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Relieved by the adoption of the new austerity plan by the Greek parliament in Athens, financial markets have not provided plunged into euphoria, the stock markets Europé ; Ennes reducing their gains in late afternoon while the euro erased some of its progression.

In Paris the CAC 40 index displays a close up 0.34% to 3384.55 points, after peaking at 3413.43 in early trading and a passage in the red in the middle of the afternoon. Elsewhere in Europe, Frankfurt gained 0.68% and 0.91%, while London Athens ended with a gain of 4.65%. The pan-European FTSEurofirst 300 index ended with a gain of 0.71% to 1,071.63 points after rising in early morning to over 1,074.

The European partners of Greece have called to make new pledges its commitment to reform: before the Eurogroup meeting scheduled for Wednesday, the Government Lucas Papademos has yet to find 325 million euros in savings and get a written commitment of political parties to enforce the terms of the agreement.

"See riots and austerity measures to a 'newspaper, it's not good for confidence in the economy. This discourages people from spending in the real economy and it erodes consumer confidence, "said Joe Rundle, head of trading for ETX Capital

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Stoxx financials finished up 0.53%. But several French banks have finished in the red after the decision of French and Belgian market authorities to lift the ban on short selling on banks and companies insurance in force since August: BNP Paribas has sold 2.07% 3.64% Credit Agricole and Societe Generale 2.19%.

Other values ​​for this session generally calm, Cable & Wireless Worldwide jumped 44.51% after Vodafone's statements on his interest in a possible takeover.

Sign that investors are still far from fully reassured that the Greek case, the futures contracts on German government bonds, safe haven par excellence in Europe, are starting to rebound in the afternoon. 

Previously, the vote was nevertheless benefited the Greek borrowing of the States "peripheral" euro zone, such as Italy or Spain. The Italian Treasury shall conduct an auction Tuesday for at least six billion euros of bonds, on Monday after raising 12 billion of short-term paper with yields down.

After approaching the threshold of 1.33 dollar, the euro has given up its gains in the afternoon, passing into the red in fed low volumes, traders noting that Greek parliament's vote is far from appeasing all voltages.

"We believe that Greece will eventually receive the money by March 20 but we still think that the euro will fall," says David Watt, currency strategist at RBC Capital Markets. 

The price of oil continue to rise to the highest in six months hit last week, benefiting from renewed risk appetite encouraged by the vote of the Greek Parliament.

But the persistence of many uncertainties about the debt crisis has, again, limited the increase, especially since the beginning of a thaw in Europe after the cold spell of two weeks elapsed 're promotes profit-taking on Brent.

Christophe de Margerie, Total's CEO, believes that the quality of petrol must be paid in response to criticism of the super oil group, said Friday that more than 12 billion euros bé ; néfices.

These results raised a barrage of criticism, officials blaming Total left to accumulate this money on the backs of the French who see gasoline prices soar.

The former industry minister and UMP Estrosi regretted his part that the group in France that pays 2.5% tax on companies .

"We are conducting a policy of quality and hence prices rather expensive (…) But I'm still surprised that we are being pressured prices. If everyone was the same price, there would be more competition, "replied Christophe de Margerie Saturday in Le Parisien

……. .. It also emphasizes that the company's profits come not from the fuel distribution but "90% of oil production."

On France

FYI, the CEO said that Total has only 20% of the market in France. "This is not Total all by himself that can bring down prices at the pump," he said.

For Chistophe de Margerie "is the wrong debate" and "we must look at the problem of people who have problems short of living standards and treat it as such".

About the weakness of the tax in France, in Le Parisien it ensures that Total has always paid "substantial taxes" in France, although in recent years the group has not paid the corporation tax "because there was total loss."

"This year I have good news, we will pay 300 million corporate taxes with a further 800 million in other taxes," he says.

He added on France Info that the imposition of the group is low because there is "zero percent result in France". 

"Our business in France is mainly refining and refining loses money (…) We can not pay taxes on results that do not exist," he said.

"Annoyed" by the image of his group, Christophe de Margerie would like to correct: "Total is a myth, we must break it," he said before concluding: "To earn money, not born ; NEGATIVE, especially in times of crisis. This is an opportunity for our country ".

Total said Friday it would continue its efforts for investment to grow its production.

The third European oil company by market capitalization for 2012 foresees investments excluding acquisitions of approximately $ 24 billion (18 billion euros) against 20.6 billion in in 2011.

Angela Merkel has justified its support for the candidacy of Nicolas Sarkozy to the French Presidency by the friendly ties between their two parties. On Greek debt, the two leaders agree: the Greeks must meet their commitments, and quickly. Angela Merkel and Nicolas Sarkozy at the Elysee Palace on February 6.

German Chancellor Angela Merkel said on Monday in Paris he was "normal support parties Friends", about her support for Nicolas Sarkozy to the presidency, at a joint press conference with President French. "I support Nicolas Sarkozy on all levels because we belong to parties of friends," said Merkel. Merkel also said that Mr. Sarkozy came to support her in 2009 when she was running for a second term as Chancellor.

Angela Merkel, support "friendly" of Nicolas Sarkozy

"The candidate Francois Hollande visited the congress of the SPD," she added, referring to the movement in Berlin in early December of PS candidate. She did not answer the question whether she would meet Francois Hollande during the election campaign.

German Chancellor supports President Sarkozy in the French election campaign, as head of the Christian Democratic Union (CDU) and not as head of government, had said in Berlin Monday morning a spokesman Some critics in Germany.

"I claim that friendship and trust," commented during the press conference at the Elysee Palace Nicolas Sarkozy, criticizing severely – without naming – the intention of Francois Hollande to renegotiate the new European treaty on budgetary discipline s it was elected in May.

Greek debt: "time release"

Angela Merkel said that Greece will "remain in the euro", while preventing that Athens could not receive the new funding it has a vital need if it does not enter into agreement with the EU and IMF. "There can be no new program if it does not conclude with the troika" of creditors of Athens, between the European Commission, the European Central Bank and the International Monetary Fund, she said.

Nicolas Sarkozy and Angela Merkel have also hoped that the interests of the Greek debt to be blocked in an account. "The Greeks have made commitments, they must scrupulously respect, there is no choice, time is short, it's a matter of days, now we must conclude," Sarkozy said. "The interests of the Greek debt must allow to be sure that this money will be permanently available," then said Merkel.

This bonus is 150 euros for a single person and 320 euros for a couple.

The Christmas bonus paid to recipients of certain social minima, as RSA, will be repeated in December 2011, announced Monday the Minister of Solidarity and Social Cohesion Roselyne Bachelot. "I can confirm that the Christmas bonus will be paid. This represents 380 million euros for the most vulnerable," said the Minister during the launch of the 27th winter campaign of Eating Heart in Paris. "For a single person, that's about 150 euros paid in the coming days and for a family with two children, 320 euros," said Ms Bachelot.

In 2010, the Christmas bonus had been paid to the beneficiaries including the RSA (active solidarity income) and those of the SSA (specific solidarity allowance, paid to certain unemployed at the end of law). She was concerned 1.7 million beneficiaries.The Christmas bonus was awarded for the first time in 1998 by the Jospin government under pressure from movements of the unemployed who have been demanding for years that it is substantially increased and the scope of its beneficiaries is expanded.

G20 countries Thursday put the finishing touches on a concerted action plan to try to put the global economy on the path to a sustainable and balanced growth and discussed the possibility of increasing IMF resources to help countries reeling from economic shocks.

According to a draft final statement dated November 2, they should agree at the end of their summit in Cannes on the need for countries with high deficits to put their finances straight and for those who have surplus boost domestic demand.

As part of this plan, Italy, which is in the eye of the storm of the European crisis, promise to reduce debts and deficits (see) to quickly bring in 120% from 2012 in its public debt of national wealth."There is a broad consensus on the need for additional financing (…) We will work on it tonight and tomorrow," she said.

PASSAGES IN WHITE

If the passages devoted to IMF resources and currency remain white, indicating that these issues are still debated, the draft final communique is also no real surprise.

Given the risk of future crises, the G20 leaders are considering a proposal to create a new credit facility in the short term the IMF to help countries that are virtuous face of exogenous shocks ().

Europe is moving towards an agreement on the sovereign debt crisis but "banks must now accept the necessary sacrifices," said Jean-Pierre Jouyet, the president of the Financial Markets Authority, in an interview published Tuesday by The Tribune.

"A lot of the success of the second meeting of the Eurozone is in their hands," he adds.

Finance ministers from the euro area opened Friday six days of intense negotiations, punctuated by an EU summit Sunday to a high of the euro area, where the outcome expected Wednesday is considered crucial for the future of the single currency.

For reassurance on the risks of contagion, "the markets want a political Europe even stronger. A battle will hopefully gained Wednesday, but not the war.It will be played on fiscal consolidation and real political integration, "the president of the AMF.

He said Germany is now "the business model and budget the most efficient in Europe."

Jean-Pierre Jouyet also known as the European Commissioner for Internal Market Michel Barnier to go further in reforming financial markets.

"Today there is an excess of power of financial markets on policy choices. It is time to regain control in the regulation of markets," said he.

Schneider said Thursday lowered its forecast for 2011 operating margin mainly because of a mix more negative than expected in terms of activity and contribution of geographic areas.

The French specialist of electrical equipment said in a statement that it now expects an EBIT margin (earnings before acquisition costs and impact of integration and consolidation of acquisitions in the year 2011) of 14% instead 15% previously forecast.

However, the Group confirms its forecast for organic growth of between 6% and 9% for the year.

"We expect, however, that profitability is impacted beyond the forecast, the combined effect of a mix more negative, due to growth of solutions greater than that of products and geographic mix less favorable, and a stronger inflationary pressures in emerging economies, "said Jean-Pascal Tricoire, chief executive, said in the statement.

The turnover of the group reached 5.697 million euros in the third quarter, representing organic growth of 7.7%.

At 9 months, organic growth reached 9.3%, faster than the annual target.

The activity "Power" (38% of sales in Q3) recorded organic growth of 7.6%, "Energy" (21% of sales) increased by 7.3%, "Industry" (19% of sales ) 6.6%, "IT" (15% of sales) of 12.6% and the activity "Buildings" (7% of sales) 3.0%.

The activity remained stable in Western Europe, the main market of the group (31% of sales), while Asia organic growth of 15% and North America 9%.

Emerging markets, which posted growth of 14%, now represent over 40% of the total turnover of Schneider.

The members of the G20 meeting in Paris should acknowledge the commitment of Europeans Saturday to introduce in the next few days a package of measures to restore stability in the euro area, amid fears over the health of the global economy.

France and Germany have promised to present at the European Summit of 23 October a plan to recapitalize banks, responding to the situation worse than expected in Greece, increasing the firepower of the European financial stability and reforming the governance of the euro area.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said French Finance Minister, Baroin, after a meeting Friday with his German counterpart Wolfgang Schäuble and Nicolas Sarkozy.

Meanwhile, European leaders are putting added pressure on banks to force them to recapitalize and enable them to withstand greater losses than expected on the sovereign debt of the most fragile area.

The European plan will be included in a series of commitments that will be announced at the summit of Heads of State and Government of the G20 3 and 4 November in Cannes, which will close the French presidency of the Forum of 20 major economies.

Many measures discussed by finance ministers and central bankers of the G20 meeting in Paris on Friday and Saturday were referred to this deadline.

SUMMIT OF CANNES

In Paris, important steps were expected Saturday on the reduction of major global financial and economic imbalances, a priority for the French Presidency, with the objective that the seven countries identified as major sources of the imbalances present in Cannes "two or three significant steps "in this sense.

"We need fiscal consolidation measures for countries in excessive deficit and measures to support global activity for those who have surplus," explained a French source before the meeting.

According to an official of the G20 countries, the Chinese have thus expressed their readiness to "ensure that growth in China does not slow down, even if there is a risk of inflation through expansionary fiscal policy."

No major breakthrough is expected, however in Paris on the Chinese currency, the yuan, which the strict control by Beijing is considered one of the major causes of global imbalances.

The "path integration" of the yuan in the currency basket of Special Drawing Rights International Monetary Fund, a discussion underpinned by the loosening of the Chinese currency, is among the priorities of Cannes, with the objective of A schedule.

BANK CASH

The draft G20 communique obtained by Reuters Finance reaffirms that its members will ensure that banks have sufficient liquidity, in particular through central banks, as they undertook to do at the recent G7 Finance in Marseille.

The debate on the proposed increase of IMF resources, defended by almost all emerging G20 but faces opposition from the United States and Japan, will also resume in Cannes.

Discussions were still Saturday on whether to publish the list of banks considered to be running in size a systemic risk the global financial system, where the G20 should agree on capital surcharges.Again, final decisions will be taken in Cannes.

"Principles" for emerging economies suffering from speculative capital movements must also be finalized for the upcoming summit of the G20, to help control these flows in order to avoid destabilization of the economy.

According to the Minister of Economy, the European Commission proposal to increase the capital adequacy ratio of banks to 9% "can absorb a shock." Budget Minister Baroin regrets the refusal of PS on the constitutional question of the balance of finances

The proposal of the European Commission and its President Jose Manuel Barroso to recapitalize banks is "acceptable", said Friday the French Minister of Finance Baroin. "The position of the Commission Barroso and two days ago is acceptable. A level of 9% of equity" to be achieved by European banks "by the end of the first half of next year, it ' is, "he said on Europe 1 radio.

According to him, "9% in 2012, it can absorb shock." He reiterated that this concerned primarily banks that failed the stress tests at the beginning of summer and those who have passed narrowly.Banks should try to recapitalize "on the basis of their results" by distributing less dividends and less bonus, "warned Baroin, like the European Commission." They should not do so at the expense of economic activity, credit to individuals and business credit, "he said.

"If they can not, they will do in the markets, if markets are not enough they will find partners, and ultimately there will be a limited possibility of a European coordination" for public assistance, the minister added . He again suggested that the European Financial Stability Fund (EFSF) provides that state aid to schools that need it, as its new statutes in force since Thursday so authorize.Germany believes he can do that for banks in countries which already have an international aid program (Greece, Portugal, Ireland).

Baroin But he reiterated that French banks do not find themselves in the position of having to seek government assistance. On Greece, the Minister confirmed the new position of France, which was resolved Thursday to recognize that the creditor banks would have to erase the country a majority of government debt. The discount provided to date to the private creditors of Athens, in the agreement of July 21, is 21%. "For three months the markets have evolved, they have deteriorated (…) We left at 21% July 21, it will be, it is almost certain," he said. "How high? Is being discussed."

He also felt that the figures circulating going "well beyond 50%" were "fanciful"."Three quarters of the Greek debt is held by private (…) We will not cut the whole," he said. "If it requires a private discount that is not tenable, then that will invest in Greece?" Asked Baroin.

He then said that the Heads of State and Government of the euro zone announce their decision on this issue at the summit in Brussels on 23 October, without specifying whether they would disclose the amount of the new haircut or just the principle. { P}

Executive Director of the International Monetary Fund (IMF), Christine Lagarde warned on Saturday against the risk of the global economy plunging into recession and called for a rapid and coordinated political action, particularly in restructuring European banks.

"The events of this summer showed that we were in a dangerous new phase," she said at the annual meetings of the Fed in Jackson Hole, Wyoming.

"The stakes are clear: we are in danger of compromising a fragile recovery.We must act immediately. "

Advanced economies must develop long-term plans to control their debt, while ensuring that conservation measures will need not jeopardize the recovery, she added.

"Macroeconomic policy needs to support growth," said the former French Finance Minister in his first major speech since taking office as head of the IMF in July.

"Monetary policy also needs to be extremely flexible because the risk of recession is higher than inflation."

She stressed the need to restructure European banks.For her, the most effective way to effect a recapitalization would be "substantial", if possible through private channels or so through a form of European public funding.

She urged European countries to implement programs to reduce "credible" in their public deficits, relying in particular on the European Central Bank.

About the situation in the United States, she said that the need for long-term fiscal consolidation should not obscure the importance of supporting growth in the short term.

"Who can believe that commitments to reduce spending could survive a long stagnation, with unemployment still high and face the social discontent?"