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.

Meeting in Brussels, ministers primarily responsible for preparing the ground for the Heads of State and Government in defining an acceptable range of options increased participation of the private sector to the new Greek plan on a "maximization" of fire capability fund to support the euro (EFSF) and the recapitalization of European banks.

"This afternoon, we will discuss the leverage for the rescue fund, but without committing ourselves to details," said the chairman of the Eurogroup Jean-Claude Juncker.

"We will try to present to the Heads of State and Government of a policy statement (…) We will try by next Wednesday to have as much detail as possible," he added.

The heart of negotiations on the EFSF, that Paris would be granted a banking license, allowing it to access funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin refuses, however, this possibility would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

INTERNATIONAL PRESSURE

According to several sources, Paris and Berlin are unable either to agree on the amount of the participation of banks in new bailout of Greece.

The German authorities, in particular Finance Minister Wolfgang Schäuble, insist that the envelope of 50 billion euros negotiated on July 21 is significantly revised upwards, if necessary by forcing banks to make an extra effort.

According to government sources German, Greek debt should be reduced to around 120% of its gross domestic product (GDP) against 162% today.

But again, the members of the euro area are widely divided on the different options on the table, the level of the discount to be applied to Greek bonds as well as voluntary and non-bank participation.

The count-down is initiated, however, for not only the peaks of Sunday and Wednesday but above the summit of Heads of State and Government of the G20 in Cannes in early November.

Present in Brussels, the executive director of the International Monetary Fund, Christine Lagarde, said the institution would seek to assist the Europeans to resolve the crisis.

"The IMF will do all it can to help Europe, particularly in the Eurogroup, to find solutions," she said.

Thursday night, U.S. President Barack Obama held talks on the economic situation in Europe with his French counterpart Nicolas Sarkozy, German Chancellor Angela Merkel and British Prime Minister David Cameron.

A special board is scheduled Monday morning and is expected to endorse the departure of Pierre-Henri Gourgeon, blamed for the results considered bad and bad relations with the President of the Board Jean-Cyril Spinetta.

This move was expected. "I think the end of this suspense but it is close to the company itself to decide," said Transportation Minister Thierry Mariani Wednesday, describing the arrival of Alexander Juniac of "true-false suspense ".

The French state owns 16% stake in the airline.

The rating agency notes that Spanish banks continue to suffer from the economic crisis over the next 15 to 18 months.

S & P has placed Spain in category 4 (cons from 3) of the scale "Bichri" (Banking Industry Country Risk Assessment), which is 1 for countries with the strongest to the weakest 10.

Among the countries in Group 4, one finds including the Czech Republic, Israel, South Korea, Mexico and Slovakia.

The Bank of France reiterated Monday its forecast of growth of 0.1% of the French economy in the third quarter, based on the results of its latest monthly business survey.

In September, "industrial activity has remained stable, the contraction in the automotive and manufacturing equipment was offset by the increase observed in the food industry and some sectors of production of consumer goods" said she.

The Bank of France said that the forecasts of business leaders expect a continuation of the stability of industrial activity in the coming months. Services could, in turn, suffer from a slowdown in activity.

Thursday, INSEE had indicated anticipate GDP growth of 0.3% for the third quarter, a more optimistic prediction than the Bank of France.But the institute expects a stagnation in activity over the last three months of the year highlighting the sharp deterioration in the economic climate in the euro area during the summer.

The indicator of business climate in France has lost eight points between July and September to $ 97 in its long-term average of 100.

INSEE also announced Monday that industrial production rose by 0.5% in August while economists polled by Reuters on average expected a contraction of 1%.

"It's always good to take.PMI surveys suggest already predict a decline in output, which shows that this sector should not escape the impact of slower global growth and lower domestic demand against a background of escalating crisis debt in the euro area ", says Joost Beaumont, economist at ABN Amro.

Markit PMI surveys among purchasing managers have shown last week a contraction of manufacturing and for services, the lowest growth for two years.

The only support activity at year end could then once again to come from household consumption, unless the sovereign debt crisis incentive for consumers to save more.

According to Insee, the saving rate of French households has reached 17% in the second quarter, its highest level since the third quarter of 2009.

The European Commission said Friday it would submit in the coming days proposals for a coordinated recapitalization which will allow to reassure markets worried about the resilience of the banking system facing the European financial and economic crisis.

They should be ready in time for the summit of the European Union and the euro area provided 17 and 18 October, which will give "a clear signal" on the subject, said German Chancellor Angela Merkel.

Asked during a visit to Armenia, Nicolas Sarkozy said Berlin was "the proper place" to discuss these issues Sunday.

German and European sources, there are reports of disagreements between Paris and Berlin on the use of European Financial Stability Fund (EFSF) to provide the necessary funds, the International Monetary Fund (IMF) estimates that between 100 and 200 billion euros .

For Germany, the appeal to EFSF, which has the capacity for intervention of 440 billion euros, should be a last resort, if the banks were unable to finance on the markets and whether their country are not able to provide them with public funds.

Receiving the Dutch Prime Minister Mark Rutte, Angela Merkel reiterated that the EFSF should be activated "if a country can go it alone."

According to a German source, the French, whose banks have the highest exposure to the debt of the peripheral countries of the euro area, "misunderstood the EFSF" and want money from the European emergency fund is available to all financial institutions in need of capital.

In Brussels, a source close to the talks said that one option considered for the recapitalization of banks is that the countries of the euro "access to EFSF jointly."

"Perfect identity of views"

This idea, which has the support of France but not Germany, would avoid the "stigma effect for a particular country" and display a significant clout vis-to-market, a the source said.

The French Ministry of Economy and Finance has sought to minimize the differences between France and Germany, emerged from discussions within the Eurogroup in Brussels this week, ensuring that the issue had not yet been discussed between the two countries.

"Our position is no different from that of the Germans: it takes more capital for banks, banks must first find in themselves the resources, then if they find private investors outside and ultimately being considered injections of public capital, "it was said at Bercy.

"All this must be discussed at European level and must be coordinated, it is currently being considered," they added noting that the issue of "instruments of a possible recapitalization public has not yet been addressed."

Diplomatic sources in Brussels, it indicates that the position of France is motivated by the desire to maintain the AAA rating on its debt for fear that it is under pressure in case of provision of public funds to banks important.

"The main thing for France is its triple A and it grows as a result of the use EFSF (for the recapitalization)," said this source.

Paris does not further that the current debate among Europeans are limited to this single question.

"It will be among the topics discussed but the main thing about Greece and the euro area, since the banks is a consequence" of the current crisis, said the French Ministry of Economy about talks Sarkozy, Merkel on Sunday.

In announcing last week his forthcoming visit to Germany, the French president had indicated he intended to "continue the work of collaboration and coordination" between Germany and France to protect the euro.

There can be between the two heavyweights in the euro area "a perfect identity of views to resist speculation, to resist the excitement of the markets and to protect Europe," he stressed.

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.

The latter, designed to hide 37 billion euros to its debt stock requires approval by 90% of private sector investors, said Athens to other cities in an official letter.

Greece had previously made this level a goal and not a condition.This threshold applies to the bondholders holding the paper maturing in 2014 and 2020.

"If these thresholds (or either) are not met, Greece will go no further on any part of the transaction whatsoever," the Greek government.

Greece, however, has left some leeway, saying it would withdraw from the case if the proportion of participants did not meet investors its international partners such as the European Union and the International Monetary Fund (IMF).

This would occur if "she realized, in consultation with public authorities, that the total contribution of private sector creditors (…) was insufficient to allow public authorities to support the new multi-year adjustment program."

"It's a tactical maneuver. She wants to put pressure on private investors to participate," said an executive of a Greek bank.He said the threshold of 90% is ambitious and believes that the transaction will in any case, even if not achieved.

The Greek banking sector plunged 7.24% to 1300 GMT in Athens Stock Exchange.

"Not bad DELAY"

The Institute of International Finance (IIF), which coordinates the bank discussions, said Thursday that 60% to 70% of bondholders had expressed their intention to participate in the plan.

They may be more numerous, he said, once a proposal has made formal.

The European Commission said in turn suggests that private investors are involved enough to sustain the bailout program.

A Parisian banker noted, however, the collateral argument made by Greece to Finland in exchange for loans may complicate the matter.

Helsinki does not give this guarantee and its finance minister said Friday Jutta Urpilainen that the country would be irresponsible if they waive this requirement.

"I feel that there has been a lot of delay in the finalization of the methodology and the implementation of this plan," said the banker."There are big problems also contributors to the final device, given what is happening in Finland, Austria and other countries, and its ratification.

Greece wants to join the plan investors hold around 135 billion euros of debt on the 150 billion that will mature by 2020.

He was asked investors to indicate their interest, non-binding to participate in the exchange of obligations by September 9, said bankers.After that, a formal proposal will be formulated and binding, probably in early October, they added.

The idea of ​​involving the private sector in a second bailout of Greece comes from a political anxious to save the taxpayer a part of this new financial burden. This idea would mean a loss of 21% for bondholders.

4:39 p.m.: Paris returns to equilibrium, in the wake of Wall Street. At 4:30 p.m., the CAC 40 gave 0.10% to 3072.88 points, just after a brief foray into the green. The index had lost up to 4% in the morning. The London Stock Exchange also clears its losses.

4:18 p.m.: Wall Street rises in green: Dow 0.29% Nasdaq 0.93%

16.15: The yen higher against the dollar since the Second World War

15h50: Cohn-Bendit irritated. MEP in Europe Ecology-The Greens Daniel Cohn-Bendit also critical Nicolas Sarkozy and Angela Merkel. "[They want] the cake and butter" in their management of the debt crisis in Europe. "Merkel andSarkozy wants the cake and butter: they want more Europe to protect them, but refuse a qualitative leap towards a European federalization [...] Have a 'golden rule' without European communitarisation debt and investment is nonsense. "

3:40 p.m.: Harlem Désir attack Nicolas Sarkozy and Angela Merkel. "This duo does more than coordinate the austerity" Le Monde wrote in Harlem Désir. He refers in his op-ed the French president and German Chancellor with regard to the IMF executive director, Christine Lagarde: "The sudden slowdown budget should not block the global recovery."

15.00: Oil opens down in New York. They continue to tumble the day when the markets are worried more about a possible return of the recession in the U.S. and Europe.By 1300 GMT, the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 81.73 dollars, down 65 cents from the previous day.

2:27 p.m.: "The euro area is not in danger, the price of the euro – 1.43 to the dollar – it sideways, which has not moved, the euro is not threatened," said Valery Giscard d'Estaing on RTL, when asked to react to the words of Jacques Delors. According to VGE, "there are two threats": "The slowdown in the United States and Americans' fear of a recession" and "particularly excessive debt policy" of Europe.

>>> How did we get here? The film events of the crisis here.

1:55 p.m.: The Spanish Government adopts emergency new austerity measures.The government said Wednesday that he hoped to pass "emergency" measures in Parliament, intended to return 4.9 billion euros in state coffers.

13:00: The Shanghai Stock Exchange closed down 0.98%.

12:59: The operations of the ECB's concerns on fuel banks. The ECB ensures that European banks are not in such bad shape after the collapse of Lehman Brothers, but his recent operations fueling concerns about the soundness of the sector. Banks in the euro area have indeed made Thursday to 90.5 billion euros in deposits from the emergency European Central Bank. Deposit rates are a sign that banks are reluctant to lend to each other and they prefer to place their excess liquidity at the ECB."We take these signals seriously," said the chief economist of the ECB in an interview with Handelsblatt published Friday

12:07: The Paris Stock Exchange begins to dig its losses (-3%) below 3000 points. The CAC 40 loose 3.06% to 2982.05 points in a trade volume of 2.051 billion euros.

12:07: The Paris Stock Exchange begins to dig its losses (-3%) below 3000 points. The CAC 40 loose 3.06% to 2982.05 points in a trade volume of 2.051 billion euros.

11:56: The German Minister of Economy has been very reserved in respect of a European tax on financial transactions, as proposed by Berlin and Paris, in an interview published Friday. "We will not make our support for a tax on financial transactions, if there is support, if it is taken in all 27 countries of the European Union," said Philipp Rösler at regional newspaper Stuttgarter Zeitung."We" refers to his party, the Liberal FDP, partner of Angela Merkel's conservatives in the coalition. The Minister also reiterated his party's strict opposition to the introduction of Euro-bonds, "without conditions, without nuance."

11:17: The Greek GDP could shrink by more than 4.5% in 2011 against 3.8% expected, announced Friday the Greek finance minister, Evangelos Venizelos.

11:08: The Paris Bourse reduced its losses to -1.81%. Bank stocks and shares most sensitive to economic conditions remain turbulent backdrop of fears of recession in the U.S. and doubts about the capabilities of bank financing.

10:47: China welcomes the "clear message" on the strength of U.S. Treasuries.Vice President Joe Biden, who is visiting Beijing to reassure his interlocutors on the economic health of the United States, sent a "clear message" on the strength of the U.S. Treasury, welcomed the Chinese premier Friday Wen Jiabao. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt. This will ensure the safety, liquidity and value of good Americans," said M . Wen receiving Biden.

The 10 figures to be taken on the stock market crisis

Stock market crisis: that investors may

10:31: The gold to a new historic high, at over 1,860 dollars an ounce for the first time.In the aftermath of Black Thursday, the yellow metal benefits from its status as a refuge from a new collapse of European stock exchanges.

10:19: The Hong Kong Stock Exchange closed down 3.08%

10:02: The London Stock Exchange fall by 3% and sinks below the symbolic threshold of 5,000 points in early trading, following its biggest fall for 3 years in a market still préoccuppé by fears the global economy and the debt crisis.

On the crisis across the Atlantic, read the survey: United States: the giant entangled

9:59: Banks again heckled.The banking sector, after plummeting yesterday, experiencing a very difficult early trading, BNP Paribas 3.77% drops to 32.95 euros, Societe Generale 3.33% to 20.87 euros and Credit Agricole 2.22 % to 6.09 euros.

9:49: The Paris Bourse widening its losses in early trade, financial stocks are once again very turbulent as fears of a recession in the United States and a drying up of funding for European banks remain high. Around 9:20, the CAC 40 index ceded 2.50% and back below the 3,000 points to 2,999.20 points. Bank stocks are again suffering the largest losses: to 9:30, BNP Paribas 2.37% ceded to 33.43 euros, Natixis 1.21% to 2.85 euros, Crédit Agricole 0.92 to 48%, 01 euros and Societe Generale 0.79% to 21.43 euros in a market down by 1.96%.

9:46: The same trend in other European marketplaces.The Madrid Stock Exchange opened down 1.09% at 8226.8 points on Friday. The Ibex-35 index of blue chips from the Madrid stock market plunged 4.70% to 8317.7 points. The London Stock Exchange retreated again the day after its biggest drop in three years. A few minutes after the opening, the FTSE-100 index lost 43.37 key values ​​points, or 0.85% over the closing Thursday at 5048.86 points, widening its losses soon after yielding 0 , 35% in early trade.

To understand the reasons of falling markets, also read: Banks are plunging stock markets

9:18: Asian stock markets into the red. They have also succumbed to the new wave of concerns about global growth, while gold, a safe haven, set a new record. Sydney closed down 3.51% and Seoul plunged 6.22%. Hong Kong lost 2.62% and 0.98% Shanghai shortly before closing.Oil also changes sharply lower. In trade in Asia, a barrel of "light sweet crude" lost $ 1.05 to 81.33 dollars. Gold continued to cross the records on the rise, playing its full role as a refuge. The yellow metal rose Friday morning at 1,837.50 Hong Kong dollars an ounce, after crossing the threshold on the eve of the unprecedented 1825 dollars.

9:09: The Milan Stock Exchange opened down 0.30% to only 14,926 points, after collapsing the day before closing on a decline of 6.15%. And Swiss stock exchanges fall -2.60% at 9:34 local, half an hour after it opened down slightly from 0.61%.

8:17: The Tokyo Stock Exchange closed down 2.51%, carried by the wave of international concerns about a slowdown in global economic activity and a victim of the subsequent increase in the price of yen.The Nikkei 225 index of blue chips still sold 224.52 points from its closing price on Thursday to appear at 8719.24 points, a level it had not fallen since March 15, at Following the terrible earthquake four days ago in the northeast of the archipelago.

The study conducted by the polling institute Emnid, 31% of respondents hold this view, against 65% who bet on the opposite.

The "Ossis" (inhabitants of the former GDR) are the most skeptical about the future of the common European currency, with 41% who believe in his death in 2011.

The people of Western Germany are showing more optimism, 28% of them only believing in the death of the euro in the next decade.

The survey also reveals a split between men and women: 70% of German respondents are betting on the continuation of the euro in ten years, while the Germans are 61% believe it.