In a note which had been prepared for the G20 summit held in Cannes last week, but was not published until Friday, the Fund believes that the recovery of advanced economies patina.

"Paralysis and inconsistency have exacerbated the uncertainty, loss of confidence and increased tension of the financial market," he diagnosed.

The most advanced countries should urgently propose program medium-term fiscal consolidation credible and further reform the financial sector, while the emerging edge must accelerate the appreciation of their currencies, he said.

In particular, the IMF observes, there is "considerable uncertainty" about how to achieve fiscal sustainability in the United States, Japan and some countries in the euro area.

Europe will she fall back into recession?

The business environment is being degraded rapidly in Europe. This degradation affects all sectors and all countries. It was partly due to the crisis at work currently generating considerable uncertainty about the future, agrees and makes it more complicated financing and forced European states to austerity measures. However, even very poor, the level of the business climate remains consistent with a very small increase in activity, as evidenced particularly in industrial production in the euro zone, France and Germany.

How will evolve the euro?

It is undeniable that the crisis of public debt in the euro area weighs on the course of the single currency.However, the dollar is weakened by the weak economy in the United States, the concerns generated by last summer by the political debate on the budget and the debt and the expectation of monetary policy remains sustainable ultra- accommodative. In total, we expect an exchange rate of euro / dollar relatively stable beyond a very volatile as of weakness of any currency. In a broader perspective, the fact remains that these two currencies would be permanently impaired. Therefore, the pressure to appreciate the currencies of major emerging economies and countries like Switzerland would be persistent.

The benchmark Shanghai Stock Exchange has sold nearly 17% since the beginning of the year in part because of fears of monetary tightening and a slowdown in the Chinese economy.

The purchase of shares started Monday is the first undertaken by Central Huijin Investment since the financial crisis of 2008-2009 and are the first step to support the stock market officially recognized by the authorities.

Huijin is a subsidiary of sovereign fund China Investment Corp, rich $ 400 billion, already the largest shareholder of the first four banks.It began on Monday to buy back shares in the past, reported the official news agency Xinhua after the closure of local markets.

"In fact, the government acts to show his confidence because he believes that current valuations are a bit below the reasonable level," said Victor Wang, a Chinese banking analyst for Macquarie Securities.

Agricultural Bank of China and Industrial and Commercial Bank of China stated later that Huijin had bought 39.1 million and 14.6 million respectively of their shares listed in Shanghai.

HONG KONG ENDS IN NET INCREASE

Huijin intends to continue increasing its investments within a year, said the two groups in the stock exchanges of Hong Kong.

The Hang Seng Index in Hong Kong, where stock markets close later than those in Shanghai and Shenzhen, has made significant progress in recent trading following the announcement of investment Huijin.

Beijing authorities had already been used to support Huijin over the banks in September 2008. At the time, the Shanghai Stock Exchange had rebounded 9.5% after the announcement of these purchases, a field it had abandoned over the following weeks.

Last month, Chinese media had reported that the public pension fund received approval to invest 10 billion yuan (1.6 billion dollars) on the local stock market.And in August, official media had reported that Chinese insurers mostly controlled by the state had invested billions in the stock market.

Some analysts believe that the government could also hinder the IPO, as it did in the past in times of stock market slump.

At 9:05, the CAC 40 index advances 2.57% at 2923.78 points.

The London Stock Exchange gained 2.27%, 2.15% that of Frankfurt and Milan up 1.34%.

The pan-European Euro Stoxx 50 index rose 2.1%

European banks index was up 2.98%

The investment bank of the German state, KfW said Monday at 250 billion euros in total investment needed in Germany by 2020 to phase out nuclear power and switch to renewable energy. The bank itself "will make available 100 billion euros over the next five years for investments in energy in Germany," said a statement.KfW believes "to 250 billion euros the amount of additional investment required until 2020" or 25 billion euros per year on average, the burden on businesses, state and individuals.

About 144.6 billion euros of investment are expected to produce renewable energy and 62 billion euros in heating from renewable sources, a detailed study in the bank. Added to 17 billion euros to improve "energy efficiency", ie limit the mess, from 9.7 to 29000000000 to the power grid, and 5.5 to 10 billion euros for Additional gas-fired plants. The bill is likely to rise even during the actual construction of new equipment and if Germany is given more ambitious targets for reducing greenhouse gas emissions, KfW said.

The bank, which describes itself as "one of the first global capital in the energy," said to have provided financial support last year in Germany 80% of new wind turbines located, and 40% of new photovoltaic systems. It also funds the work of building insulation. KfW is involved in providing credit and financial guarantees, at low rates and long-term. The German government decided after the catastrophe of Fukushima off by the end of 2022 all nuclear reactors in the country, while increasing the share of renewable energy, which should represent 80% of the total electricity production in the country in 2050 , against 17% last year.

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 group based in London had offered 4.90 Australian dollars per share, an amount deemed insufficient by the Australian brewer.

This defensive strategy of Foster's follows the publication of annual results down, margins on beer falling for the first time in 10 years.

Analysts believe SABMiller and needs to bid slightly higher in order to achieve his ends.

Such a takeover would be the most important transaction in the sector since InBev has disbursed in 2008 some 52 billion dollars in cash to buy Anheuser-Busch InBev and form AB.

The index of the Federal Reserve Bank of New York stood at -7.72, its third consecutive month in negative territory, after -3.76 in July. Analysts polled on average expected a 0.00 index.

The new orders component has also declined to -7.82, its lowest level since November 2010, after -5.45 in July, and the stocks to -7.61 against -5.56.

Only the component of employment shows a slight improvement from 1.11 to 3.26.

The prices paid index eased to 28.26 from 43.33 in July.

The rating agency Standard & Poor's announced Friday night down a notch in the sovereign rating of the United States, saying the planned fiscal consolidation program will not stabilize the debt of the world's largest economy.

This degradation from AAA to AA + comes with a negative outlook, meaning that S & P could again deteriorate note of the United States within 12 to 18 months.

It followed a bitter battle between Republicans and Democrats raising the ceiling on public debt, which led the United States within a whisker of default.President Barack Obama signed on August 2 of the Act providing for the deficit of 2.100 billion over 10 years away from 4000 billion savings expected by S & P.

It comes as markets fear a "double dip", a relapse of the U.S. economy has done to Wall Street's worst week in more than two years.The S & P 500 lost 10.8% during the last ten sessions under the double blow of the threat of another recession and the extension of the debt crisis in Europe.

"The reduction (of note) reflects our view that the fiscal consolidation plan that Congress and the administration (Obama) has recently approved does not respond to what, in our view, would be needed to stabilize the dynamics medium-term debt, "said S & P said in a statement.

Moody's confirmed on August 2 the "Triple A" of the United States, while matching its Aaa rating than a negative outlook.

Fitch, the third leading global rating agency, maintained its AAA rating while placing it under review.According to David Riley, principal analyst at Fitch in the U.S., the agency does not place the American note negative outlook once the review finished.

"INTERNATIONAL MONITORING"

The United States were rated Aaa by S & P since 1941. Degradation of their sovereign rating was unthinkable a few months ago.It reflects the deteriorating global economic climate and could have implications for the status of reserve currency the U.S. dollar.

It should increase the cost of borrowing for the U.S. government, corporations and individuals.

"The global system must now adapt to the many implications and uncertainties induced by the loss, once unthinkable, the American Aaa," said Mohamed El-Erian, the investment company Pacific Investment Management.

This is a blow to the prestige of the United States but not an unexpected decision.S & P had in October called for a meaningful agreement to control the duration of the U.S. deficits and threatened in April to lower its rating.

"We expect that the dollar is more pressure but we do not imagine a selloff," said Vassili Serebriakov, an analyst at Wells Fargo Bank.

In contrast, the deteriorating U.S. note may worry foreign creditors, the first of which China holds $ 1,000 billion of U.S. debt.

Beijing, through a review of the official Xinhua news agency has promptly reacted to the news and urged the U.S. to face the problem of debt, asking that the global economy is not a hostage of U.S. domestic politics.

"There is a need for international monitoring on the issue of the U.S. dollar and a new reserve currency, stable and secure, can also be an option to avoid a disaster to be caused by a single country," Xinhua said.

Inability to govern ALL

The White House did not immediately react to the decision by S & P. Barack Obama was made aware that day of the intentions of the rating agency but it was discussed with officials of the U.S. Treasury, not with the White House were told Reuters a source familiar with the matter.

Friday night, the U.S. Treasury said that the calculation of debt by S & P was wrong about 2000 billion.S & P affirmed its economic assumptions have changed after discussion with the Treasury but said it did not change its decision.

"We take our responsibilities very seriously, and if at the end of our analysis, the commission concludes that a note is not to where it should be, it is our duty to make this decision," said Reuters responsible for the sovereign debt rating from S & P, David Beers.

Analysis of S & P is essentially the inability of Democrats and Republicans to govern together – the House of Representatives is controlled by the Republicans. The rating agency believes that such tax cuts enacted under the administration of George W.Bush will not be interrupted in 2012 due to fierce opposition from Republicans.

Degradation was immediately exploited by the Republican candidates for the nomination for president next year, Mitt Romney, for example seeing "a very disturbing indicator of the decline of our country under President Obama."

The charges against Dominique Strauss-Kahn is on the verge of collapse, says the New York Times. The U.S. newspaper revealed that the alleged victim Nafissatou Diallo lied several times since his alleged assault on May 14 and that the prosecutor's office does not believe much in the version of the maid of the Sofitel Guinea. If the French press has already begun to rehabilitate DSK, many Americans remain suspicious rather the contrary.The more than 500 comments from readers provide a first glimpse of the variety of their reactions.

"Sexual assault does not touch the innocent"

Many are warning against a hasty conclusion about the innocence of DSK. "It may be a liar, a thief, an illegal immigrant or even just a bad person and being raped. Sexual assault does not touch the innocent," recalls Tracey S. Peter also relativize the importance of the lies of the accuser: "A woman in her situation lie nervously on his immigration status should not surprise anyone, given the hostile climate of the country to its immigrants."

She may have reasons to lie, but it may be enough to kill his chances of convincing the jury because, as Lambert points out, "the whole process is based on the words of the protagonists.It was obvious that DSK would do whatever his extensive financial power would allow him to sully the bribe, or both. "A comment may be forgetting a little faster than calling into question the credibility of the complainant is that the prosecutor's office, not lawyers DSK.

Even readers willing to consider that DSK can be innocent of the crime he is accused believe that this whole thing is still positive. "If this incident pushed the French to reflect on their attitudes towards women, is a good thing," said Ralph, who adds: "it is evident that Strauss-Kahn has a sordid past and a reputation that had been hidden under the carpet. Now the truth is out, you can not hide. "

A little self-criticism …

More rare are those who undertake a real critique of American media and judicial management of the case."What a shame for the NYPD, the Manhattan District Attorney and the United States, Publius indignant. If you leave someone like him from the aircraft to give it the" perp walk "and prevent it from obtaining its bail, you better be sure of your cause. " Doug Terry said meanwhile that DSK "was not a fugitive unknown, but a senior official of one of the best known global institutions and we knew he was in France." For him, it should have been let go quietly in Paris, "it would have only been" suspected "but not arrested, charged and banned from traveling. What happened is a huge shame for the United States and our system of laws."

JScottK and warns that this case is a blow over the Franco-American relations: "Next year, Strauss Kahn will be a candidate for president and the French will express their sympathy by voting for him.If you believe that the Franco-American relations are strained now, wait until 2012 to see ".