.11.11.

In the wake of the Board, who act the dismantling of Dexia between France and Belgium, Pierre Mariani, managing director of the bank and its president, Jean-Luc Dehaene, have defended their record this morning before the press and financial analysts. The two men had taken the reins of the Franco-Belgian bank in the fall of 2008, after his first save. They provide regret today that the crisis in the euro area has hastened the end of Dexia, without giving them time to continue their work of restructuring.

Pierre Mariani has promised that he would take "responsibility to the end", while taking care to separate the action of the fall of Dexia. The bankruptcy of the institution was caused by the "strategic errors of the previous management," he said.The latter had acquired all of the huge bond portfolio of Dexia, the source of his difficulties refinancing. She even continued to invest until the summer of 2008. Jean-Luc Dehaene has evoked the astonishment of Pierre Mariani when he arrived at Dexia, discovering that he took the lead, not a bank but "a hedge fund." Both men stressed the work done. Pierre Mariani does not regret having accelerated the process of asset sales earlier this year. He said that if states had to refinance the portfolio of Dexia at the time of the rescue of 2008, they would not have had to mobilize 90 billion euros, but 300 billion.

On-balance sheet Dexia has not withstood the pressure of the crisis in the euro area, pleads management.Pierre Mariani said that all banks had received government recommendations, requiring them to maintain their exposure to debt of peripheral European countries in order not to further destabilize the country. "The group may have been naive in following these recommendations," he conceded. In the short term, the surveillance of Moody's and "repeated rumors during the last week have increased the pressure on the financing of the group."

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The men will have no excuse. Useless to try to escape the drudgery of shopping by invoking the broadcast of a football match on television. In partnership with Sky TV operator, the giant British retailer Sainsbury's has started testing a new generation truck that allows customers to shop without fear of missing their favorite television programs.

The trick? These trucks are equipped with a support which can be integrated into a digital tablet iPad and speakers. A self-charging solar battery to allow the tablet to never fall behind. The user – must however bring their own iPad – can then install the Sky Go, which allows it to follow the programs offered by the Sky group's channels, in particular the five sports channels Sky Sports.Support for the tablet is attached to the front of the truck at the site usually reserved for child seats. And to avoid accidents of trucks, everything has been thought. They are equipped with a sensor that emits an audible warning when a client caught up in their screen gets too close to another truck.

"A practical and innovative gadget»

The creator of the Sky Go cart, Ian Burgess of the company Setwo Designs, said in a statement it had successfully met the "challenge" to "create a gadget that is both practical and innovative."This experiment, conducted in a single store Sainsbury's in West London, she is likely to be widespread throughout the UK? When asked about his intentions Lefigaro.fr, the distributor has been very discreet about the success of this test to its customers, as well as its intentions to deploy or not this concept to all its 934 outlets.

In France, the testing of Sainsbury's creates a limited interest in the supermarkets. Auchan, which has developed an application for the iPhone, then declined on the iPad, does not count for much install the tablet on his truck in the store. "We have no specific project for the iPad to date, but our research and development teams are closely monitoring these developments," says the distributor is instant credit reports.As for the Casino, he questioned the economic model of such an offer, which requires a significant investment to equip the truck. "This concept is interesting if it allows for example to integrate advertising," said Stéphane Bout, director of information systems group.

There is also the question of interest to consumers. The use of new technologies is not a guarantee of success. "An offer based applications for mobile phones or tablets should provide information and personalized services," says Stéphane Bout. "The goal is to meet customer expectations." To see, therefore, if the "gadget" proposed by Sainsbury's Rave.

The truck "smart" hard to take off

If the test is not processed in the UK, it could well be in China.The phone operator SK Telecom announced the launch this summer of a test in a supermarket chain Shanghai Lotus. In this store, the carts are equipped with a touch pad with which customers can synchronize their mobile phones. This time, it is not for customers to watch TV while walking on the shelves, but to receive "advice for shopping, information about products and promotions on the moment," said SK Telecom in a statement.

The adventure of the cart "intelligent" began long before the arrival of the iPad. As noted by the Telegraph, there are already in the United States carts that warn the customer when there removing the "junk food", these products considered harmful to health. In 2008, TNS Sofres conducting a study on the "Future Store".The survey found that less than 35% of consumers surveyed in France said they were interested in the concept of intelligent truck, against 70% in China, 60% in Spain and nearly 50% in the United States. The iPad, which Apple sold 9.25 million copies worldwide in the second quarter of 2011, may well make this concept more attractive.

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Retirement: an age variable geometry

"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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Many companies have awarded the famous "dividend premium against" backwards. And in fact, the amounts paid are far from the expectations of the government, says a study by Deloitte from the first returns of negotiations in companies. As Labour Minister, Xavier Bertrand, was on the table before the payment of a premium of 700 euros per employee in companies that have paid dividends on the rise, the real turn around more than 300 euros. As for the maximum amount paid, it tops out at 600 euros.

Two reasons. The first is that the premium desired by Nicolas Sarkozy to "restore the purchasing power of employees in times of recovery," has been perceived by most companies as an additional constraint than an opportunity to motivate their troops.The premium has indeed added to the devices sharing the existing value, such as profit-sharing, mandatory for companies with over 50 employees who make a profit. "This is even more disturbing that the incentive for the prisoner has recently been tightened," says Emmanuelle Rivez-Domont, a lawyer in employment law at the firm Jones Day.

The other factor is the economic context. "Uncertainty room makes companies cautious," says Philippe Burger, a partner at Deloitte. The evolution of the economic situation is also evident throughout the negotiations. "Before the trouble was and he threw in the financial markets, companies thought given bonuses of around 500-600 euros payday loans guaranteed no fax. Today, the discussions revolve more around 150 euros to 200 euros per employee, "says Philip Burger.The crisis reduced the premium to a trickle.

Wage increases slightly affected

Some companies, such as Rhodia, were more generous than others. But it should not enjoy these raw numbers, without putting them in connection with the incentive policy, participation or wage increase of the company, the consultant warns. "Some companies had the tools to share value added very generous, and that worked well. Explain what they have paid premiums less important, "said he.

The study also brings its share of surprises. The dividend premium against does not seem to negatively impacted as wages were concerned that the trade unions. While most companies recognize that its influence is not neutral, only 10% of them say they have reduced the envelope increases the amount of the premium.And they are more than 60% to estimate its impact on wages has been small.

Companies have until 31 October to agree on the amount of the premium, or they are liable to criminal sanction. Evidence that firms do not rush, only one in two has already ended its negotiations on the subject. "Given the mandatory nature of these discussions, and urgency, companies are simple, says the consultant. They also generally a fixed amount equal to each employee. But if the premium is sustained, they could eventually refine their criteria for distribution. "

Private Dexia has decided to save himself. Almost. A board of directors convened this evening to endorse the plan for ending the crisis that developed hard its CEO, Pierre Mariani. Faced with a massive liquidity crisis (the other institutions did give more credits), the Franco-Belgian bank has no choice but to sell the family jewels while isolating its portfolios and non-performing assets in a " bad bank. " It is a page of history which European banking turns. Because at the end of this work, there should exist no more of this construction Franco-Belgian.

Pierre Mariani, who arrived in October 2008 to save Dexia strangled by a need for short-term funding of 265 billion euros of assets impossible to meet, had done everything to reduce the group's balance sheet. In three years, he was able to reduce the need for 96 billion.Las! With sovereign debt crisis, which has again closed the valve finance is still far too. And states can no longer play the firefighters.

Thus, Pierre Mariani resolved to opt for an orderly liquidation scenario. Instead of sales, the Franco-Belgian group prefers to speak of "backing of (its) business franchises." Retail banking in Belgium, the Turkish subsidiary Denizbank, asset management and private banking: all subsidiaries of Dexia will seek and lessee in the coming days. According to one familiar with the matter, some sales process is well underway. Britain's Standard Chartered, in particular, did not hold in recent months to report its interest in the coveted Denizbank.

However, if the Franco-Belgian group has some beautiful assets, some remain unmarketable.Difficult indeed to generate interest for Italian or Spanish Crediop Sabadell open doubt about the state of public finances in Italy and Spain. Initially, according to our information, Pierre Mariani had planned to build packages of assets, including both of the jewels and lame ducks, so as not to keep the latter in his pouch. But this option proved too complicated to implement. However, it is urgent if we are to preserve the clients who are starting to worry greatly poor credit personal loans.

Political issue

This sense of urgency felt this weekend in Paris. After weeks of tension, the Deposit, the Postal Bank and Dexia reached an agreement after final dealings these days under the blue helmet René Ricol.The portfolio of loans to French local authorities and will be taken over by an entity owned by Caisse des Depots et La Banque Postale.

The operation has, as revealed Le Figaro (our editions of September 24), an interest factor: out of stock of Dexia about 80 billion euros of assets, primarily loans to French local authorities to transfer them to the new entity. For the Franco-Belgian bank, it will be much less to refinance. Dexia Municipal Agency, the company that issues mortgage bonds on behalf of Dexia, also switch into the orbit of the CDC and the Postal Bank in order to maintain the AAA rating necessary for its operations.

With this scheme, Dexia will be able to blow some time, time to complete the rest of his program.The creation of the "bad bank", in particular, may be difficult, given its political and financial stakes. French and Belgian States, indeed, should be asked to give their guarantee for installation of such defeasance. In other words, adding safeguards in a situation where all states are seeking to reduce their debt instead is far from a challenge.

On Monday evening, the Minister of Economy, Baroin, met his Belgian counterpart Didier Reynders, in conjunction with the meeting of finance ministers from the euro area. The French and Belgian governments "do the right thing" to support their banks, said Didier Reynders.

The financial restructuring of Dexia, finally, could have serious consequences for Belgium and its banking system.Some Belgian shareholders of Dexia, as the Holding Communal, would have difficulty recovering from an operation on the truth value of their assets. Relations between France and the United will play at the moment.

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