Despite the Europe Agreement in an attempt to stem the crisis, the cost of financing the huge debt of Italy rose again Friday at a bond test, the markets continue to doubt the credibility of the Berlusconi government.

The economic crisis in Greece is much more severe than expected, the debt situation has deteriorated in recent months and it may be necessary to revise downward its growth forecast over the medium term, we read in this and other Reuters report that was obtained Thursday.

He concludes, however, that further action on budget revenues and expenditures should allow Greece to meet its deficit target in 2012, even if it lacks that of 2011.

The report of the European Commission was prepared with the assistance of the European Central Bank but the International Monetary Fund, the third member of the "troika", which writes its own report on its side.

The Commission and the ECB to pay recommend using "as soon as possible, as soon as previous initiatives agreed on fiscal consolidation, privatization and labor market reform announced by the government have been included in the law."

Greece needs the help of eight billion euros to avoid becoming insolvent in mid-November.

"DYNAMIC CONCERN"

The Troika also finds that the previous projection of a growth close to 3% per year over the period 2015-2020 can not be achieved "in the case of a marked acceleration of structural reform initiatives, including privatization."

She noted deficiencies and delays in implementing fiscal reforms but added that additional measures "are the projection of a deficit in 2012 in line with the agreed ceiling" without the gap or deficit in 2011 fully met.

The Greek financial sector remains fragile due to a drying up of liquidity, deposits continue to decline and banks remain highly dependent on the ECB for financing.

"The dynamics of public debt remains extremely worrying," says the draft report of donors, adding that debt levels remain high "for many years."

"Compared with the prospect of a few months ago, the debt situation has actually deteriorated," they continued, referring in particular the delay in reforms "and the prospect of a recapitalization banks ".

Athens will be at least a quarter behind schedule for privatization, for administrative reasons but also because market conditions have deteriorated in the third quarter, especially on the Athens Stock Exchange, also explains the document.

Greece "will not become India." With these words the Greek Prime Minister George Papandreou, said the creditors of the country which call for new cuts in wages in the private sector and lower the minimum wage. The country will not meet its targets for deficit reduction this year, its lenders demanded additional sources of money before granting the payment of a further tranche of 8 billion euros. "We're on the side of workers and we ensure the protection of their collective rights," added the Prime Minister.I must say that since the outbreak of the crisis in Greece, in 2009, the austerity measures have led to a daily population increasingly untenable. Testimonials.

40% pay less

Fotini, 32, is married with two children. It is directly affected by the decline in wages imposed austerity plans. She said in testimony to the world. "40% of my salary in less than 1400 euros gross, 20% in less than the salary of my husband at 1300 euros gross. The increase in all products and services, gasoline, food, transport tickets …" His family is also affected by austerity. "My sister graduated from high school in Athens Polytechnic, is unemployed, my eldest daughter of two and a half years has no place in municipal day care, then you have to pay 500 euros a month to write it in a private nursery. Our rent is 600 euros, it has remained stable.But with all the fixed expenses, we are left with only 300 euros a month to live. "

Pensions reduced by 20%

Anastasia is a former professional dancer. It affects his retirement for six years but has planed for 20% to 1500 euros. It demonstrates the difficulty of daily in an interview with Radio Suisse Romande. "Towards the end I'm really broke. Life has become more expensive in the supermarket, food, energy. It's depressing, we see people losing their jobs. I live with my mother who also has a retirement. People help, otherwise I will not be alone. I have three children 22, 24 and 26 years old and not yet working. It is very unfair to lower the wages of people who have always been correct with the law. It hurts. I'm not allowed to work in conjunction with my retirement, not even a dance school.If I do that I was cutting a big part of my pension. I also very afraid of riots, the country goes bankrupt and can not even touch our retirement. I am very, very worried. "

Unemployment affects 4 out of 10

Greek youth is affected by austerity. Laurane Chytiris is a Greek-Swiss student in French literature at the University of Athens. She said: "I think to leave Greece for one year to get my master elsewhere. If the situation does not improve, I will not. I have a lot of knowledge on the internet looking to live in England or France. They see that it is unbearable here. There are young people of 30 who still live with their parents. They have a job but can not afford to pay rent with what they earn. " And unemployment is not just young people.The government announced an official figure to 16.3%, unions talk instead of 23%.

The hell of job search

Dimitri, 33. He is unemployed computer, converted into a teacher after the bankruptcy of his company at the beginning of the crisis. "I made some replacements as a teacher, but I did not post in September, I hope to have one a few months," he said still with hope. Meanwhile, it still affects 400 euros per month for unemployment benefits, which will stop in four months. For immediate needs, he relies on his savings and his family because his rent is 500 euros per month. Eventually, he too sees no alternative but to leave Greece. He participated in a recruitment drive to emigrate to Australia. "When I think of all that has to have degrees, to be ready.It's not my generation that created the debt, even if we rééchelonnons, it means that people who are not yet born today will still repay the thirty years. "

Small businesses are the key under the door

The "triangle trade" of Athens is not what it was. In this high place of business of central Athens, near Syntagma Square, fashion is the curtain fell. According to the National Confederation of Hellenic Commerce (ESEE), over 20% of small businesses have disappeared since 2010 in Athens. "Nobody gives us a hand," laments Themis Lizardos of Reuters, a jeweler in the neighborhood who has not dropped the curtain. But at this rate it should not delay. "There is only one hand, the one that we press our heads and keeps it on the ground," he adds.Tens of thousands of small businesses have closed across the country after the establishment of the first European aid plan of 110 billion euros, and the promise of stringent austerity measures by the government.

Real estate, next epicenter of the crisis?

Theodore Pelahaidis, is professor of economics at the University of Athens. He said the next crisis will be real estate in Greece. And you can not do much about. He said at Radio Suisse Romande. "When household savings have been spent in the coming months, what will people do? They will sell their home. But if you sell, the properties will lead to lower prices. So the next step that it will undergo a real estate crisis. And it will exacerbate the current crisis. "

The continuing crisis in the euro area and new signs of slowing global economy led to a sharp correction in equity markets, lower long-term rates and a rising dollar.

Governments and institutions in the euro area must act quickly to resolve the crisis of sovereign debt at the risk of contagion in the global economy, said seven of the leaders of the G20 in a letter to French President Nicolas Sarkozy, France chairing the G7 and G20.

In their letter, the leaders of Australia, Canada, Indonesia, Great Britain, Mexico, South Africa and South Korea are asking the leaders of the euro area to examine "all options to ensure long term stability of the second most widely used international currency in the world."

The U.S. Treasury Secretary Timothy Geithner has also been more urgent considering that it was more important to contain the crisis to support European growth and that it was essential to mobilize sufficient resources to avoid a default of Greece.He expressed confidence that Europe make more bold to resolve the crisis in the weeks and months ahead.

The European Financial Stability Fund (EFSF) will be fully operational and strengthened in the second half of October, said European Commissioner for Economic and Monetary Affairs Olli Rehn.

However, he felt that the Eurobonds, presented by their proponents as a solution to the debt crisis, would become "junk bonds" without better coordination of European economic policies.

The publication of purchasing managers index (PMI) showing a contraction in private sector activity in the euro area and China has fueled the drop in equity markets, the European indices yielding around 5.0 % in closing while the U.S. indices gave up over 3.0% in mid-session.

Finance ministers and central bankers from the G20 meeting in Washington at the annual meetings of the IMF and the World Bank, will discuss the crisis on Thursday night during a dinner but it is not anticipated that 'they publish a statement on the responses they intend to make.

THE EURO IN DANGER, SAYS STUDY OF THE ECB

The single European currency is at risk because of uncontrolled spending of the States of the euro zone and the debt crisis that ensued, warns a study by the European Central Bank (ECB), co-authored by Jürgen Stark, who has since resigned, because he seems to agree with the policy of buying government bonds introduced by the ECB in the fight against debt crisis in the euro area.

"The budgetary imbalances sharp rise in the euro area as a whole and the extreme situation of some individual countries could undermine the stability, growth and employment, as well as the sustainability of economic and monetary union ( EMU) itself, "it said in the study whose publication has plunged the euro fell to a seven-month low against the dollar, less than $ 1.35.

The European Committee of systemic risk (ESRB), new financial regulatory authority of the European Union, for its part warned that the consequences of the crisis of sovereign debt had significantly increased risks of financial instability in Europe.

"The high degree of interconnection within the EU financial system led to a rapid increase in the risk of contagion significantly.This threatens the financial stability within the EU as a whole and has negative consequences on the real economy in Europe and beyond. "

The ESRB, chaired by Jean-Claude Trichet, president of the European Central Bank, called for a "quick and decisive action" of the euro zone leaders whose efforts to contain the crisis is widely perceived as inadequate and too slow.

According to the ESRB, national supervisors "should coordinate their efforts to strengthen bank capital (…) taking into account the need for a transparent and consistent exposure to sovereign issuers."

Executive Director of the IMF, Christine Lagarde, renewed his call for a recapitalization of banks in Europe including the leaders of the institutions concerned and the governments of several countries in the euro area had downplayed the need for highlighting the strength of bank balance sheets in the zone.

Speaking on the eve of the G20 and the IMF, the Canadian Minister of Finance was alarmed by the possibility of credit crunch if the Europeans could not settle the Greek problem, by far the most critical within the euro area.

"The first item on the agenda …is that Europe needs to accelerate, they must resolve the issue of Greece, "said Jim Flaherty, the Canadian Broadcasting Corporation.

"Otherwise the market will prevail and we will have some form of crisis, it will become a banking crisis, affecting banks around the world, and we have a new credit crisis will cause a contraction of the real economy.We need to fix this, "he said.

The lack of solution to the crisis continued to weigh on European banks, the first of which French banks because of their exposure to Greece and Italy.

BNP Paribas has categorically denied being in search of investors for a capital increase and reiterated the line of French banks that it can cope with the debt crisis in the euro area without injection of capital.

A source based in Qatar had told Reuters on Wednesday that the emirate was in talks with BNP and other French banks about possible equity participation.

BNP Paribas finished Thursday's session down 5.7%, while Credit Agricole dropped 9.49% and 9.57% Societe Generale, while the sector index of European banks plunged to 7.26%.

The European aircraft manufacturer, a subsidiary of EADS, has seen its gross orders reach 1,156 units in eight months, and canceled orders was $ 141.

The manufacturer also announced it has delivered 334 aircraft since the beginning of the year.

By comparison, the U.S. manufacturer had received 370 net orders at the end of August.

However, Boeing hopes to catch up with her future MAX 737 for which it said it had received commitments for 496 aircraft orders.

Airbus had already struck his great American rival to the air show in June

The saddle on the Rue du Faubourg Saint-Honore, in which LVMH acquired a 21.4%, further confirmed its growth targets for all of 2011, statements in July, the group for an increase in its Sales at constant exchange rates between 12% and 14%.

Hermes also confirms that its annual operating profit "should be close to the historic high reached in 2010."The margin reached a record 27.8% last year, driven by growth also historical (+19% at constant exchange rates).

"We have not seen a drop in attendance in our stores, not even in Japan," said Patrick Thomas, CEO of Hermes, at a conference for the presentation of interim results.

"That does not mean there will not be," he added, however.

"In July and August, growth is not quite in the first half for reasons mainly the presence of products in shops," he also said Patrick Thomas, referring to the very low stocks in the group.

"The trend is still very good but it is lower than the first half (…), It is not at all a problem of declining attendance in the stores. "

"It is our policy to be as moderate as possible in price increases for next year (…), even if we find a strong increase of certain raw materials," also said the manager of Hermes.

THE DECISION 15/09 ON APPEAL OF THE ADAM

The manufacturer of Kelly bags or silk scarves saw operating profit rise by 37.3% to 418.1 million euros, increasing by 3.7 margin points to 28.3% against 32% a year earlier.

Net income rose 49.5% to 290.5 million euros against 271 million expected by analysts according to Thomson Reuters consensus I / B / E / S.

Patrick Thomas said the floating of the group was now "much reduced" and reiterated that Hermes had to purchase its own shares since early June to cover the programs for free shares to its employees.

He emphasized that such purchases had ceased since the course has exceeded 250 euros, the maximum purchase price authorized by its shareholders, suggesting that LVMH could in turn have continued to increase its stake.

Between early June and late August, Hermes acquired for 242 million euros of its own shares.

The Association for the Defence of Minority Shareholders (Adam) is also seeking to block the creation of a holding company by Hermès family control to counter a possible takeover bid by LVMH.

Hermes was granted a derogation from the Financial Markets Authority (AMF) to the obligation to redeem all the minority in the context of the creation of its holding.

Patrick Thomas was of a "serenity" vis-à-vis the decision of the Court of Appeal of Paris on an appeal of Adam against the exemption, expected Sept. 15.

In exchange, where it operates more at the mercy of speculation than on the performance of a group whose float is now below 7%, as Hermes was down 0.75% to 262.95 euros at 11:35, showing a up close to 68% since the beginning of the year for a market capitalization of around 27 billion.

The offer proposes to return the securities at a price of 306 dollars, or 20% above their average price over the last six months.

It is still subject to approval by the Board of Directors of Norilsk, which will meet Aug. 24.It will then be valid until September 5, the company said.

This proposed acquisition represents a further attempt to Norilsk to end the standoff delivered by the principal shareholder of Rusal, the oligarch Oleg Deripaska.

The aluminum companies said it would consider the offer.

"Rusal considers its investment in Norilsk Nickel is strategic, and as a public company we are discussing all offers submitted to us in accordance with our internal management procedures," he reacts in a statement.

The rating agency Fitch Ratings said Tuesday the maximum "AAA" rating to the debt of the United States, less than a week after its rival Standard & Poor's had decided to lower it a notch, causing a earthquake in the financial markets. This note offers a perspective "stable", meaning that Fitch does not plan to change the medium term.

In a statement, Fitch said its decision that "the fundamental pillars of the exceptional credit of the United States remains intact: its pivotal role in global financial systems and a flexible economy, diverse and rich".The U.S. economy, is still there, is also capable of adapting to shocks thanks to the flexibility of monetary policy and its exchange rate. He believes that the world's largest economy should return rate and its growth is expected to exceed its long-term before stabilizing over time above 2.25% per annum.

The rating agency notes, however it may have to revise "negative" the outlook for the rating of the country if the two-party parliamentary committee, whose conclusions are expected by the end of November, could not to agree on a credible plan to reduce debt.

Such a decision would imply a probability greater than 50% as the country lost in two years his precious talisman, which allows it to benefit from very favorable refinancing conditions.A lowering of the pure and simple note in the country could intervene on this occasion, although this scenario is "less likely," said Fitch.

"The ISPs, long-term investor, thus contributing to enhancing shareholder of Bull, which it intends to support the development of its various markets," said the ISP in a statement.

Bull, which employs 8,600 people, including more than 4,500 in France, is on the market of supercomputers, security and "cloud computing".

"I look forward to the arrival of the ISP, which became the third shareholder in the group after Crescendo and France Telecom," said Philippe Vannier for his part, President and CEO of Bull of the investment fund Crescendo Industries, the largest shareholder the IT group.

Action Bull closed Wednesday at 3.85 euros, a market capitalization of around 500 million euros. Since the beginning of the year, the stock has gained nearly 13% after a gain of more than 11% throughout 2010.

General Motors has tempered its forecast accordingly for total industry sales for the year.In the past month, both groups declined promotions offered to customers to encourage them to buy new vehicles.

Excluding the four brands he has abandoned or sold (Pontiac, Saturn, Saab and Hummer), General Motors sold 215,358 vehicles in June, 10.5% more than the 194,828 in June 2010.

The analysts thought GM would have increased sales between 11% and almost 20%.

In May, figures GM had already emerged below expectations.

"Some consumers have decided to wait and delay their purchases," said the sales manager GM in the United States, Don Johnson, during a teleconference.

"We see this as temporary," he added, however.

The manufacturer estimates that total, the industry will sell in 2010 instead of 13 million cars, down his fork, as 13.5 million, which constitutes the top.

Ford has in turn announced that it sold 194,114 vehicles, an increase of 13.6% over the year which again disappoints the expectations of analysts.

The earthquake on March 11 in Japan has led to a shortage of spare parts and greatly slowed the production of cars. As a result, some manufacturers have chosen to raise the price of their models.

According to some analysts, this strategy proved against-productive.

"Consumers are always in trouble, and car buyers are a little break. (…) Manufacturers must moderate their prices a little if they can.I know the prices of raw materials is increasing, but there are limits not to cross, "said Gary Bradshaw, a portfolio manager at Hodges Capital Management.