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.

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.

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.

Coca-Cola has lost. The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial project of the government. And it also introduced a tax on beverages containing artificial sweeteners, the lights, against which stood the giant soft drinks. The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

It is not Coca-Cola because of trying to oppose it by conducting intensive lobbying. The point that the UMP Bernard Reynes, the source of the amendment proposing to tax the lights, was pessimistic about the chances to see him go. "And I will not deny that it bothers me that the creations of law are dependent groups such as Coca" he admitted even to the expansion. Com shortly before the vote.

"One of lobbying juggernaut"

Drinks lights are in fact 60% of the revenue of Coca-Cola. Well above its competitors. Where the offensive of World No. 1 soft drink for the desired version of the tax. Mailings burst, increase in phone calls and requests for appointments, Bernard Reynes supports even have really been "harassed" by the group. "I had an unacceptable pressure. It is normal for multinationals discuss with MPs.But not how it happened. "

And it is far from alone in being surprised by the firepower deployed by Coca. Many players linked to the Assembly (lobbyists, MPs and their families) show a lobbying "huge", "scary", "pressing as is not permitted" and "the strength of a tank "the giant soft drink with parliamentarians and government.

"They call everybody! We have received phone calls from friends, Bercy for example, who did not care at all about this, but had been called for by Coca they are trying to convince us of abandon the project, "said a member of the cabinet of Jean Dionis du Sejour, Vice President (New Centre) of the Committee on Economic Affairs. Until the discreet meeting between Nicolas Sarkozy and the President of Coca-Cola Europe, Dominique Reiniche, revealed Wednesday by Challenge.fr.

Promises to invest in France, threatens to leave, may give an anti-American image that may scare away other groups … This mixture of "caresses and threats" Coca has been confirmed by several sources MPs we interviewed. In the end, however, the U.S. group may have done too much … "If there is one lesson it is that of the lobbying juggernaut does not work," says Paul Boury, subject matter expert.

A "catastrophe", really?

The action of Coca has not been completely ineffective. The final version of the tax on the lights was indeed amputated 80 million euros compared to the original text. "But that Coke does not care, provides a lobbyist familiar with the matter on condition of anonymity. The group was even willing to pay 250 million euros to the government to abandon the measure.The principle of a tax on lights is a national disaster for them. It stigmatizes products. And a tax, especially in France, is always liable to change. "

The battle is not yet definitively lost to Coke. Valérie Pécresse, who did not support the expansion of the tax, received two separate taxes are adopted. This compromise, said the minister, can "legally secure the device", separating the tax on sodas "we know that the law is indisputable" and that on sweetened beverages, which it has less chance of pass "on the Constitutional Council." And it might explain the legal complaint "arbitrary tax" because not related to a vital public interest clearly identified.In fact, the argument of the national association of food industries, which already qualifies tax sweeteners to "unconstitutional". According to them, in fact, taxing sodas lights rather than any product has "no motivation."

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%).

A 31 year old man was arrested Tuesday morning in London to a folder on unauthorized transaction, which could result in a loss for UBS in the third quarter.

The case falls even worse for UBS as the number one in the banking industry in Switzerland had worked hard to restore confidence undermined after being rescued from bankruptcy in 2009.

"This is all the more surprising that UBS had installed a system of tighter controls to address the problems that the bank had recorded with the subprime affair in the United States," said an independent analyst in Geneva.

"It's amazing that such a case could happen again after what happened with Société Générale and Kerviel affair," he adds.

In January 2008, Société Générale announced extraordinary transaction carried out by Jerome Kerviel.The unwinding of these positions had cost the French bank nearly $ 5 billion and was caused by departure of CEO Daniel Bouton.

The criminal case also reduces to naught the efforts led UBS to reduce its cost base. The bank had announced in late August it would cut nearly 3,500 jobs to save about two billion francs by the end of 2013.

This fraud could spell the end of investment activities, already under fire since the beginning of the financial crisis in 2007 because of huge losses it has caused within the group.

The investment bank has accumulated between 2007 and 2009 pre-tax losses of almost 57 billion francs.It has started its recovery in 2010 with a pretax profit of 2.2 billion.

HEAVY DAMAGE IMAGE

Fraud will provide arguments to those who argue for a scaling of the investment bank. "This case gives a new reason to significantly reduce this business and joins a long list that already exists," said another analyst.

Act that is all the more necessary as money management, which has kept afloat while UBS investment bank was taking on water, could be affected by the turmoil. "There is the risk of a material influence and affect future operating trends."

Others are more relentless."UBS will probably sell the investment bank, Oswald Grubel has no real choice, the credibility of this division is at its lowest. Reputational risk could affect the private bank in the short term," said Guy de Blonay in Jupiter Asset Management.

For most analysts, the investment bank will struggle to restore his aura. "The damage is sensitive to image," said a trader based in Zurich.

He added that the fraud case could result in a change of management, while Axel Weber, former president of the Bundesbank, to join the board of UBS in 2013 before taking over as President Kaspar Villiger;

An opinion shared by Peter Thorne, an analyst at Helvea. "Gruebele saved the bank and its task is done.It is a matter of time before his departure. But investment banking is a disaster and some will ask the head of Carsten Kengeter. "

Carsten Kengeter leading investment bank since November 2010 after being named co-director in April 2009. He joined UBS in December 2008.

Greece has signed with its international donors agreed a new rescue package in July, covering its financing needs until mid-2014.

It was later, as part of a bilateral agreement, agree to provide a guarantee (collateral) to Finland in exchange for loans, leading Austria, Slovakia and the Netherlands to make the same requirement the week passed.

However, the Netherlands has changed its attitude Monday, their Finance Minister Jan Kees de Jager rejected the Austrian proposal to extend the principle of collateral.

The rating agency said Monday that the proliferation of such bilateral agreements with granting the guarantee would be negative for the credit rating of Greece, now that or just a notch above the default.

"The agreement between Greece and Finland, in itself, small scale, is nevertheless very significant.Continue with this approach could delay the next tranche of financial assistance to Greece and therefore precipitate a default in payment, "said she.

Greece in September to receive a slice of eight billion euros in the first aid program.

Moody's believes that other countries in the euro area will come to interfere with the agreement with Finland.

"One thing leads to another and you can get into difficulties in the implementation of the bailout.Maybe it was a mistake to enter into this agreement with Finland, "said a Greek economist.

Greece, which market activity is limited to monthly auctions of short-term debt, to refinance 4.0 billion euros good three and six months in September.

For the agency, require collateral demonstrates a lack of commitment on the part of some countries in the euro area, increasing the load all over France and Germany, who have to take extremely firm commitments to strengthen the euro area.

"The deep divide, despite a facade of unity of the countries in the euro area, as evidenced by such requirements, and that even in the context of the new Franco-German proposals to strengthen the European institutions, is a source of new concerns about the conditional nature of the current mechanism and scalable financial support, "Moody's also noted.

She finally believes that the proliferation of collateral agreements also restrict the pool of funds available for future rescue packages.

Confirmation of the AAA rating of the United States by Fitch, a strong statistical U.S. industrial production and a given property under lower than expected do not adequately compensated in early trade.

The Dow Jones lost 1% to 11,366.69 points.The S & P 500 yields 1.2% to 1190.68 points and the Nasdaq Composite drops 1.2% to 2524.4 points.

Housing starts have declined less than expected in July in the United States to meet demand in the rental market, while the number of building permits contracted sharply.

Industrial production in the United States increased more than expected in July, thanks to the automotive sector and the heat wave that has boosted the use of air conditioners and thus power consumption.

On the corporate side, Wal-Mart reported Tuesday a 0.9% decline in sales on a comparable basis in the United States in the second quarter, showing a ninth consecutive quarterly decline in its domestic market.

But he also raised its forecast earnings per share over the year, now expects a range of 4.41 to 4.51 dollars from 4.35 to 4.50 against dollar before.

The action gained 2.7% to 51.33 dollars.

Home Depot has reported better than expected earnings in the second quarter, driven by demand for seasonal products and repairs related to climatic disturbances, and the group raised its annual profit forecast.

The action takes 5.75% to 33.28 dollars.

Monday morning before the opening of the Tokyo Stock Exchange, the finance ministers and central bankers from the G7 issued a statement in which they pledged to take "all necessary measures" to support financial stability and growth.

They say they are determined to act whenever necessary, to ensure liquidity and support the smooth functioning of markets, financial stability and growth.

They reaffirm "our common interest in the international financial system and our strong and stable support for the exchange rate determined by the market" and stressed that excessive volatility and disorderly movements in exchange rates has negative implications for economic stability and financial.

Previously, the European Central Bank (ECB) announced "actively implement" the bond buyback program to try to stem the debt crisis that has shaken the euro area and threatened to spread Spanish and Italian economies.

Monday before a day of crucial markets, the European financial institution did not specify the countries concerned by this acquisition debt but every indication that this may be obligations of Spain and the Italy.

In a statement issued after a conference call late Sunday, the ECB urged Rome to Madrid and set up as quickly as possible measures of fiscal consolidation recently announced by both countries to try to reassure markets .

"On the basis of these estimates that the ECB will implement an active program of redemption of bonds," wrote the ECB.

The absence of bond buyback of Italy and Spain by the ECB to ease prices has been particularly punished by the markets that have seen the sign of internal divisions harmful.

Markets expect the ECB to see begin on Monday the purchase of government bonds in both countries to stabilize their prices.Interest rates in Italy and Spain in recent days jumped to their highest levels in 14 years.

Monday morning, the IMF praised the response of the ECB and the G7.

BERLIN AND PARIS PRESS

In a joint statement issued Sunday a few hours before the end of the ECB meeting, French President Nicolas Sarkozy and German Chancellor Angela Merkel stressed that "a rapid implementation and complete the measures announced is essential to restore confidence markets."

According to South Korea, a conference call Sunday morning brought together financial officials of the G20, which groups the world's major economies, to discuss the situation caused by tension on the debt in the euro area and lower by Standard & Poor's sovereign rating of the United States.

The G20 and the European Central Bank have been active behind the scenes to assess the consequences of the debt crisis on both sides of the Atlantic, shaking financial markets and fears of a relapse of Western countries into recession .

After heavy turbulence in global financial markets, which have lost about 2.500 billion dollars over the past week, European and American leaders find themselves again forced to reassure investors about the ability and determination of their countries to reduce deficits and public debts.

PANIC IN THE GULF AND ISRAEL

Saudi Stock Exchange, the largest in the Arab world, has faltered on Saturday, falling from 5.5% to a low of five months before showing a small increase of 0.08% at the end of Sunday.

But it was in Tel Aviv that the decline was most pronounced with a fall of 6.99% recorded by the TA-25 index in Israel.The TA-100, wider, has meanwhile shrunk by 7.2%.

An extension of the crisis in Italy or Spain, after the bailouts granted to Greece, Ireland and Portugal, in the eyes of observers would require a strong increase in lending capacity of EFSF, equipped for time of 440 billion euros.

Quoted by the weekly Der Spiegel, the German government experts doubt that Italy could be re-floated by the EFSF even if the fund saw its capacity threefold, because the needs of Rome are in their too great.

United States, the lowering of the sovereign rating has been denounced by the Treasury, which held that the rating agency "forgot" 2000 billion in budget savings in its calculations.

In Washington, an economic adviser to the White House deplored the decision by S & P to degrade the rating of U.S. debt from AAA to AA +, which could ultimately affect all markets by increasing the cost of borrowing and undermining the prospect of sustainable recovery.

Asian allies of the United States, Japan and South Korea have renewed their confidence in U.S. Treasury bills, may lose value.

The economy minister, Giulio Tremonti, should chair the meeting of the Financial Stability Committee, said a source familiar with the matter, who wishes to remain anonymous.

The Committee includes representatives from the Ministry of Economy, the Bank of Italy, the financial markets authority (Consob) and the insurance regulator (ISVAP) – will take place when markets threaten to s attacking the third largest economy in the euro area.

The performance of the Italian paper to ten years again Tuesday crossed the threshold of 6%, placing Italy in the heart of the crisis of sovereign debt in the euro area.

"The Italian Treasury has room to maneuver.Many titles have a long maturity, and even if yield spreads are widening, their payment is manageable, "said Alexander Kockerbeck, the Italian daily Il Messaggero.

After the crisis in Greece, Ireland and Portugal and threats to Cyprus, the financial position of Italy is particularly scrutinized by credit rating agencies.

Fitch, who has not ruled out Monday to lower again the sovereign rating of Cyprus, confirmed July 13 note from Italy to "AA-" with a stable outlook, saying that the expected countries succeed in reducing its budget deficit as planned.

The same day, an analyst at Moody's said that the Italian debt remained manageable.

The Italian government has approved 30 June an austerity plan of 47 billion euros to erase the budget deficit by 2014 the country, hoping to protect him from the debt crisis that shakes the euro area .