Françoise Bettencourt-Meyers has requested in writing to become the beneficiary of some life insurance from his mother – to the tune of 93 million – "because of an agreement" with her past, said Sunday AFP to the former agent of the billionaire, Pascal Wilhelm.

French President Nicolas Sarkozy said on Friday that the countries that continue to harbor tax havens, including a list of 11 expected to be released, would be "ostracized by the international community at the conclusion of the G20 summit in Cannes.

"We do not want to tax havens. The message is very clear, countries that tax havens will remain ostracized by the international community," he told reporters Mr Sarkozy, whose country currently chairs the G20.

According to information from Figaro OECD will publish a new list of tax havens.Switzerland and Liechtenstein can be found on the list and gray, not having done enough to be transparent. Nine other states, including Panama, the Seychelles and Botswana, are in a blacklist.

The two financial centers were committed in 2009 to challenge the secrecy and to meet the criteria of the OECD on tax information, to get out of this list. But they have failed the examination and the international body would have found that the transparency commitments were not met.

The BoE's decision on Thursday to bring its program of asset purchases to 275 billion pounds underlines the fragility of the British economy, against a backdrop of fiscal restraint and spending power of consumers due to half-mast 'high inflation and weak wage growth.

The Governor of the BoE Mervyn King, in a letter to finance minister George Osborne, says that the global economic recovery has slowed and the debt crisis in the euro area has caused severe strains in financial markets.

"These tensions within the global economy threaten the British recovery," warns Mervyn King.

If the price increase is expected over 5% annual rate in the coming months, the recent deterioration in economic outlook bodes well for a return in the medium-term objective of the BoE, which is 2% in annual basis.

The Bank of England held rates unchanged at record low of 0.5%.This rate has not changed since March 2009.

The bold decision of the BoE to launch a new phase of quantitative easing contrasts with the more conservative ads of the European Central Bank.

The ECB also held its key rates unchanged Thursday while taking further steps to promote the supply of interbank liquidity and to intervene to the tune of 40 billion euros for the primary and secondary markets for bonds in the euro area .

OUTLOOK further deteriorated

Economists polled by Reuters had given a probability of 40% to restart its program of asset purchases by the BoE expected but mostly that it covers only 50 billion of extra pounds.

The sterling fell to 1.5280 dollars after the announcement, the lowest since July 2010, against 1.5466 before.

"The fact that the Monetary Policy Committee has decided to act now on the quantitative easing and he did it for 75 billion pounds rather than 50 points out that these members consider that the already difficult prospects of the economy further deteriorated due to headwinds both domestically and internationally, "said Howard Archer, economist at Global Insight.

"We believe that quantitative easing will be emphasized in the first quarter of 2012," he added.

The UK economy is virtually at standstill for a year while the government is facing a budget deficit that reached almost 10% of GDP.

The BoE had frozen to 200 billion pounds the amount of its asset purchases since February 2010 in favor of an economic recovery after a deep recession.

Restrictive means adopted by the BoE in view of inflationary pressures has markedly changed over the summer with the fear of a relapse into recession and difficulties for banks caused by the sharp correction in financial markets crisis the euro area and the signs of a global slowdown.

"We would not be surprised to see the total amount of asset purchases to 500 billion pounds, the new stage of quantitative easing, starting with the 75 billion announced today, adding an additional 300 billion in the first phase," said James Knightley, ING Financial Markets.

The Dow Jones Industrial 30 yielded 2.49%, or 283.82 points at 11,124.84. The S & P-500, wider, lost 35.33 points, or 2.94%, to 1166.76.The Nasdaq Composite fell on its side of 52.05 points (-2.01%) to 2538.19.

As expected, the Fed announced it would buy Treasury bonds maturing long to bring down interest rates in the long term, but especially the phrase "significant downside risks weighing on the economic outlook" that caught the attention of market participants.

"This comment on the prospects – and I do not, moreover, why it is a surprise – was an attachment point for market participants," said Stephen Massoc, managing director at Wedbush Morgan.

The Fed will buy, by the end of June 2012, 400 billion of Treasury bonds with maturities ranging from six to 30 years.During this period, it will give an equivalent amount of bonds maturing in three years and under.

This action, to put pressure on interest rates in the long run is similar to that conducted in the 60's and so called "Operation Twist".

Stressing that economic growth would remain weak, the Federal Reserve that kept interest rates at between 0% and 0.25%, confirmed that these rates remain exceptionally low until mid-2013.

The index values ​​involving transportation, considered a measure of economic health, has plunged 5.27%.

The fund bank also sensitive to economic conditions, was also affected by the decision of Moody's downgrade of Bank of America, Wells Fargo and Citigroup on the ground that the Federal government may be reluctant to rush to the aid of large banking institutions difficulty.

The title of Bank of America fell 7.5% to 6.38 dollars, that of Wells Fargo 3.9% to 23.71 dollars and action Citigroup lost 5.2% to 25.52 dollars, the index KBW banking shares fell 5.5%.

The technology sector was one of the few in the green, the action Hewlett-Packard gaining 6.6% to 23.96 dollars after a source said the board planned to replace the CEO Leo Apotheker after less than a year of service.

Oracle has gained 4.2% to 29.54 dollars after reporting quarterly forecasts Tuesday night than expected.

In his new "World Economic Outlook", the IMF cut its growth forecast to 1.6% this year and only 1.1% next year, respectively 0.4 and 0.6 point less that 'expected in June.

And stresses the need for quick decisions to support countries in difficulty, regain market confidence and alleviate the financial storm.

"In a highly uncertain environment dominated by tensions over the crisis of sovereign debt in the euro area, the risks to growth are mainly focused down," says the Fund.

He explained that the rising interest rate markets may deter investment and lead growth, while a spread of the debt crisis in the countries of the "heart" of the area could threaten the stability financial crisis.

The European Central Bank (ECB) has the power to mitigate these risks, however, considers the institution headed by Christine Lagarde. She believes that the ECB will lower interest rates if inflation risks persist and growth.Jorg Decresson, an IMF economist, pointed out at the press conference presenting the forecasts.

In the meantime, the IMF urges the ECB to continue its repurchases of bonds, at least pending the entry into force of the reform of the European Financial Stability Fund (EFSF), which must provide the power to make this type of redemption.

Meanwhile, the IMF advocated a strengthening of the financial system, a recommendation already mentioned in recent weeks by Christine Lagarde but was more than cool reception in Europe.

Banks should "take immediate action" to raise private capital and "should be more ambitious than that supervisors deem necessary," the Fund.

SIGNIFICANT DIFFERENCES

The new IMF forecasts contrast with the scenario of a gradual and modest recovery outlined in the spring.They should influence the meeting of finance ministers and central bankers planned this weekend in Washington.

Especially as the downward revision spares no one on the Old Continent, not even the country of Central and Eastern Europe who had endured the crisis better and better rebounded since 2008-2009.

The IMF growth forecasts for this "emerging Europe" have been reduced to 4.3% for 2011 and 2.7% for 2012, against 5.3% and 3.2% previously.

"The financial turmoil will affect the activity through a deterioration in confidence and funding, even if the adverse effects of temporary factors such as high commodity prices and supply disruptions related to the earthquake Japan subside, "said the IMF.

And he stresses that its new forecast assumes that European leaders are able to contain the crisis in the euro area.A thinly veiled warning against the risk of further deterioration of the economy in case of paralysis of policy-making process.

IMF forecasts show large differences in economic performance in Europe: Germany, Switzerland, Sweden, Poland and the Netherlands are expected to show growth levels close to those recorded before the crisis, while d others are penalized by drastic adjustment programs, such as Iceland, Latvia and of course the States "peripheral" in the euro area.

* BANKS – The Fall of banks to the Paris Bourse and doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.

French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin., See also scenarios of bank recapitalization in Europe

In addition, the German bank IKB announced Friday it had settled a three-year dispute with Crédit Agricole and the credit enhancer American Financial Guaranty Insurance Company (FGIC) on losses during the financial crisis.

* Sanofi announced Monday morning that the U.S. court had ruled in favor of Sanofi US dispute in the dispute with Sun Pharmaceuticals on some generic versions of Eloxatin (oxaliplatin).Eloxatin retains its exclusivity in the U.S. until August 9, 2012, Sanofi said.

* Technip announced that it has been awarded by a contract Petobras provision of basic engineering and detailed design for a new complex fertilizers `to be located in Uberaba, in Minas Gerais, Brazil .

* EADS – Qatar is interested in buying Daimler a 7.5% stake in EADS, writes Der Spiegel on Sunday.

* ABC ARBITRAGE improved its net profit in the first half despite the low volumes and limited volatility of the markets during the period and addresses the second part of the year with confidence and caution, told Reuters CEO, Dominique Ceolin.

The Spanish socialist government announced late last week an agreement with the Conservative opposition for in the Constitution the principle of limiting the public deficit.

The agreement between the parties will allow the Chamber of Deputies to vote the new limit Friday by an overwhelming majority.The Senate vote is expected Sept. 7.

Parliamentary elections are scheduled Nov. 20 in Spain.

Angela Merkel welcomed the decision and called on other members of the euro area to even dd.

"Spain now has determined the maximum debt in its legislation, in its constitution.Many countries would do well to follow this path and should address the problem at its roots, "said German Chancellor during a visit to Slovenia.

"All members of the EU and Europe as a whole must improve their competitiveness and, through strict fiscal discipline to ensure strong and sustainable funding of their budgets under the terms of the Stability and Growth reformed" she said.

Spain has committed to taking unpopular austerity measures to reduce its budget deficit limit of 3% of GDP in 2013 as required by the Pact for the countries of the euro area.It has soared to represent 11.1% of GDP in 2009.

It will be only the second time that Spain change its constitution developed in 1978 during the return of democracy in the country after years of dictatorship of Francisco Franco.

Ben Bernanke said the Fed would meet two days in September, instead of originally planned to study, among other things, the possibility of providing the economy with a new monetary stimulus.

Around 9:30, the CAC 40 index was progressing 1.36% to 3129.71 points, but still showed a decline of nearly 15% since the beginning of the month.

"Bernanke has tried reassuring.He said with confidence that the economy is resumed and that the Fed would do everything possible to encourage growth, "says Saxo Bank in a newsletter.

The bank also believes that prudence displayed by the Federal Reserve shows that she thinks "seriously" in a way to stimulate the economy. "What is rather positive," says Saxo Bank.

Other major European markets, Frankfurt and Milan s'adjugent respectively 1.25% and 0.98%, while the London is closed on Monday.The pan-European Euro Stoxx 50 index gained 1.16%.

"A third wave of 'quantitative easing' does not seem justified because, unlike last year, there is no risk of deflation in the short term interest rates are already very low," observing their side strategies Natixis.

As for values, banks in the euro area is progressing despite the 0.69% tax Christine Lagarde, director of the International Monetary Fund (IMF), stressing the need to restructure European banks.

Renewed investor confidence, however, is unfavorable to the less risky assets such as German government bonds (Bunds) to 10 years, whose performance is trading around 2.18% against 2.15% against almost Friday night at closing.

The euro rose 0.26% against the greenback at 1.4529 dollar.

A barrel of U.S. light crude advance of 0.53% to 85.82 dollars while Brent fell by 0.11% to 111.24 dollars.

Greek bond yields have fallen back sharply Friday in a debt market that breathed, benefiting from the introduction of a bailout of the country also aims to prevent any risk of contagion in the euro area.

At 18:00, the rates of Greece in 10 years fell to 14.208% (15.988% Thursday against the fence), reaching the level of mid-April. 2-year rates fell to 26.304% (32.214% against), yields seen since early June. They moved again to 40% on Thursday morning before the summit. For their part, the 10-year rate fell back from Portugal to 10.506% (against 11.236%) and from Ireland to 11.636% (12.090% against).

The bond market has relaxed Globle Friday, although the announcement of Fitch on the failure of Greece weighed. The rating agency will place Franco-American debt in default part of Greece in the wake of a new European plan to help nearly 160 billion dollars going to save Athens from bankruptcy. "We knew it was going to result from the rating agencies put in default," notes Cyril Regnat, bond strategist at Natixis, while private creditors are the people involved to the tune of 50 billion euros.

Mr. Regnat regrets, however, "yet few details of the private sector. Certain terms must be defined." But "the contents of the plan is more favorable to the debts of the periphery (those of the most fragile, ie) as addressing the risks of contagion.Greece also has more time to repay debt and will receive support to its economy. "The bond market should return to more normal, although the rate of borrowing the most fragile countries remain very high , but away from their record high.

Overall, "the improvement in the securities bonds devices is expected to continue. The potential for lower rates is still significant," they said. They consider possible next standardization of the bond market, but warn that a return to levels much lower rates will take time.

Meanwhile, rates on 10-year bond retreated German and French as well, not undergoing correction that these securities have played their role as a refuge until the Europe Agreement reassure the markets.The German Bund was 2.826% (against 2.876%) and the French OAT at 3.415% (against 3.448%).

Outside the eurozone, the UK Gilt dropped to 3.106% against 3.173%. In the U.S. market, the yield on the 10-year Treasury was up to 2.980% against 3.014% Thursday evening, and the good relaxed to 30% against 4.312 to 4.277% yesterday. The three-month rate grew at 0.03% against 0.04% on Thursday.

On the interbank market, the three-month Euribor, the main rate in the euro zone rose to 1.611% against 1.608% Thursday and the three-month Libor in dollars remained stable at 0.253%.

The euro area has been on the table Thursday a new plan to help nearly 160 billion euros to save Greece and prevent contagion from the debt crisis, but at the risk of causing a default of the country and to break a taboo. After ten hours of talks at a summit in Brussels, the heads of state of the monetary union in the evening reached an agreement to ease Greek debt – amounting to nearly 350 billion euros now – and involve banks.The volume of debt should be reduced by at least 26 billion euros by the end of 2014, said Greek Prime Minister George Papandreou at the end of the crisis meeting.

The leaders of the euro area have decided to strike hard with a rescue of an amount higher than expected and the first emergency plan decided in spring 2010 of 110 billion euros. The second aid plan until end 2014 will be in the detail consists of about 109 billion euros in loans from Europe and the International Monetary Fund, although the distribution between the two groups has not been decided. The rest must come from banks, insurers and investment funds that lent money to Greece, thus meeting a requirement in Germany that had caused much turmoil and divisions among the Europeans.

For political reasons, Berlin sought to involve the banks in the second aid plan, but worried that request at the highest point as it might lead to a default of Greece, with disastrous consequences for the economy . Opponents of this option, first and foremost the European Central Bank, have relented. For if the leaders of the euro area have implicitly accepted the likelihood that this leads to a failure on part of the Greek debt, this should last a few days, according to a diplomat. However, this is a first for a country of the euro area.

The participation of banks led to a fierce power struggle between the last week in Berlin, supported by the Netherlands and Finland on the one hand, the European Central Bank, France and many other countries.These disputes have fueled the nervousness of the markets and created turmoil that threatened to take Italy – also heavily in debt – to turn in the storm of the debt crisis.

So far strongly opposed to this solution, the President of the European Central Bank, Jean-Claude Trichet welcomed the new aid plan, claiming it was "crucial" to stabilize the Greek economy. He did not rule out a non-payment of Greece, he had rejected so far. "We make our arguments, we are not always heard," he acknowledged.He also welcomed the fact that the private sector to plan aid is limited to only Greece, and not be considered for other fragile countries in the euro area.

Above all, he was granted a concession loud now accept the euro area itself to buy the debt of troubled countries in the markets, through its Financial Assistance Fund, to relieve the banks that hold large amounts. Only the ECB was responsible for this task so far. The Fund may also unlock lending "preventative" to prevent fragile states are caught in a debt crisis.

French President Nicolas Sarkozy saw "the beginnings of a European Monetary Fund.""We appreciate the efforts required of the Greeks, all countries in the euro area have decided to be with them, we can not abandon a member of the euro area from the time it enters a reform agenda, "he also said.

After granting a substantial aid package, the euro area does not stop there way: proposals to improve its governance will be made "before the end of summer" with German Chancellor Angela Merkel Sarkozy said, while the very future of the area seemed in peril with the Greek cause.

By Friday, the Japanese Minister of Finance, Yoshihiko Noda, said Friday that his country was ready to buy more bonds from the European Financial Stability (EFSF) if necessary.

Meanwhile, financial markets, the ads have led to a rebound Thursday in anticipation of the markets.As for the single currency, it has appreciated sharply against the dollar, passing above the 1.44 dollar. Asian financial markets welcomed Friday the announcement of the plan: to 2:20 GMT, the Tokyo Stock Exchange gained 0.86%, 1.35% Hong Kong, Sydney and Seoul 0.85% 0.56%.