The head of the White House and leaders of seven other industrialized countries, meeting in the presidential retreat in Maryland, the heart of the Catoctin Mountains, sought to reassure financial markets face difficulties of Spanish banks and the risk that Greece leave the euro zone. 

"We are all determined to ensure that growth and stability and fiscal consolidation, are part of a package of measures to ensure the prosperity of our citizens, we all want, "said Barack Obama during the resumption of talks on Saturday morning.

After meeting with U.S. President, British Prime Minister David Cameron said that progress had been made on how to address the debt crisis and ; rising oil prices, the two main threats to the global economy.

David Cameron said he had found among his G8 counterparts "a growing sense of urgency on action" to exit the eurozone crisis. 

"Contingency plans must be implemented to strengthen banks, improve governance and strengthen the firewall devices – all these things shall be implemented quickly in order to any eventuality, "he said.

But he added that German Chancellor Angela Merkel had "absolutely right" to demand that the countries of the euro area take the necessary steps to reduce their deficits.

On Friday, setting the tone of the summit, Obama had matched the proposed Francois Hollande supports incentives to growth facing austerity advocat ; born by German Chancellor that appeared isolated. 

"IMPERATIVE TO CREATE JOBS AND GROWTH"

The U.S. president has agreed with his French counterpart on the fact that the fight against the crisis in the euro area is "an issue of extraordinary importance, not only for Europeans but also for the global economy ".

He called for "a responsible approach that is coupled with a strong growth agenda".

Angela Merkel advocates instead a strong fiscal discipline to reduce the debt level. Its isolation is even greater than the draft final communique of the G8, seen by Reuters, plans to emphasize "the need to create growth and jobs".

"Germany is almost completely isolated," said Domenico Lombardi, former head of the International Monetary Fund. "(…) It is now clear that Greece has become a crisis systemic, "he added.

G8 leaders also discussed the Iranian nuclear Saturday.

Barack Obama said Friday that all participants remained committed to an approach combining sanctions, pressures and diplomatic talks with Tehran. 

"We are all involved here with a determination to continue the approach of sanctions and pressures combined with diplomatic discussions," he told reporters.

"And our hope is that we can address this issue in a peaceful manner that respects the sovereignty and rights of Iran within the international community, but also recognizes its responsibility s ".

The Director of the IMF's European Department on Wednesday welcomed in Rome "progress" made in economic reforms by the Italian Mario Monti, saying they were a "model" for Europe.

"Progress" made by Mr Monti on the last six months is "truly a model compared to progress in Europe," said Reza Moghadam, during a press conference at the end of the mission Annual Fund in Italy. According to him, "Italy is on track and has made remarkable progress over the last six months."

"It is not easy to remember that Italy was facing a very difficult and dangerous," he said, but added: "but the work is not finished. It takes more effort to encourage growth. "For his part Mr Monti also said that" much remains to be done to resolve the backlog for years and the structural weaknesses "." This is not the time of guard down, "he said

. Monti took the head of a technical government last November, replacing Silvio Berlusconi. He imposed a severe austerity to the Italians to avoid the financial strangulation in the country, awash in a huge debt. It also adopted a plan to liberalize the economy and a proposed market reform Labour, currently before Parliament

. However, the implementation of austerity measures has a significant cost: they have accentuated the recession and, by extension, the difficulties banks

.

According lsa.fr, the market share of the distributor was down 1.7 percentage points, to 21%, against 22.7% during the same period last year .

"The two main signs of the Carrefour group are affected by this plunge: hypermarkets in mind, which fell 1.2 points to 11.4% market share while Carrefour Market supermarkets them lose 0.6 points to 7.9%, "the site that it is adding Leclerc, Système U and Intermarché who benefit most from the decline of the French leader.

Carrefour declined to comment.

The agency of the Dutch public debt was between 1.5 billion and 2.5 billion euros.

"This is a good result under the circumstances. This is presented poorly yesterday but they managed to put it all in minutes, "said a trader in the bond market, who requested anonymity ….

….. "Place one billion on the line long term is particularly good sign," he said

. The yield on

line maturing in 2014 stood at 0.523%, down from 0.664% to yield the secondary market Monday ……. The yield on

.. line due in 2037 stood at 2.782% against 2.773% in the secondary market the day before

.

"Many investors believe that the Netherlands has solid fundamentals frankly. Yields are high but traders are satisfied, "said Lyn Graham Taylor, bond strategist at Rabobank

.

The Spanish Conservative government, in a race to deficit reduction, adopted Friday a plan to save the very sensitive areas of health and education, hoping thereby generating 10 billion euros in savings per year. Measurement flagship health reform, which aims to save $ 7 billion and probably promised the greatest unpopularity: retirees will now pay for their medications. An ad against the tide of the election campaign of the government leader Mariano Rajoy, who promised this fall despite the crisis to maintain the purchasing power of retirees. But "this is an effort to seek" the people, "because there is no money to pay utilities," acknowledged Mr. Rajoy Thursday. And "Spain is the second largest consumer of drugs," explained the Minister of Health Ana Mato.

Last year, 3,700 tons of medicines, expired or unused, have been destroyed. Traditionally, Spaniards do not pay to go to the doctor and pay out a portion of the cost of drugs, except for retirees who do not pay them anything. Now the latter, which represent three quarters of the national pharmaceutical spending (11 billion euros, 1.1% of GDP), will pay 10% of the invoice in pharmacies, to a maximum of 8 to 18 euro months depending on their income. Assets, which previously paid 40% of drugs, settle up to 60%, depending on their financial situation.

Unpopular reforms

In education, the government hopes to recover 3 billion euros: it will allow regions to drive up the cost of university tuition by 50%, increasing from 1000 to 1500 euros on average, and increase 20% the number of students per class. The 17 Spanish autonomous communities are in fact the first concerned by this savings plan: they engulf 50% of public spending in Spain. Three-quarters of their budgets spent on health, education and aid to dependent persons. In recent months, many of them have struggled to pay their suppliers, causing discontent among pharmacists and cuts heating and electricity in schools and colleges.  

But in touching on sensitive sectors, the government has come under fire, including the Socialist Party, which has expressed its "rejection front" of this new austerity plan. In health this represents "a paradigm shift in the national system, to gradually deteriorate and seek to dismantle the public health system," said Trinidad Jimenez, responsible for health PSOE. "The government sets the stage for a healthy wealthy and another for the poor," added the consumer association Facua. As for measures for education, "no country has ever overcome an economic crisis by reducing the equal opportunities of his youth" in this area, responded the secretary general of the PSOE, Alfredo Perez Rubalcaba.

Both reforms are intended to enable regions to save 10 billion euros per year from 2013. According to a government source, "it also helps to share costs between the state and political areas." For the latter, which have already launched austerity measures in recent months, have all faced large popular demonstrations. Scrutinized by the government, they must submit by May remediation plans to reduce their budget deficit of 2.94% of GDP in 2011 to 1.5% in 2012. Those who do not comply will have their path set budget handled by the central state. The country as a whole twelve months to reduce by more than three points the deficit of 8.51% to 5.3% of GDP, and has already announced a budget, the most austere in its history, to recover 27.3 billion.

This series of ads comes as more directors of Veolia, which Proglio, currently head of EDF, has, according to sources familiar with the matter, considered asking for the resignation of the current CEO Antoine Frérot at a council held in late February.

In a statement, Veolia announced that Denis Gasquet, Olivier Orsini and Jean-Pierre Frémont leave with immediate effect the group's executive committee and at the same time abandoning their duties within the group. 

Denis Gasquet held the position of Executive Managing Director and COO, Olivier Orsini as managing director and deputy general secretary and Jean-Pierre Frémont e ; was Director General in charge of Public and Community Affairs.

These changes were decided by Antoine Frérot to "accelerate the implementation of the strategic plan approved by the board of directors," it said in the release of the company.

Sylvain Boucher, who was previously secretary of the executive committee, also joined the proceedings which now, in addition to the CEO, seven against nine previously. 

Also Sylvain Boucher, it is composed of Jerome Gallot, Jean-Michel Herrewyn, Franck Lacroix, Jean-Marie Lambert, Jerome Le Conte, Pierre-François Riolacci.

At 15:25, the title jumped 4.28% to 12.66 euros while the index of blue chips rose 0.17% Paris at the same time.

"The acceleration of the strategic plan and tighter around Mr. Frérot teams were well received," said a trader based in Paris.

Another market operator, also based in Paris, points out that these departures had been widely expected by the market, believing that the benefits likely to die as ; knotting of short positions as well as upward revisions of recommendations. 

"The action moves as people cheer the departure of Denis Gasquet: it was at the head of the Environmental Services division during his disastrous performance and more recently he oversaw the restructuring, "he adds.

The strategic plan of Veolia plans to refocus the group on water, waste and energy services and reduce costs of 420 million euros by in 2015.

Veolia also planned to produce five billion euros in sales in 2012-2013 and reduce net debt to below 12 billion at end 2013.

The government will review the tax on tobacco to reduce the effect "multiplier" of the social VAT on tobacco prices and avoid too large an increase of the cigarette package, officials said Saturday at Bercy.

The Ministry of Economy "is considering reducing the multiplier effect of the VAT hike on tobacco through a lowering of excise (tax collected by the State, Ed) on tobacco", it was indicated to the Department, confirming a report published on the website of Les Echos.

Besides the increase of 1.6 point VAT on 1 October, a 6% increase in tobacco prices in 2012. Due to the complex mechanism of pricing of cigarettes, the combination of these two boxes (one on taxation, the other on price, Ed) mechanically lead to an increase greater than 10% of the package.

At the announcement of the introduction of VAT social, tobacconists and manufacturers have alerted the authorities about the effects of this increase that threatens their marges.Bercy will reduce excises, to 63.28% as against 64, 25%, erasing "to nearly 90%" the VAT increase, according to Les Echos.

+ 2% from 1 October (6%)

"There will end up with a slight overall increase in taxes on cigarettes (0.13 points), corresponding more or less to the impact of the VAT hike in other sectors", according to the newspaper.

These figures have not been confirmed by Bercy which emphasizes that "the tobacco industry will contribute as much as other sectors". Les Echos report that "the margins of manufacturers fall moderately", without elaborating.

Ultimately, the VAT hike is expected to increase prices by 1.5% to 2% effective October 1, understands the quotidien.A this increase must be added the 6% pay increase for the fall at a date not yet known.

At 9:03, the CAC 40 index advance 1.37% to 2935.01 points after falling 3.41% yesterday.

The Milan Stock Exchange gained 1.35% (-4.74% Monday), the London 0.83% (-2.62% yesterday) and the place of Frankfurt 1.1% (-3.35% Monday ).

Louis Philippe, 55, Friday officially took the presidency of the CFTC, at the end of the 51st Congress of the Confederation of Christian, the union announced in a statement. Pascale Cotton, 47, including the issue of pensions specialist, became general secretary of the CFTC and Bernard Sagez treasurer.

Elected for three years, Louis Philippe, a former railroad worker in Alsace, succeeds Jacques Voisin, he was number two. The office has also confederal three Vice-Presidents Jean-Louis Deroussen, Michel and Joseph Thouvenel Coquillion and a deputy secretary-general Pierre Mencas. At this congress, the CFTC voted to maintain its independence and its Christian values ​​despite the law of representation that darkens the horizon.

"The CFTC because it is meaningful and that can provide the link to our society's social cohesion that is lacking becomes itself a credible solution for the workers and their families," argued Louis Philippe ended Congress.

These remarks came as some voices in the G20 countries that the IMF to receive new funds to help Europe in particular.

Brazil is prepared to increase its contribution to the IMF, but he wants in return, emerging economies have more a say.

"Emerging markets may be asked to participate in the capitalization of the Fund (…) But for this they need to be more involved in managing the Fund, "said Dilma Rousseff at an event held in Porto Alegre in southern Brazil.

Last month, Brazil, combined with all other countries of BRIC – Russia, India, China and South Africa – had tried to coordinate support for the euro area.

Brazilian policy makers hope that the meeting of G20 finance ministers and central bankers held in Paris on Friday and Saturday leading to action.