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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.

The new car registrations in France rebounded in October, supported especially by the commercial offers to individuals, announced Wednesday the Committee of French Automobile Manufacturers (CCFA).

After declining 1.4% in September, new registrations in the Hexagon rose 2.8% last month to 176,203 units. The change means in raw data and adjusted for working days in October 2010 and October 2011 were both counted 21 working days.

The PSA Peugeot Citroën registrations fell by 4.5% in October, after -18.4% in September, while those of Renault continued to rebound with an increase of 11.3% last month.

The first ten months of the year, the French market is growing by 0.4%.

Evangelos Venizelos, Greek Minister of Finance, believes his country will be the sixth installment of the aid package agreed by the European Union and the International Monetary Fund because, he says the weekly To Vima, Athens takes austerity measures required.

"As we make decisions as difficult and because the Greek people assume sacrifices as important, the sixth installment (aid) is provided," he said, dismissing the prospect of a default of Greece on its debt.

"Any discussion of a default (of payment) is either naive, (…) is dangerous," said the great financier whose remarks were published Saturday.

The possibility of a default on its debt Greece has gained momentum Friday, and even the G20 commitment to take steps to prevent the crisis in the euro area would undermine the banks and the economy n ' has failed to soothe the global financial markets.

Athens has denied reports in the Greek press saying that the one scenario out of the crisis was a default ordered at a discount of 50% for holders of sovereign debt.

The Greek Ministry of Finance has responded to these items by ensuring that the country was determined to implement the second international aid plan, 109 billion, set July 21."All other discussions, rumors, reviews, scenarios divert our attention from this central objective," said Minister Evangelos Venizelos said in a statement.

For its part, Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB), said the scenario of a Greek default could not be ruled out, becoming the first central banker in the euro area to accept the prospect of such an outcome, long ruled by European leaders.

"This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad."All efforts are aimed at preventing this, but I am now less certain that it failed to exclude a few months ago," he said, wondering "if the Greeks realize the gravity of the situation" .

THE GREEK BANK TO PENALTY

Risk aversion increased further after Deutsche Bank said the discounts that private investors have agreed to take on Greek sovereign debt in the second bailout of Athens could be greater than 21 % retained in the definition of the program.

European shares erased their losses in late afternoon but still in a very nervous market, investors are increasingly skeptical about the ability of governments to overcome the crisis of sovereign debt and economic stagnation.

The euro remained under pressure, while returning to the land above $ 1.35 after his eight-month low hit the previous day against the U.S. dollar.

In particular, investors appear disappointed by the fact that no specific action accompanies the commitment of finance ministers and central bankers from the G20 to take action to stem the crisis.

In a market still very volatile, banking stocks have turned upward in the afternoon, it seems after about Ewald Nowotny, a member of the Governing Council of the ECB, saying it would be may be desirable to reintroduce the tender to one year.

But Greek banks fell by 8% after lowering the credit rating agency Moody's notes of eight institutions in the country.

The recapitalization center stage

In this context, the question of recapitalizing European banks most vulnerable appears increasingly urgent in the eyes of investors.

Greek banks do not need to be nationalized, but should receive direct support of rescue funds in the euro area, called the head of a delegation of the European Union responsible for helping Athens to develop its reform program.

According to the President of the French financial markets authority (AMF), 15 to 20 European banks need recapitalization.Jean-Pierre Jouyet has also called for "find private investors who come to increase the capital of these banks."

But the European Commission has ensured that there was no plan to recapitalize banks under the European level, judging schools on the continent much more solid than three years ago.

Some 420 billion euros of capital was invested in European banks since the financial crisis of 2008 and the recapitalization is continuing, said at a press conference Olivier Bailly, spokesman for the EU executive.

France and Germany were preparing Wednesday to ask the Greek insurance on relief it has pledged to implement in the context of the new European aid plan adopted in late July.

Athens then struggling to meet the fiscal targets set as part of an initial plan in May 2010, as to raise doubts growing about its solvency, the spokesman for the French government, Valérie Pécresse said no Another solution was to the agenda.

"Today we are in the implementation of the agreement," she said during the proceedings of the Council of Ministers.

"There is one hand the commitment of lenders to be expressed through the votes of parliament and then the commitment of the Greek government and parliament to implement a range of remedies," she said, adding: "We want to guarantee the implementation of the recovery plan."

"I think we should be very firm on the commitments that were made," she said stressing that the issue would be on the agenda of the conference call scheduled for late afternoon Wednesday between Nicolas Sarkozy, Chancellor Angela Merkel and Prime Minister of Greece George Papandreou.

The results of the latter does give rise to any communication, she said.

The situation in Greece was discussed in cabinet by the French President and Prime Minister Francois Fillon, who "reaffirmed with one voice the determination of France to do everything possible to save Greece," he Valérie Pécresse said.

"Strength of Franco-German couple"

The two men also insisted on the "strength of the Franco-German defense in the euro area" and the need for "concerted quickly and the whole plan of July 21, just in terms of 21 July. "

Some European countries like Finland Greece mobilizes require assets as collateral for the cost of their participation in the new plan adopted in July in Brussels, an amount of about 110 billion euros.

Other voices, saying Greece unable to get out of business, call for a pooling of debt in the euro area, the only solution for them to save his weakest countries.

Valérie Pécresse argued that the final plan of aid to Greece was approved by the International Monetary Fund and that it appeared "credible" to get the country straight.

It referred to a European aid to Ireland, which "was considered hard and difficult to implement" but when it was presented that allowed it believes to be in Dublin "shot of business today. "

Regarding the possible creation of Eurobonds, a project under consideration by the European Commission, the budget minister reiterated France's position, namely that they could only be "the culmination of a process of consolidation in the euro area "and a convergence of fiscal policies.

"This fiscal convergence is obviously a prerequisite for any other matter, including the issue of debt pooling. It can be an end point, certainly not a starting point."

The growth of trade in goods between the major economies slowed sharply in the second quarter, mainly because of a brake brutal imports from China, show statistics released Wednesday by the OECD.

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).

Standard & Poor's downgraded the sovereign rating on Friday the United States, culminating a week of panic in financial markets alarmed by the scale of public debts and a slowing global economy.

Sign of the deep concern of world leaders, they have stepped up phone calls Friday and Italian Prime Minister Silvio Berlusconi has called a meeting of G7 finance ministers.

Markets are less and less confidence in Spain and Italy to honor their debts and the scenario of a domino effect in the euro area continues to unfold.The fear of tipping the U.S. into recession has also fueled the drop in global financial markets, who lost 2500 billion in one week.

After the close of Wall Street, the United States for the first time lost their precious AAA.Sovereign debt is now rated AA + by rating agency Standard & Poor's, which raises the specter of a further deterioration in a year.

This decision, rather expected, reflecting the deteriorating global economic climate and could have implications on the status of reserve currency the U.S. dollar.

China asks in a comment to Xinhua news agency that the international community to reflect a new reserve currency, "stable and secure."

Beijing, the first creditor of the United States, attacks in this dispatch to the U.S. government, demanding that it "faces the problem of structural debt."

BERLUSCONI TRANSFERS

The impact on the financial markets Monday may be minimal because this degradation is not unexpected but the consequences for long-term status of the United States and the dollar will be much more important.

"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 new development in the debt crisis increases the pressure on governments.In its analysis, S & P said the deterioration by the lack of fiscal consolidation plan adopted by Congress and the failure of leading Democrats and Republicans to govern together.

European markets also expect a rapid and effective government too indebted to their liking.

After Greece, Ireland and Portugal, investors fear that it is the turn of Italy and Spain, third and fourth economies in the euro area, have to seek a rescue.

Silvio Berlusconi bowed to international pressure by promising to accelerate the implementation of austerity measures and social reforms.

CALLS FOR COORDINATION

Source familiar with the matter, it is stated that the European Central Bank (ECB) has requested that the Italian government agrees to return to a balanced budget by 2013 instead of 2014, before buying Italian bonds and liberate Rome of market pressure.

Thursday, investors did not appreciate that the ECB does not buy Spanish and Italian bonds, limited to the sovereign Irish and Portuguese, while the yield of securities issued by Rome and Madrid exceeded 6%.

Two days later, it seems that it was a maneuver to push Silvio Berlusconi to act.

"In principle, we can say that the ECB could start to buy bonds if Spain and Italy (both countries) made an extra effort in terms of fiscal and structural reforms," ​​said a senior official told Reuters the euro area.

Jose Manuel Gonzalez-Paramo, a Spanish member of the Governing Council of the ECB, said he expected new government announcements on August 19.

China and Japan, the two largest foreign creditors of the United States, called for international cooperation, joined by the European Union.

"The international policy coordination across the G7 and the G20 is crucial," said the Commissioner of Economic and Monetary Affairs Olli Rehn, who interrupted his vacation to return to Brussels.

Silvio Berlusconi announced a G7 finance ministers "in the next few days" but his spokesman later explained that this was simply a desire to Rome and it was not yet agreed with the other member countries.

Britain, also affected by the volatility of markets, called "a concerted international effort" to avoid another global financial crisis, three years after the collapse of U.S. bank Lehman Brothers.

The Tokyo Stock Exchange, which was three consecutive sessions on the rise, finished Monday down 0.81%, amid rise in the yen against the dollar, because of fears about the U.S. debt.

The Nikkei lost 82.10 points to 10,050.01 and the Topix, broader, sold 6.90 points (0.79%) to 861.91.

"The market is nervous because of the risk of a default on U.S. debt, but the values ​​are down Tokyo's gradual and not abrupt, as they keep pace with the gradual rise of the yen," said Fujio Ando, ​​the One of the officials Chibagin Asset Management.

"Investors do not want to sell en masse because they provide the possibility of foreign exchange intervention should the yen appreciates too."

The Tokyo Stock Exchange, however, should benefit from a level of support related to expectations of good quarterly results season.

Pending the results of which markets they believe will demonstrate the recovery of the Japanese economy, the volumes could be low this week on the Nikkei.

Meanwhile, the trend of parity yen / dollar, the greenback was trading against 78.50 yen shortly after the close-penalty groups naturally Japanese exporters.

Toyota has lost 1.35% to 3,290 yen and Sony fell 2.19% to 2,054 yen.

The pressures have intensified on Sunday with British Prime Minister, David Cameron, for it prevents the group Murdoch to acquire pay-TV channel BSkyB, at least until the investigation into the scandal that is the tabloid News of the World is closed.

The best-selling Sunday tabloid in Britain bowed out Sunday by publishing its last issue, following the decision of its owner, News Corporation, not to edit it, given the excitement generated this week in Britain by revelations about his methods somewhat ethical.

News of the World is indeed alleged to have hacked for several years hundreds of voice mail belonging to the stars, to the relatives of soldiers killed in action and a teenage girl abducted and murdered in March 2002.

This case comes at the worst time for the group of Australian-American tycoon Rupert Murdoch, who is engaged in an attempted takeover of BSkyB, an operation estimated at around 10 billion euros.

Sunday, voices were raised in Britain that David Cameron intervenes in this matter.

"It should specify that the file BSkyB can not go further until the investigation is not over," said including the leader of the opposition, Ed Miliband.

The representative of the Labour Party has also said he would submit such an initiative in the House of Commons if ever David Cameron did not do.

But critics are not only coming from the opposition.

Simon Hughes, the vice president of the Liberal Democrats, who are partners in the coalition led by David Cameron called the prime minister to push the stock transaction.

The politician has also called on all members of the "Lib Dems" to do the same.

AirAsia will buy 100 Airbus 320neo more, bringing its total order to 300 aircraft, said a source with knowledge of the agreement.

The Malaysian low cost airline and the European aircraft manufacturer had announced last month at Paris Air Show an initial order for 200 aircraft for $ 18.2 billion, already establishing a record number of devices.

By playing a clause allowing him to add 100 units to its orders, AirAsia is in the amount to $ 27 billion based on list prices and is positioning itself to become one of the largest airlines in the world its fleet.

Like the first part of the order, the new aircraft will be equipped with CFM engines, the source said, who did not wish to be identified before the official announcement.

AirAsia will receive a discount on its entire order and delivery of 100 additional aircraft will be at the discretion of the carrier, she said without elaborating.

Person with AirAsia was immediately available to respond to this announcement.

This week, AirAsia founder Tony Fernandes had told Reuters that he regarded the company as being able to have 500 aircraft, which would make the second in the world behind the U.S. Southwest Airlines.

Air Asia currently has 90 aircraft, almost all single-aisle A320.