No. On many occasions, the rumor current trading rooms said that France was about to lose its AAA. To date, all the rating agencies have reaffirmed that the French note kept a stable outlook. Before the elections, it is this perspective which may be changed more than the note itself. However, the situation of French public finances requires quick adjustments.In addition, the French specificity is that elections are before us.

What the next presidential election is she at risk?

Electoral constraint involves two risks. First, there is a risk of inertia or paralysis pre-election, which forced the choice of economic policy in half measures or even, as we have seen in the extreme case of the United States in malfunctions. In France, the measures announced on August 24 to put the deficit on track were chosen with the clear objective to give no pretext for the corporatism of the public to take to the streets to defend its "social gains". Almost all of the 12 billion euros in savings is to increase the tax burden in a country where government revenues are already over 50% of GDP.

The Paris Bourse has lived a black day Monday, October 31, losing 3.16% in a market dominated by profit taking and taken over by doubts about the future of the euro area, despite the European anti-crisis plan. The CAC 40 dropped 105.79 points to 3242.84 in trading volume of 3.35 billion euros. Bank stocks fell by 8 to 10%.

Featured dax index of the Frankfurt Stock Exchange ended down 3.23% to 6141.34 points.German banks have drunk the cup: Commerzbank dropped 8.47% to 1.78 euro and Deutsche Bank, which has suffered from over exposure to the bankruptcy of U.S. broker MF Global, 8.60% to 30.35 euros .

The FTSE-100 index of London Stock Exchange main values ​​lost 158.02 points, or 2.77% from Friday's close at 5544.22 points. The total star of the Milan Stock Exchange, the FTSE Mib, fell 3.82% to 16,017 points. Among banks, Intesa Sanpaolo dropped 7.39% to 1.291 euros, Banca Monte dei Paschi di Siena 6.16% to 0.3383 euro and 5.67% to 0.848 UniCredit euro.

One third of the total investment in the city of Paris will go to housing and 6,000 housing units will be funded in 2012, announced Monday the mayor of Paris Bertrand Delanoe in Paris with the Council in 2012 budget guidelines based on "solidarity". Before "crisis," said the mayor of Paris, the city "will intensify its efforts this year to promote solidarity and innovation."

As for 2011, "more than 2 billion euros" will be devoted to solidarity: "It is necessary to preserve and develop the diversity of Paris' Bertrand Delanoë argued, often accused by the UMP Paris to promote "most helpful and easier."

"Housing is about a third of our total investment. 6,000 housing units will be funded in 2012," Mr. Delanoë has announced. For the poor, "we will enhance our efforts to create, by 2014, 2,000 places of emergency shelter," pointing out that this type of accommodation 1700 "have already been funded." He also indicated that 940 nursery places would be funded in 2012 and the extension of the tramway to the door of the chapel is completed.

The UMP denounced the tax increases

On behalf of the UMP, Mayor Jean-Francois Legaret I found that these budget guidelines reflected "disarray" and denounced a "hype tax". "You have increased taxation in all its forms" said Mr Legaret who cited the "increasing every conceivable tax levied on Paris.""During that time, transfer taxes, which are not an adjustment value, represent an 1/7th of all revenue of the city and will likely reach one billion euro of revenue" he said .

For his part, chairman of the NC Yves Pozzo di Borgo attacked the "tax snake that chokes strangle businesses and households," and cited a study of the Paris workshop planning (APUR), which he , has "made the finding of an increasing gap in the territory with a poverty rate of 13.9%, to a regional average of 12.1%." The 2011 budget of the City of Paris in the amount of 7.7 billion euros, is the most important of all French communities.

The leaders of three of the four parties in the coalition government met with the leader of Smer, following the rejection by members of the EFSF reform and the resignation of the government of Iveta Radicova, which was liable the vote.

Of the 17 Member States of the euro area, only Slovakia has not yet ratified the plan that strengthens the powers of the EFSF to fight against the debt crisis.The green light 17 is required for its entry into force.

The Smer, which supports the EFSF in principle, abstained from the vote, causing the development of minority government. A new vote in Parliament to be held by no later than Friday, said the leaders of the majority party, the Slovak Democratic and Christian Union (SDKU), and Smer, Robert Fico and Mikulas Dzurinda.

"We decided that during the parliamentary session (Thursday), we will work on a proposal to shorten the election period to conduct an election on March 10.Immediately after, tomorrow or Friday, we will discuss proposals related to EFSF, "said Mikulas Dzunrinda, who was foreign minister of the government resigned, at a press conference.

"With this agreement, and the laws associated EFSF may be approved either tomorrow night or Friday morning at the latest," said Robert Fico.The vote, he added, "will take place immediately after the adoption of the constitutional law on holding early elections in March 2012."

The Smer remain in opposition until the deadline of March.

The increase in lending capacity of EFSF to 440 billion represents a contribution of 7.7 billion euros in Slovakia.

"RAPID ADOPTION"

The day after the rejection of the text, the presidents of the European Union and the European Commission, Herman Van Rompuy and José Manuel Barroso, urged Slovakia to approve as soon as possible the expansion of the EFSF.

"We call on all parties in the Slovak Parliament to overcome the short-term political considerations and use the next opportunity to quickly adopt a new agreement," they wrote in a joint statement.

"We remain confident that the Slovak authorities and the Parliament are well aware of the centrality of having a stronger European support fund to preserve the financial stability of the euro area.And this in the interest of all countries have adopted the euro, including the Slovak people. "

Under pressure from its European partners, President Ivan Gasparovic, who must nominate the next prime minister, cut short a visit to Asia and is expected to return to his country Thursday.

Iveta Radicova asked Mikulas Dzurinda, the head of SDKU, to initiate discussions also involving two smaller parties in the governing coalition.

The Freedom and Solidarity Party (SAS), the fourth component of the coalition that refuses EFSF, will not take part in the new round to break the deadlock.

The Sas had refused to ratify the European level, in accordance with the position of its leader, Richard Sulik, who estimates that less wealthy countries in the euro area do not have to incur expenses for the rich as Greece .

In addition, the stock market no longer had the support of procurement from the dividends that had enabled the Nikkei gaining almost 3% Tuesday.

Tuesday was for investors on the last day to buy Japanese equities and collect their dividend for the first half of the fiscal year.

Finally, the volume of business was low, suggesting that investors prefer to sit on the sidelines as the bargain hunting.

"Half or less of the shares of the Tokyo Stock Exchange were ex-dividend today, so there has been tying this, not to mention the uncertainty about the developments in Europe, it makes buyers cautious and it limits the upside potential, "said Yutaka Miura (Mizuho Securities).

The Nikkei gained 5.70 points (0.07%) to 8615.65. The Topix, broader, more compelling displays a gain of 5.52 points (0.74%) to 754.07.

Values, Japan Tobacco, the cigarette third world was a very popular time, the state has announced that it would sell its 50%. The action peaked three years to shift down and to include in closing down 2.86% to 356,500 yen.

Tokyo Electric Power (TEPCO) jumped 8.23%.The Yomiuri newspaper wrote that the government advise the operator of the Fukushima nuclear power plant to remove 14% of its regular staff, or 7,400 jobs, to participate in the repairs that followed the disaster of 11 March.

The restructuring plan Tepco be unveiled on October 3, the paper said, without citing sources.

The federal agency that oversees the mortgage market in the U.S. (Federal Housing Finance Agency) filed a complaint Friday against 17 major financial institutions, having sold more than $ 200 billion of bonds backed by home loans by presenting these operations in one day wrong.

These bonds are now owned by the giants Fannie Mae and Freddie Mac.

JPMorgan gave the title 3.5% by 1700 GMT, Bank of America gave 3.4% and 2.8% Citigroup.The banking sector index fell by his side at 1.97%, underperforming the S & P 500 down 1.8%.

Analysts said investors feared a flurry of lawsuits related to the identification of mortgages become toxic.

The title of Bank of America reached $ 6.80 during the session. Its course is returned to a level below the closing price recorded just before the billionaire Warren Buffett announced the acquisition of five billion dollars of preferred securities.

This transaction, announced Aug. 25, the title was boosted by 26%.

Germany and Switzerland have in fact agreed to implement a tax on assets held by Germans in secret accounts in Switzerland.A similar agreement is about to be concluded with Great Britain and could be considered by other countries of the European Union.

Paris, which seeks to substantially reduce its budget deficit, estimated not to be able to accept such an agreement at this time.

"We see what our European partners and we study the compatibility of this proposal with our principles," said the source.

According to Le Monde, which was the first to reveal that France has declined this proposal, Paris considered that it amounted to drop the charges against the tax evaders and therefore it was inconsistent with the policy in recent years.

According to the agreement with Berlin, the existing assets in Switzerland and held by the Germans will be taxed between 19% and 34%, in particular according to the duration of concealment of assets.

The French government and parliamentarians are working to define an exceptional contribution of the wealthiest French next year to fill a small part of the budget deficit.

The New York Stock Exchange finished up 3.95% Thursday, the Dow Jones Industrial winning 30 points to 11143.31 423.37 points.

The S & P-500, wider, took 51.88 points, or 4.63% to 1172.64 points.

The Nasdaq Composite Index was up 111.63 points for his side (4.69%) to 2492.68 points.

The day before, heavy speculation about the systemic risk posed by the French banks and rumors of deterioration in the sovereign rating of France had the Dow Jones plunged 4.62% to a low of nearly a year, after a volatile session.

The U.S. Index Standard & Poor's 500 benchmark fund managers, lost alone more than 710 billion dollars of capitalization this week after clearing 850 billion the previous week.

The decline of greater than expected weekly jobless (395 000 against 400.000 expected) has brought relief to markets, while another statistic published simultaneously showed an unexpected widening of the trade deficit the United States, its highest level since October 2008, due to a decline in exports and imports indicating a slowdown in global demand.

Values, Cisco has jumped by more than 15.95% after announcing on Wednesday after-hours trading better than expected quarterly results.

The food group Sara Lee fell after reporting a decline in sales volumes, sealed by price increases to offset the rising costs of raw materials.

The title of Sara Lee has lost 1.27% after dropping to 7.6% during the session.

AOL has finally announced a program to repurchase up to $ 250 million, with the intention to revive investor confidence in its action, which fell 32% in two days.

After the announcement, soared as 22%. It closed up 12.23%.

Echoing the position of German banks, François Perol, who is also president of BPCE (People's Bank, Savings Bank) has also estimated that the project of a tax credit to participate in the bailout of Greece was not the solution.

"We stopped for a month to make proposals to governments," said François Perol during a press conference. "First there was the proposal of French banks.There is now a broader proposal emanating from the IIF (Institute of International Finance, Ed) and includes a wider menu of options. "

The chairman of the FBF has not wanted to give more details on the proposals but said discussions were continuing while a summit of heads of state and government of the euro zone on Greece on Thursday.

French banks had proposed rescheduling the end of June ("rollover") voluntary debt Greek but the rating agency Standard & Poor's determined that this proposal would mean a selective default. (And)

"These proposals (the IFIs) are structured (…) they are on the table of the Council of European governments," he said François Perol."There are ongoing discussions."

"It's not for me to advertise the proposals in the press," he added.

FBF, however, indicated that to obtain the widest possible creditors of Greece, it was necessary to select several options.

"We were told that private sector involvement should be done in a voluntary," he said.

"If it is a voluntary framework, we need investors, according to their positions, have an interest in future operations that are proposed."

"LEADING MARKETS"

A two-day summit of European leaders and as investor concerns about a contagion of debt to other countries in the euro area remain high, government officials and banks are still struggling to find an area of agreement on new aid to Greece.

Asked about plans for a tax credit, François Perol held that a tax was not the right answer to problems facing Greece.

"It does not seem that this is the solution for Greece", said the chairman of the FBF.

For French banks, it is now up to politicians to make decisions as quickly as possible.

"It belongs to the European authorities to decide together, speaking with one voice and talking at once, what their strategy (…) for the euro," stressed François Perol. "This is not a technical matter, it is a political issue."

"The markets need to be guided. It's the political authorities to guide them."

In December 2009, Volkswagen had acquired nearly 20% of Suzuki for $ 2.5 billion.The operation was welcomed by investors, who hoped that VW would benefit and the small car segment of the Japanese, which in turn would benefit from advanced technologies, including hybrids, German.

Eighteen months later, no progress appears to have been recorded, according to executive vice president of Suzuki, Yasuhito Harayama, responsible for relations with the European leader in the automobile.

"It was clearly said at the alliance with Volkswagen as we did not want a building that we wanted to remain independent," he said to the press.

"We feel it is necessary to return to the starting point, including with respect to the rate of equity participation.The idea that we are independent businesses and equal partners is the fundamental prerequisite to any specific cooperation. "

Other manufacturers are willing to cooperate in a relationship of equals with Suzuki, which has operational pursue reconciliation with a wide range of companies, continued Yasuhito Harayama.

"Currently, no joint development project is under way with Volkswagen."

According to the Japanese context, Volkswagen ranked Suzuki in its annual report as a consolidated group, following an accounting process that would allow him to exercise over him a "great influence".

At the time of the rise in the capital of Volkswagen Suzuki, the director general of Japan, Osamu Suzuki, had emphasized the relationship of equality that he intended to preserve and limited the participation of VW to 19.9%.

Since then, through a shareholding agreement, Suzuki has gradually acquired stock Volkswagen.

In a recent blog note relayed by the site's business daily Nikkei, Osamu Suzuki deplored had already been around the relationship between the two groups.

"Both companies are of very different sizes, and perhaps with the passage of time, they had the wrong impression of having placed their flag Suzuki," said the leader of 81 years known for its fair speak.