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Manufacturing activity contracted in January in the euro area, for the sixth consecutive month, the burst displayed by Germany was not enough to prevent the depression is prolonged, the figures show the survey by Markit Purchasing Managers with. Although industrial production rose for the first time since July but the level of new orders continued to decline in the region, raising fears that it will take time before the economy the euro area to return to solid growth. In its final version, the index stood at 48.8, slightly better than the flash version (48.7) and in December (46.9). The sub-index of production rose for the first time in July to 50.4, revised from an initial estimate to 50.0, against 47.1 in December. The sector has experienced rebound in Germany, where manufacturing activity in January has returned to growth for the first time in four months. The index rose to 51.0 in January, against 48.4 in December and 50.9 in the first estimate. It has surpassed the 50 which separates growth from contraction. However the activity of the manufacturing sector has deteriorated in France. The PMI rose to 48.5 last month, according to the first estimate (flash) published on January 24. He had registered 48.9 in December.

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.

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.

The New York Stock Exchange finished up 1.68% Thursday, the Dow Jones Industrial 30 183.38 points to 11,123.33 winner. The S & P-500, wider, took 20.94 points, or 1.83%, to 1164.97.

The Nasdaq Composite Index was up 46.31 points for his side (1.83%) to 2506.82.

Decline in new orders, production and employment: the French industrial activity is in contraction. Activity in manufacturing contracted in France in September.

Activity in the manufacturing industry in France has again contracted in September, with a decline in new orders, production and employment, according to the final estimate of the PMI released Monday by the company Markit. The manufacturing PMI fell back 49.1 points and 48.2 points in August, its lowest level since July 2009. The decline is less marked announced at a first estimate published on Sept. 22. An index below 50 points signals a contraction in activity.

"The debt crisis of the Eurozone and the deteriorating economic conditions have led to a sharp decline in demand," notes economist Jack Kennedy Markit, said in a statement."The manufacturing sector may well have slowed the quarterly GDP growth, the survey data suggesting a decline in industrial production for the entire third quarter."

The decline in the PMI reflected a sharp decline in the volume of new orders, domestic and export markets, sales declined for the third consecutive month and decreased production. "As a result of the current weakness of the sector, the French manufacturers are downsizing for the first time in a year," said Jack Kennedy. The PMI, compiled from a survey of companies operating in France, is a leading indicator of economic conditions, considered reliable by analysts.

The Head of State wishes to include social issues such as employment and social protection in the heart of the G20 which is chaired by France. Nicolas Sarkozy called on Monday, September 26, 2011 the G20 to set up a "social regulation" world before the G20 Labour Ministers meeting in Paris.

Nicolas Sarkozy has urged its partners in the G20 to set up a "social regulation" world which he defined as a "base for minimum protection in all countries" to the G20 Ministers of Labour held Monday, September 26 in Paris.Labour Ministers of the G20 and international institutions met for two days to put social issues such as employment or social protection in the heart of the G20, even though two international organizations, the International Labour Organisation ( ILO) and the Organisation for Cooperation and Development (OECD) fear a serious deterioration in the labor market.

Speaking on the first day of the meeting, Nicolas Sarkozy said that "the crisis has caused a devastating effect on the labor market, 30 million unemployed in less than two years." "The G20 will retain its legitimacy if it can demonstrate its effectiveness in promoting growth and employment," he said. "A financial regulation, economic regulation, add social regulation," the head of state.The G20 meeting of Ministers of Labour is in line with the G20 summit in Pittsburgh in 2009 had called for a "model for global growth more balanced" to avoid another global crisis and promised to promote employment.

The first work session Monday, behind closed doors like the rest of the work was devoted to employment, based on a joint analysis of the OECD and ILO, very alarming for employment in the years come. For both organizations, the global economic downturn could lead to a massive shortage of jobs in the G20 countries in 2012. "We need to stem the slowdown in employment growth and fill the jobs lost. Now is the time to act," warned in a statement the Director General of the International Labour Organization (ILO), Juan Somavia.

40 million jobs could be missed in 2012

"It would have employment grow by 1.3% a year to regain its pre-crisis level by 2015. This would get around 20 million jobs per year in the G20 countries and absorb new entrants, "said the press in Paris at the OECD Employment expert Stefano Scarpetta. "But with the slowdown in economic growth, employment growth, only 1% in recent years, may slow to 0.8% and then it would be 40 million jobs that fail by the end of 2012" , added the economist. He expressed the hope that the upcoming G20 summit leads to "a strong commitment of the G20 countries for employment."

The summit to be held on November 3 and 4 in Cannes (Alpes-Maritimes), after a series of preparatory ministerial meetings as the "G20 social".It brings together the Ministers of Labour and Social Affairs of the 19 largest economies in the world and representatives of the European Commission and international institutions (World Bank, IMF …). Six other countries were invited: Spain, the United Arab Emirates, which govern the Gulf Cooperation Council, Ethiopia, the head of the New Partnership for Africa's Development (Nepad), Equatorial Guinea, on behalf of the African Union, Poland, current President of the European Union, and Singapore.

The bank denies a report in the daily Libération, which amounts to 25 billion euros the amount of toxic loans granted to local authorities. Dexia release accused of selling to local governments 25 billion euros of toxic loans.

Dexia bank said Wednesday as "unacceptable" an article published by Libération on toxic loans sold by such bank to local communities. The newspaper, citing "a confidential document to Dexia," the amount of loans taken out toxic amounts to 25 billion euros. "Erroneous and truncated data have been used for this article that calls into question the competence and integrity of Dexia employees and elected officials and administrative officers of local authorities, which is unacceptable," said the bank in a statement."Not only the challenges but Dexia reviews all legal consequences to give to defend the interests of its employees and its customers," she adds.

According to the bank, "the article likens improperly structured credits to 'toxic loans' and reported that fanciful figures do not reflect reality." According to Liberation, 5500 local governments and public institutions have signed French toxic loans between 1995 and 2009. The bank contends in particular that "it is totally unfounded and irresponsible to suggest that 'thousands of French municipalities are bankrupt because of the structured credit underwritten by Dexia".Dexia also disputes the number of the additional cost of these loans valued at 3.9 billion euros, "unfounded" and denied as having "captured the towns."

"At the initiative of local communities"

Loans "were made in response to tenders issued on the initiative of local authorities who asked explicitly, often accompanied by external consulting firms," ​​said she. The toxic loans are considered more speculative and riskier to the family of structured products. These have varying degrees of risk on a scale of 1 to 5. The toxic loans represent the highest risk, rated 5.They are based on variable interest rates, indexed values ​​as highly volatile exchange rate fluctuations, differences in interest rates or a barrel of oil, which can decrease or increase in significant proportions and impossible to master.

For its part, the Royal Commission on toxic debt, created in June, entered the heart of the matter by addressing the situation of Saint-Etienne, a city whose mayor, Maurice Vincent, was one of the first to denounce the dangers of such financial products. "The Audit Office estimates that one hundred the number of communities affected by toxic chemicals," recalled Maurice Vincent before the commission. "For my part I consider that there should be 200 if we take into account hospitals and housing associations."Maurice Vincent also reminded the court ranged between 7 and 12 billion euros the amount of toxic loans, a total stock of 160 billion euros.

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."

Threads to reduce the deficit and raise the debt ceiling are apparently still at an impasse. In fact, Democrats have accepted most of the claims of the Republicans seeking a final concession. Explanations. The Republican chairman of the House, John Boehner

Small eight days between the United States of default and financial armageddon that would follow. Nothing to do: Republicans and Democrats still opposed to the terms of a deficit reduction plan to accompany an agreement on raising the debt ceiling, which in May reached its limit of 14,300 billion.

President Barack Obama expressed confidence Monday that a compromise was still possible to avoid that outcome disaster. Except that compromise, the Democrats have done it since the beginning of the crisis. A few months ago they wanted to simply raise the ceiling.He had not reckoned that they needed the agreement of the Republicans, and that they had much benefit from this situation of dependency to require counterparties budget.

The Democrats, therefore, first proposed to reduce the deficit 2.4 trillion, including $ 400 billion would come from tax increases. Faced with the refusal of the Republicans, they then proposed a plan that would reduce the deficit of 4000 billion, of which one billion would come from tax revenues.The Republicans did not want to hear about tax increases, the leader of the Democrats in the Senate, Harry Reid, came Monday with a plan that gives almost all of the main claims of the Republicans:

First he proposed spending cuts of 2,700 billion over ten years, more than 2,400 billion dollars for raising the debt ceiling needed to operate until 2013.

Then he accepted the creation of a committee charged with developing a bipartisan package of deficit reduction that would be protected against any future amendments or filibuster.

Last but not least, he gave up any new tax measure to achieve its goal of reducing the deficit. Yet Obama had insisted from the beginning the need to raise taxes on the wealthiest households.Monday noon yet, the president said: "we can not only reduce our deficit by cutting spending.

Yet despite all these setbacks, the Republicans continue to reject the proposals Democrats. Critics are rather vague: the president of the House Republican John Boehner, said that the plan is "full of gadgets," he does "no real change in the structure of government expenditure" and not not address the major social programs. He now wants to go further by making voting a constitutional amendment that would impose strict limits on future spending. Exceeded their cause automatic cuts in spending.

In fact, the only real sticking point is purely political: Democrats plan approval of debt enough to hold until 2013, that is to say, which can last until after the presidential election in November 2012.They fear that a similar crisis would set back chances for re-election of Obama. It is precisely for this reason that John Boehner is trying not only to validate an initial recovery. He would escape the non-payment in the short term but would require Obama to revisit a second increase, just to put him in trouble on the campaign trail.

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.