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The debt swap proposed by Greece to its private creditors can reduce more than one third the country's budget deficit next year to reduce it to 5.4% of GDP if it goes smoothly, show Friday the proposed final budget submitted to parliament.

The text states that the exchange, a key component of the plan to reduce government debt developed by the European Union and the International Monetary Fund (IMF), would be to exchange 200 billion of existing bonds against 70 billion euros of new shares and 30 billion euros of cash payments to creditors who will accept it.

It is therefore equivalent to the creditors to agree a 50% loss on their receivables.

Without trade, the deficit would reach 6.7% of gross domestic product next year against 9.0% this year.

"After a history of steady growth, the evolution of public debt will now be reversed," he told MEPs Finance Minister Evangelos Venizelos, in the budget.

"Now the path is a reduction of public debt to alleviate the burden on the shoulders of the Greeks."

The draft budget for 2012 will be initially discussed in committee next week, the plenary vote is scheduled on December 7.

Antonio Borges, director of the Europe Department International Monetary Fund (IMF), has resigned with immediate effect, the Fund announced Wednesday, while the euro area hit by the debt crisis for over eighteen months.

The IMF notes that the Director General intends to appoint Christine Lagarde Reza Moghadam, Director of the current strategy to succeed Borges, effective Thursday.

This decision was welcomed by analysts who see a clear change of policy that could result in greater IMF involvement in the management of sovereign debt crisis that threatens to plunge the world economy into recession.

Exchanges in the euro area have closed down Tuesday, still hurt by the crisis of sovereign debt and the risk to the region from falling into recession.

Sign of the serious concerns surrounding the monetary union, the euro is less resistant to storm the previous day. He fell under $ 1.35 and was trading around 1.3497 dollars in late afternoon.

In the wake of the countries now in the crosshairs of the markets, Italy and Spain, whose 10-year rates and spreads (spreads) performance with Germany were strained, France saw its 10-year spread with the Germany to a new high since the launch of the euro in 1999 to 190 basis points (the nominal rate of 10-year OAT standing at 3.68% against 1.77% for the German Bund).The historical record of the spread (250 bps) above the euro and goes back to January 1990.

The Paris Stock Exchange ended down 1.92% to 3049.13 points, those in Frankfurt and Milan, down 0.87% and 1.08% respectively. The index of the principal values ​​of the euro area, the Eurostoxx 50, lost 1.32%.

Outside the euro area, London has resisted (-0.03%).

Financials (banks and insurance) (-1.4%) (-1.85%) and construction (-2.12%) recorded the largest falls in Europe and sector weighed on the stock exchanges, including in Paris.

The Tokyo Stock Exchange started the week up Monday, the speakers are partly reassured about the evolution of the European debt crisis even if they prefer not to push the market too high before an auction to be held in Italy later of the day.

The Nikkei gained 89.23 points (1.05%) to 8,603.70 and the Topix has taken 6.72 points (0.92%) to 735.85.

Italy must award five-year bonds, a first test for the new Chairman Mario Monti.

The market has not reacted much to the publication before the opening of Japan's GDP for the quarter July to September.

U.S. stocks closed up again Friday, the adoption of reform measures by the Italian Senate calm investor concerns about the euro area.

The Dow Jones gained 2.19% or 259.89 points to 12,153.68 points. The Standard & Poor's has been 1.95% or 24.16 points to 1263.85 points while the Nasdaq composite advanced 2.04% or 53.60 points to 2678.75 points.

For the week, the Dow Jones gained 1.4% and the S & P 0.8%. The Nasdaq lost 0.3%.

In Italy, the Senate passed the law of financial stability, a set of austerity measures demanded by the European Union to deal with the crisis. The Chamber of Deputies will vote Saturday on the text.Bank of America gained nearly 3% to 6.21 and JPMorgan Chase & Co 1.65% to 33.28 dollars. The KBW index of bank has been awarded 2.1%.

Nvidia has awarded 3.52% to 14.98 dollars. The graphics chip maker reported quarterly results better than expected thanks to its diversification in semiconductors for mobile phones and tablets.

Germany will maintain its influence within EADS, the liberal FDP members of the ruling coalition have raised their opposition to a takeover by the state shares of the aerospace group that Daimler is seeking to sell.

The automaker, which holds a 15% economic interest in EADS and 22.5% of the voting rights, is seeking a buyer for part of its participation.

In return for the lifting of the objections of the FDP, the German state will sell stakes in other companies such as Deutsche Post and Deutsche Telekom, it was said.

The reversal of the Liberal Democrats FDP, the CDU partner of Angela Merkel, will allow the state development bank KfW to buy half of the 15% held by Daimler in the European aerospace consortium.

A government source said that the automaker would retain the remaining 7.5% beyond 2013.

She said the issue of price has not yet been addressed and has no agreement is expected before July.

No one at Daimler, EADS or KfW has agreed to comment on the report.

EADS is governed by a shareholders led by the French Lagardère and Daimler.

Geniki Bank, a subsidiary of Societe Generale, said on Tuesday doubled its losses during the period from January to September over the same period of 2010 due to significant loan loss provisions and write-downs of bonds.

The Greek bank, purchased by his French counterpart in 2004, lost 617.8 million euros in the first nine months of the year after losing 304.1 million euros the previous year.

"The deteriorating economic environment has had a negative effect on the quality of our loan portfolio and, therefore, our provisions amounted to 377.2 million euros over the period," said the bank.

Geniki also reported a depreciation of 230.1 million euros in its portfolio of Greek government bonds.

The Greek economy is expected to contract 5.5% this year and the country will register a new recession in 2012, due to stringent fiscal austerity measures taken by the government, while unemployment is 16.3% of the labor force.

The loan portfolio of the Greek bank fell by 14% to 3.01 billion euros.

The participation of the General Society in the capital of Geniki increased from 53.9% to 88.4% in November following an appeal for 340 million euros to strengthen the equity of the bank.

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, the high fuel costs to be offset by higher revenue per passenger per kilometer.

The first airline to European low-cost, which reported a quarterly taxable income above expectations, said not having seen virtually no impact of the decline in consumer confidence.

The Irish company added, however, she anticipated a decline in traffic in the coming months due to his decision to nail to the ground some aircraft in response to the high cost of kerosene.

Of the three months to September, the taxable income stood at 404 million euros against an average forecast of six analysts polled by Reuters de393 million.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

He assured that the draft prepared by the Tax Commission in Brussels would be considered by the Heads of State and Government of the EU "at the beginning of this year," and promised that France "will fight" in order to so that it is put into service by the end of next year.

The Head of State expressed satisfaction that now "a number of countries have joined the battle of France", quoting indiscriminately the European Commission, Germany, Spain, Argentina, African Union, Ethiopia, South Africa and Secretary General of the UN, which he said Brazil "who said his interest in the process."

Default, return to the drachma, massive devaluation, hyperinflation, recession … out of the euro could well lead the Greek economy to disaster. Demonstration. Of "indignation" burn Greek euro banknotes to the Bank of Greece in Athens, October 17, 2011

The euro area, you love it or leave it. This is 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 asked their conditions in the referendum decided by the Greek Prime Minister: consultation will not include the bailout of the euro but on the desire to remain or not in the euro area. And it must take place before Christmas.

"It is clear that the question that is posed is that of the European future of Greece.Her outfit is however conditional on the vote of confidence in Parliament of the Greek government policy and the possible holding of early parliamentary elections, but if this referendum does take place, that meet the Greeks? "The Greek people will not come out of the single currency, says political scientist Georges Sefertzis expansion. Com. It is not against the euro than the Protestant population. It is against the decisions of austerity and hard above all very unfair. "

Yes, but in these times of severe political instability and confusion of the population, no one can say that the ras-le-bol massive Greeks will not materialize by a protest vote at the polls. That is to say no to the euro area. In principle, no country can leave the euro area. Neither the release nor the only possible exclusion from the European treaties. However, nothing seems to prevent it if a country so requests.