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Christian Noyer, Governor of the Banque de France (BDF) and member of the Governing Council of the European Central Bank (ECB), said Wednesday he did not hold to the basic scenario of an economic recession for France.

At a press conference in Singapore, he added that the fiscal measures taken by France were sufficient and the exposure of French banks to Greece quite manageable.

At the euro area, Christian Noyer said that the level of sovereign bond yields did not reflect reality, the day after an auction of Italian bonds where yields reached nearly 8%.

Inflation in the euro zone will return to the objective of the ECB in the next few months, also said the board member of the institution in Frankfurt, adding that all that was necessary would be done to avoid deflation or fight against inflation.

European shares rebound in early trade Tuesday, pending the announcement at 14:30 (Paris time) revised figures for U.S. growth in the third quarter after heavy fall the previous day, but concerns about the financial position Europe and the U.S. remain strong.

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 ).

Germany has registered a growth of 0.5% of GDP in the third quarter. Much better performance than the average for the euro area (0.2%). However, analysts expect a stagnation or a decline in GDP in the fourth quarter. The German Chancellor Angela Merkel

Germany has registered a growth of 0.5% of its Gross Domestic Product (GDP) in the third quarter, a better performance than its French neighbor, which attests to the strength of the first European economy to the air hole waiting . Without revive its vitality from the beginning of the year (+1.3% in the first quarter), growth resumed during the summer months, depending on the initial estimate at constant prices and seasonally adjusted, published Tuesday by the Federal Statistical Office Destatis.

Air Liquide confirmed Wednesday seek an improvement in its net profit in 2011 "in a normal environment," despite a slowdown in sales growth in the third quarter, still worn by the emerging markets.

The world leader in industrial gases reported 1.5 billion euros in investment decisions, with a target maintained over two billion over the year.

The group, which is German competitor Linde and Air Products and Praxair American, achieved third quarter sales of 3.597 million euros, up 4.9%, 6.6% in like.Over nine months, growth was 7.7% on a comparable basis.

The cluster gas and services, which provides the bulk of group sales, saw its growth slow to 7.7% in the third quarter on a comparable-a pace of 9.5% over nine months, largely due to an unfavorable base effect.

The division, however, also suffered a slowdown in demand for metals producers in Western Europe and Canada and the end of a rebound in the cycle of investment in equipment sales and installation of electronics, which returns to a level "more normal".

The stock closed Tuesday down 1.38% to 92.12 euros, in line with the CAC 40 index, giving a market capitalization of 26.14 billion. It was down 2.7% since the beginning of the year.

The first results of union elections in the State civil service reflects a surge of reformist organizations (FOR, UNSA and CFDT). Three million will elect officers on October 20 their union representatives.

The first results of union elections in the State Civil Service, made public Friday, reflect a surge of reformist organizations according to experts, that link including the growth of FO and UNSA and erosion of the CGT. The day after the election for which about two million state employees were called to elect their representatives in the equivalent bodies in the private councils, the Minister of Public Service, François Sauvadet unveiled interim results.

According to these results do not include the votes of Finance (165,000 subscribers) and Justice (75,000 subscribers), the FSU continues to lead with 19.1%, followed by FP that collects 16.2% of the vote. The latest results placed the two organizations, respectively 20.6% and 15.4%. For Anne Baltazar (FP), "if the results are logical, it holds the rope for first place in the State Civil Service", the FSU is not present in Finance.

A participation rate of 51%

"So far so good, the results are good," has carried out its Groison Bernadette (FSU), noting that the organization consolidated his first place in Education. The UNSA, who was fourth and climbed into third position (15.3%), greets his part "satisfactory results" show that "the strong commitment to our agents and reformist humanist values."Then come the CFDT (14.5%), a "uphill" as one of its representatives Brigitte Jumel, the CGT (12.8%), Partners (6.2%), GSC (5.8 %) and CFTC (3.9%).

In presenting these results, François Sauvadet said the turnout of all elections was 51.2%, which is affected by the worst score in Education (40.4%). Apart from this rate "not extraordinary", Guy Groux, a researcher at Sciences-Po, points out that these initial results should be treated with caution as they fail Finance, nearly 15% of registered voters.He noted, however, that "unions are not necessarily favored in the private, such as FSU, UNSA, or FOR, take their game completely," pointing in particular a "sharp increase in Unsa".

The CFTC under the carpet

Bernard Briere, Institute of Economic and Social Research (IRES), for its part is a "rise of the reformist pole" (Unsa, CFDT and FOR) and a hypothesis: "a call for negotiations." For Bernard Vivier, the Higher Institute of Labour, "the surprise is for FOR, CGT while eroding a bit", the result of Finance, however, may change the situation. For unions, which defend their right to negotiate but also their means, the stakes of this election is crucial because the rules of representation have changed the law of 5 July 2010 on the renovation of social dialogue.

Representative to stay, organizations must obtain seats in the various bodies, forcing them to cross thresholds ranging from 3% to 7.5% (against 10% in the private sector). Based on preliminary results, Mr. Vivier, believes that the CFTC passes "certainly at the door," while it should be checked for the GSC. Mr. Briere notes that "small unions have a little progress, but have not achieved what it takes to be representative." Hacquin Vincent, head CGC, however, ensures that the organization was representative, noting that "no one goes so far."

The results of the economic ministries are expected in the evening on Friday. The officers of the Department of Justice that will vote Nov. 22 due to quirks in the preparation.The results for the public hospital where a million workers were also asked to vote Thursday, are expected in early next week.

A fault of Greece have unpredictable consequences, including the risk that the debt crisis in the euro area spread to other countries, said Commission President José Manuel Barroso, quoted in the German daily Bild.

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 ECB president, Jean-Claude Trichet, said Saturday that the budgetary situation in the euro area was better than elsewhere. A response to criticism from the United States on the European management of the Greek crisis. The ECB President Jean-Claude Trichet reiterated, at a summit of the Eurogroup Saturday, September 17 in Wroclaw, the budget situation in the euro area was better than in other rich countries.

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.

Costly wars, tax breaks, financial crisis … Some of the factors that led to the debt of the world's greatest power to reach the ceiling of 14,300 billion authorized by Congress.

Expensive wars, tax cuts and the crisis of 2008 are some of the factors that make the U.S. world power, now find themselves on the verge of default, which could affect severely the economy in the world.

As Barack Obama said bluntly in a speech to the nation Monday night: "During the past decade, we have spent more money than we collected." In 2000, the U.S. federal budget showed a surplus of 236.2 billion dollars.In February 2011, the Obama administration projected a deficit of 1650 billion for the current year, a figure recently reduced to 1,300 billion by the Congressional Budget Office (CBO), a non-partisan.

The Democrats like to point out that the federal budget was in surplus when Bill Clinton left office in January 2001 and that the deficits began to reach heights under the chairmanship of his successor, George W. Bush. But Bill Clinton himself had benefited from tax increases decided by his predecessor, George Bush, to whom they may have cost her re-election. The "bubble" in the IT sector was also boosted federal revenues under Clinton. She would burst in March 2001 under the presidency of George W. Bush, a year that would end on sending troops to Afghanistan after September 11.

In 2003, President Bush ordered the invasion of Iraq to dislodge Saddam Hussein, but refused, with its Republican allies, to make tax increases. Many Democrats will still vote the funding of these two conflicts, including Senator Barack Obama. For their part, Republicans now leading advocates of fiscal restraint, as the leaders of the party in the House of Representatives and the Senate, John Boehner and Mitch McConnell, also had fully supported the approach of George W . Bush. The United States spent U.S. $ 1.283 billion for the wars in Afghanistan and Iraq in 2011, according to a report in March by the Congressional Research Service (CRS), another non-partisan entity.

According to the CRS, the tax cuts enacted between 2001 and 2004 have cost, again in 2011, 1,760 billion in the federal budget.The New York Times, "If these tax benefits had expired as scheduled in 2012, future deficits would be halved."

In addition, a drug reimbursement policy more beneficial to the elderly, approved in 2003 by the two parties, resulted in an additional cost of 552.2 billion dollars over 10 years, according to the CRS.

George W. Bush inherited a debt of 5,700 billion. In January 2009, at the end of his second term, she had grown to 4,900 billion and the U.S. economy suffered the brunt of the crisis "subprime". "Wall Street got drunk and now it's cooked," summed up President Bush in July 2008.

The rescue plan set up by Obama has cost 800 billion dollars more, but failed to boost employment.And the debt continued to accumulate, reaching 16 May 2011 the ceiling of 14 300 billion authorized by Congress.

Which Bush and Obama is to blame most for the digging of the debt? The New York Times table below compares the new spending under the two presidencies …

It's a painful choice awaits U.S. leaders on August 2, when the government will end up running out of expediency if the ceiling is not raised: to default on part of the debt or cutting spending or health retirement. And economic and financial world feared the shock waves in the world if no agreement is reached. Obama himself spoke of a "Apocalypse" economy.

But Republican leaders must manage the intransigence of their ultra-conservative members, close to the movement of the "tea party", who reject any tax increase, away from the prospect of a compromise.

The leaders of the euro area defined by teleconference last week three main options to involve private creditors at the new rescue plan for Greece, according to a document prepared July 16 and that Reuters was able to obtain.

The first option would be based on a redemption of Greek debt and credit enhancement ("credit enhancement") to the private sector, but it would likely defect selective or comprehensive in the country.

The second, which could be based on a French rolling solutions (rollover) of the debt does not include credit enhancement and does not repurchase debt.

It would lead a selective default, the document warns.

The third, which would be less likely to trigger a selective default, provides for the taxation of the financial sector, and also offers lower rates and longer maturities on EFSF funds (European Fund for financial stability).

This solution does however cause Probal no default.

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.