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Austria, the Netherlands and Slovakia want to turn the establishment of a collateral attached to loans in Athens if the agreement between Finland and Greece is approved by the countries of the euro area.

"The model collateral must be open to all countries in the euro area.We'll see if this is the case, "said Harald Waiglen, spokesman for the Austrian Ministry of Finance, in the pages of Helsingin Sanomat.

The three countries want to follow the lead of Finland have paid for approximately 11% rescue plan 109 billion euros granted to Athens.

Finland has reached an agreement with Greece on the collateral attached to loans from Helsinki to Athens, which should facilitate the establishment of a Nordic country using the most indebted to the members of the euro area.

The establishment of a collateral – collateral assets in a loan – its loans was a sine qua non for Finland agrees to participate in the Plan aid to Greece.

The country's cooperation with this plan is considered important, not because of the size of its stake, but because it is one of six members of the euro area to receive a rating of "AAA" , the highest possible.

A representative of the Greek government but warned that extending this option to other states in the euro area would be to nullify the effects of emergency aid.

So he quickly indicated that Athens did not evoke such an event with other countries than Finland.

"We do not discuss this," he said on condition of anonymity."Launching such discussions would be to cancel the effect of the rescue plan."

The Greek Minister of Finance declined to comment on this information.

"If other Member States of the euro area require collateral to ensure their contribution to the second bailout plan, the amount of funds available is dwindling, threatening the success of this new aid," said Theodore Krintas Attica Bank.

Marco Valli, chief economist at UniCredit in the euro area, for its part believes that multiple requests "undermines the credibility of the assistance plan."

The search for safe havens continue to dictate trends in commodity markets, including the gold spot price Thursday crossed the symbolic threshold of $ 1,800 an ounce.

The yellow metal, mounted in the early hours of the day to 1,813.79 dollars per ounce, however, has folded mid-morning around 1775 dollars.

By 0800 GMT, the spot price reached 1,782.64 dollars.

"Gold remains the last bulwark against a possible issue of major currencies from the states, seeking to recapitalize their banks and boost their economies," said UBS in a research note.

Oil, which had closed up sharply Wednesday, continued to rise Thursday, after temporarily declining trend early in the day.

By 0800 GMT, a barrel of light crude gained 1.81% to 84.39 dollars, and that of Brent progressed from 1.0% to 107.75 dollars.

Since the rating agency Standard & Poor's downgraded the sovereign rating of the United States, Friday, Brent fell by about 4%.

Despite déteriodétériorationration economic outlook, which reduces the prospects for growth in oil demand, declining U.S. inventories unexpectedly announced Wednesday came to support prices.

The future of copper is meanwhile up 3.2% to 8.870 dollars per tonne, according to figures robust China's foreign trade for the month of July.

European shares ended Tuesday's session on their largest decline in 11 months, progress on the U.S. debt was largely overshadowed by fears of a slowing global economy and the contagion of the debt crisis to Italy.

The pan-European FTSEurofirst 300 index fell 1.80% (19.26 points) to 1048.71 points, its lowest closing level since the end of August 2010.

In Paris the CAC 40 index yielded 1.82% (65.26 points) to 3522.79 points, its lowest closing level since Aug. 31, 2010.

The benchmark index of the Milan stock exchange has meanwhile dropped 2.53%, reaching its lowest level in 27 months in the wake of the banks heavily exposed to the Italian debt, including UniCredit, which lost 5.77% and Intesa Sanpaolo, which lost 5.24%.

"The fear is that the market returns to the world recession in the euro area, it is the peripheral markets will suffer the most," said Alessandro Giansanti, strategist for ING in Amsterdam.

Cyclical stocks have accused the heaviest losses.The Stoxx European banking stocks fell 2.54% and 2.61% mineral.

BNP has come down by 2.46% after announcing a profit below expectations in the second quarter, particularly penalized by a provision of 534 million euros in Greece's debt.

M6 is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

The television group has published a consolidated revenue down 3.0% in the first half, despite a 5.3% increase in advertising revenue from the M6 ​​over the period, impacted by the difficulties of its diversification activities, including football club Bordeaux.

"In regard to diversification, and off Girondins (…) Normally there should be an improvement in the second half in the various business segments, "said Jerome Lefébure in an interview with Reuters on the occasion of the publication of interim results of the group.

He, however, that caution is the face of uncertainties about the economy, particularly in regard to the French household consumption in September.

Asked about trends in advertising spending in the third quarter, Jerome Lefebure said that visibility was limited as in previous quarters.

"We have no clear vision on the market to date," he said.

Chief Financial Officer M6 also said the group studied several issues related to the acquisition but be selective.

The rating agency believes that the new aid package to Greece means a credit event of partial default on long-term debt of the country. The offices of the rating agency Fitch in New York.

Fitch Ratings has taken the first. Following the announcement of the bailout European Greece, Franco-rating agency in New York said Friday that it would put the note in default part of the country.

The agency, which considers "important" and positive "the agreement reached by the countries of the euro area to hold the debt crisis shaking the monetary union, says that Athens will default on its old bonds, according to its criteria . In effect the new rescue plan involves a contribution from private creditors, which amends the original terms of their loans.

A new note will then be attributed to the Greek sovereign debt, but probably in the bottom of the speculative grade by Fitch Ratings.

The European Financial Stability Fund (EFSF) provide for Greece, Ireland and Portugal the lowest rate loans for periods at least double, according to draft conclusions of the Summit of Heads of State and Government the euro area held Thursday in Brussels.

According to the document that Reuters was able to consult, the maturity of the loans will be extended from 7.5 years at least fifteen years, while interest rates will be lowered to about 3.5%, against around 4 , 5% today in the case of Greece and Portugal.

"We will provide loans to EFSF interest rates equivalent to those of the ease of using the balance of payments (currently approximately 3.5%) without falling below the cost of financing the EFSF" can we read in the project.

"This will be accompanied by a mechanism that will ensure appropriate incentives for the implementation of the program, including if necessary through collateral arrangements," the document, responding to requests by Finland on collateral to make for new credits.

The EFSF will also be allowed to provide preventive lines of credit to any country in the euro area, including those that are not subject to an assistance program of the European Union or the International Monetary Fund (IMF).

The paper added that discussions with the private sector participation in the second bailout of Greece is continuing and that all options are considered in the study.

"The financial sector has shown its willingness to support Greece on a voluntary basis through a list of options (exchange of debt rollover and redemption) on terms comparable to the support of public debt with the guarantee associated with higher credit "reads the project.

The EFSF was established in June 2010 to ensure the soundness of the single currency by giving states troubled loans guaranteed by member countries of the euro area.

Wall Street opened lower, as expected, affected by sovereign debt problems which persist in Europe and the United States.

In early trade, the Dow Jones lost 0.69% (86.43 points) to 12,393.30, the S & P 500, wider, yielding 0.59% (7.72 points) to 1308.42 and the Nasdaq composite fell by 0.56% (15.73 points) to 2774.07.

"There is a perfect storm at the macroeconomic level, with no agreement on debt and here the problems that still persist in Europe, and the market looking these things is pretty anxious," said Oliver Pursche, president of Cary Goldberg Financial Services, near New York.

A few days before the deadline for reaching agreement on the budget and debt, no progress was made this weekend on the subject, and no meeting is scheduled at the White House on Monday .

The rating agency Moody's suggested Monday the United States than simply eliminating the ceiling on the national debt in order to reduce uncertainty for holders of sovereign bonds.

The wait for a good season of results, however, could support the market, as have those of last week Google and JP Morgan Chase.

News Corp. slipped 2.49% in the wake of the wiretapping scandal blamed on News of the World.

IBM gained 0.44% while it must publish its quarterly results after-hours trading, opening the show a series of results of many technology companies this week, including Yahoo and Apple Tuesday, Intel and Microsoft Wednesday Thursday.

Rebekah Brooks resigned from his position as CEO of News International, British subsidiary of News Corp., said Friday the company.

She was the former editor of the tabloid News of the World and was splashed by the scandal of illegal telephone tapping carried out by the British newspaper.

It will be replaced by Tom Mockridge, who served as CEO of Sky Italia.

"I think Tom is the best person to know the company a bright future," said James Murdoch, son of Rupert Murdoch, head of News Corp activities outside the United States.

The Brazilian government withdrew its support for the controversial merger between a subsidiary of Carrefour in Brazil and distributor Grupo Pao de Acucar (GPA), casting serious doubt on the chances of success of the operation.

The project announced in late June and immediately triggered the wrath of Casino, the largest shareholder in GPA, was to be financed by a public institution, the Brazilian National Bank for Development (BNDES), a kind of Brazilian Caisse des Depots.

Apparently surprised by the vehement opposition of the Casino, who spoke of a project "expropriation" and the opinion of Brazilian President Rousseff has decided not to support the project, officials said a government source Brazil.

"The way the agreement was handled was disappointing (…) and the government decided to withdraw its support to the financing" of BNDES, said a senior official who requested anonymity.The government, he added, however, might reconsider their position if the terms were changed.

A spokesman for the government for its part, declined comment.

This policy reversal in Brazil, which occurs after an intense lobbying campaign conducted by the CEO of Casino, Jean-Charles Naouri, is a major setback for Carrefour.

LITTLE CHANCE OF SUCCESS

The project, which would create a heavy weight distribution in Brazil with a turnover exceeding 30 billion euros, would allow Carrefour to expand its presence in a country strategic growth, while after three profit warnings, the battle group to address its performance in France and Europe.

Asked Tuesday morning, Carrefour, which has conditioned its consent to the green light from the council of the BNDES, refused to comment on.

In the entourage of the group, there was, however, that the latest developments in Brazil did not constitute an official position of the BNDES.

"The project was presented to Carrefour through a set whose support of the Brazilian government and competition authorities (…) It is unclear how the parties could find an alternative arrangement that takes the blow," said an analyst who wished to remain anonymous.

The chances of success of the merger are now "on the order of 10%," he added.

At the Paris Bourse, Carrefour was the title down sharply in late morning, the image of the entire market, a decline of 3.3% to 21.80 euros, while limiting its back to Casino 1.7% to 62.27 euros.

While the case has taken a political turn in Brazil and the government support has weakened over the day, Abilio Diniz, the wealthy and influential businessman at the initiative of the project, provided in a press interview, he had an alternative financing in case of withdrawal of BNDES.

Strong growth, Brazil is a strategic market for the two French groups.Carrefour second market after France with 12.3% of total group sales, it accounts for about one third of 11.12 billion euros in sales of Casino International.

"Carrefour's management really expecting that the deal is done and that the expected synergies allow it to significantly improve profitability in Brazil," said RBS analyst Justin Scarborough.

The war for control of the distributor broke out June 28 with a scheme of merger between Carrefour and GPA, already partnered with Casino pursuing a long-standing strategy of conquest in Latin America.

Abilio Diniz and Casino to hold the parity holding company of GPA (Wilkes) and Casino has, pursuant to a shareholders' agreement signed ten years ago, an option to take control from June 2012.

Casino currently holds directly and indirectly, 43% of the capital and 67% of the voting rights of GPA, while qu'Abilio Diniz holds 21% and 33% respectively.

After two years of contacts, at the initiative of Abilio Diniz, discussions are set out in June with Carrefour before reaching the scheme of amalgamation of GPA and Carrefour Brazil.

According to several sources, the Brazilian businessman had long been eager to be associated with a capital of Casino, an option that would not have received the favor of Jean-Charles Naouri.

French industrial production rose 2.0% in May after two months of decline due mainly to the impact of the earthquake and tsunami in Japan, a rebound well above expectations reassuring when the confidence of heads of business declines.

Manufacturing output, which is to say, but including non-energy food, rose 1.5%, state statistics released Monday by INSEE.

Twenty economists surveyed by Reuters on average expected a 0.5% increase in industrial production, and their estimates ranged from -0.2% to 1.0%.

The decline in industrial production in April, initially amounted to 0.3%, was revised to -0.5% and the increase in manufacturing output to 0.1% against 0.2% last month announced .In March, industrial production fell by 0.8% as manufacturing.

This decrease was notably driven by disruptions in the supply chain of some sectors caused by the disaster of March 11 in Japan and their impact on nuclear power plant in Fukushima.

Disturbances that seem to gradually fade away: in the car, particularly affected, the production increased by 2.5% in May after falling 4.6% in March and 2.6% in April.

The detailed statistics in May also showed a rebound of 2.3% of the production of electrical, electronic and computer, and 1.4% in other industries, which include textiles and leather (1.3%) , chemicals (+0.3%) or plastics (+2.2%).

POSITIVE CONTRIBUTION TO THE 2ND QUARTER

Energy production has amplified this trend, increasing by 5.7% in May while she was down 4.3% in April, with rising temperatures.

French industry and follows the same trajectory as the German: the other side of the Rhine, the business sector grew by 1.2% in May after falling 0.8% in April, a bounce him also significantly greater than anticipated.

The Minister of Economy, Baroin, welcomed the figure of French industry, saying in a statement that it "testifies to the strength of economic recovery in France."He reiterated in the wake growth forecast of 2% of the government for all of 2011.

The improvement which has benefited the industry in May, however, could be short-lived if we are to believe the latest surveys of business leaders.

PMI purchasing managers in the industry has declined in June to return to its lowest level since August 2009 and the business climate indicator for the Bank of France declined by four points.

The contribution of industry to growth in the second quarter should still be positive.

"The carry-over of industrial production for the second quarter was 0.4% a quarter over quarter in May," said Frédérique Cerisier, economist at BNP Paribas in a research note."In manufacturing, the achievements reached 0.8% after 3.3% in the first quarter."

Parallel to the industrial sector, construction activity fell 1.0% in May after rising 1.3% the previous month. It was up 3.3% on the quarter compared to the previous three months.