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.

Germany was sought on all sides Friday to find a solution to the crisis of the euro which extends dangerously threatening the most stable countries in the area, with a visit by British Prime Minister in Berlin and a call from Japan to act. European shares opened lower in the wake of Wall Street the day before and the Tokyo Stock Exchange, also sharply lower at the close Friday (-1.23%). "Markets should be penalized again by fears about the contagion of the crisis of sovereign debt," analysts have estimated the Saxo Bank.Chancellor Angela Merkel refuses steadfastly calls to relax the policy of the ECB to let him play the role of lender of last resort to the Europeans the most indebted. According to many economists, this calm speculation about the debt of European countries, which are dangerously increase the cost of borrowing. But it is considered unthinkable in Germany, viscerally attached to the independence of the European Central Bank, for fear of inflation. By receiving early afternoon British Prime Minister David Cameron supports greater involvement of the ECB, Merkel should renew his calls for fiscal discipline and structural reforms in the countries affected by the crisis.

Already recapitalized in 2008 to 6 billion euros not the French public authorities, Belgian and Luxembourg, Dexia announced the beginning of October a new rescue plan led by the three countries.

The Prudential Control Authority (ACP) has sent two letters to Dexia Credit Local in the summer of 2010, copies of which were sent Thursday to Reuters by Georges Gilkinet, MP Belgian French-speaking Green party Ecolo.

"The College (CPA) found that the liquidity position of DCL, which does not comply with the regulations to the deadline of 30 June 2010 and also presents the risk of deterioration was particularly fragile," writing to the regulator DCL August 16, 2010.

"Under these conditions, it intends to place the institution under special supervision."

More detail in a letter sent Sept. 17, 2010, the CPA advanced many shortcomings in the management of Dexia Credit Local.

"In general, DCL is not or has not been always able to accurately determine the parameters of risk instruments markets," it said in the second post.

"The efforts of DCL and Dexia since late 2008 to address the weaknesses identified by internal audit group and this inspection mission are still insufficient to significantly reduce the risks, including counterparty and liquidity, and comply with prudential regulations and accounting, "the governor continued.

CONTROL OPERATIONS failing markets

He also noted the lack of control of Dexia Credit Local of its foreign subsidiaries' consolidated supervision of market transactions was deficient at the time of the survey, DCL not knowing the transactions initiated by its major subsidiaries including Spanish and German."

For the ACP, Dexia Credit Local had failed to mid-2010 to regain control of the risks taken by its various subsidiaries after its first rescue in 2008.

"This situation, similar to that already encountered in 2008 on the activities of the Slovak subsidiary, is not admissible in view of the notional amounts involved and the risks involved," he is also indicated in the report, in which the ACP doubt on the ability of Dexia to "effectively control the activities of its subsidiaries and branches."

A spokesman for the Prudential Control Authority declined to comment.

"This is a report on the consequences of the first banking crisis, we can not correct the story in a snap," Pierre Mariani defended himself in the newspaper De Standaard Dutch, noting that 'no sanctions had been taken against DCL.

A Dexia spokesman declined to comment further.

Dexia has given Thursday launched the final phase of its dismantling by validating the sale of subsidiaries whose Franco-Belgian bank must dispose as part of its rescue plan October 10.

First victim of bank scale of the crisis of sovereign debt in the euro area, Dexia should exist only as a holding company listed in Brussels which will combine the activities of financial services to the public sector in France, Spain, Italy and Germany.

Recapitalized on the basis of 9.9 euros per share in 2008, the Dexia share is worth more today than 0.61 euro. She lost three quarters of its value since the beginning of the year after falling nearly 39% in 2010.

But if the decision of the rating agency to assess the stable outlook of the French financial risk rating to weigh on confidence vis-à-vis the currency area in the coming weeks, there is little chance that the risks associated materialize in the short term.

As for the long term, permanent mechanism for stability, which could take effect in July 2012, will shield the single currency which will have a solid capital structure and legal personality, making it impervious to turmoil on the notes of the national constituent countries.

Moody's justified its decision Monday night focusing on the risks to French growth and the potential costs of bank recapitalization and support to troubled countries in the euro area.

The news comes at the worst time when the leaders of the euro area, meeting Sunday in Brussels to agree on a strategy for Greece and their banks, already suffering from a lack of confidence from investors after almost two years of delay and 14 peaks that have failed to stem the crisis in Greece.

The risk premium associated with the French bonds jumped to a record since the inception of the euro after this warning, which now places a sword of Damocles over the Franco-German couple, the backbone of the currency area and the ultimate guarantor its stability.

Franco-German

The consequences could be felt this week and affect the contours of the European plan to reduce Greece's debt consistently, reinforcing the strength of the euro area banks by recapitalizing and maximize "the firepower of the fund to support the euro area (EFSF) by using leverage.

"The French are clearly vulnerable.It becomes difficult for them to talk on equal terms with Angela Merkel in terms of spreads (the spread between yields on French and German-Ed), "said Ludovic Subran, chief economist at Euler Hermes.

Philippe Waechter, director of economic research at Natixis Asset Management, for its part considers that the new could curb the ability of Europeans to use the EFSF to relieve the ECB in resolving the crisis.

"It's true (that announcements by Moody's) can weaken the EFSF, debts are guaranteed by France to the tune of 158 billion euros, which is significant.It could create a doubt, "he says.

As for Alex Koagne, an analyst at Natixis bank, it is estimated that the bank recapitalization component that is affected first.

"The message from Moody's equivalent to saying that France can not help its banking sector.It's a way of saying: 'If your bank should be recapitalized, they will do in the markets,' "he said.

CALENDAR

Beyond the impact on trust, risk, however, are limited in the short term.

The "multiplier" of EFSF, which could be decided on Sunday, will have no impact on the sovereign ratings of countries in the euro area and could increase the response capacity of the fund to some 2,000 billion euros in guarantees, which does not weigh on the public accounts.

The recapitalization of banks should in turn be primarily via internal reserves and facilities through the market, with limited impact on finances.

Above all, the European Stability Mechanism (MES) could start operating sooner than expected

Legal personality of international institution and its 500 billion euros in capital, which can be more easily "multiplied", will make it impervious to changes in national sovereign debt notes.

The date is now planned on 1 July 2012 but some call for further accelerate this timetable.

Moody's has on its side no plans to go as fast and was given three months to choose whether or not the French note on negative outlook, before eventually withdrawing its maximum score within two years.

Production increased by 0.2% the previous month, according to the expectations of economists polled by Reuters and after remaining unchanged in August. (Revised from an initial estimate showing an increase of 0.2% in August.)

Production in the utilities fell 1.8% last month.She fell 2.9% in August after the July heat wave that had boosted the use of air conditioners.

The rate of capacity utilization rose to 77.4% against 77.3% (revised from 77.4%) the previous month. (Reuters: 77.5%).

The Greek Secretary of State at the Ministry of Finance, Ilias Plaskovitis, will meet next week the Swiss government officials to advance an agreement between the two countries on the Greek capital flight, said Friday the Minister Evangelos Venizelos. "The Greek government is negotiating with the Government of the Federation Helvetic to develop a model agreement on the Swiss-German-Swiss or helvéto so that Greece can have the tax revenues of the Greeks deposits in Swiss banks," Venizelos said in Parliament during a debate on this subject.

"Mr.Plaskovitis will meet next week in Switzerland Swiss officials on this issue, "said the minister who hopes that" this agreement is ready by the next day. "" We need the Greek parliament is ready to accept such an agreement as did Germany and the UK, "said the minister. The Greek Socialist government has launched several months in a fight against tax evasion, but without much success so far.

"In 2009, capital flight amounted to 5.4 billion euros, 4.9 billion relate only 8,667 Greeks, including 42% say less than 20,000 euros in revenues," said Mr. Venizelos. The Minister reiterated that "tax evasion was a national crime, a national disaster" and described as "Kafkaesque" procedures for fiscal control.

He pledged to publish next week the names of taxpayers who have large debts vis-à-vis the state to force them to pay. "We have identified those who need more than one million euros to the state and we have requested assistance from private companies to collect these debts in cooperation with the tax officers," the minister said adding that " 15,000 individuals and companies need 37 billion euros, of which 32 billion are due by companies. " According to experts, Greek banks suffer from a significant lack of liquidity and considerable leakage of capital, totaled 70 billion euros since 2010.

Originally scheduled for Saturday afternoon, a decisive meeting of the board of the group was delayed until Sunday to give negotiators more time.

Belgian Prime Minister in charge of current affairs, Yves Leterme held talks in the morning by telephone with the head of the French government said on around him, while advisors from both countries met in Paris.

The finance ministers of both countries, Baroin and Didier Reynders, should discuss the matter later in the day, sources said in Brussels, which could take an inter-Belgian.

No comments could be reached immediately on the case in Paris.

The rating agency Moody's has increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 by explaining kingdom under surveillance will include assessing the costs and liabilities that the state could play in supporting Dexia.

The dismantling of the group could indeed go through a nationalization of the Belgian branch, Dexia Bank Belgium (DBB), which specializes in bank deposits.

One solution put forward in recent days by the interim government in Brussels but which opposed the three Belgian regions, which owns 5.7% of the group and who wish to retain a role in financing local governments.

Both sides, however, are closer to a compromise in recent hours, officials said a source familiar with the matter.

The Belgian daily L'Echo reported previously that the nationalization of DBB may be followed by a holding areas at a future capital increase of DBB.

LOAD difficult to allocate

The Echo adds, however, that the track of a redemption of DBB by a foreign bank is being considered and said that several institutions have expressed interest, including Deutsche Bank, Rabobank, Crédit Mutuel and BBVA.

Another key point of discussion: the distribution of the financial burden of dismantling between Belgium and France, whose participation combined with that of the Caisse des Depots (CDC) is around 25%.

Yves Leterme and Didier Reynders warned Thursday the French government that Belgium would not only burden.

The two countries should agree on such funding guarantees to provide for the financing necessary for the liquidation phase of a bond portfolio valued at 95 billion euros.

According to L'Echo, France keen to maintain its AAA rating, "defends a 60/40 split or 65/35" instead of the theoretical equilibrium 50-50 on the basis of the current distribution of capital."Belgium is not hostile," the daily.

Friday, François Fillon announced that the Deposit would release three billion euros to finance the French local authorities until a new entity formed by the Deposit and Consignment Office (CDC) and the Postal Bank takes over Dexia.

Before the board of directors of Dexia, Nicolas Sarkozy at the Elysee Palace has received the Director General of the International Monetary Fund, Christine Lagarde. It did not comment after the meeting.

The French president is scheduled to visit Sunday in Berlin for talks and a working dinner with Chancellor Angela Merkel before the summit of the euro area of ​​17 and 18 October and the G20 in Cannes on 3 and 4 November.A bilateral meeting during which the larger issue of the recapitalization of banks in Europe should be addressed.

François Hollande is widely considered more credible than its rival in the primary Martine Aubry on economic issues, according to a BVA poll showed that these two socialist leaders outweigh Nicolas Sarkozy to manage the crisis.

According to this opinion poll conducted for BFMTV BFM Challenge.fr and Business, published Wednesday, before the last debate between six candidates broadcasting the primary member for Corrèze is considered much more credible than the mayor of Lille for growth economic (60% against 22% and 18% not ruling).

Ditto for the debt (59% against 23% and 18% NSQ), taxes (55% against 27% and 18% Aubry NSP) and the purchasing power (50% to him 32% to her, 18% undecided). Domination yet Mr. Holland to the fight against unemployment (48% against 34% in Aubry (18% NSP).

The latter prevails, however, by 45% against 37% (18% NSP) regarding the fight against poverty and insecurity. If a financial crisis "of the magnitude of 2008" is declared, the French are much more confidence to deal with, the two socialist leaders as outgoing president: 54% Netherlands, 39% against Sarkozy (7% DK), 50% against 42% Aubry Sarkozy (8% DK).

A huge majority, the French are "somewhat less confident" in September to face the economic situation: 82% against 17% of an opposite view. There were only 65% ​​rather less confident about a month ago.

Survey by telephone and internet on 29 and 30 September 1215 from people aged 15 and over (representative sample, quota method).

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.