The first low-cost airline said he had been European virtually no impact of the decline in consumer confidence but added that traffic would fall in coming months because it had grounded 80 planes in response to high fuel prices.

"Bookings are well underway for months at a level slightly higher than the same period last year," said Howard Millar, Ryanair's chief financial officer.On its first half, earnings totaled 543.5 million euros, up 20%, while sales amounted to 2.71 billion euros.

On this six-month period, the number of passengers carried increased by 12% and rates of 13%, while costs increased by 13%, mostly in kerosene.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

Howard Millar said further that the sale of 29% stake in its competitor Ryanair's Aer Lingus would probably be more to the agenda in the coming months, since British Airways, which could be the 'prospective purchaser had bought bmi.

The commitments offered by Italy Wednesday to clean up its finances were judged "satisfactory" with its partners in the euro area, provided they are implemented, but this success was overshadowed by a controversy with Germany. "The EU summit welcomed the commitment of Italy. These ambitious measures to liberalize the economy must be applied," said the President of the European Union Herman Van Rompuy, after a summit of the area euro in Brussels.

"Yes we are happy," confirmed the Head of French State Nicolas Sarkozy during his press conference. "But we expect their achievement," he warned.Silvio Berlusconi has assured of his intention to run. "If we do not respect our commitments, we will no longer credible," he admitted leaving the summit. He promised to present a timetable for the adoption of the measures announced by the Italian Parliament. The head of the Italian government has incurred the wrath of Chancellor Angela Merkel ensuring obtaining apologized for his behavior at the EU summit last Sunday, what curtly denied the spokesman of the Chancellor.

"There was no excuse because there were no grounds to apologize," said Steffen Seibert on his twitter account. When asked about confidence in Silvio Berlusconi, Angela Merkel and Nicolas Sarkorzy had exchanged amused smiles before answering. The film of this scene of 19 seconds was repeatedly broadcast in the media and Italian Silvio Berlusconi had felt humiliated.The conclusions of the detail a series of measures to be implemented in two years to reduce the huge debt of 1,900 billion euros, or 120% of GDP currently to an amount representing 113% of GDP in 2014.

The Italian leader is now under surveillance by the European Union. The Commission is invited "to monitor in detail the measures and monitor their implementation," said Merkel, adding that Rome had committed to provide "all information in detail." A balanced budget will be achieved in 2013 due to austerity measures totaling 60 billion euros by 2014. Italy has pledged to outline a plan to revive growth by 15 November.The retirement age as part of "old age" will be raised to 67 years from 2026 and a plan for disposal of public assets for at least five billion per year will be conducted over three years.

The growth plan aims to liberalize the Italian economy by opening markets to competition and to support business and innovation through tax deductions. The labor market will be reformed including "new rules of dismissals for economic reasons in the employment contracts of indefinite duration." All these commitments are recorded in the summit conclusions.The head of the Italian Government had been put up against the wall Sunday by its European partners, which required firm commitments on reform and a clear timetable for implementation in order to reassure the markets and to ensure that Italy is the next victim of the debt crisis, which would jeopardize the entire euro area.

The mass protests against new austerity measures continued Thursday in Greece for the second day, weakening the government of Socialist George Papandreou at the approach of a summit "crucial" in Brussels Sunday for the country and the euro area.

In Athens, more than 50,000 people participated in the movement, against 70,000 on Wednesday. Throughout the day, the unit staff, private sector employees prevailed. Thus Vanguélis Bouldadakis, in a public hospital doctor put forward "the destruction of the collective agreements" that "reduce our salaries" and "take our rights."The center of Athens was again sealed off to traffic, Parliament surrounded by dozens of vans of riot police and thousands of police.

Clashes marred the protest near the parliament. Fighting hand to hand and shots of lumber and iron protesters opposed to law enforcement. The latter, usually very active in the protests in Greece, had retired to the adjacent streets, sending only a few grenades and tear gas to try to disperse the crowd preventively.

A few sporadic incidents continued in the early evening around the Parliament and even in the tourist district of Monastiraki.Mobile groups of several dozen young people were harassing the police were carrying out acts of vandalism, burning trash, throwing molotov and stoning shop windows and street furniture.

Central to the dispute: a bill to be voted in Parliament to reduce the deficit abyss of the country and it avoid bankruptcy. Its adoption would freeze collective agreements and lead to a sudden drop in living standards of the Greeks, especially civil servants

These events have caused the death of a man. This woman had been transferred to hospital after violent incidents, died of a heart attack, said the hospital management. He "did no injury," Contrary to the media said, the hospital said in a statement. Justice has opened an investigation and sent an attorney for prosecution.The media for their part said that Mason had been hit by stones in the head on the sidelines of violent clashes between protesters and a group of communist troublemakers. The announcement of the death had raised strong emotions in Parliament, where MPs were to adopt in the evening a new law rigorously.

Rating agencies are again talking about them. After the decision by Moody's to consider placing the French note on negative watch, the issue of their decision-making arises. Back to agencies in four points.

How Does it take decisions?

This is the work of two people in the agency, "managing director" and the analyst in the country studied. They bring together a panel of several analysts (5 to 12 people), and a majority vote following a debate on the prospects of the country. The evaluation criteria focus on four principles. First results with the economic analysis of per capita GDP.Then they evaluate the level of indebtedness of the country with the analysis of public debt relative to national wealth. Third criterion, political strength of a country, a test that was particularly important when Standard and Poor's downgraded the United States in battle between Democrats and Republicans. Finally the agency is studying the history of default of the country. "Their decision is not from a macroeconomic model as is the case for the projections of the ministries or central banks. This is more of a qualitative opinion.Countries are alerted to the decision a few hours before it was released, "said Bertrand du Marais of the University of Nanterre on Slate.

Read: Why France must not lose its triple A

France, she deserves to be degraded?

Moody's decision to consider the placement of the note falls under supervision of course, not abuse. The situation of public accounts in France is worrying. With debt levels at 1.692 trillion euros (86.2% of GDP), Paris is – the 17 countries rated AAA by Moody's – one of the states with the most fragile public finances. The United States, degraded this summer by Standard and Poor's are worse (100%) but investors remain attracted by the U.S. debt. Furthermore, the primary deficit of France off the debt burden reached 3% of GDP, far more than its neighbors triple A rated, the Netherlands (1.6%) and Austria (0.5%).It is these figures that the agency emphasized. Moody's said the financial strength has "weakened (…) because the economic and financial crisis worldwide has led to a deterioration in its debt ratios that are among the most vulnerable countries rated AAA." That said, nothing to panic about the likely reduction of the note according to Alexandre Delaigue, an economics professor at Saint-Cyr and co-author of the blog econoclaste. "Overall, the consequences (a degradation) would be minimal because in fact the creditors have already as if France had already lost its best."

Also read: What I really want the rating agencies

And also: Credit rating agencies for Dummies

Why do we critique always agencies?

For several reasons. First, because they have made many mistakes in the past.After controversy over the rating of companies, including Enron, they were accused of having had a major responsibility in the crisis of suprime, giving the maximum for certain financial products that eventually led to the financial crisis. Moreover, they were criticized for their lack of transparency about the products noted. A former employee of Moody's recently revealed that some banks had withheld information to be rated by these agencies.

Today's critics include on Moody's. The agency would degrade too quickly some states. "Moody's has totally missed the Greek crisis and the subprime crisis. We realize that with Italy and Spain it is trying to change this image agency late. But it is clear that it is too brutal "said Norbert Gaillard, author of" rating agencies ".

How to reform?

Europe has raised the idea of ​​creating a European rating agency. The goal is to break the virtual monopoly of the three agencies, Standard and Poor's, Moody's and Fitch. But it would not address the accusations of bias, is Gunther Capelle-Blancard, professor at the University of Paris 1 Panthéon-Sorbonne and Deputy Director of CEPII. "The doubts about its independence would be very strong. The proof now European leaders are trying to put pressure on agencies that do not have the figures for Greece in such a negative." Norbert Gaillart advocates for its intervention by the European Central Bank. "The ECB should be the sovereign rating. It would do this based on his notes to her and this would allow it to be more independent rating agencies."

Read also: The European rating agency, such a good idea?

Discussions between Athens and the inspectors of the mission the International Monetary Fund (IMF)-European Union (EU)-European Central Bank (ECB) continued for a payment of a new tranche under the aid plan international countries.

Greece could be short of money in the month of November without this slice of eight billion euros.

"If we leave Greece, there are more chances for the crisis is spreading to other countries," said José Manuel Barroso in an interview to be published by Bild on Monday.

The President of the European Commission stressed that no one had ever experienced a bankruptcy of a member state of the euro area.

"We have entered uncharted territory and we are talking of solutions that have never been tested before."

Didier Reynders, Belgian Finance Minister, also made comments rather alarmist, saying that Greece should be helped to prevent financial contagion across what had happened during the collapse of Lehman Brothers in any late summer 2008.

"If we do not solve the Greek problem, if there is a danger of contagion to Spain and Italy, while the worst case scenario could materialize," he said in an interview published Saturday by the Greek magazine Proto.

Nicolas Sarkozy traveled to Berlin on Sunday for talks with Angela Merkel of crisis, with a priority to overcome their differences on how to recapitalize European banks.

In announcing the end of September it moves ahead in the German capital, the French president had indicated he would discuss with the Chancellor "ways and means to accelerate economic integration in the euro area and implement as soon as possible" the new aid plan for Greece approved July 21 by the Europeans.

DEBT REDUCTION GREEK underestimated DIT SCHÄUBLE

Wolfgang Schäuble, German Finance Minister, said that Europe may have underestimated the amount of debt should be reduced Greek summit on 21 July.

The summit, which established the principle of a second aid plan for Greece and that of an extension of the powers of EFSF, provides that private creditors agree to a 21% discount on their debt Greek.

"It is possible that, in July, we held a level of debt reduction is too low," said Wolfgang Schäuble, quoted by the newspaper Frankfurter Allgemeine Sonntagszeitung.

Jean-Claude Juncker, President of the Eurogroup, said a few days ago that the finance ministers of the euro area were reviewing the extent of private sector involvement in the second bailout of Greece.

"There are significant risks to the crisis deepens and widens," said Wolfgang Schäuble.

Greece is at a crossroads and must implement "structural reforms much more stringent" to avoid failure, said the head of the IMF mission in Greece, Poul Thomsen, quoted by the German Sunday newspaper Welt am Sonntag .

"Greece is at a crossroads," said Thomsen. "It is clear that the program will not work if the authorities do not take a path that requires structural reforms much harder than we've seen so far."

"Greece is two steps forward, one back," said Thomsen."The Greek government has much of the most difficult changes are to come."

About the austerity measures, Didier Reynders warned however that we should not go too far: "We do not want a cure that will kill Greece."

Greek Socialist Prime Minister George Papandreou could propose the formation of a unity government with the opposition to try out his country from the financial crisis, a local newspaper reported Saturday.

The government has however denied reports published by the financial daily Imerisia which raises the possibility of a resignation of Papandreou order to reach a political consensus and bring together a large majority in parliament supporting a coalition government.

The Nikkei lost 73.14 points to 8,382.98 and the Topix, broader, sold 9.93 points (1.35%) to 726.25.

At this level the two indices are close to the lowest reached in March after the earthquake and tsunami.

Fast Retailing finished down 4.03% after announcing that sales on a comparable basis of Uniqlo, knew fell 10.7% year on year in September.

The markets also reacted to the presentation to the United States to the new version of Apple's iPhone.

Softbank and KDDI, which will market the new Apple smartphone, finished in decreases of 4.42% and 0.9%, outweighing the disappointment after the presentation of the new general manager of the Apple brand Tim Cook .

A meeting of the "last chance" is scheduled in Brussels on Tuesday to prevent a drastic reduction of a European food aid to the poor from agricultural funds. If no agreement is reached, the program will increase from 480 million euros per year to 113.5 million euros in 2012.Currently several European states form a blocking minority which opposes the continued existence of the annual budget of the European Programme of assistance to the poor (MDP) – funded by the Common Agricultural Policy (CAP) – the result of a decision of the European Court of Justice in April.

Four charities have warned Monday in Paris that the decline of European funds allocated to the poor could cause a "tsunami food" in countries of the European Union. Les Restos du Coeur, Secours populaire, the Red Cross and the French Federation of Food Banks (FFBA) have called on ministers to "take responsibility" to find a solution quickly and avoid a "humanitarian crisis" in 2012. "We are facing a new situation (…) While there has never been more demand, there has never been so many threats on our action," said Olivier Berthe, president of the Eating Heart.With 80% of European funds and less, "the associations are likely to distribute 130 million meals in less than in 2012," said Didier Piard, head of advocacy at the Red Cross.

According to one European diplomat, Germany, the United Kingdom, the Netherlands, the Czech Republic, Denmark, and Sweden have so far opposed a transitional formula that would overcome the objections of the Court of Justice and maintain the MDP at current levels for 2012 and 2013."We have nothing against helping the needy, but this is social policy, which is the responsibility of Member States," said a diplomat from one of these states.

13 million people in need

This program, established in 1987 under the leadership of the President of the European Commission at the time, Jacques Delors, in response to the call of the founder of the "Restos du Coeur" Coluche, helps distribute through 240 charitable organizations, support of European stocks pulled the CAP to more than 13 million people. Nineteen of the 27 EU states benefit, at whose head Italy, Poland and France.

But the last two years, the inventory level was so low that the EU had to compensate for large purchases of food destined for food banks.Following a complaint from Germany, the European Court of Justice in Luxembourg in April estimated that these purchases were incompatible with the CAP, requiring the Commission to bring the envelope for years to come at the existing stocks, or 113.5 million euros.

A prospect that provoked an outcry. The European Commission has finally found a way around the objections of the Court, but now faces the blocking minority. In recent days, several states in favor of maintaining the program at its current level have engaged in intense lobbying skeptical countries to try to convince at least one, and thus to shatter the blocking minority, explained diplomats.

The Europeans responded Saturday to criticism by the United States on their management of the debt crisis, saying that the budgetary situation in the euro area was better than other major industrialized countries.Against the attack came from Jean-Claude Trichet, president of the European Central Bank (ECB), following a meeting of European finance ministers in Wroclaw, Poland.

"Taken together, the EU and the euro area are in a situation probably better than the economies of other major developed countries," he said to the press. Proof of this is: the deficit (public) of the euro area is expected to grow by about 4.5% of GDP this year, said the head of the Mint. The United States, which are struggling under a huge debt, expecting a deficit of 8.8% this year.

Disagreements over the financial tax

His comments appear as a response to statements on the eve of U.S. Treasury Secretary Timothy Geithner, who came to Poland to lecture Europeans on how to deal with the debt crisis that worries the world now. Mr.Geithner urged the euro zone to end the divisions on how to resolve this crisis, particularly between the ECB and European governments, warning against the risk "catastrophic" of disunity.

EU ministers have not enjoyed these recommendations. In contrast, Germany has suggested the United States to support the idea of ​​a tax on financial transactions, which would release the necessary funds. What the U.S. Secretary flatly refused, according to comments reported by a minister.The subject of the tax is divisive within Europe itself, since France and Germany are in favor while the British, worried about the future of the City of London, are opposed.

20,000 march against austerity

"There are significant divisions on this issue," acknowledged the Polish Finance Minister Jacek Rostowski, explaining that many states fear that a tax on financial transactions confined to the European Union "to succeed simply that transactions move outside the area. " The Belgian Finance Minister Didier Reynders, defended the tax Saturday. Failing to implement it globally, "we will do in the European Union, and if not possible, in the euro area," he said."It's a technically simple, economically viable by the financial sector, financially productive and politically correct", pleaded for its part the European Commissioner for Financial Services, Michel Barnier.

The meeting of European ministers, which began Thursday, ended on Saturday against a backdrop of protests against austerity in Europe, the appeal of the European Trade Union Confederation (ETUC). Polish police counted 20,000 demonstrators. Organizers were expecting more than 30,000. The event took place while the situation in Greece empire every day and the meeting of Wroclaw has failed to progress whatsoever on the implementation of the second aid plan in the country.

Monday teleconference between the troika and the Greek Minister of Finance

Without this rescue plan of nearly 160 billion euros, the country is threatened by a default. Mr.Reynders has predicted that the rest of the debt crisis in Europe would last for "one or two years" and that a legal guardianship of Greece – already well underway – will probably be necessary. The file blocking Greek in particular the requirement Finnish financial guarantees in exchange for new loans. "We negotiate continuously, but there is nothing new for now," said Saturday the Finnish Minister of Finance, Jutta Urpilainen.

Another source of uncertainty, the troika of donors of Greece (EU, IMF, ECB) does not return date in the Greek capital, while its presence in Athens was announced for those days.It must decide the payment of an installment loan of 8 billion euros, which is essential for financial survival of the country, according to the efforts of the Greek government.

The finance minister, Evangelos Venizelos, but officials said Saturday that the troika would meet with him Monday via teleconference. Greek Prime Minister George Papandreou has also postponed a scheduled visit to New York, "because next week is particularly crucial" for the implementation of European decisions on the Greek crisis.

The CAC 40 index fell 3.59% to 3148.53 points. The benchmark index of the Paris, however, who managed to stay on top of an important support points in 3136, managed to record a gain of 1.97% for the week.

Other major European markets also stumbled, leaving London and Milan respectively 2.34% and 3.89%.Frankfurt, who had already lost ground yesterday, yielded 3.36%.

For the week, the London was up 3.16% while its German counterpart has remained stable (0.02%).

"There are fears a 'double dip' (relapse), several indicators have turned to orange or red. It's like 'take the cash and run' on the market," said Fabrice Cousté, CEO of CMC Markets France, highlighting the rapid exit of investors from stocks to safe havens.

The Swiss franc and back ground on the European single currency within 1.12 franc per euro (1.1174 francs to 6:13 p.m.), 1.13 franc against most of the day.Similarly, gold rose 2.82% to 1,875.96 dollars per ounce.

SYSTEMIC CRISIS

Another illustration of the renewed risk aversion of investors, the performance of the German government bond (Bund) and 10 years fell below 2% in the wake of the publication of U.S. employment figures.

"We will turn to the Fed and its special meeting two days. But the Fed is out of breath and lack of ammunition.We should not have EQ3, but probably something more technical, "said Fabrice Cousté.

The latter warns that in the meantime the markets should still live on hard times even if investment opportunities should arise in securities of groups able to significantly increase their prices or capacity of important innovations.

Friday, fears of relapse into recession in developed countries have particularly affected the cyclicals and financials.

As for banks, Alpha Bank has dropped 9.26%, Barclays 8.4% and 7.38% Credit Agricole. The automotive industry, PSA fell 5.99%, 5.17% of Volkswagen and Fiat of 4.98%.

"The market values ​​have a relapse into recession scenario.Only a systemic crisis as in 2008 is not yet 'pricée ", explains Benoît Peloille, equity strategist at Natixis.

"However, central banks have just replaced the emergency measures that had helped break the stalemate in the interbank market resulting from the collapse of Lehman Brothers," he adds.