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European shares are sharply higher Monday in mid-session, encouraged by the hope that European leaders propose new measures against the debt crisis at the approach of the EU summit of December 9. But traders believe the rebound mainly technical, due to purchases cheap, European values ​​being dropped last week to a low of seven weeks.

Around 12:20, the CAC 40 index advanced 3.6% (102 points) to 2959 points, rising to 3,000 points after falling 4.67% last week.

The London Stock Exchange gained 2.04%, 3.10% that of Frankfurt and Milan up 3.08%.

The Franco-Belgian bank Dexia said Wednesday it has decided to increase the capital of its French subsidiary Dexia Credit Local (DCL) after write-downs that the group had to save his Greek government bonds.

Dexia had to spend a total depreciation of 2.3 billion euros 2.9 billion exposure to Greece following the Greek debt restructuring agreed by the European Union with the private sector.

In total, Dexia said in the first nine months of the year, the impact of disposals, depreciation and provisions on its books reached 10.513 billion euros.

INTERIM STATEMENT

Dexia has not released financial results Wednesday, strictly speaking, but "an interim statement" taking stock of its financial position following the split of the current group.

First victim of bank scale of the crisis of European sovereign debt, Dexia should remain ultimately in the form of a holding company listed in Brussels which will combine the activities of financial services to the public sector in France, Spain, Italy and Germany.

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, an increase in revenue per passenger per mile to offset the high cost of kerosene.

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.

A depreciation of 798 million euros spent on Greek sovereign debt held in the portfolio has plunged the quarterly Commerzbank in the red and forced the second German bank to abandon its annual targets.

"We continue to be incurred by our original goal of an operating profit of four billion euros for the group, but given the market environment, we will not be able to reach next year" , said Friday Martin Blessing, CEO of Commerzbank.

In early trade on the Frankfurt Stock Exchange, the title of the bank fell by 5.53% to 1.656 euro while the index grouping the European banking stocks gained 0.61%.

Having already reduced its exposure to the most indebted countries in the euro area over 20% to 13 billion euros, a discount of 52% spent on the Greek securities, Commerzbank said it would continue to reduce its portfolios of sovereign debt issued by Portugal, Italy, Spain, Ireland and Greece.

The bank charged an operating loss of 855 million euros in the third quarter against a profit of 116 million a year ago and a Reuters consensus of 683 million euros.

The profits generated by the core business of Commerzbank – loans to medium-sized German companies – continued to be substantial, said the bank to 344 million euros.

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.

According to the Minister of Economy, the European Commission proposal to increase the capital adequacy ratio of banks to 9% "can absorb a shock." Budget Minister Baroin regrets the refusal of PS on the constitutional question of the balance of finances

The proposal of the European Commission and its President Jose Manuel Barroso to recapitalize banks is "acceptable", said Friday the French Minister of Finance Baroin. "The position of the Commission Barroso and two days ago is acceptable. A level of 9% of equity" to be achieved by European banks "by the end of the first half of next year, it ' is, "he said on Europe 1 radio.

According to him, "9% in 2012, it can absorb shock." He reiterated that this concerned primarily banks that failed the stress tests at the beginning of summer and those who have passed narrowly.Banks should try to recapitalize "on the basis of their results" by distributing less dividends and less bonus, "warned Baroin, like the European Commission." They should not do so at the expense of economic activity, credit to individuals and business credit, "he said.

"If they can not, they will do in the markets, if markets are not enough they will find partners, and ultimately there will be a limited possibility of a European coordination" for public assistance, the minister added . He again suggested that the European Financial Stability Fund (EFSF) provides that state aid to schools that need it, as its new statutes in force since Thursday so authorize.Germany believes he can do that for banks in countries which already have an international aid program (Greece, Portugal, Ireland).

Baroin But he reiterated that French banks do not find themselves in the position of having to seek government assistance. On Greece, the Minister confirmed the new position of France, which was resolved Thursday to recognize that the creditor banks would have to erase the country a majority of government debt. The discount provided to date to the private creditors of Athens, in the agreement of July 21, is 21%. "For three months the markets have evolved, they have deteriorated (…) We left at 21% July 21, it will be, it is almost certain," he said. "How high? Is being discussed."

He also felt that the figures circulating going "well beyond 50%" were "fanciful"."Three quarters of the Greek debt is held by private (…) We will not cut the whole," he said. "If it requires a private discount that is not tenable, then that will invest in Greece?" Asked Baroin.

He then said that the Heads of State and Government of the euro zone announce their decision on this issue at the summit in Brussels on 23 October, without specifying whether they would disclose the amount of the new haircut or just the principle.

The number of unemployed in Britain at the highest since 1994, the private did not offset the losses of public sector jobs, a statistic that feeds a little over fears of a recession.

The number of unemployed increased by 17,500 in September, announced the National Statistics Office Wednesday, however, below the 25,000 expected by economists.

But according to the methodology of the International Labour Organization (ILO), the number of unemployed increased by 114,000 over a period of three months to August, to 2.57 million, the highest number since October 1994.

Always within the meaning of the ILO and the period from June to August, the unemployment rate rose to 8.1%, the highest since October 1996, compared with 8.0% giving a consensus.

The Bank of England last week launched new measures to support growth, but Spencer Dale, a senior economist, told Reuters that the economy weakens more likely in the fourth quarter.

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.

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."

Baroin and Valerie Pécresse have one week to make proposals to Nicolas Sarkozy to secure the goal of deficit reduction. Exec. UTIF arbitration will make its August 24. The budget minister has already announced that tax loopholes will be deleted. Baroin was appointed Minister of Finance and Econo Wednesday, June 29, 2011. He was replaced by Valerie Pécresse Budget.

Ministers Baroin (Economics) and Valérie Pécresse (Budget) will have to be Nicolas Sarkozy proposals to ensure compliance with the goals of deficit reduction that will be subject to "final decisions" on August 24, announced the Elysee Wednesday. At a meeting convened at the Elysee Palace, Sarkozy recalled that France's commitments on this issue "are intangible and will be required regardless of changing economic conditions."

Proposals requested from Mr.Baroin and Mrs. Pécresse to ensure compliance will be first reviewed by Nicolas Sarkozy and François Fillon August 17 and then the "final decisions will be made August 24" at a meeting between the four of them, the statement of the Presidency. The meeting on Wednesday, August 24 will take place after the Council of Ministers of the season, on the morning of that day.

"This will be the day of decisions, actions to achieve these objectives (public deficit, ed), regardless of the impact of global uncertainties, the announcement of the deterioration of the American note by Standard and Poor's (…) the volatility of markets, "said Baroin told reporters after the crisis meeting for which MM. Sarkozy and Fillon have interrupted their holidays.The French government has pledged to reduce its public deficit, which amounts to 5.7% of Gross Domestic Product (GDP) this year to 4.6% next year, and 3% in 2013.

Speaking of the objectives of reducing public deficits, he added, "the intangible that is what set the budget for the year 2011 (…) which is fixed under the law for triennial 2012 perspective, these are the objectives of deficits that will form the matrix of measures that we will have to make. "

Valérie Pécresse has in turn announced that tax loopholes would be eliminated, reaffirming the possibility of an "extra effort" to keep the financial commitment of France, in an interview on BFM TV. "We will remove tax loopholes (…) because we will not raise taxes," said budget minister without specifying what niches were covered.Niches, she said, are "tax exemptions sometimes justified" and "can be very inefficient." "We have already pledged to remove 3 billion euros in 2012 (…), tax loopholes for perhaps he will go the extra mile," added the minister.

By the way Nicolas Sarkozy again called the gathering "beyond party lines" in order to restore the balance of public finances, the statement said. An allusion to the refusal of the PS to vote the "golden rule" which the Head of State wishes to inclusion in the Constitution. For this he needs the votes of 3/5èmes Parliament meeting in Congress.