The government will hold meetings arbitration throughout the weekend before the announcement, probably Monday, a new set of anti-deficit measures which a light could be a new day of solidarity, has said on Saturday a government source. "Conciliation meetings will be held the weekend before the ads are likely to take place Monday even if it is not yet confirmed," it was said the same source.Announcement of details of the measures occurring after a cabinet meeting postponed to Monday exceptionally due to preparation of the G-20 summit last Wednesday.

According to reports in the Journal du Dimanche, a government source confirmed a second day of solidarity is under consideration. Founded in 2004 after the 2003 heat wave, the first Solidarity Day is a day of unpaid work whose fruits fund the care of elderly and disabled. Originally set for Monday of Pentecost, that day, which reported 2.4 billion euros in 2010, has since 2008 organized "a la carte".

Other measures to be announced Monday include the raising of the reduced VAT rate, from 5.5% to 7% for the restoration and renovation of housing.

"(…) The offer was unacceptable because it would have resulted in the modification of all control clauses, which would have wanted to cause the end of Saab, "he told Reuters at Victor Muller of a telephone interview.

Thursday, Swedish Automotive received a lifeline from North Capital, an investment fund and U.S. hedge fund manager, who made $ 10 million in capital and a loan of 60 million to fund activities Saab.

After opening down more than 10%, the Swedish Automobile action, very volatile, losing to 8:50 GMT, 2.35% to 0.83 euro. Since the beginning of the year, it fell some 75% due to severe cash flow problems of the group.

Victor Muller did not disclose the amount of the offer of two Chinese manufacturers, adding that they were still interested in Saab, they must abide by the terms of the agreement signed in July, stating that they all take 53.9% stake in Swedish Automobile.

Saab went from crisis to crisis this year. It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros.In August, it was no longer able to pay salaries.

Saab was bought by the Dutch Spyker, now Swedish Automobile, General Motors in early 2010.

Since 21 September, Saab has been under the protection of its creditors pending bailout Youngman and Pang Da, who had committed 245 million euros in July.

SAAB can be profitable

A Swedish court has said that he had received a request for release of Saab's system of protection for creditors.

This prospect does not frighten Mascioli Alex, an avid race car, which confirmed to Reuters that his company North Street Capital LP was well invest $ 70 million for Saab to continue operating.

"I expect that the transaction is done. I am ready to do what I can with my resources for Saab," he said by telephone.

The Swedish court said it did not decide on Saab on Friday, adding that he would decide on the reorganization of the manufacturer at the end of next week, at least before a meeting of creditors scheduled October 31 .

Victor Muller said that the Swedish government was not interested in buying Saab.

"There's always a plan B," he said when he was asked what would happen if Chinese automakers abandoned their project.Asked about the plan, Victor Muller said he would reveal "only if we use them."

"It was Victor decide. He struggled a lot to try to save the company. For now, there is an agreement with the Chinese," said Alex Mascioli for his part in response to the question of whether he was willing to invest in the place of Youngman and Pang Da.

Saab is an undervalued asset that will survive and which could generate profits, Mascioli Alex continued, adding that North Street could afford to take Saab if the manufacturer wanted.

Cigarette packs will cost on average 30 cents more starting Monday in France, a 6% increase sought by the government should have little effect on consumption, but that will bring 600 million euros a year in State to Safely smokers will find it in a package less than 5.70 euros in their tobacconist. For the first time, the Marlboro (the best-selling package with nearly 25% market share) will pass the bar 6 euros to 6.20 euros.The government has allowed manufacturers to revise their prices, anticipating an increase in minimums of perception which must be passed by Parliament in the law on financing of Social Security.

This increase was announced by Prime Minister Francois Fillon, in late August, when presenting the plan anti-government deficit. It should bring 90 million euros this year and 600 million in a full year.

Taxes are 80% of the price of a pack of cigarettes. Most (over 10 billion euros in 2010) goes into the coffers of the social security system. Fillon also announced a further increase of 6% in 2012, without specifying the date. This is the third consecutive year that the cigarettes in the fall recorded such an increase (30 cents per pack), well above inflation.However, sales have never declined so far in the same proportions.

54.8 billion cigarettes sold in 2010

Thus, it has sold 54.79 billion cigarettes in 2010 against 54.98 in 2009, a mere drop of 0.3%. At the same time, the amount of rolling tobacco rose from 7257 to 7598 tonnes (+4.7%). In total, sales of tobacco (including cigars) increased by 0.14% by volume, according to figures from the observatory of drugs (OFDT). Again this year, cigarette sales in late July had declined by only 0.6% in volume compared to 2010.

Value, because of previous price increases, the market is increasing by about 5%. Growth shared by the state (almost 13 billion euros in 2010, including 2.5 under the VAT), tobacconists (8.2%) and manufacturers and distributors (11.8%). The anti-smoking groups believe that any increase less than 10% has no effect on consumption.The Office of Tobacco Prevention (OFT) ironically on Monday up seeing an "application" of the state "to the tobacco industry for agreeing to increase by more than 100 million profit."

Tobacconists and manufacturers recall their part that a sharp increase has an effect on sales in tobacco shops, without lowering consumption, since it encourages smokers to buy abroad or from resellers on the sly. A study of Customs estimates that 20% of cigarettes smoked in France are not purchased in the network of tobacconists, but fraud (5%) or legally (15%) in the neighboring European countries (Belgium and Spain) where the package is sell up to 30% cheaper.

These purchases, which exploded after the sharp increases in tobacco prices in 2003/2004, affecting particularly border trade, result in financial compensation from the state to tobacconists.A parliamentary report issued in early October to the Minister of Budget, recommends "a convergence of prices of tobacco in France and in neighboring states," but also "to reflect on the taxation of rolling tobacco" for "contrecarrrer the substitution effect for each increase in the price of cigarettes. "

"Gold is one of the few assets that remained in positive territory this year (…), so when investors are looking for money, they sell assets that have underperformed.Basically, gold is a victim of its own success, "wrote in a note Edel Tully, an analyst at UBS.

The price of spot gold was trading at 1,623.19 dollars per ounce to 11:25 GMT, down some 3%.

During the last three days, gold has fallen nearly 10%, its biggest decline in this time interval since February 1983.

"This shows that in times of extreme stress, there is no adequate substitute for liquidity," said Tom Kendall, an analyst at Credit Suisse.

Gold has dropped more than $ 100 last Friday's rebound against the greenback and rumors of liquidation of positions by large hedge funds.

The lack of consensus for a solution to the crisis of sovereign debt in the euro area has pushed gold to new heights this year, reaching more than 1,900 dollars per ounce.

"The increase in the volatility of gold prices was a clear indication that gold was no longer a low-risk assets," said Nic Brown, on commodities strategist at Natixis.

The toxic loans are loans that have a hand-indexed floating rate indices extremely volatile, likely to cause a spike in interest rates. Some loans are indexed to such an exchange rate of foreign currencies. According to their variations, interest may pounce. Release cites the case of municipalities that have seen interest rates rise to 10 or 15% this summer because of rising Swiss franc, their credits are indexed to such currency. However, some loans are still running until 2025 or 2030.The low cost of borrowing in the early years convinced the financial services community, who thought to save money without receiving the opacity and complexity of products.

Read about: Local authorities caught up toxic loans

5500 communities and institutions concerned

Liberation published on Wednesday a confidential document from the bank Dexia Credit Local (DCL), which amounts to 5500 the number of local authorities and public institutions which have made French toxic loans between 1995 and 2009. In total, the bank would have distributed 25 billion euros for these clients.Or "as estimated by the bank, the additional cost of these loans was estimated at 3.9 billion euros at the end of 2009," wrote Liberation, "which means that communities should pay a penalty of this order" .

Libération.fr provides a map of France infected bodies, municipalities, regions, departments all political stripes combined. Antibes, for example, has borrowed 60 million euros. It must repay 21 million extra. In Rouen, the risky loans represent 53% of the debt, for a total of 162 million euros.The city has already been provisioned 500,000 euros in 2009 and 1 million in 2010 to cope with soaring interest rates of its loans.

Read about: Local authorities still mired in the toxic loans

The HLM also contaminated

As local authorities, social landlords have contracted toxic financial products before the outbreak of the banking crisis. Exposure to risk financial products could reach 50% for a dozen of them.

Read about: What you should know about the crisis of public housing

The toxic loans account for 8% of the debt of public housing

Dexia in its sights

In a report published in 2009, the Court of Auditors has confirmed the responsibility of banks, which provide "information over-optimistic or even wrong, to borrowers, guaranteeing them virtually no risk."Among them, the Dexia Group, the first local lender. In 2008 and 2009, its share in domestic credit has also plunged by 40, then 20%. Are also singled out the savings banks, Credit Agricole and Societe Generale. But the Court of Auditors also accused local authorities, who have adopted "a speculative approach" by borrowing structured.

Read about: Credits toxic local irrational, greedy banks

A double threat to taxpayers

Adding salt may be administered for. Exponential to pay the interest, communities can cut back on investment and substantially increase local taxes."The rise of the Swiss franc is a college at least for the Seine-Saint-Denis", says the chairman of the General Council of Seine-Saint-Denis, Claude Bartolone, in Libération.

Read about: The tricks of the departments to make ends meet

"The financial department is dramatic"

Legal action

From 2009, Saint-Etienne was the first city to announce its intention to assign the Deutsche Bank before the Tribunal de Grande Instance in Paris to set aside 20 million euros of toxic loans. In February, Claude Bartolone has also filed a complaint against the bank Depfa, Dexia and Caylon, hoping to overturn the 63 risky loans taken out between 1997 and 2008. He had already assigned Natixis in 2009.Other procedures, initiated by municipalities, are under way.

Read about: Borrowing toxic Seine-Saint-Denis attack three banks

Toxic loans: the politicians do block against banks

Claude Bartolone accuses Dexia "scam"

Some changes since 2008

In the months that followed the discovery of toxic loans in 2008, the government initially tried to minimize. The charter of good conduct promised at the time of the crisis has emerged in January 2010: it forbids banks to offer loans to local governments whose interest rate changes based on indices high risk. In practice, this rules out any link with commodity prices and equity markets.For their part, communities agree to more transparency on their debts and loans.

Tuesday, communities have come to begin the process that should lead to a funding agency dedicated to local investment, without automatic recourse to the banks. It could be operational in 2012 and would cover, in ten years, a quarter of loans to local market, which totals 20 billion euros. A bill will be tabled in Parliament with a view to its adoption before the end of the year.

The banks involved are Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot.

This extension of investigations to Israeli settlements mark an intensification of the fight against tax evasion, which opened in 2007 against UBS and Credit Suisse recently against continued.

However, Israel is a state close to the United States with whom he maintains close diplomatic and military support from more than $ 3.1 billion per year.

Aviram Cohen, spokesman for Bank Leumi in Tel Aviv, said Thursday that "the application related only to statistical data. It appears that these data will be used to an agreement between the Swiss and American. Obviously, the Bank Leumi Switzerland is cooperating fully with authorities in accordance with the law. "

According to the Swiss press, U.S. officials now have statistics of ten Swiss banks suspected of justice by helping their clients based in the United States to evade taxes.

The Deputy Minister of Justice James Cole sent a letter on August 31 asking for statistical information to Swiss banks in September and three Israelis.It gives them until Sept. 23 to provide details of their customers.

UBS has already passed under the yoke of American justice, having delivered nearly 4,500 American identities of customers in addition to the payment of $ 780 million to avoid a trial that had threatened its existence.

Fears about the banking stocks have been very heavy on Monday on all European markets. In Paris, Societe Generale tumbled 8.64% to 20.25 euros, signing the largest decrease in the CAC 40. BNP Paribas lost 6.34% to 31.30 euros, Crédit Agricole (-5.51% to 5.84 euros) and Natixis (-5.68% to 2.55 euros). In the background, the difficulties of Greece, the threat of a lawsuit in the United States against 16 banks – including Societe Generale – for their responsibility in the subprime crisis, and the desire to recapitalize European banks by the IMF .Dominique Dequidt but remains optimistic.

What are the fears about banks today?

First, the gradual disappearance of the sovereign rating in Greece opened the door to further degradation, Ireland and Portugal in the lead. This is one of the great fears in the market today. Investors fear losses that may result in banking stocks that are exposed. Indeed some of the U.S. money market funds that had liquidity of investments in Europe have rather taken off the market last week. The second point is the deterioration of the American note in the summer. She amplified these fears and stoked fears of slowing global growth.

These fears are justified?

It is not really justified, at least in the short term. It is mainly a crisis of confidence that undermines the market.But look closer, banks are healthy. When we look at the credits granted by banking institutions in Europe, there is no need to panic. They rose 3% in the first quarter and 4% in the second. And despite a rather European growth at half the second quarter.

Banks are robust enough to withstand the risk of European sovereign debt and the threat of global recession?

Yes, in the event that we are not witnessing a collapse of the banking system. But there is no need to be as alarmist as the IMF on the recapitalization of banks. They have made big profits in the first half. BNP Paribas, despite its 450 million refinancing of provisions in the Greek debt, posted a profit of more than 2 billion euros in the first quarter.

But banks are very fearful to lend to each other.The level of cash placed with the European Central Bank has reached 151 billion euros Friday …

We are in a tense situation since the beginning of August the fears are heavy on the strength of some banks. Hence the difficulty they face to lend to each other. This level is certainly high compared to six months ago. But we are still far from the amounts of their outstanding 2008 in which the ECB had reached astronomical levels.

The trial of the U.S. federal government against 16 global banks – including the general society – he may weigh on an already difficult climate?

I do not think, at least for France and Europe. They are not involved in the trial. And regarding the risks of fines, it is called, in the extreme case, a sentence that would amount to hundreds of millions of euros.This is a difficult but there is no major concern to have.

To what extent can we expect an impact on the real economy if the situation worsens?

Banks have made a big effort on their balance sheets, it is not in the same situation of overheating than during the crisis. They are now well prepared for the state of distrust of the markets. But the phenomenon of double-dip recession may occur. 3 months ago investors imagined a soft landing in growth after the good figures of 2010. Today expectations are more cautious, and go up to imagine a recession in 2012.

In a statement, the Council states that these changes will take effect from the trading hours of Monday, September 19.

The entrance to Saffron in the benchmark index of the Paris Stock Exchange was expected, but the output of the subsidiary of BPCE (People's Bank – Savings Bank), one year after its entry into the CAC, was least, the market until a further release of Suez Environnement.

The action Natixis lost 17.59% of its value since the beginning of the year and 41.4% since September 17, 2010, its entry in the CAC.

No comments could be obtained immediately from Natixis or Safran.

The Scientific Council of the indices of NYSE Euronext has also decided to introduce in the SBF 120, IT group Bull, the specialist in bioanalysis Eurofins Scientific and Virbac Animal Health Laboratory, and the output of specialist allergy treatment Stallergènes .

The number of unemployed stood at 2.580 million in city, or 37,000 fewer than in the first quarter.

The unemployment rate in the first three months of the year have been confirmed at 9.2% of the workforce in metropolitan and 9.7% with Dom.

In one year, the unemployment rate in France fell by 0.2 points in the second quarter.

The unemployment rate for 15-24 year olds has fallen more sharply in the second quarter than the general population: 21.9% on the mainland, it folds down 0.9 points from January to March and a point in one year.

INSEE no longer publishes monthly unemployment rate since 2006, after a controversy over its methodology.

Eurostat, the statistical agency of the European Union, continues to do so, however, and announced Wednesday a rate of 9.9% for France (Dom included) in July, a level below a tenth of a point the average for the euro area.

These words, delivered Saturday at the annual meetings of Jackson Hole (Wyoming), have followed a remarkable response from the Executive Director of the International Monetary Fund (IMF) Christine Lagarde, who has warned against the risk of the global economy plunging into recession and called for a rapid and coordinated political action, particularly through a recapitalization of banks.

"We believe that the very solid anchoring of inflation expectations is our one of our major assets," said Jean Claude Trichet, who did not mention in his address the crisis of sovereign debt in the euro zone or prospects for the policy of the ECB.

"This is something we consider absolutely essential to trust," he added, saying that confidence was useful in a difficult environment to help maintain growth.

The European Central Bank will adjust its monetary policy unconventional specific problems it faces, said the head of the institution in Frankfurt.

"The use of unconventional measures depends on the operation of the transmission of monetary policy and must be proportionate to the level of malfunction or interruption of money and capital markets or market segments," he said.

Jean-Claude Trichet echoed the comments of Christine Lagarde, that the upheavals of the political process in Europe increases the uncertainty.

"Paradoxically, we – as a group, as a whole – are not necessarily being in trouble because our fundamentals are very bad. Our fundamentals are very bad.The problem is that we have created difficulties in our governance, "he said.

"SLOWDOWN DOES NOT MEAN RECESSION"

Austria's Ewald Nowotny, a member of the Governing Council of the ECB and also present in Jackson Hole, said in turn that there was no reason to believe that inflation expectations had increased.

"What we see is that inflation expectations are stable," he told news agency Bloomberg.

"At the moment, when I look at oil prices and demand, I see no specific problem that could contribute to an increase in inflation expectations."

These comments suggest that the ECB has a mandate to keep inflation just below 2%, could keep its rates unchanged after two successive increases this year.

To the Governor of the Austrian National Bank, "the prospect of growth is intact" in the euro area and provide a solid foundation for next year.

"Even if there is a slowdown, it does not mean that there is recession," he said to Bloomberg, saying not to believe that the interbank lending market was moving towards paralysis, as in 2008 after Lehman Brothers.

"We should not overstate the situation (…) We are far from a situation like after Lehman.It's something to watch, but not an immediate challenge. "

Earlier this month, Ewald Nowotny was found that the surge in bank deposits with the European Central Bank was worrying, but warned that the economic situation in the euro area had not changed overnight.