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).

Greek Prime Minister George Papandreou would meet with French President Nicolas Sarkozy in Paris on Friday to discuss the plan to end the crisis, said on Thursday a source close to the case in Athens. France is one of the main funders of Greece, with Germany, which was Tuesday Papandreou, who met with Chancellor Angela Merkel. The Chancellor said it was awaiting the findings of the audit conducted by the troika of the country's creditors, representatives of the EU, the ECB and IMF, who arrived Thursday in Athens to whether there should or not renegotiate the terms of the second international aid plan decided on July 21 in Brussels by the euro area.

"Should we renegotiate, or not renegotiate? We would prefer of course that the figures remain unchanged, but I can not predict (the outcome of) the troika," said German Chancellor Wednesday in an interview with Greek state television NET . "We were obviously disappointed that apparently the numbers (the Greek budget deficit, Ed) in September were not as they should be. So we must wait and see what conclusions the troika arrives, the mission experts, what it tells us, "said Merkel.

For its part, the French Minister of Economy, Baroin said Wednesday evening that there was "no alternative" to the background, being ratified in several countries in Europe. "We have a plan" and "yes, France will continue to support the strategy of support" to a partner in the euro area, saidBaroin to the public television channel France 2. "This is the only strategy," he said. "There is no alternative to the declination of the agreement of July 21" and "there is no alternative to the implementation" of the European emergency fund, the EFSF, he said.

The plan, according to the French minister, will "ensure and support measures over time and measures to prevent contagion in large countries such as Spain and Italy." The European Agreement of 21 July expanded the toolbox of EFSF, which was established in 2010 to help countries in financial difficulty.It provides support some 160 billion euros to Greece to avoid bankruptcy, and most importantly, for the first time, the involvement of private banks in the rescue process, which agreed to voluntarily participate in an exchange program bonds when they lose 21% of their implementation, to avoid losing everything in case of bankruptcy of the country. Heads of Mission of the troika comprising the three main creditors of the countries (EU, IMF and ECB) are scheduled to resume Thursday in Athens their audit of the accounts of Greece after almost a month break.

President Barack Obama said Monday, Sept. 19 that the richest Americans and corporations should pay their "fair share" of taxes, with a plan to further reduce the deficit of 3.000 billion over ten years.

"We can not get out of this abyss only by reducing spending," Obama said in a speech in the Rose Garden of the White House."It is normal that we ask everyone to pay their fair share," added the president, the plan would be funded half by an increase in taxes for the rich.

The tax "Buffett", named after the investor Warren Buffett who proposed, would cover taxpayers earning over one million euros (about 725,000 euros). The goal, said Obama is the tax rate for the wealthiest U.S. taxpayers back to the level of the 1990s and the middle class pays no more, proportionately, than millionaires.

"This is not the class struggle is mathematical," quipped a very combative president, facing criticism from his Republican opponents who accuse him of wanting to punish those who have succeeded and discourage "creators jobs ". "Any reform plan will increase revenues to help reduce our deficit.

At 9:33, the CAC 40 is 0.16% to 3004.63 points after passing briefly under the psychological barrier of 3,000 points.

"It would be completely irresponsible for the government. That's why it will not happen. The Social Democrats will not give up," she said at a gathering of the Social Democratic Party broadcast by the channel public television YLE.

Before her, a Finnish government source warned that the granting of collateral in exchange for the participation of Finland in terms of aid to Greece was an absolute prerequisite.

The website of a European institution had advanced earlier Helsinki waive this requirement.

"It seems there was a misunderstanding.Our demand is still very topical. The collateral is an absolute prerequisite to the participation of Finland to the aid plan, "said the government source.

"Discussions are ongoing on how to make these possible collateral," she said.

In Canada, the U.S. bank has an agreement with TD Bank Group on a portfolio of $ 8.6 billion, according to a statement released Monday, however, reveals that the amount of the transaction.

TD Group said it would pay a "modest premium" of the approximately 1.8 million customer accounts at Bank of America again.

Bank of America also announced the sale of its credit cards in Spain in the private equity fund Apollo Capital Management.

The first U.S. bank seeking to strengthen its capital reserves as it faces several legal disputes inherited from the takeover of the mortgage company Countrywide.

Bank of America, which has lost more than 22 billion dollars over the last four quarters in its mortgage business, was announced in late June have resolved almost all of a dispute relating to securities linked to mortgages from Countrywide, upon payment of $ 8.5 billion in cash.

The torpor of the activity in Italy and Spain, third and fourth economies in the euro area, continues to fuel the concern of the markets, which fear that this lack of not going further complicates their budget equation and does not lead contagion the debt crisis.

According to estimates released by the Bank of Spain, the Spanish economy grew 0.2% in the second quarter compared to the first, against 0.3% in the period from January to March.Economists surveyed expected an average of 0.1%.

For its part, the Italian agency of statistics Istat has reported a growth of 0.3%, as expected, after rising 0.1% on each of the two previous quarters.

But this slight burst Italian looks short-lived after the fall of industrial production in May and June and indicators gloomy side of purchasing managers and the business climate, economists expect that the growth slowed again in the second half.

"Most of the second quarter growth was obtained at the beginning of the period, and indicators over the three months have indeed shown a marked slowdown," notes Raj Badiani, IHS Global Insight.

The same applies to Paolo Mameli, Intesa Sanpaolo: "The weakness in industrial production over the last two months has raised concerns for GDP growth in the third quarter, which, at present, could fall to 0.1 %.Although GDP growth throughout the year, expected around 1%, could actually be below. "

BANK OF SPAIN FOR POLICY "Energy"

Many economists believe now difficult to achieve the growth forecast of 1.1% set by the government of Silvio Berlusconi, although Istat said that "acquired growth" at the end of the second quarter was 0.7%.

From one year to another, the Italian GDP rose 0.8% in the second quarter, a figure also consistent with the consensus of analysts, after +1.0% in the first quarter.

For Spain, this figure stood at 0.7%, as expected, after 0.8% in the first three months of the year.Final data are published in Madrid on August 16.

In its monthly bulletin, the Bank of Spain said that the good performance of tourism in the second quarter helped offset some of the deteriorating consumer spending and manufacturing activity.

However, it believes that the growing tensions in the market for sovereign debt are the main source of risk to growth.

"The information available in the second quarter suggests a weakening of activity in an environment marked by the deterioration of the crisis of sovereign debt in the euro area," said the central bank.

Symbol of these tensions, the bond market has experienced in early trading Friday a new onset of fever, the yield on Italian 10-year surpassing that of the Spanish paper of the same maturity, the first time since May 2010.

The securities to 10 years in Rome at the meeting showed a return of 6.18% while the yield was 6.11% Spanish, levels considered to be difficult to sustain over time.

The Spanish central bank has warned that a rapid and ambitious conclusion of the work on structural reforms would help reduce uncertainty and restore solid growth.

To overcome the debt crisis, European leaders should not hesitate to implement the agreement decided at the summit of 21 July, she said.

"However, in order to contain the contagion, there must also have a strong response in terms of national economic policy."

The Bank of Spain still discern a glimmer of hope: assuming a continuation of the global economic recovery, it evokes the "recovery" predictable Spanish industrial production in the coming quarters.

A meeting to present the activity took place last Tuesday in the presence of most major banks could finance the operation, the newspaper said.

"The process has not formally begun, the decision is open, but all lights are green," according to one close to the deal quoted by Les Echos.

According to sources, the newspaper continues, "the memo with information assets in detail, will be sent to applicants in late July.And if PPR decided to launch the process, it will begin formally in September. "

Asked to comment on the report, a spokesman for PPR said that "the process of selling Redcats is continuing on schedule."

In 2009, PPR announced its intention to sell Redcats and Fnac to refocus its business on luxury.

The group commissioned a few months ago the bank Rothschild & Cie to drive the sale of Redcats, which at this stage, attracts mainly investment funds.

The names of Carlyle, Permira, BC Partners and TPG, which is allied with PAI, are discussed. CVC, Cinven and Bain were also cited as well as more specialized funds in assets in turnaround as Apollo.

Italy's Mario Draghi was officially named Friday next president of the European Central Bank (ECB) by European leaders, said the EU president Herman Van Rompuy on his Twitter account.

The Heads of State and Government of the European Union meeting in Brussels "come to agree on the appointment of Mario Draghi as the new president of the European Central Bank," he wrote.

The Governor of the Bank of Italy, 63, will succeed the French Jean-Claude Trichet, who will be spent eight years as head of the institution in Frankfurt.

Initially considered a formality and expected Thursday, the appointment was postponed to Friday.France, which does not end up excluded from the Executive Board of the ECB, sought assurances.

The arrival of Mario Draghi and the departure of Jean-Claude Trichet would mean that there would then be more French in the executive body of the institution, while two Italians would sit: Mario Draghi and Lorenzo Bini Smaghi, appointed in 2005 and whose mandate does not end until 2013.

Rome had publicly asked the latter to give way to a French, who holds a seat in this forum policy, but Lorenzo Bini Smaghi reluctant to comply on behalf of the ECB's independence.

According to one diplomatic source, however, he agreed to resign at the end of the year in a telephone interview with Herman Van Rompuy and French President Nicolas Sarkozy.