The British public sector employees are on strike on Wednesday against pension reforms, a move that will disrupt schools, airports, hospitals and municipal services, including trade unions and expect that it will be the "most important in a generation." More than a thousand events are planned across the country and the organizers hope that two million people observe this work stoppage, more so than during the previous day's strike in June for the same reason.

The government wants to delay the age of retirement in the public sector to 66 years in 2020 – against 60 for the most current, and increase contributions, as part of its austerity plan. Negotiations taking place for several months are currently at an impasse, the government citing the increase in life expectancy and the need to restore a balance with the private sector. In an attempt to limit the nuisance caused to users – a particularly sensitive subject in the UK – the Conservative Prime Minister David Cameron has asked companies to accommodate employees with exceptional children.

Last week, Germany's second largest bank, owned 25% by the German federal state, however, had said she would not resort to state aid.

"The third quarter results of Commerzbank highlight the growing challenge of strengthening its equity while the growth of its main activities pick up," reads a note from Fitch.

"Fitch expects that any additional capital are the result of the state."

Commerzbank declined to comment on this post.

In interviews granted to the German newspaper Bild am Sonntag, and French Le Monde, one that will yield the first Tuesday in November to place Mario Draghi said, however, confident in the ability of governments in the euro area to restore financial stability.

According to him, this requires that the Stability Pact is comprehensive and is implemented in a manner vigorous.

The agreement reached in Brussels this week by the leaders of the European Union should enter in his facts very accurately and quickly.Now the hard work waiting for governments and the European Commission, "he insists.

"A rapid and full implementation of decisions is now absolutely crucial," said he.

The top of the eurozone, which ended in the night between Wednesday and Thursday led to a series of measures to resolve the crisis, including the deletion of 50% of the Greek debt to private creditors and the strengthening of the Fund stability in the euro area.Here are the details of decisions taken by all European leaders.

The discount of the Greek debt to 50%

Banks and private equity funds that hold Greek debt have agreed to voluntarily relinquish 50% of their claims on the national debt by 2020: specifically, from January 2012, they will exchange their debt obligations Greek against others whose value will be halved. This represents a deletion of 100 billion euros of Greek debt, currently at 350 billion euros. Fund stability in the euro area (EFSF) will bring to these private creditors 30 billion euros in guarantees on these new claims.Among the measures to strengthen fiscal discipline common EU monetary figure "the adoption by each Member State of rules on passing a balanced budget the Stability and Growth in the legislation, preferably at the constitutional level or equivalent end of 2012, "the statement said.

Highs in the euro area twice a year

Highs in the euro area will be held twice a year. They will be chaired, at least initially, by the President of the EU, the Belgian Herman Van Rompuy. A change in the EU treaty is considered.

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This could derail the hostile bid launched by Cameco Corp. of Hathor.

The Board of Hathor has recommended that shareholders accept the offer of Rio Tinto, which amounts to 4.15 Canadian dollars per share. Cameco is only that of 3.75 Canadian dollars per share.

The aim of the maneuver is the exploration project "Roughrider", located in the Athabasca region of the Canadian province of Saskatchewan.

The listing title Hathor was suspended Wednesday morning at the Toronto Stock Exchange.The title Cameco, the first Canadian producer of uranium, was down 3.21% to 20.80 Canadian dollars to 3:20 p.m. GMT, while the action listed Rio Tinto in London declined by 1.09% within minutes of the fence.

Note of Italy fell from AA-to A + and that of Spain AA + to AA-.The prospect of the two countries is negative, suggesting that further downgrades are possible.

Italy and Spain are directly affected by the crisis in the euro area in that they depend on the European Central Bank (ECB) to place their bonds and avoiding the yields demanded reach unmanageable proportions.

"A comprehensive and credible solution to the crisis in the euro area is politically and technically difficult and will take time to implement," said Fitch.

Italy has recently been downgraded by Moody's and Standard & Poor's.Market sentiment towards the country was affected by the hesitant reaction of the government, initially, to higher yields.

The euro fell to the announcement of downgrades, as Wall Street.Analysts say, however, that the decision on Italy was entirely predictable.

"The reasons for Fitch are not so different from the other two agencies, I do not think the markets will react a lot," said Alessandro Tentori (BNP Paribas).

Paolo Pizzoli, an analyst at ING, sees the decision of Fitch additional pressure on the Italian government to adopt structural reforms that could boost growth, reforms that are missing in the recent austerity plan intended to balance the budget in 2013.

The Berlusconi government intends to introduce such initiatives in the month but the ruling coalition is so weakened and divided as few analysts see it join forces to give carte blanche.

In Spain, the government reduced the deficit with a series of austerity measures, but most of the country's debt is regional and autonomous regions are still practicing their own cuts.

"We respect that decision but we disagree," said a spokesman for the Spanish Ministry of Economy.

The Italian Foreign Minister Franco Frattini was much drier, arguing that "markets have little to do with Fitch, Moody's and company."

Fitch also announced Friday it was maintaining Portugal under review with negative implications, it intends to resolve status in the fourth quarter.Portugal is rated BBB-by the agency.

Regarding the latter, the European Commission said it will send a team of experts to assist the authorities to redirect funds from the EU to the economic reforms agreed with the troika (EU, International Monetary Fund, Central Bank European).

According to the median forecast of 27 analysts and fund managers polled by Reuters in a week, the Cac 40 should be at 3200 points by the end of December, up 6.8% from its closing level of 2995 points Wednesday.

If this forecast proves accurate, the CAC 40 will be charged with a loss of about 16% for the year 2011.

At the end of June 2012, analysts see the CAC at 3450 points, an increase of over 15% at the end of Wednesday.

Both projections are down sharply compared to the last survey conducted in late JuneWhile analysts expected a CAC at 4160 points at the end of the year and 4,350 points in mid-2012, before a series of bad economic indicators and renewed concerns about the Greek debt will make the markets fall .

"We believe that Greece will experience one eventually default 'ordered' but if policymakers are able to reduce the risk of contagion," said Patrick Moonen, responsible for investment strategy at ING Investment Management. For its part, sees the CAC 40 to 3100 points at the end of 2011 and 3200 points in mid-2012.

"To achieve this, banks will be recapitalized.And the European Central Bank will continue to buy the debt device. "

The CAC 40 has lost more than 20% since the beginning of the year, driven lower mostly by the questions of the market exposure of banks BNP Paribas, Credit Agricole and Societe Generale in the Greek and Italian sovereign debt .

The three banks have lost about two thirds of their market capitalization since mid-February, investors feared the damage that would cause a default Greek. The difficulties in obtaining bank financing in dollars on a tight money market are also the disadvantage of the Exchange.

Because of the rout in stock markets, the valuation ratios of the three major banks are found very low.Their price / net assets is approximately 0.3 and 4 of the PER, is one of the lowest in Europe.

Thus, it is not surprising that analysts and fund managers surveyed expect to see the bank at the forefront of the stock market rebound expected.

The rebound, however, should be limited by a darkening economic outlook.

"The possibility of resolving the crisis of sovereign debt in Europe reminds us that European indices could rebound, driven by banking stocks and insurance.However, the global economic slowdown is already evident in the macro, and distribution of credit will slow because of the willingness of banks to improve their balance sheet, which will impact more global growth and therefore limit the initial bounce, " Joffrey Ouafqa comments, Convictions manager at Asset Management.

He sees the CAC 40 to 3200 points by the end of the year and 3,300 points in mid-2012.

The 500 staff of Seattle, with the help of a trailer mechanics, have conveyed the unit to a hundred meters to a podium outside the giant factory Everett (Washington) the aircraft manufacturer.

This symbolic delivery in person shows how the structure of the aircraft is light – it promises fuel savings of 20% – but it also testifies to the difficulties that have slowed the program.

"I long to see the day when 787 populate the skies around the world," said Shinichiro Ito, CEO of ANA.The Japanese airline had originally received its first 787 in May 2008.

Hundreds of Boeing employees had learned on the eve of the ceremony to salute respectfully and choir director general of Japan, the company officially took delivery of its first Dreamliner Sunday 55.

The Everett factory is full of aircraft not yet delivered, representing a stock valued at more than $ 16 billion.

Investors are now wondering whether Boeing can meet its production goals after seven reports in addition to more than three years late.

Boeing intends to increase its production to 10 787 per month by the end of 2013, while increasing the production of the new version of 737 and preparing to produce a 767 version in-flight refueling for the Air Force.

"We will be in two (787) a month and a half by the end of the year," said Pat Shanhan, program manager of Boeing aircraft, after the ceremony.

These aircraft will come from Everett, a new site in North Charleston (South Carolina) being added later.

Boeing is 3.5 aircraft per month in the first half of 2012, then said to the press Jim Albaugh, head of Boeing's civil aviation.

The main assembly line in Everett is designed to increase production to seven aircraft per month. A second line, provisional, is ready to take three more units if necessary.The site of South Carolina assemble three aircraft per month.

The major French banks have seen their market value melted in recent weeks, partly because of the fear of the effects of the continuing crisis of debt in the euro area.

"Our banks are strong," said Valerie Pécresse, who is also Minister of the Budget, on LCI."There is no problem or solvency or liquidity of French banks."

It found that the volatility of financial markets in this regard was "part of the irrational."

Baroin told France Info radio that "the banks did not need to be recapitalized – so no debate superfluous – and have no difficulty with access to liquidity," central bankers said on Friday that G7 in Marseille they will provide the necessary liquidity if necessary.

"We must be confident," said Baroin.

"What is happening in the markets cause them to speed up what is called (rules) Basel Committee, which is an appointment of additional obligations to have equity in relation to their balance sheets that are higher. They have announced they do. "

The exposure of French banks to Greece is 8 billion euros, while profits in the first half were $ 11 billion, said Minister of Finance.

Christian Noyer, Governor of the Banque de France and member of the Governing Council of the European Central Bank, said this week that French banks were able to "go through a severe crisis."He said that other banks had more than 200 billion of collateral deposited with the Banque de France and not used.

Senior officials, however, urge the European financial ministers of the continent to strengthen bank capital, preventing a "systemic crisis" sovereign debt affects banks and raises the specter of a new credit crisis.

In documents prepared by those responsible for the Ecofin meeting of September 16 and 17, that Reuters was able to consult, it is referred to a "risk of a vicious circle between sovereign debt, the financing banks and the negative growth ", which can cause a credit freeze.