"The bond purchase program dismantles market discipline without establishing a discipline policy in place," write the "Wise Men" German in a report released Wednesday.

Blurring the fiscal and monetary policies, "the ECB endangers its credibility because it may be suspected to monetize sovereign debt," they write.It previously projected 1.8% and 3% respectively.

Economic advisers plan for next year export growth of 3.2% and unemployment down to 6.9% against 7.1% in 2011.

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.

The Italian government said Wednesday in a statement the convening of an extraordinary cabinet meeting Wednesday to 20h to adopt anti-crisis measures before the G20 summit on Thursday. "The cabinet is convened today at 20h," said the presidency in a news brief in giving details of the proposed measures.

The Minister of Transport and Infrastructure, Matteoli, said the Cabinet would adopt a decree containing 'urgent measures' among those promised last week by the prime minister Silvio Berlusconi to its European partners.Berlusconi insists on arriving Thursday at the G20 in Cannes with a first set of measures to boost growth and reduce the huge debt of 1.900 billion euro (about 120% of GDP), to bring it to the immune to the contagion of debt crisis.

According to Italian media, the measures envisaged by the Government on such disposals of public assets, reforming the labor market, a recovery plan South disadvantage, infrastructure, liberalization of professions or simplified administration. But other measures "shock" would not be excluded as a small wealth tax or a tax point of current accounts.

Europe is the threshold of a decisive week that will culminate with a summit of its leaders on October 23, where they plan to give a blow to a debt crisis that has lasted almost two years and threatens their common currency but also the global economy.Following a meeting Saturday in Paris with his G20 counterparts, the French Minister of Finance Baroin promised the rest of the world, worried about a financial tsunami, the Europeans would make October 23 an answer "decisive "to the debt crisis, both" comprehensive and lasting. "

Since the beginning of the turmoil in late 2009 in Greece, the fire has continued to spread in the euro area. Often divided on how to proceed, European leaders have most often plug the holes that never make a convincing answer. After multiple missed appointments – the decisions taken at a previous summit on July 21 are still not in place – this time they intend to operate a turning point.

The idea is to present a set of steps to the top of the top twenty rich and emerging countries (G20) on 3 and 4 November in Cannes.Objectives: stopgap stabilizing Greece will receive a loan vital to 8 billion euros, strengthening the firewall finance in the euro area to prevent Spain and Italy will follow suit – which would doom the euro – bail out weak banks and improve governance of the monetary union.

The Europeans plan contains "appropriate elements" and "encouraging things," Saturday welcomed the U.S. Treasury Secretary Timothy Geithner, who with President Barack Obama has stepped up pressure in recent weeks. Why Europe must decide on several issues.Prior to the summit of 23 October, preparatory meetings of finance ministers are scheduled Friday and Saturday as the task is immense.

What discount on Greek debt?

Among the key issues: the percentage of Greek debt that creditors will have to give up the degree of recapitalization of banks to absorb the shock or the arrangements to enhance the firepower of the Relief Fund of the euro (EFSF) via a "leverage". In detail, the figure of 21% "haircut" for holders of Greek debt, decided July 21, is now obsolete and considered the percentage may reach up to 50% now, according to a European government. Problem: you have to reach a negotiated solution with the banks at present are praying.To address the risk of default Greek, European Commission President Jose Manuel Barroso, also announced he would propose a recapitalization of banks so that their own funds "hard" reach 9%.

And the leader of the Eurogroup Jean-Claude Juncker even considered to force the banks that do not play the game to contribute more to the debt relief of Athens. It will also expand the capacity of intervention of the EFSF, beyond what was already decided in July and approved this week by Slovakia, the last country the green light was still pending. The option to leverage its efforts by making it grants not loans, but guarantees to holders of debt seems fragile hold the rope, according to European sources.An alternative, favored by France, which would be transformed into the EFSF bank to borrow from the European Central Bank, seems ruled out because it violates the EU treaty.

The euro crisis has also reinforced the urgency of a paradoxically greater integration of driving the euro area. The subject will also be discussed at the summit. Under the anxious eyes of the European Commission which fears being marginalized, Paris and Berlin want to give more backbone in the Monetary Union with peaks at least twice a year of its leaders under the leadership of Herman Van Rompuy, which chairs have those of any European Union.It is also about strengthening fiscal discipline, creating a position of "super-commissioner" European dedicated to this task, or to place trust countries formal budgetary difficulty or to allow the European Court of Justice to punish States too lax.

Former director of cabinet of Nicolas Sarkozy during his visit to the Department of Budget from 1993 to 1995, Pierre Mariani, however, has worked hard over the last three years by taking the uniform fire to extinguish the fire and Dexia lead a restructuring forced march.

"Mariani is a very fast," said a banker close to Dexia in Paris on condition of anonymity.

"Professionally he is a fairly effective and very familiar with his subjects," recalls a former associate who declined to be named. "Humanly by cons is not always obvious. It is hard enough with his team."

Yet some wonder now if not just too late to restructure Dexia staying too long in a position of crisis management, even if not necessarily liable for the current situation.

"Mr. Mariani is a fireman," said Michel de Herde and for the Budget of Schaerbeek, Brussels and a joint shareholder of Dexia."He fought hard but failed to escape the flames."

Others accuse him an authoritarian style that led to the departure of several senior bank officials, such as Stefaan Decraene, the Chairman of the Management Board of Dexia Bank Belgium, last month.

AFTER NEGOTIATIONS WITH BRUSSELS

In 2010, after months of tough negotiations with the European Commission, there is no exception, with his right arm Alexandre Joly, the weight loss abroad imposed by Brussels in return for aid received during the financial crisis .But the two men managed to save some furniture.

If Dexia undertakes to sell certain subsidiaries of the bank abroad, including Spain, Italy and Slovakia, however, the bank saves its Turkish subsidiary Denizbank considered the "nugget" of the bank.

Pierre Mariani will recognize later that the party was far from over.

Fort recovery accounts in 2009, the Group CEO opposes any subsequent split of the Franco-Belgian bank even if it is given in the wings behind rumors of merger with other banks, late as 2008 with the Postal Bank with which Dexia has an agreement for funding.

However, the debt crisis in the euro area continues to worsen.The Management Board of Dexia has no choice but to accelerate disposals last spring in its portfolio of toxic assets.

Eventually the bank will sign the second quarter of 2011 the heaviest loss in its history with a net loss of four billion euros.

But nothing works.With the crisis and tensions in the interbank market, Dexia sees its liquidity situation deteriorate, leading the bank in a bind.

RUMORS OF DEPARTURE

Pierre Mariani, who had set out to reduce the size of Dexia's balance sheet, however, had tried last year to convince markets of the ability of the bank to remain independent and living independently at the cost of a radical refocusing its activities in retail banking based on the Belgian and Turkish.

But analysts also had several occasions to question his real commitment to stay in control of Dexia.

In 2010, the press and echoed rumors that he could have replaced Claude Gueant as Secretary General of the Elysee.

The rumor also gave it as a possible successor as CEO Baudouin Prot, BNP Paribas in place of any dolphin named Jean-Laurent Bonnafé.

Born in 1957 in Rabat, Morocco, the man knows the house where he led retail banking abroad before moving Dexia.

A graduate of HEC, technocrat and inspector of finance, he joined the bank in the rue d'Antin in 1996 after starting his career in senior management.

He then played a leading role in the acquisition of the Italian BNL, the first major foreign network acquired by BNP Paribas in 2006.

But then he had to give way to Jean-Laurent Bonnafé, then head of the network in France which, after assuring the successful integration of BNL, has been promoted to chief operating officer of the group.

In case of extraordinary event, the public support mechanism used in France in 2008 is in place, says Christian Noyer, a member of the Board of Governors of the European Central Bank (ECB).

Several major banks in the world, including major French institutions, saw their market value melted in recent weeks as fears grew of deepening crisis of public debts in the euro area.

"There is no plan.And besides we do not need, "said Christian Noyer, when asked about a possible support mechanism examined by the French authorities.

"The only thing that exists is the mechanism 2008 of a public company may purchase securities in the capital of banks if they express a need," he says.

"So if there was an extraordinary event, this mechanism is in place."

To address the financial crisis following the collapse of U.S. bank Lehman Brothers, the French government established in the fall of 2008 a plan to help the banking sector by mobilizing a budget of 360 billion euros, including 40 billion to build equity and 320 billion to help banks refinance themselves via the Company's financing of the French economy (SFEF).

Christian Noyer said he has asked banks to speed up the process of strengthening their capital of schedule III of Basel, the international agreement designed to make banks more resilient."They will be ready by 2013," he said.

French banks "are very strong," repeated the governor of the Banque de France, "none cache of toxic assets."

"We know they can cope with risk less than a Greek half of profits," he says. "For other countries such as Italy, the risk seems totally excluded."

"We can say that we are, with respect to the positions of French banks that have positions in Greece, that one is over 90% of the agreement, which is considerable," he said to the press.

Baroin, speaking after a meeting of EU finance ministers in Wroclaw, Poland, also indicated that there were still "some time" to raise the number of participating banks European awaited by Athens at least 90%.

Several sources had earlier told Reuters that participation stood at present to around 75% of existing claims.

Around 13:00, the CAC 40 index 1.48% to 3135.26 took points, after losing up to 2.3% in the morning.

"The psychological threshold of 3,000 points held in large volumes (Yesterday, Ed).A technical rebound from a few sessions to 3,234 points or 3,300 points is likely (…)", commented in a note Alexander the Drogoff, technical analyst at Aurel-BGC.

After the decision of the Financial Markets Authority (AMF) to prohibit short selling on a dozen financial stocks, Societe Generale takes 1.3% (while losing 5.5% in early trading) and BNP Paribas gained 1.23% (after losing up to 4.5% in morning).

Stoxx index of European banking wins 2.15%. It yielded 1.6% in the morning.

Other major European markets, London was up 1.33%, 1.55% Frankfurt and Milan by 1.79%.The pan-European Euro Stoxx 50 index 1.67% advance.

"The recovery is possible in Europe, but it will only be sustainable if the volatility down fast enough," warns Valerie Gastaldy However, an analyst at Day By Day graphic.

The volatility index-New Dax was down 4.6%. This leaves the level that was hers in March 2009.

In the bond market, all the 10-year rate in the euro area relax as investors seek the safety of government bonds.

The sovereign bond issued in 10 years by France rose in the morning to below 3% for the first time since November 2010.

The movement continues unabated. Last Saturday, more than 100,000 demonstrators marched to shouts of "the people demand social justice" in Tel Aviv and several other Israeli cities. It is the largest social movement in Israel in four decades. Religious and secular, Jews and Arabs, members of the Likud and the Labour Party … The whole middle class is united in protest against the rising cost of living, the result of a market controlled by a few families . And every day, the movement is growing.Latest to join the protest, the taxi drivers came Thursday. The adoption by Parliament Wednesday a law on housing by the government has not met the protesters calling for a mass demonstration on Saturday in Tel Aviv after the sanctity of the Sabbath rest. This is probably the moment of truth for the "revolt of the tents," launched in mid-July.

Click here to find the slide of the Express. Fr

Swiss prices for wages Greek

It all started with the cheese. While the price of the basic ingredient of Israeli breakfast is climbing, a boycott on Facebook in June was successful: the government has asked milk producers to lower their prices. Building on this success, the boycott was extended to other products such as diapers, cereals and olive oil.In fact, the Israelis are facing high inflation, which is expected to grow 4% this year and forcing the central bank to raise interest rates 10 times since 2009.

Result, the Israelis spend each month two to three times more than people in developed countries, while revenues are lower, according to a study of daily Globes, cited by Slate. Even chains like Gap and H & M sells 15 to 30% more expensive than elsewhere in Israel, according to The Jerusalem Post.But if the price increase should slow down to below 3% over the next two years, the electricity should continue to burn because of the problems of supply of Egyptian natural gas.

Unaffordable housing

If the grumbling began with consumer products, the focus shifted in July to housing prices, when a student has pitched his tent in the center of Tel Aviv to proclaim his distress face high rents. His initiative has spread like wildfire, so much so that today there are tent camps in most cities.

For the stone blazes in Israel. In one year, prices rose by 32% in Tel Aviv (64% since 2008), and 17% in Jerusalem, a trend that is reflected across the country and bar the access of young couples to property, their wages stagnant.That, while there is a park of 150,000 unoccupied dwellings whose owners are often foreign Jews. Rents are to match, a family apartment easily reaching NIS 5,000 (1,000 euros) per month, or more than the minimum monthly wage, which has been revalued to 4100 shekels (820 euros).

How to explain the shortage of housing? If the demonstrators are reluctant to highlight the thorny issue of subsidy for housing in the occupied West Bank, it is clear that this policy was at the expense of real estate projects in Israel. A report by the Israeli Peace Now, 15% of the national budget of the construction is dedicated to the development of settlements in the West Bank, while the territory has only 4% of the Israeli population.

Increasing inequality in a growing economy

The paradox is that the Israeli economy is doing well. Since 2004, the growth rate of the nation start-ups and high tech is 4.5%. In addition, the country can boast of having escaped the financial crisis in 2008 thanks to a strict banking regulation credits. This year, growth should be 4.8% and unemployment fell to 6%, its lowest in 20 years.

Beyond the rising cost of living, the protest is therefore more generally on the concentration of the national wealth in the hands of a small class and the aggravation of social inequalities. A recent study by the Bank of Israel, eighteen families and individuals alone control companies that generate half of GDP.These family groups as NOHI Dankner (insurance, airlines, supermarkets, mobile phones, television), Lev Leviev (diamonds, real estate, television, fuel), Shari Arison (banks, highways, real estate).

On the other side of the social ladder, the middle class continues to become poor. An official study published in November estimated that nearly a quarter the percentage of Israelis living below the poverty line in 2009, an average monthly income of less than 3,630 shekels (740 euros). Involved, drastic neoliberal reforms carried out since 2003 by the Minister of Finance Benjamin Netanyahu, with the key to a sharp drop in taxes, the overhaul of the pension system and health insurance, privatization of certain public and most massive cuts in public spending and particularly in the allocations.What draw a line under the socialist model and egalitarian kibbutz pioneers.

While these reforms have helped the country out of recession caused by the bursting of the high tech of 2000, but they have plunged many families into poverty. This is why the protesters up in arms today against "savage capitalism", in charge of growing inequality but also the degradation of public services, particularly in the field of health and education. Thousands of doctors, on strike for over three months, such as pat denounce the lack of doctors in the public system and low wages. And thousands of mothers took to the streets Thursday by pushing their prams to speak out against the cost of registration "abusive" in private kindergartens.

If Schneider Electric continues its annual target organic growth of between 6 and 9% over the year, there is now an operating margin of 15% in the bottom of the range of 15 to 15.5% originally announced.

The surge in raw materials is one of the main negative factors weighing on the group.

"Their effect has never been so hard on our accounts," said Jean-Pascal Tricoire daily, adding that initially the group provided a negative impact of 250 million euros for the full year 2011.

"Ultimately, it is the impact we've had for the first half alone, and we now expect an effect close to 400 million over the year," admitted the manager who promised efforts to better understand these fluctuations.

"We will better manage the impact on some big projects and we were able to pass some of this inflation in our prices, but it will be mostly on the second half of the year," he said.

Logistical disruptions that followed the tsunami in Japan also had a negative impact.

"The stockpiling was unusual to have a financial impact of € 300 million on our cash, we reverse the second half," further stated Jean-Pascal Tricoire.

Schneider recorded organic growth of 10.2% in the first half of 2011 and operating profit came out up 14% in absolute value in the first six months of the year.

The activity "Solutions" group and the strong growth in emerging countries are the main drivers of the business group, said the leader.

Schneider published Friday in the morning its official results of the first half.

The specialist electrical equipment and automation has made several acquisitions in 2011 such as the Brazilian and Chinese Leader Steck Harvest Power Technologies and has launched a 1.4 billion euros for the Spanish Telvent.

Jean-Pascal Tricoire said want to focus in the second half of the year on the integration of acquired companies and not to aim for very large operations.

"We continue to have a very strong preference for small and medium sized acquisitions," he said.

The leader has repeatedly tried since the beginning of the year cut short the rumors of interest in the American Tyco, speculation which had lost nearly 10% in group action in a week. On the front of divestitures, are persistent rumors about a possible sale of its sensors, grouped today in the entity CST (Custom Sensors & Technology), an entity valued at around one billion dollars.