Half an hour after the bell, stock markets were slightly widened their losses after the President of the European Central Bank (ECB) Mario Draghi said the downside risks to the economy increased. Investors are waiting to learn more about a response of Europeans to the debt crisis to position.

"The increase related to the decision of central banks yesterday allowed (market) to heal his wounds with a high gain of the euro and stock markets.The real question is: this rule does the real problems in Europe? No, not at all, "Judge Michael Hewson, an analyst at CMC Markets in London." This makes the return to the competitiveness of European peripheral countries due to the strengthening of the euro.

The second part of the plan will be announced in May or June and will aim to increase employee productivity and quality of service, the newspaper said.

The Air France-KLM announced a savings plan for the first quarter 2012, when publishing its quarterly results in early November.

The group had announced on this occasion it would have lost the whole of 2011.

Berlin has been sold for 3.644 billion euros in loans to ten years against 6 billion expected, so that the Bundesbank, the German central bank, had to buy the remaining 39% to avoid failure of the operation.

The very low yields offered by the Bund have dampened the appetite of investors, already concerned about the cost that will impose on Germany a spiral of debt crisis in Europe.

"This is a complete disaster, absolute," said Marc Oswald, strategist Monument Securities in London.

"If we find that (effective) our work is undermined by a lack of efforts of national governments, then we must ask us to question the effect (of interventions)," said he in an interview published Sunday by the newspaper La Stampa.We discuss all the time. "

This is partly because the yields of Spanish and Italian sovereign bonds in early August had reached a level considered difficult to sustain over the long term for these countries to more than 6%, the ECB had resumed its buyback program obligations.

Since the last three months, it bought for about 100 billion shares, of which over half were Italian government bonds.

Friday, the yield on Italian 10-year loans reached a new high since the creation of the euro area, 6.43% due to the distrust inspired investors in the country, where a vote of confidence in the House planned Tuesday could bring down the coalition government led by Silvio Berlusconi.

Greek Prime Minister George Papandreou on Monday decided to submit the European Agreement on the rescue plan of the euro zone to the approval of its citizens. This plan, adopted in pain by 17 members of the euro area on October 26, provides for the deletion of a portion of the debt of Athens, in exchange for austerity and still more vigorous supervision of a strengthened donor country (EU, ECB and IMF), the famous "troika".A meeting between Nicolas Sarkozy, Angela Merkel, the EU and the IMF is also scheduled for tomorrow Wednesday in Cannes, which is scheduled for the G20 summit.

Papandreou's why he called the referendum?

The Greeks "do they want the adoption of the new agreement or reject it? If the Greeks do not want it, it will not be adopted," said the Prime Minister on Monday night before the parliamentary group of the Socialist Party (PASOK ). "The will of the Greek people be binding on us," he added. What is certain is that the announcement of the referendum is a real surprise. Members of the majority, including Finance Minister Evangelos Venizelos, were not aware. Two Greek Socialist MPs already challenged the decision of George Papandreou, the one announcing his defection, the other calling for a cabinet "national salvation".A poll published last weekend showed that a majority of Greeks believe the decisions of the European Summit negative, only 12.6% considering them positive.

What will happen if the majority rejects?

This is the future of Greece in the euro area is at stake the Cypriot economy Christopher Pissarides, Nobel laureate, is not optimistic. "If no victory, Greece would fail immediately. I do not see it stay in the euro," he predicted. "The risk is that the international community shuts off the money and the country ends up leaving the euro," said Christoph Weil, an analyst at Commerzbank. The negative consequences of this event for Greece would be immense. Of course, out of the eurozone would allow Greece to devalue its currency and become competitive.

Four in ten French believe that "the euro has been quite a handicap over the last three years of financial and economic crisis," according to a survey conducted for the FIFG UMP and made public Friday. Only 26% of respondents believe the euro has been "an asset", against 40% who describe it as "handicap" and 34% for whom it was "neither one nor the other," according to the survey presented at the parliamentary days of the UMP.

In August 2010, only 34% of French people saw the euro as a handicap, according to a survey conducted then FIFG for Humanity.Similarly, 37% of respondents wish that "France gives up the euro and the franc back," against 63% for the maintenance of the euro. Last June, in another survey FIFG-L'Humanité, only 29% were in favor abandonment of the single currency.

The French are divided into two camps face almost equivalent to European integration, "given the current crisis", 51% are for "a strengthened European integration with a unique economic and fiscal policy", against 48% preferring "less European integration and economic and fiscal policies of each State "(1% undecided).

Do you agree with these opinions? Do you think the single European currency is an asset or a liability in times of crisis? A return to the franc is it possible and desirable? Give us your opinion in the comments.

Survey conducted by telephone Sept. 23 to 26 among a sample of 964 individuals, representative of the French adult population for the UMP group in the National Assembly, Senate and Parliament.

A spokesman for the Greek government has denied reports the newspaper Ta Nea and Ethnos, which state that the other two scenarios are disordered or defective, or the implementation of the second rescue plan 109 billion euros agreed on 21 July.

Citing witness a speech given by Evangelos Venizelos, Ta Nea reported that the Greek Finance Minister would also have considered "very dangerous" for Athens to claim a discount of 50%."This would require a large coordinated effort," would have said.

A spokesman for the Ministry of Finance said not to be able to comment on articles, but a spokesman for the Greek government, Angelos Tolk, has denied.

"What we choose (for Greece) is to stay in the heart of Europe with the implementation of the decisions of July 21.The big challenge is to avoid failure or collapse. "

The Socialist deputy Tzakri Theodora, who says he listened to the speech of Evangelos Venizelos cited by the press, also denied that he had discussed the scenario with a discount of 50%.

Greek Finance Minister is on his way to Washington for a meeting with the inspectors of the mission the European Union and International Monetary Fund, European Central Bank in Greece.

Some European banks have agreed to contribute to the second bailout of Greece set July 21 by passing a 21% discount on bonds maturing before 2020.

The CEO of Deutsche Bank Josef Ackermann said earlier this month that many European banks would not stand a discount of these securities at the current market value.

This study, in which terms are used particularly alarmist, has plunged the euro fell to a seven-month low against the dollar, less than $ 1.35.

"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.

It should be automatic financial penalties for countries whose deficit exceeds 3% of GDP, warns the document released Thursday by the ECB but not formally approved by it.

The study recommends that national budget deficits are approved at European level in case of exceeding safe levels and that States are under financial supervision if the adjustment programs do not meet the objectives.

The ECB added that it is impossible to say for sure whether the latest reforms will be sufficient to ensure sound fiscal policies.

The German Jürgen Stark, chief economist of the ECB and member of its Executive Board, resigned ten days ago, apparently because he disagreed with the policy of buying government bonds implementation by the central bank to fight against debt crisis in the euro area.

Jürgen Stark has continued to call on politicians to develop operating rules for the euro area more stringent.

At this stage, three countries in the euro area – Greece, Ireland and Portugal – have had to resort to an international plan to support developed by the European Union and the International Monetary Fund (IMF).

The ECB has already spent over 150 billion to purchase debt securities issued by countries in the area to prevent the contagion of the debt crisis, including Spanish and Italian paper.

In addition to Jürgen Stark, the study was signed by Ludger Schuknecht, Philippe Moutot and Philipp Rother.

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.

"It's absolutely crucial to consolidate and strengthen the quality and credibility of the Italian strategy, and its solvency," he said, holding out the promise from Silvio Berlusconi, who committed last month to fill the gap budget by 2013.

The ECB, which has bought Italian bonds again undermined in recent days to try and halt the increase in performance, appears more and more pressing with respect to Rome.

Jean-Claude Trichet, speaking to the press in Cernobbio, Lombardy, had made a similar appeal the day before in the columns of the financial daily Il Sole 24 Ore.

The revision of the austerity plan, adopted in haste last month to reassure financial markets about the soundness of public accounts, the subject of intense negotiations that concern partners in Italy.

The government has given up a "solidarity tax" for the highest incomes and lowered the sacrifices required of local authorities.

Wednesday, the team of Silvio Berlusconi has also given up trying to push back the retirement age by not taking into account more years in higher education or military service.

These changes have cut plan 4-6000000000 savings, but the lack of detail prevents experts to assess whether the measures adopted will be sufficient to reduce the state budget in balance in 2013.Originally, it provided 45.5 billion euros in savings.

Stressing also the urgency of the situation, Italian President Giorgio Napolitano expressed regret that no government will be committed to reducing public debt that now threatens to spiral out of control.

"We hesitated to tackle decisively and consistently to constraints due to the enormous burden of debt that could have been eased and broken," he said at a conference in Cernobbio.