The draft law imposing a tax on financial transactions will concern only companies headquartered in France and whose market capitalization exceeds one billion euros, according to BFM radio-TV business, which publishes the text Monday.  

The project, to be presented Wednesday by the Cabinet, applies to "acquisition" of securities "issued by a company whose headquarters is located in France and whose market capitalization exceeds one billion euros in the first January of the taxation year ", according to this document.

It is therefore a levy of 0.1% on the exchange of shares and credit default swaps (CDS) called "naked", these financial derivatives intended to act as insurance to bondholders but are accused of promoting speculation on sovereign debt.

One hundred companies concerned

Currently, more than one hundred companies listed on the Paris Stock Exchange exceeds the market valuation. The high-frequency trading, suspected of serving speculation and based on discussions conducted a nanosecond, by computer, will also be affected by this law.  

But order cancellations or order changes will, however, lower taxes beyond a certain threshold. "Since the rate of cancellation or change orders within the scope of this tax exceeds a threshold, on a trading day, the tax amounts to 0.01% of the amount of orders canceled or changed beyond this threshold, "the statement said.

The document states that "the threshold is set by decree" but "can not be less than two-thirds of orders addressed and can be modulated depending on the size of balance sheet of the operators concerned." This tax would generate a billion euros a year will be applied from 1 August, stated the head of state Nicolas Sarkozy announcing its establishment.

Just under half of the 1200 ECB employees were surveyed by the union of the ECB ipso to evaluate the performance of Jean-Claude Trichet, who was replaced on November 1 by Mario Draghi.

Over 70% of respondents felt that Jean-Claude Trichet has enhanced the reputation of the ECB, 75% reporting as well as its communication regarding the bank's policy was clear and consistent.

That said, 55% think that Jean-Claude Trichet did leave the ECB's framework defined by its mandate actions – repurchase of government bonds in mind – to fight against the debt crisis.

At the same time, it also emerges a majority that the decisions made by Jean-Claude Trichet were good under the circumstances.

The ECB has set up its program – still ongoing – Redemption of debt securities issued by sovereign countries in the euro area in May 2010, at the cost of deep divisions within the bank that resulted in the resignation of his two German members, Axel Weber and Juergen Stark, this year.

Unlike the Federal Reserve, whose mission is to support as much growth as the fight against inflation, the mandate of the ECB is solely focused on the stability of consumer prices.

But with the arrival of a new president and the apparent support of the staff of the ECB's anti-crisis measures taken by Jean-Claude Trichet, a debate on enlargement of the prerogatives of the ECB could open.

The outgoing president of the ECB declined to respond to the survey results ipso.

The Paris Bourse opened sharply lower Monday, September 26, penalized by the cacophony of the debt crisis in the eurozone and fears that weigh on the financial soundness of the banking sector. The CAC 40 gave 1.97% to 2754.82 points at the opening. The banking sector, weighed down by fears about a possible recapitalization of some institutions, retreated. At 9:04 (7:04 GMT), BNP Paribas lost 3.99% to 24.30 euros, Crédit Agricole 2.69% to 4.31 euros and Societe Generale 2.67% to 16.20 euros.

Markets deem disappointing the last meeting of G20 finance ministers. The most powerful countries in the world committed themselves Thursday, September 22 in Washington to support the growth faltering and banks weakened.But they erupted into the open their differences on policy to monitor the crisis. The weekend was marked by numerous statements on the crisis in Greece, each trying to defuse the bomb that makes financial markets falter this summer, increasing the pressure up for the euro area quickly finds a solution to the crisis.

Faced with this cacophony, all the European stock markets started the week by sinking again. The Frankfurt Stock Exchange opened on a fall of 1.31%, 1.78% from London, Milan and Madrid by 1.6% to 1.88%. Asia mistrust was also very high, with the Tokyo Stock Exchange fell by 2.17% in closing the soaring yen in addition to ongoing concerns about global growth.The Stock Exchange of Thailand also plunged more than 8% early Monday afternoon.

To a capacity of EFSF

The Europeans are considering equipping their Emergency Fund (EFSF) of additional instruments, beyond those agreed in July to give "more power" to the crisis of debt, said the European Commissioner for Economic Affairs Olli Rehn, in an interview with the German daily Die Welt published Monday. The EFSF, created in spring 2010 to help countries in the euro area in trouble, has seen its envelope inflated and in July, his duties expanded to include the option to buy the debt of states in need of market "secondary", where it traded between investors. Decisions made July 21 in this regard by EU leaders are being approved by the countries of the euro area.

But the debt crisis that has shaken the euro area has worsened since July. It is no longer limited to so-called "devices" of the monetary union as Greece Portugal and Ireland. Italy is found in the eye of the storm, Spain is in a delicate situation and even France is not immune to the turmoil in the banking sector. This necessitates a kidney EFSF even stronger in the eyes of many European leaders.

Among the ideas discussed, for example, the guarantees provided by the European Relief Fund to the European Central Bank so that it can further support Italy and Spain by buying larger amounts of their obligations in the market. Which would be a dike around the two countries.Or loans secured by the EFSF, via the European Central Bank, for investors who buy the debt of troubled countries. In his interview with Die Welt, Rehn did not go into details.

The International Monetary Fund has lowered its growth forecasts Tuesday for the world economy, saying it had "considerably weakened" and that it would continue its slow growth.

Projections of the institution semestrilles global growth to fall to a rate of about 4% until the end of 2012, against more than 5% in 2010. "The real GDP of advanced countries will expand by about anemic 1.5% in 2011 and 2% in 2012, thanks to the relaxation of the forces that have temporarily slowed the activity in most of the second quarter of 2011," specifies the institution. But these forecasts modest growth are subject to various conditions.Otherwise, Europe and the U.S. may fall into recession.

"The activity has weakened considerably," wrote economists from the IMF, recalling that it was "surprisingly low during the second quarter," in Western countries. The United States and are now credited with a GDP increase of1, 5% in 2011 against 2.5 previously. A performance that exceed those of Japan and Italy in the G7. Europe is obviously not spared the forecast growth in the euro area is thus reduced to 1.6% against 2% in 2011 before seeing his own France, reduced to 1.7% this year (-0, 4 point) and even 1.4% next year (-0.5 point).The German locomotive should work to slow sharply to 2.5% this year (forecast revised down 0.5 point) to 1.3% next year!

"In developed economies hit by the crisis, particularly in the United States, the handover of public demand to private demand is taking longer than anticipated. Moreover, the problems of debt and banking sector the euro area were much tougher than expected, "noted the Fund. He also cautions against too fast a pace of fiscal consolidation that has already begun to weigh on activity. It also shows no illusions about the risk that "consumption in advanced economies is likely to remain sluggish" and that unemployment remains "high for a while."In the end, he says, global growth will be driven mainly by developing Asia (8.2%), an oasis of prosperity, and other emerging economies.

Most disturbing is that these forecasts bleak to say the least, are conditional. They assume, in fact, "that European leaders Dam the crisis on the periphery of the euro area, that U.S. policymakers find the right balance between supporting the economy and the fiscal consolidation over the medium term and volatility global financial markets does not get worse. " In addition, they depend on the willingness of central banks to keep monetary policy accommodative enough. If these conditions are not met, then "the major developed economies could fall into recession," they warned.

The path seems particularly close to the euro area."In the peripheral countries, the major challenge will be to find the right balance between fiscal consolidation and structural reforms on the one hand, and external support, on the other, so that the adjustment of their economies to be sustainable. " In other words, reduce the deficit but without breaking growth!

Finally, Europe needs to stabilize its financial system. "The relatively low level of capitalization of banks in the euro area is a source of concern. [...] Difficulties in one country can quickly spread to Europe. From there, it could move to U.S. States – through holding European assets – and the world. " To avoid this nightmare scenario, the IMF intends to "ask the weakened financial institutions to raise more capital, preferably from private sources.Otherwise they will have to accept or to receive injections of public funds or support from EFSF either be restructured or closed. "

Germany is she about to let go of Greece? While Athens is struggling to secure new loans from its international creditors (EU, ECB and IMF), Berlin board behind the scenes on a possible bankruptcy of the country. "To stabilize the euro, it should no longer be short-term no-think about some options. Among them, there is an emergency orderly insolvency of Greece," he told the daily Die Welt Philipp Rösler published Monday, German Economy Minister and leader of Free Democrats, a partner of the CDU Angela Merkel in the ruling coalition. And these are not empty words.According to the German magazine Der Spiegel, the teams of the finance minister, Wolfgang Schäuble, are working on the subject. The three options now to Greece.

Scenario rose: Greece gets new funding

In early September, the unexpected departure of Greece by the "troika" – the expert mission of donors to oversee the national accounts – has reinforced concerns about the country's ability to meet its commitments to reduce the deficit . Especially as social protest against the structural reforms is increasingly strong. Monday, taxis, tax agents, and customs were on strike. Despite the anger of the street, the Greek Prime Minister George Papandreou pledged Saturday to hold unswervingly the rigorous efforts.Sunday, the Greek finance minister, Evangelos Venizelos, introduced new measures to save two billion euros, which will limit the country's deficit to 17.1 billion euros.

Satisfecit of Europe has announced the return in the coming days of the troika. It could agree to the payment of a further $ 8 billion of loans in the first bailout of Greece in 2010. Without this loan, Athens was bound to default. In addition, many uncertainties in the second aid plan of 160 billion euros to Greece, adopted on 21 July: the expected participation of the private sector is not yet defined, Slovakia is reluctant to vote for this agreement while Finland wants guarantees.And even if the finance ministers of the Eurogroup manage to overcome them Friday at a summit in Poland, Greece is by no means out of business. The new rescue plan is supposed to stabilize the economy until late 2014 that Hellenic. Or Greek debt is considered "out of control" … Greek by economists themselves. An opinion shared by many economists and political leaders in Europe. For them, bankruptcy is inevitable for Greece.

Scenario gray Greece bankruptcy but remains in the euro area

"With a debt of more than 160% of GDP in 2012, structurally high levels given the sustainable enhancement of sovereign risk, low growth potential and flexibility of the economy limited, the requirements of the budget surplus are presented in Greece just out of reach ", wrote in July in the magazine L'Expansion Jean-Pierre Petit, president of the Journal of the green economy. According to experts of the think tank Open Europe, Greece must be missing at least half the debt that it once again become unsustainable. Such a bankruptcy would obviously have implications for the country's major creditors, namely the Greek banks themselves, the ECB and European banks.

Hellenic banks hold about one quarter of the Greek public debt.As for European banks, including the French, they should be able to absorb the shock, as they are offloaded heavily in recent months of their assets Greek rulers. A partial default of Greece certainly provoke a violent shock to the world economy, but would be "easier to care" that if Lehman Brothers, said Patrick Artus, director of economic research at Natixis, quoted in an article in Le Monde dated June 22. The question is how the country itself can survive such a scenario.

Black scenario: Greece is bankrupt and out of the euro area

Certainly, a partial default of 50% would make government debt more sustainable. But in parallel, while the Greek banking system is likely to collapse. Not to mention that the decision would be evidence of lack of solidarity that exists in Europe. Under these conditions, we do not see why Athens would remain in the euro area.With a return to the drachma, the Greek government could use the weapon of devaluation, thus restoring its competitiveness in the export and thus revive its economy. It is also a way to reduce significantly the debt of the country, since the value of the assets would be reduced by 55% according to Natixis. But it will not be without negative consequences for Greece: the devaluation of the drachma and the need for monetization of public debt will create a persistent inflation, while the interests of sovereign debt markets will soar.

For the euro area, the cost seems a priori limited: Greece is only 2% of GDP. And now, the country in recession tend to dampen growth in Euroland. The output of Greece alone does not change much to the economic situation in the euro area including the "economic quality" could even be strengthened.Except that the event would undermine the ability of European leaders to manage economic crises through its members. Therefore, the markets would have no reason to believe in the financial strength of the euro. They will not hesitate to attack the debt of other countries considered fragile – Ireland, Portugal, Spain, Italy and even France, pushing up their borrowing interest rates to unsustainable levels. One by one, these countries could also be forced to leave the eurozone. Eventually, a failure of Greece could therefore lead to an outright explosion in the euro area. What would be worse for the world economy that the bankruptcy of Lehman Brothers.

The Nikkei lost 2.2% or 193.89 points to 8,590.57 points and the Topix, wider, 1.93% or 14.62 points to 741.20 points.

European shares fell 4 to 5% Monday in a climate of growing concerns about the debt crisis in the eurozone and fears of recession in the United States.

Markets now expect the discourse on the use of Barack Obama Thursday in Congress.

Values, Toshiba has lost 5.11% to 297 yen.The Wall Street Journal, the group is in discussions to increase its stake in U.S. company specializing in nuclear, Westinghouse Electric, through the redemption of 20% of the group Shaw.

Banks were particularly affected. Sumitomo Mitsui Financial Group lost 3.4% to 2,098 yen and Mitsubishi UFJ Financial Group 2.69% to 325 yen.

However, electricity companies have benefited from the announcement of the new Industry Minister Yoshio Hachiro a return to service as soon as possible nuclear reactor shut down. Shikoku Electric Power has gained 4.4% to 2,063 yen.

The group of telecom, entertainment and media identified in the first half EBIT (operating income, net of amortization of goodwill), to 3.36 billion euros, up 4, 6% at constant exchange rates, sales of 14.25 billion, up 2.4% and adjusted net income of 1.83 billion.

The market on average expected a turnover of 14.24 billion euros, an EBIT of 3.31 billion and adjusted net income of 1.73 billion, according to estimates by seven analysts.

"Despite a troubled economic and financial environment, our operational indicators are up," said Chief Executive Jean-Bernard Levy said in a statement.

"We therefore confirm our outlook annual adjusted net income in excess of 3 billion and dividend growth," he adds.

The stock closed Tuesday up 0.78% to 16.1750 euros, giving a market capitalization of 20 billion euros. Since the beginning of the year, it was down 19.9%.

At 9:09, the CAC 40 index lost 0.05% to 3015.37 points after opening down 0.85%.

London lost 0.21% and 0.44% Milan wins while losing two exchanges respectively 0.9% and 1% on opening.

Place in Frankfurt lost 0.88% and the pan-European Euro Stoxx 50 index drops 0.44%

These measures are a response to calls from the European Central Bank (ECB) to Rome accelerating its balanced budget targets set so far in 2014.

It has been two weeks now that the world stock markets loosen. Every day since July 22, bad economic news is sinking deeper into the red marketplaces. The Paris Bourse has signed Friday night the tenth straight session of declines, the most since the creation of the CAC 40 in 1987. The benchmark index of the Paris market lost nearly 15% of its value over the last two weeks.Frankfurt to Milan, via London and Madrid, the pattern is the same. The situation is as bad on the other side of the Atlantic: the Dow has lost nearly 10% in two weeks, the Nasdaq 11%. Asian stock markets are also not spared. "You can say, it is indeed a crash summer even if the word is often whispered half-heartedly," writes in his daily note Philippe Cohen, manager at Barclays Stock Exchange.

Read about: The summer following the crash

The clap of thunder: the loss of "AAA" American

Standard and Poor's downgraded a notch Friday night, after the ends of the New York Stock Exchange, the American debt rating of "AAA" to "AA +". This is a historic first for the country, which enjoyed the highest rating possible from the creation of the rating agency in 1941.Given the role of the United States in the global economy – the first power with an annual GDP of over 14 500 billion dollar seen as a safe haven because it is the main reserve currency of exchange that decision by S & P may have devastating for the entire global finance. This is why the reopening of markets after the weekend was awaited with anxiety.If Asian stock markets have plunged well, the European stock markets, they have responded with more moderation (monitor live developments in the stock market, here).

Read also: The United States lost their triple A, what consequences?

Reactions: international mobilization to stop the panic

Aware of the seriousness of the situation, leaders of major economies in the world have interrupted their holidays to prevent from occurring a financial crisis as serious as the fall of 2008, after the bankruptcy of Lehman Brothers. In France, Nicolas Sarkozy has stepped from his home in Cape Negro phone calls with its European counterparts, particularly with German Chancellor Angela Merkel. After meeting on the night of Sunday to Monday, the G7 finance ministers pledged to "take all necessary measures to support financial stability and growth."In short: the central banks are ready to inject liquidity into the markets to support their operation. The European Central Bank (ECB) has meanwhile expressed its willingness to buy debt Spanish and Italian, if investors withdraw.

Learn more: How the world is mobilizing to prevent another financial crisis

The context of substance: the debt crisis

The deterioration of the U.S. sovereign rating is not sufficient to explain the stock market panic. United States, the conflict unfolding debate on the budget, to snatch the last minute Tuesday, August 2 agreement of raising the ceiling of the debt markets has greatly troubled. And even if an agreement between Republicans and Democrats has been found, the problem of U.S. public finances are far from settled – as evidenced by the decision of S & P.The U.S. debt crisis is painfully echoes that through which the euro area for two years. The second Greek rescue plan developed in July is still not enough to reassure markets and fears of contagion continue to increase. Italy and Spain are again under pressure from the markets.

Read about: The three lessons of the U.S. debt crisis

Spain and Italy do they need a plan to help?

The future: fears of another recession

The markets are worried about the health of the global economy. As well as one side of the Atlantic than the other, the news is bad. United States doubts about the strength of the economy are stronger every day, with the accumulation of worrying signs. Manufacturing activity is down, consumer spending and hold the GDP grew by only 1.3% in the first half.If Friday's unemployment figures are better than expected, it remains very high level of 9.1%. In Europe, Spain and Italy posted increases of 0.2% winded and 0.3% in the second quarter. France, may not do better: after starting the year with a bang, French growth has slowed sharply and unemployment started to rise. Result, the Banque de France and INSEE expects a GDP growth of just 0.2% in the second quarter, after 0.9% last quarter. The global recovery is no longer as strong as it appeared in 2010.

See also: Obama has the means to revive the U.S. economy?

Why unemployment in France does not drop