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.

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.

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.

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).

The euro continued to rise Monday above the threshold of $ 1.45, benefiting from a reflux of the risk aversion of the operators, after the speech the head of the Federal Reserve, Ben Bernanke, on Friday . To 15 hours, the European currency was worth 1.4524 dollars against 1.4490 dollars on Friday night. The euro also went further against the yen at 111.49 yen against 111.09 yen Friday.

Overall, the safe havens like the yen and Swiss franc pâtissaient the renewed attraction to risk, which benefited the other hand the European single currency. Ben Bernanke's speech, though no concrete announcement, has indeed been perceived positively by traders."We test the level of $ 1.45 but it's hard. This rise is related to the weaker dollar and renewed risk appetite in the wake of rising equity markets," noted Nordine Naam, bond strategist at Natixis. The strategist has nevertheless argued that the trend was "not strong", while the pair euro-dollar has generally traded in a range located 1.40 and $ 1.45 since May.

The call for an "urgent recapitalization" of European banks, launched Saturday by the Director General of the International Monetary Fund, Christine Lagarde, did not weigh on the price of the euro. "This is the key to cut the chain of contagion," said Lagarde. It also found that to achieve this, banks should "first seek private funds to" and "using public funds if necessary."

Instead, the operators seemed more attention to the speech from Fed chief, delivered Friday at Jackson Hole, Wyoming. Bernanke said that "the foundation of growth" were still there in the U.S., despite the persistence of "risks" weighing on the economy, and said to think that the growth of gross domestic product (GDP) "should improvement "in the second half.

Side of Japan, the appointment by the ruling party's finance minister, Yoshihiko Noda, to become the sixth prime minister in five years the country weighed little. "His room for maneuver is very limited, given the debt of Japan. But one wonders whether it will allow more interventions on the foreign exchange market," said Dr. Naam.

Japan is the victim for several months of the high price of the yen, seen as a safe haven, including high levels penalize their exports and weaken the economic recovery of the archipelago after the earthquake, the tsunami and the nuclear accident in Fukushima .

The Dutch group, owner of the first supermarket chain in the Netherlands (Albert Heijn) while achieving 60% of its sales in the U.S. market, complete its share buyback program of one billion euros by March 2012, six months earlier than expected so.

Ahold, which has cash of over $ 2 billion, said the schedule change does not signal the abandonment of his hopes for acquisitions and has announced plans to export its format from the supermarket next year in Germany and possibly Belgium.

Around 8:15 GMT, Ahold lost 3.57% to 8.04 euros the Amsterdam Stock Exchange, while the Stoxx European retail sector yielded only 0.09%.

Operating earnings excluding items of the group fell 21% in the second quarter to 275 million euros, less than 309 million euros expected according to Reuters.

The weak dollar and restructuring costs have contributed to this including poor performance, said the group, which operates nearly three.000 stores in 12 countries.

In a context of rising fuel prices, stagnant wages and fear of an economic downturn, retailers have struggled to pass on price increases to consumers in Europe and America.

The Belgian group Delhaize, which also carries the bulk of its sales in the United States, also missed the consensus in the second quarter. The sales of Ahold, slightly better than expected, fell 3.5% to 6.87 billion euros.Market share increased in the United States and the Netherlands.

However, the turnover number of store in the United States was up 1.2% excluding fuel and the operating margin stood at 4.1%, slightly lower progressions that expected.

In contrast to the Netherlands, sales and operating margin, respectively up 2.6% and 6.2%, in line with expectations.

The third global brand PC has been driven by strong sales in China and other emerging markets but faces the risk of a collapse in demand in Europe and the United States as it embarks on the tablets (Lepad) and smartphones (Lephone) alongside giants Apple and Samsung.

Lenovo's net income nearly doubled in the first quarter ended in June, standing at 108.8 million dollars against 54.9 million a year earlier.Analysts polled by Thomson Reuters I / B / E / S on average expected 78.6 million.

Lenovo makes 48% of its sales in China, where it is the industry leader with a market share of 31.7%, according to its own figures and those of IDC.

Worldwide, the market share of the group jumped to 12.2% against 9.9% in the first three months of the year.

"(…) The challenges facing the global demand for personal computers remain, such as the pace of recovery in the global economy and the continuing crisis of debt in Western Europe ", stressed, however, the group in a statement.

By 0700 GMT, the action Lenovo fell by 7.76% at the Hong Kong Stock Exchange, while the Hang Seng index feature yielded 1.25%.

Wednesday on Wall Street, Dell unscrewed from 10% after the world number two sector published a quarterly revenue slightly below expectations and said a stagnation in sales for the quarter.

The Nikkei lost 153.08 points to 8,944.48 points and the Topix, broader, sold 12.47 points (1.59%) to 770.39 points.

On higher trading volumes, however, the Nikkei erased some of its losses on buying on the cheap after falling to 8656.79 points, close to a session low reached March 17 following the earthquake.

Market participants will monitor closely the meeting of the Monetary Policy Committee of the Fed, to try to get signals on whether to continue its easing policy.

"The wisest traders wait until tomorrow to make their positions", otherwise the market could continue to retreat, said Fumiyuki Nakanishi, a strategist at SMBC Friend Securities.

In Seoul, the Kospi index lost 3.64% (68.10 points) to 1801.35 points.

The panic on Wall Street the day before led the S & P 500 benchmark fund managers, to undergo its biggest daily fall since December 2008.

Rising oil prices also weighed on the results of the group, which publishes the first quarterly results calibrated to the calendar year and not about the pace of the International Air Transport Association (IATA), whose exercise during April 1 to March 31.

The current operating income thus stood at 145 million euros over the period April to June 2011 (cons -132 000 000 euros at 30 June 2010) after rising oil bill by 16% ( 232 million euros) and a loss of around 100 million euros due to events in Africa and the Middle East and the nuclear crisis in Japan.

Net income Group share of non-recurring items was a loss of 212 million.

Analysts on average expected a profit operating profit of 47 million, a net loss after minority interests of 41 million and a turnover of 6.264 million, according to Thomson Reuters I / B / E / S.

"The environment remains uncertain given the situation in Japan, Africa and the Middle East and the crisis in the euro area.In addition, oil prices remain high and volatile value of the euro, "the group said in a statement.

The airline said and have decided to reduce the growth of its long-haul capacity by 5.1% to 2.7% in the winter of 2011, a decrease of 2.4 points.

Air France-KLM maintains, however, for the calendar year 2011 its goal of operating profit.