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.

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.

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 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.

"We do not take over me again!" Arnaud Lagardère has responded to the video on Monday where he and his new bride, model Jade Foret, indulge in a languid photo shoot, which is the buzz on the Internet since July. "I can summarize it in one word: ridiculous! Had I imagined it was made for broadcast as well, I never would have accepted," says the head of the Lagardère Group. In a long interview with Les Echos, he answers those who accuse him of not very involved in his business.

"A boss atypical, so what?"

"I live with my band and since my childhood.It's always been my passion. I have personally invested in this company everything I have. Me to be the trial of a person who is too invested in his company who do not spend enough time, which ultimately consider it an asset like any other, this is like the video: ridiculous! "And he to go to affirm the importance of a private life successful." Maybe I'm an atypical pattern, so what? Being happy in his private life is certainly a source of balance for an entrepreneur. "

And as to support his statements and prove his good faith, Arnaud Lagardere and hold back the strategy of his group. In spite of disappointing interim results, he emphatically denied the rumor that the group would sell one of its four branches.He also says do not intend to separate from other assets, after selling its international Hearst magazines.

"Time of markets is not that of the company"

The cash from the sale should be reinvested in the four branches. And it could be used to "reward loyal shareholders," a share buyback or dividend exceptional. Knowing that the action of the group posted a loss of nearly 38% since the beginning of the year. "Our results were disappointing, I can understand that. But the time for financial markets is not the time of the company. To reconcile them, I know of only one strategy: long-term take its course."

Arnaud Lagardère is also planning to acquire "magazines in France." And an update on the group's strategy on the Internet."In our group there was a historical culture of the paper so ingrained that it was difficult to immediately turn the digital. This is clearly a disappointment. Nevertheless, we have a major advantage that our brands are positioned on high the most buoyant segments. This has enabled us to become the third largest Internet group in France. "

To a withdrawal of EADS

It evokes, finally, the future of its partnership with EADS. Lagardère should withdraw from the defense contractor and aerospace program as soon as the Airbus A350 to its subsidiary will be operational. Meanwhile, it reaffirms its commitment to take, as expected, the Chairman of the Board of Directors of EADS in 2012, which should be attributed to a French."When I say I am a candidate is of course because I want to, but because it has been decided and written in 2007 that I will be the nominee," says he.

And he concluded: "In ten years we will own 100% of our assets and will not be clear neither in aeronautics or in the press distribution abroad."

European markets also suffer from renewed concerns about economic growth after the announcement of the first contraction since September 2009 in manufacturing activity in the euro area in August.

At 1:12 p.m., the CAC 40 index fell by 0.94% to 3226.16 points, after opening up 0.5%.Between 19 and 31 August, the benchmark index of the Paris gained almost 8%.

Other major European markets, London drops 0.43%, 1.65% Frankfurt and Milan 1.02%. The pan-European Euro Stoxx 50 index yields 1.05%.

"We see now a risk too high to buy, even if prices are low on action," said analyst Valerie Gastaldy Day By Day which sees two possible solutions to this situation.

FIGURES OF THE USE AS CATALYST US

"Let bleed the market one last time and puts the record straight: all asset classes could find correlations normal and then we could build up a good few weeks.Either we are entering a phase of very high dispersion, with a sector rotation and intra-sectoral difficult to anticipate, "she says.

The monthly figures of employment in the United States, which will be announced Friday, could serve as a catalyst, analysts said.

"If the world's largest economy falters, it will have important consequences for the world because U.S. demand may decrease," says Saxo Bank in a note.

"If the figures show that a recession is less and less feasible, then it is likely that the rebound that began this week to continue over an extended period (…) In addition, speculation on future measures the Fed is going well, "added the facility.

Such measures could ultimately weigh on the dollar, many analysts point out, but for now he earns 0.67% against the euro, one euro was trading against 1.4274 dollars.

Illustration of investor caution, the yield on German government bonds to 10 years is down to around 2.17% against 2.22% over the closing Wednesday.

This evaluation suggests that the hurricane was downgraded to a tropical storm may have caused less damage than feared by insurance professionals.

According EQECAT, the bulk of the damage in both states was recorded in North Carolina, including unusual waves and flooding.

Added compensable damage suffered in the Caribbean, estimated between 300 and 600 million, now estimated EQECAT Irene has so far caused damage of between 500 million and one billion dollars.

This is less than the estimates of the competitor AIR Worldwide, which refers to 1.1 billion damage in the Caribbean region alone.

Estimates of damage to the rest of the United States are expected in Monday.

Although it remains optimistic about the long term, the Fed chief has said that some changes were still troubling.He particularly said that the Fed would meet two days in September, instead of originally planned to study, among other things, the possibility of providing the economy with a new monetary stimulus.

The central bank lowered its growth outlook for the U.S. economy, Bernanke continued, noting that the policy of the central bank had a priority to boost growth, without going into details his intentions.

"It is clear that the recovery after the crisis was much less robust than we had hoped," he said in a speech he was to deliver at the annual meetings of the Fed's Jackson Hole ( Wyoming).

The dollar rose and the stock market increased its losses in reaction to his comments, some stakeholders have hoped for something more clearly in favor of further monetary easing.

"The fundamental growth of the United States appear to have been permanently affected by shocks of the past four years," said Bernanke."The economic recovery will take time and there may be setbacks wipes along the way (…) However, the treatment should not leave large scars."

Bernanke stressed that most of the work to establish a solid foundation supporting growth in the long term was within the White House and Congress.

"The financial stress have been and continue to be an obstacle to the resumption of importance here, as elsewhere," he said."It is difficult to assess how these developments have affected economic activity so far, but it is almost certain that the confidence of households and businesses has been altered and that this poses risks for growth well represented" .

"Small Steps"

The Fed said earlier this month that it would leave close to zero its intervention rate for two more years at least and it was reviewing what steps it might take to further boost growth.

Bernanke has only repeat the last monetary policy statement the Fed after which it examines the choices available and ready to act if necessary.

Some markets have began to hope that it will launch a new wave of quantitative easing (EQ3), having already repurchased 2,300 million of bonds.Many analysts see the Fed act more modestly, for example by reconstructing its asset portfolio to longer maturities.

"Monetary policy must respond to economic changes and, in particular, the prospects for growth and inflation," he said Bernanke, reiterating that lower commodity prices would bring inflation back to 2 % or slightly less, which are the target of the central bank.

In an interview with CNBC is published before Bernanke's speech, Charles Plosser, president of the Philadelphia Fed, said buying more bonds would be of great help to an economy that has grown only 1% in the second quarter, after 0.4% the previous quarter.

Plosser is one of the champions of the fight against inflation in the Fed and had objected to what it decides to inform the market of its intention to let the ultra-low rates for two more years at least.

Some at the Fed raised the possibility of buying more debt to sell long and short instruments, which could generate a downward pressure on long rates even without inflating the balance sheet of the central bank.

Apart from the psychological effect, a decline in long rates might encourage purchases of homes and automobiles, and business investment.

"These are small steps," said John Silvia, economist at Wells Fargo. "This is not the time to forge ahead under full sail."

Some members of the Fed saw no great merit in the attempt to influence long rates."This would not have much effect, we've long been analysts for the show," said Reuters and James Bullard, president of the St. Louis Fed.

ArcelorMittal, the world's largest steel and Peabody, the largest U.S. coal, offered 15.66 Australian dollars per share Macarthur, including dividend, about 3.5 billion euros to get their hands on the giant but pulverized coal it considers the offer inadequate.

The Australian group, which must respond by 1 September, said efforts to find a buyer more generous.

"Macarthur said to be in regular negotiations with a number of interested parties in connection with any alternative proposals which could result in a superior offer to shareholders," the group said in a statement.

The action ended on Wednesday Macarthur 15.80 Australian dollars, up 1.15% but slightly above the proposed $ 15.66, suggesting that investors are skeptical of a cons-offer.

Macarthur posted annual results boosted by higher coal and pulverized by a gain on disposal.The annual net income at the end of June, has almost doubled to 241.4 million Australian dollars.

Excluding items, earnings came out of 142.4 million Australian dollars, against 139.1 million the previous year, while the Thomson Reuters consensus I / B / E / S was 144.6 million.

The second half suffered from production interruptions caused by major floods in the region of Queensland. The group plans to return to normal production in early 2012 at the earliest, around 5 to 5.3 million tonnes per year, and hopes to increase it to 9.2 million tonnes by 2014.