These funds would supplement the effort to prepare to make private creditors of Athens by accepting a discount of at least 50% of their Greek bonds and would the country to reduce its debt to about 120% of its gross domestic product by 2020.

"This is mainly because of the need to recapitalize banks after the Greek private sector participation (in the debt restructuring)," said one source. 

Last October, members of the eurozone pledged to contribute up to EUR 130 billion to help the new plan, designed to take over a first program of bilateral loans of 110 billion euros agreed in May 2010.

While the antitrust authorities in Brussels and the United of States have launched investigations into possible abuse of dominant position of Google, which is the French court on Wednesday pulled out the first conviction for that reason. The reason: the free supply of services Google Maps for businesses. The Commercial Court of Paris ruled on the Internet giant guilty of unfair competition to the detriment of the small French company directory Cartographers and imposed a penalty of 500,000 euros in damages and 15,000 euros in fines. Google announced it would appeal the ruling.

"This will trigger the wrath of all other applications Google"

"It's the end of a fight two years is an unprecedented decision," welcomed Jean-David Scemama, a lawyer for the company directory Cartographers that Google had assigned to court in 2009. According to counsel, "is the first time that Google is condemned for its Google Maps application." "Today, all the market needs to know. Google will not stay on a free market and this will trigger the wrath of all the other Google applications," said the lawyer. And he said, the ruling of the Commercial Court opens way for Google's competitors, large groups, but also to other small SMEs to attack the American and force it to market its services.

The Google Maps service are not those referred to the general public, but those developed for companies that integrate maps on their websites. "The map products created by the company directory Cartographies happen to be very similar to those offered by Google free Google Maps API (or application programming interface)," the court noted in its ruling.

"Since the creation of Google Maps, the group's strategy was to say the markets of search engines, I am in a state of abuse of dominant position, but instead on the rest as the Google Maps, I'm on an isolated market, "said Me Scemama. "But the connection between the two markets, and Google directory mapping was demonstrated by the Commercial Court." It also recognizes that a directory Cartographers "underwent a series of injuries is characterized by an undeniable loss of customer and revenue." The court also added that "the practice of free clearly intended to optimize the marketing terms of targeted ads."

Clearly, Google would seek to eliminate competition by providing free services to companies relatively expensive, in order to further capture maximum publicity.

For its part, Google said on Wednesday France "remain convinced that a mapping tool free, high quality benefits both users and for website owners. Competition in this sector remains real for us, both in France and abroad, "according to a statement from a spokesman.

The court also ordered the publication of the sentence in the daily Wall Street Journal, International Herald Tribune, Le Monde, Le Figaro, La Tribune and Les Echos.

L counsel argues that Google Directory Cartographers "tried to maintain the service until the end, so much that they have tried just before the hearing to change their methods of sale".

The new car registrations fell 7.6% last month to 179,160 units, show statistics released Thursday by the Committee of French Automobile Manufacturers (CCFA).

They were up 2.8% in October, thanks to commercial offers to individuals.

The figures quoted in the November raw data and working day adjusted, in November 2011 that counted as 20 working days in November 2010.

The euro area, you love it or leave it. This was essentially the message from Nicolas Sarkozy and Angela Merkel George Papandreou yesterday evening after a mini-crisis summit in Cannes. French President and German Chancellor had laid their conditions in the referendum decided by the Greek Prime Minister: consultation should not include the bailout of the euro but on the desire to remain or not in the euro area. And it should take place before Christmas.

From that moment, George Papandreou began successive setbacks leading to consider later in the day to withdraw its proposed referendum."One of the benefits for Greece out of the euro area is to default on its debt of 100%, but funding needs remain still very important," Jesus Castillo analysis, an economist at Natixis. Indeed, if it defaulted on its debt unilaterally and not coordinated with its creditors, Greece will be banned for a long time in financial markets. But the Greek public deficit, excluding debt burden, reached another 2.5% of GDP. To provide for turning the machine, the Greek state will have to reduce spending by 3 billion euros.

Moreover, the main losers of a total failure would not be French or German banks, but banks Hellenic, which hold a total of 52 billion Greek bonds, 15% of the debt. But the margin of Greek banks is very limited, if not nonexistent.

The two French car manufacturers have made inventory management a priority in order to avoid ending up in case of weaker demand in the same situation in 2008 when they accumulated levels of 80 to 90 days.

Renault wants to reduce its inventory from 50 to 60 days while the PSA is 60 days of inventory at the end of the year, against 76 days in late June.

"The days not worked must not be seen as heralding a fall in demand is a classic fit two months of the end of the year," said a Reuters spokeswoman for Renault.

She cites as evidence that Douai had experienced longer closures in 2009 and 2010.

"If demand was strong, particularly in France, we would not need to reduce the activity, ask instead how we supply the plants," said one union leader of the group in diamond.

The press reported on Monday and Tuesday as work at the Renault plant in Douai (Nord), which is produced Scenic, stop from Wednesday for nearly a week, while in Sandouville (Seine-Maritime) , Flins (Yvelines) and Novo Mesto (Slovenia), the teams would make the bridge from November 1.

In contrast, sites of Maubeuge (Nord) and Batilly (Moselle), respectively, out of which the utilities Kangoo and Master, are not affected by such measures.

Unlike the real short time, the teams concerned retain their full salary, as in the automotive sector, the "days not worked" are drawn from a capital established at time of peak activity.

EUROPEAN MARKET MORE UNCERTAIN

PSA Peugeot Citroën has set up its part of short days on several sites, and up to a week of closing the plant in Aulnay-sous-Bois (Seine-Saint-Denis) is produced when the Citroen C3.

PSA also suspend production at its plant in Slovakia to the end and mid-November, a decision in this case attributed to lower orders in Europe.

"Apart from Aulnay and Trnava (Slovakia), on the other sites it comes to fine tuning," said a spokesman for SAP.

Plants Aulnay and Trnava are both specialized in small cars, the most affected by the end of scrappage. The Slovak site, the 207 reaches the end of life as her replacement, the 208 will be unveiled to the public next month.

The chief executive of the group, Philippe Varin, warned in September that the European market had become more uncertain in the climate of sovereign debt crisis.He added that if nothing appeared again in the order books, we had to prepare for more difficult times.

PSA and Renault expect a slight relapse of the French automotive market in 2011 and 2012, and an overall stable European market on each of two years. Both manufacturers will release their sales for the third quarter Wednesday and Thursday respectively.

At a meeting of European finance ministers on Saturday, the president of the new European Banking Authority (BEA) said the country under aid program accounted for 38% of the overall deficit in the European banking system capital, it was estimated at 110 billion euros, it was told Reuters.

Another source confirmed the European project to include 46 billion pledged by the European Union and the International Monetary Fund for Ireland, Greece and Portugal for their banks, part of which has already been paid in this recapitalization plan.

"All the needs of banks of all countries in assistance is taken into account," it was said.

The subject has yet to be discussed again before the EU summit scheduled for Wednesday but the markets, who want to see European banks have as much capital to withstand the current crisis could react badly to such ads.

It would also have the effect of a large share of the burden of the recapitalization of banks Spanish, Italian and French, which, according to one source, account for 45% of the capital needs identified in the EU in recent inspections.

"The problem is that when you view the numbers shock, it is believed that the money is there," said one source, referring to the reluctance of European central bankers to publicly display the goals of recapitalization."But governments have no money," says one.

At Saturday's meeting, the ministers prepared a document delivered Sunday to Heads of State and Government with options for banks to grant new state guarantees to facilitate their search for financing in markets very tight.

Among the models examined, which will complement the movement of recapitalization, one that would be to coordinate government guarantees under the auspices of the ABE, has a good chance of being approved.

"At this stage, the preferred model", it was insured.

The trade balance posted a deficit of 45.61 billion dollars, while the market was expecting a hole of 45.8 billion.

In July, the deficit eventually amounted to 45.63 billion (44.81 billion in the first estimate).

Exports were down 0.1% from July to 177.61 billion dollars while imports remained unchanged at 223.22 billion dollars.

The United States has accused a record trade deficit in relation to China, to 28.96 billion dollars against 26.96 billion the previous month.

In the morning, China announced that its trade surplus had declined in September for the second consecutive month, a statistic that reflects the weakness of the global economy and the slowdown in China itself, thus being factor decline in world stock markets.

"The cost of support for the Belgian Dexia is not insignificant, and highlights a weakness of the note of Belgium, including a large banking and financial commitment that implies for the state," said Douglas Renwick, one of the leaders of the team responsible for Fitch's sovereign ratings, told Reuters in an email.

Monday morning, Standard and Poor's and Moody's confirmed or repeated Monday that they give full marks to the French public debt and its stable outlook, hours after the announcement of the public bailout of Franco-Belgian bank Dexia.

This plan includes 90 billion of government guarantees to ensure the financing needs of the public entity that will remain after decommissioning. Belgium will provide 60.5% of these guarantees, against 36.5% in France, the remainder returning to Luxembourg.

Suspended since Thursday, Dexia shares plummeted to its resumption of trading at 14.30, losing up to 36% before recovering an hour later to earn 8.88% to 0.92 euro. She eventually finished down 4.73% to 0.805 euro.At its highest in late May 2007, the action was still worth 22.56 euros.

Maria Malas-Mroueh, who is also one of the leaders of sovereign ratings, said that 36.5% of 90 billion of guarantees accounted for at most 1.6% of French GDP."For Fitch, Dexia exposure is small compared to the French GDP and it is not in itself a significant risk to the French note," she said in an email.

This view is shared by Moody's which held that the dismantling of Dexia would, for now, no impact on credit ratings of France.

Some concern weighing on the credit rating due to a share of the debt of France and also the country's banks' exposure to debt in the euro area device.

Second largest economy in the euro zone, France is the country whose deficit and debt are the highest in six countries in the euro area still rated AAA.

For the presidency of the last Board of Governors of the ECB, Jean-Claude Trichet, however, disappointed part of the market hoping the announcement of a rate cut by the end of the year as the economy slows and the Bank of England injected 75 billion for his part in pounds sterling (86 billion euros) in cash.

The CAC 40 index ended up 3.41% to 3075.37 points, following a rebound of 4.33%.Other major European markets, London was up 3.71%, 3.15% Frankfurt and Milan to 3.55%. The pan-European Euro Stoxx 50 index rose 3.18%.

"While the speech of Jean-Claude Trichet has disappointed some investors but remains on a positive note and not only to the ECB to intervene to improve the current situation," said Bertrand Lamielle, Director of Management mandated at B * capital.

INVESTORS MORE OPTIMISTIC

"Some had anticipated a rate cut and an increase in the size of EFSF (European Financial Stability), it was not the case.But we must remember that the mandate of the ECB is not the same as the Fed, and that it focuses only on inflation, which is why it has kept its rates unchanged, "he adds .

As before, the cyclical and financial stocks helped support the trend. The automotive sector grew by 4.3% and the construction of 4.04%.

Stoxx index of European banks has provided 4.18% and 5.08% of the insurers, the European Commission has announced that it would propose a coordinated action to recapitalize banks.

However, Dexia has also marked the session, the title having been suspended in the afternoon at the request of the Belgian authorities when he fell over 17%.Belgian regulators have indicated they wanted more details on the ongoing negotiations on the takeover of the Luxembourg subsidiary of Dexia in Luxembourg.

Except for the difficulties faced by the Franco-Belgian bank, investors want more optimistic about the European situation, as illustrated by the award of Spanish debt carried at rates much lower than this summer when the fears were strong to see the country contaminated by the debt crisis in the eurozone.

The yield on government bonds to 10 years is Spanish and dropped below 5% in session before recovering to 5.01% against 5.092% at the close Wednesday, while the Bund yield the same maturity is 1 , 95%, against 1.84% yesterday and nearly 1.72% on Tuesday.

Similarly, the euro was up 0.64% against the greenback at 1.3422 dollar.

This is the lowest closing price of Brent in seven and a half months.

Shortly before, a barrel of U.S. light crude had ended down $ 1.59, or 2.01% to 77.61 dollars.