The Competition Commission said in a statement that an institution is denounced by stating that several banks have influenced the benchmark Libor (London Interbank Offered Rate) and Tibor (Tokyo Interbank Offered Rate ) for certain currencies.

Libor is used worldwide as a benchmark to set rates on transactions whose total amount is estimated at 350,000 billion. 

The slightest change in these rates calculated daily based on data from a selected group of banks may have a significant impact on rates charged by banks.

"For these behaviors, traders could obtain a distortion of the reference rate in their favor," said the policeman of the competition in a statement.

The Competition Commission is also suspected that brokers will be concerted on the differences between the buying and selling (spreads) of derivatives products, allowing them to sell financial products to ; disadvantageous terms for their clients. 

Investigations of the Competition Commission with respect to 12 major European institutions, U.S. and Japanese: UBS and Credit Suisse, Bank of Tokyo-Mitsubishi, Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Mizuho Financial Group, Rabobank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation.

INVESTIGATIONS IN EUROPE AND THE United States

U.S. authorities, European and British also seeking banks have underestimated the interbank rates to reduce borrowing costs and try to ease market tensions during the financial crisis.

At the time, Libor rates had increased, but some had found that this increase was insufficient to reflect the actual prices in the interbank market. 

"We are in contact with the U.S. Department of Justice and the European Commission," said Reuters on Friday Olivier Schaller, Deputy Director of the Competition Commission. "Our focus for now on the problems appeared on the Swiss market. We're just beginning our investigation. "

" We take these surveys very seriously and cooperate fully with the authorities, "said a spokesman for UBS and Credit Suisse

. RBS have refused ; s to comment while no one was immediately available in other institutions for a position

……. .. Suspicions had already emerged in 2011 when a European asset manager sued a dozen international banks, accusing them of understanding to manipulate Libor …… Charles Schwab Corp.

… has also instituted proceedings against eleven major banks for the same reasons. 

In July, UBS announced it had granted immunity in a case of suspected manipulations to Libor in exchange for his cooperation with certain authorities.

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 top of the eurozone, which ended in the night between Wednesday and Thursday led to a series of measures to resolve the crisis, including the deletion of 50% of the Greek debt to private creditors and the strengthening of the Fund stability in the euro area.Here are the details of decisions taken by all European leaders.

A discount of Greek debt to 50%

Banks and private equity funds that hold Greek debt have agreed to voluntarily relinquish 50% of their claims on the national debt by 2020: specifically, from January 2012, they will exchange their debt obligations Greek against others whose value will be halved. This represents a deletion of 100 billion euros of Greek debt, currently at 350 billion euros. Fund stability in the euro area (EFSF) will bring to these private creditors 30 billion euros in guarantees on these new claims.The plan of 109 billion euros in public aid (EU and International Monetary Fund) for Greece decided on July 21 is replaced by another, amounting to 100 billion euros, until 2014, who s will accompany closely monitored by the creditors of the implementation of reforms required in the country. Athens will have to find 15 billion to reduce its debt through privatization.

Recapitalized banks to the tune of 106 billion euros

Hard equity banks (equity capital and retained earnings) will reach 9% "30 June 2012." To achieve this, "banks will have to appeal primarily to sources of private capital." Until this objective, "the banks should be subject to some constraints on the distribution of dividends and payment of premiums."The European Banking (ABB) was evaluated Wednesday at 106 billion recapitalization needs, which will involve 70 schools. Greek banks are the most concerned (30 billion) before the Spanish banks (26.16 billion) and Italy (14.77 billion).

The EFSF increased up to 1000 billion

The EFSF, currently has a capacity of loan of 440 billion euros, will reach a strike force of about 1,000 billion. Two mechanisms should complement each other for this purpose. The first will be to ensure some of the potential losses of private investors when they buy government bonds on the primary market. The other is to create one or more special funds (special purpose vehicles) to attract outside investors private or public, as emerging markets.The text mentions, without elaborating, "an even closer cooperation with the International Monetary Fund."

The ECB may continue to buy back debt

The governments of the euro area may have to count on the role of the ECB firefighter to support fragile states such as Italy and Spain. Its future president, Mario Draghi, has promised to continue to do so if necessary.

Golden Rules of generalized

The golden rules of a balanced budget will be generalized. Among the measures to strengthen fiscal discipline common EU monetary figure "the adoption by each Member State of rules on passing a balanced budget the Stability and Growth in the legislation, preferably at the constitutional level or equivalent end of 2012, "the statement said.

Highs in the euro area generalized

Highs in the euro area will be held twice a year.They will be chaired, at least initially, by the President of the EU, the Belgian Herman Van Rompuy. A change in the EU treaty is considered.

The Senate will consider this text as from 17 November.

At the end of this reading by MPs, the projected deficit for 2012 amounted to 80.321 billion euros, a reduction of 1.451 billion euros compared to the initial deficit was expected to 81.772 billion euros.

But the draft budget for 2012 is built on a growth assumption of 1.75% which, because of the crisis, is considered "optimistic" by many and the government has already announced that new measures would be taken if necessary.

Prime Minister Francois Fillon praised Tuesday the UMP group for his "outstanding work", reported a number of members present at the weekly meeting of the majority group.

"You have been consistent. What you have done is remarkable," he said, referring to the group's decision not to practice in bidding and its amendments have made nearly $ 1.5 billion 'savings.

"This is a true and budget.It is solid, serious and responsible, "said Jerome Chartier UMP.

A BUDGET FOR EVER CADUC PS

But the spokesman of the Socialist Group in this debate, Pierre-Alain Mute, called the budget "to the list of measures which emerges Prévert no other logical that blind and massive austerity."

"It's unfair and a budget already spent," he said.

For Pierre Moscovici, a relative of the Socialist candidate for president in 2012 François Hollande, "It's surreal."

"We vote on figures known to be counterfeit," he told reporters.

Among its main measures, the Finance Act 2012 provides for taxation of high incomes, a tax on drinks containing added sugars and artificial sweeteners, a reduction of real estate gains in some cases for the sale of a residence secondary school.

After this vote, Members should begin to review the draft law on financing of Social Security (Social Security Financing Bill) 2012.Only 2 November they will begin to discuss the second part of the budget, the expenditure.

The Assembly will vote Nov. 16 by a solemn vote of the entire draft budget law for 2012 that the Senate will consider from the day in public.

The final vote on the draft budget for 2012, the last of the five-year term and is expected by mid-December.

Total imports in the G7 and the "Brics" (Brazil, Russia, India, China and South Africa) grew by only 1.1% over the period April to June compared to January-March quarter, during which they had increased by 10.1%.

Export growth has followed a similar trend although markedly, falling to 1.9% against 7.7% in the first quarter.

The only Chinese imports (17% of the total considered) were up 0.7% from one quarter to another, the lowest since early 2009, which contrasts sharply with the increase of 11.1% recorded the first three months of the year.

This movement is partly due to efforts by the Chinese authorities to curb domestic demand and prevent overheating.

Exports from the Republic are divided along the front, rising 10.0% after 2.9%. This double movement resulted in a sharp increase in Chinese trade surplus at $ 54.8 billion, says the OECD.

This trend continued in July, China's exports registering a new record despite new tensions related to the debt crisis in the eurozone and signs of slowing U.S. economy.But Beijing was concerned about increasing threats to recent external demand.

United States, imports have also slowed, to rise from 11.1% to 3.0% while exports amounted to 5.6% to 2.6%.

In total, import growth slowed in all G7 countries and the BRICS with the exception of Brazil, where they rose by 11.2% (against 5.7% in the first quarter).

According to preliminary data from the figures published by six German states, domestic inflation would reach 2.3% in August, more than the 2% recommended by the ECB, but less than 2.4% the previous month.

From month to month prices fell 0.1% in August because of lower cost energy.They had increased by 0.4% in July.

"With the weakening of the euro area economy, the slowdown in credit growth and inflationary pressures receding in the largest economy in the euro area, it is difficult to find the upside risks to inflation" said Carsten Brzeski, an analyst at ING Financial Markets.

"This will he lead to a reversal of the ECB?"

An alternative measure of inflation, according to the European harmonized standards (HICP) also announced lower prices, with an inflation rate of 2.4%, 2.6%.

Until recently, the ECB was faced with the difficult task of balancing its economic policy to meet both the needs of Germany as peripheral economies in difficulties.

But the sharp slowdown in the German economy as reflected in the recent indicators leading some economists to believe that inflation will also curb it.

Among the six Länder followed, only Hesse, where the economic capital of Frankfurt, said inflation in line with the objectives of the ECB, to 1.9% in August against 2.2% in July.

In North Rhine-Westphalia, the most populated of Germany, prices rose 2.3% in August after 2.7% in July.

Tax on soft drinks, suppression of the reduction of professional fees, VAT increase on theme parks, higher social plan, hardening of potential loss carry … the anti-deficit plan presented yesterday by François Fillon has only one consistency: they are essentially raising taxes through the creation of new taxes, the increase of others, and the removal of tax loopholes. Total amount of the bill: € 12.2 billion, which will weigh slightly more heavily on households (6.1 million) on enterprises (5.1 billion).

Companies: 3.9 billion

Companies pay a large share of 12 billion euros of additional taxes. First, their income tax will increase by 2 billion, due to stricter supervision of deferred losses on profitable years later or earlier (device that reduces the amount of tax companies). The second major measure relates to exemptions from employer contributions on overtime. These exemptions are not challenged, but will be included in the calculation of load reductions on low wages. In other words, companies will pay more payroll taxes to the tune of 600 million euros in 2012. The social package – which carries out the employer levy on employee savings – will increase from 6 to 8%, which will cost 400 million euros.Also note: social contributions paid by employers in the energy sector will increase, taxes on polluting vehicles will increase business and 30% reduction on the taxable profit in the overseas companies will disappear.

Insurance and mutual insurance companies: 1.4 billion

The exemptions enjoyed by banking and insurance contribution to social solidarity societies (C3S) will disappear, which will bring 200 million euros for Social Security next year (the C3S finances the social system of self). Moreover, the taxes that weigh on complementary health (mutual insurance companies, pension funds) will be raised from 3.5 to 7% for contracts called leaders and 7 to 9% for others. The increase in the tax on complementary health, which must report 1.2 billion euros, a priori weight on the industry.Except that the mutuals have already warned that they could pass this cost on to their customers, by increasing contributions.

Rich: 2.6 billion

The most anticipated was the creation of a windfall tax on very high incomes. It must be said that the petition launched by 16 top managers and large fortunes of France to pay more taxes generated the buzz. Still, this tax is more cosmetic than profitable. It is set at 3% for income above 500,000 euros per unit. It should therefore cover only 10 000 richer and report only 200 million euros, according to Bercy. In contrast, households with multiple properties will put a strong hand to pocket the 10% reduction per year beyond the 5th year of holding a second home or a building plot is deleted. This will bring 2.4 billion euros.

Investors: $ 1.5 billion

The payroll taxes on capital income (interest on savings accounts, real estate capital gains, dividends, interest of PEL, PEA, products, life insurance, etc..) Will be removed from 12.3 to 13.5 %. Almost all the French have a livret A and 62% have life insurance. This means that the measure will pay big: 200 million in 2011 and 1.3 billion euros in 2012.

Consumers: 1.2 billion

These are taxes that may seem anecdotal, but that will weigh on the purchasing power of the French. On behalf of public health (or the name of rigor), taxes on tobacco and alcohol will be raised. Tobacco prices will suffer a first increase of 6% in October and a second by 6% in January 2012. Taxes on spirits – except for wine, rum and "regional production" – will be raised to 90 cents per liter.In addition, the government announced the creation of a specific tax of 19.6% on soft drinks. Water, fruit juice (no added sugar) and products containing sweeteners are not affected by this measure. This "soda tax" which should bring 120 million euros a year, is already generating controversy. ANIA (National Association of Food Industries) Justice "scandalous" and warned that the price of the can is expected to increase by an average of one euro cents. Finally, fans of theme parks like Disneyland may have to pay more to enter the VAT on tickets from 5.5% to 19.6%

Lambda Employees: 800 million

It's a bit unnoticed, but the CSG many employees will increase. The abatement of earned income for professional fees will increase from 3 to 2%.Specifically: the CSG will now be calculated on 98% rather than 97% of salary, which amounts to a slight increase in the CSG. In addition, the income paid by the safety under the parental leave will now also subject to the CSG. These cuts Notwithstanding the CSG should report to 800 million euros in 2012.

State: 1 billion

François Fillon yesterday called "extra effort" to reduce state spending. It amounted to an effort that one billion euros in 2012, without detailing the cost-saving measures. The Prime Minister has merely to recall the steps already taken – freeze state grants to communities, freezing expenditures, non-replacement of a staff of two to retirement, etc..

The Germans suspect more capacity of Chancellor Angela Merkel to solve the financial crisis in which Europe seems to plunge every day. They have a 55% "somewhat confident" and 20% "no confidence" in the conservative-liberal coalition government out of the euro area the storm, according to a survey by the Institute Infratest Dimap and broadcast Friday by the public channel ARD.

These concerns are explained first by the problems of perception of a clear policy."The Germans yearn for clear positions on the part of leaders and now it is not the case," said Richard Hilmer, director of Infratest Dimap. And Carsten Koschmieder, a political scientist at the Free University of Berlin, to abound in his direction: "These figures are plausible," he said to AFP. "The Chancellor did not demonstrate any leadership capacity in the current situation. Citizens expect a plan and Angela Merkel is silent."

Having delivered Tuesday with French President Nicolas Sarkozy a message on the economic governance of the euro area, but without going into details, Merkel was killed. "That may be good for markets, which startled every statement, but that does not restore public confidence," thought Mr. Hilmer.And in fact, the Franco-German summit did nothing to fear swept the world stock markets, all victims of this week a panic fueled by sluggish growth.

The Germans are more cautious vis-à-vis Nicolas Sarkozy. According to the survey of the institute Infratest Dimap, 63% of respondents said they had "little confidence" and 20% "no confidence" in the French president. Only 15% have "high confidence" and 2% do not know. A sentiment shared by the French, Harris Interactive poll published on 11 August by the daily Le Parisien / Today in France: they would be 46% to have more confidence in the Chancellor and Mr. Sarkozy (33%) to "avoid" a new financial and economic crisis.

The scope of these figures, however, is minimized by Baasner Frank, director of the Franco-German Institute in Ludwigsburg, "the grass is always greener on the neighbors.The French have an idealized vision of Merkel, who they consider serious and stable ". Baasner says, the distrust of the Germans vis-à-vis the Merkel government" is not surprising. "He points to the Liberals ( FDP), junior partner in his coalition, which after the electoral debacle in several local elections speak loudly to try to exist. "Their presence does not help," said he.

Proof of the cacophony in Berlin, the Vice-Chancellor and Minister of Economy, the Liberal Philipp Rösler, Friday proved very reserved in respect of a European tax on financial transactions, yet offered no more later than Tuesday by Chancellor and French President. "It would be easier to form a grand coalition with the Social Democrats", currently in opposition, says Baasner."At least, none of the two parties would fight for his political survival and it would be easier to adopt a strategy for the long term."

This is the largest amount ever spent in one week by the ECB since the program began in May 2010.The first week, the ECB had then bought 16.5 billion euros of Greek bonds.

The ECB has reactivated on August 4 this repurchase program obligations, dormant since March, despite opposition from four members of its Board of Governors.

The monetary institution immediately restarted its operations in the bond market, traders noting first debt redemptions of Irish and Portuguese.

She said four days later that she would "actively implement" the bond buyback program to try to stem the debt crisis that has shaken the euro area, noting also that it would intervene on Spanish bonds and Italian.

The action of the ECB has allowed interest rate for the Rome and Madrid to relax, the performance of their debt to ten years hovering around 5% today against more than 6% previously.

Because of the time it takes for transactions to fall into place, the first debt buybacks Irish and Portuguese occurring this month are also included in the total amount released Monday.

None of the bonds held in the program being expired, the ECB considers the total value of its purchases to about 96 billion euros.