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France is already in recession and is expected to slow growth of 0.3% in 2012 according to the OECD considers it essential to save 0.4% of additional GDP. 8 billion euros.

The OECD has drastically revised down its growth forecast Monday for France, which would be barely positive in 2012 after a "short" recession, a situation that "requires" a new anti-deficit to take the international commitment of Paris. Far from the 1% growth still officially expected by the French government next year, the Organization for Economic Cooperation and Development is no longer considering a meager increase of 0.3% of GDP in its latest economic forecast delivery biannual. Six months ago, it expected 2.1% but still on the deepening crisis in the euro area has been through it.

The recession that know France in the fourth quarter 2011 and first quarter 2012 would be "small scale", according to the organization. But faced with these projections, the poorest to date of an international institution, it urges Paris to a new fiscal tightening. "Given the slowdown in economic growth and the increasing burden of debt," the goal of returning the public deficit to 4.5% of GDP in 2012 "will require new measures of fiscal consolidation," says she said.

"We would suggest a further fiscal consolidation to achieve the desired objective," confirmed its chief economist Pier Carlo Padoan, during a press conference.

The Inter, which participated FO, denounces "firmly austerity and rigor decided and imposed by the government." The leader Bernard Thibault of the CGT in Marseille to protest against austerity.

The Inter on Friday called for a "National Day of Action interprofessional, including rallies," to protest against government austerity plans in France.

Meeting at the headquarters of the CGT in Montreuil (Seine-Saint-Denis), five unions (CGT, CFDT, FSU, UNSA and Solidarity) also issued a "joint appeal" to employees to "challenge the government, elected representatives and officials companies in the period from 1 to December 15. "

FOR, which participated for the first time in two years this Inter, said he would not sign the joint appeal, but be associated with the day on 13 December.

Greek Prime Minister George Papandreou won the vote of confidence from Parliament. It is currently negotiating with the President of the Republic to establish a new coalition government he will lead probably not. Greek Prime Minister George Papandreou (right) won the vote of confidence from Parliament Friday, November 4th by 153 votes out of 298 votes.

Greek Prime Minister George Papandreou won Saturday early morning the confidence of parliament after a week of psychodrama in the euro area, paving the way for the preparation of a coalition government, he will not probably not.George Papandreou, who received 153 votes out of 298 votes cast, was far from certain to survive the ordeal after the crisis that started in his own Socialist Party triggered by his attempt to impose a referendum to validate the European Plan aid to Greece.

"Saturday (noon), I will visit the President of the Republic so that we reach agreement on the composition of a consensus government and even of who will direct it," he said in parliament . Paradoxically, the vote of confidence should allow it to go head up, after the panic created earlier this week on global financial markets with its announcement of the referendum and the anger of the country's creditors who curtly summoned for threatening cut off the country.

"I never saw politics as a profession," said Mr.

The Prime Minister had offered his resignation from the government if his ministers to help get the vote of confidence tonight. It would then form a unity government with the right. Greek Prime Minister George Papandreou at the EU summit of June 23, 2011.

The Prime Minister was prepared to resign, reports Reuters. The agency, quoting government sources said that Papandreou would have reached an agreement with his ministers in which he agrees to resign if his ministers are supporting the vote of confidence to be held on the night of Friday Saturday. Which would be for the Prime Minister an honorable exit after the controversy in his own party on the usefulness of the referendum that Papandreou wanted to implement.

Nexans Thursday confirmed its 2011 targets after strong third quarter as forecast by a slowdown in growth due to an unfavorable base effect.

The world number two cable conducted on a quarter revenues of 1.127 billion euros at constant non-ferrous metals, an increase of 3.9%.In the first half, the group posted organic growth of 8.2%.

Nexans has maintained its annual target organic growth of between 5 and 7% and that of an operating margin of about 5.5%, but with an enhanced contribution of industry and construction segments, and a contribution weaker segment energy because of the economic environment.

"The increase in activities of medium and low voltage is subject to conditions as operators invest electricity still based on it," he told Reuters Frédéric Vincent, CEO of Nexans. "And we will be weaker in 2011 than in 2010 high-voltage ground in view of the situation in the Middle East."

Nexans notes, however, begin to restart in the Gulf.As for Libya, the end of the war could provide opportunities in energy, but not this year.

"With the end of troubles, we secure the recovery of activity in 2012 but nothing in 2011," said Frederic Vincent.

At current metal prices – especially copper, which Nexans believes it should remain around its current price in the fourth quarter – revenue the quarter stood at 1.711 billion euros.

Italy and Spain were Saturday under intense pressure from their peers in the euro area to reassure their determination to keep public finances under control and show the market they will not be used to support fund the euro.

Finance ministers from the euro area and EU met in Brussels last Friday afternoon to prepare the ground for their leaders before the summit on Sunday and Wednesday that will lead to a formula to multiply the European Financial Stability Fund (EFSF ) and give it sufficient capacity to help countries like Italy or Spain.

But senior sources involved in the discussions reported that several countries, including Germany, wanted to ensure that this would not fall back pressure on the Italian government to implement ambitious reforms.

"There will be more riding.No country will receive free aid, and certainly not Italy, "said one source.

"When the ECB started to buy the Italian debt in August, Rome was immediately released in its efforts, of which there is no wonder that there is a total lack of confidence of the Germans to (Silvio) Berlusconi right now, "she added.

The Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister José Luis Zapatero has also been invited to travel to Brussels on Saturday evening to meet other European leaders including Angela Merkel and Nicolas Sarkozy, and President the European Central Bank Jean-Claude Trichet and the Executive Director of the IMF Christine Lagarde, said two diplomats.

ITALY

German Chancellor insisted on Saturday that Italy would reduce its debt so as not to jeopardize the support mechanisms for the euro and called Spain also redouble our efforts.

"If they do nothing to their budgets, they still have a debt equal to 120% (of GDP), such as Italy, while the height of the bunds will not matter because it will not help in any market to regain confidence, "she told members of his party.

"Spain has already done much but it will do more to restore market confidence," she added.

The European Commission said on Friday that Italy should take significant steps to boost growth, specify some of the savings measures announced in September and publish a calendar.

"There is no pressure but a strong incentive to do so," said at the time a spokesman for the Commission.

According to European sources, the Italian Prime Minister Silvio Berlusconi, would not exclude to present an action plan

Italy remains under strong market pressure.Italian government bonds reached Friday to their highest level since August before falling when traders reported purchases of debt from the ECB on the secondary market.

SPAIN

Spain, the fourth largest economy in the euro area, is also under the spotlight because of concerns about its ability to meet its objectives of deficits and implement reforms to improve competitiveness and productivity.

The country will this year one of the largest deficits in the euro area, but he pledged to reduce it to 6% of GDP, against 9.3% in 2010.

The government of Jose Luis Rodriguez Zapatero has already reduced the salaries of civil servants, frozen social spending, reform its banking sector and introduced a "golden rule" in its fiscal constitution.

While these measures have been applauded by the other members of the euro area, they also expect that the socialist government, which trails by 17 points in the polls for the elections of November 20, reassures its ability to control spending in the autonomous regions.

"In Spain, the uncertainty is not so much about the government but rather the level of local politics, which could slow the process," said a European source.

In Brussels, the Spanish Minister of Economy, Elena Salgado, said Madrid had no intention to introduce new measures.

"Not for a moment (…) We have adopted a number of measures: for reform of the constitution of laws to prevent a financial sector restructuring n'impacte the deficit," she said Friday, adding that plans for financial stability had also been issued for the regions.

The increase in the taxation of health solidarity contracts will push each other to increase their rates by 4.7% next year. The cost of the mutual increase of 4.7% in 2012.

The increase in the taxation by government health contracts will push past each other to increase their rates an average of 4.7% in 2012, said Thursday the French Mutuality. "The increase is expected today, obviously it's an average increase of 4.7% including 3.2% impact of the tax and 1.5% resulting from increased spending on health," told reporters the president of the French Mutuality Caniard Etienne.

The government has decided as part of its austerity plan to double from 3.5% to 7% tax on health contracts "caring and responsible" for complementary health (mutual insurance companies, pension funds).This recipe will bring a new $ 1.1 billion in 2012 to Social Security.

According to the explanations given by Mr. Caniard, the tax will be passed on to the mutual contributions of up to 3.2% calculated on the sales of mutual duty, which must be added 1.5%, corresponding to "the trend in health spending "and an" extrapolation savings "decided in the context of the social security budget, including the delisting of certain drugs.

76% of French people opposed to the tax

Mutuality undertook an intense campaign to fight this charge it calls a "health tax". But the government mutuals are not required to pass on contributions."The mutual insurance companies are not required to fully pass this increase," in September had assured the Health Minister, Xavier Bertrand, ensuring that neither mutual nor the companies were in "financial difficulties" .

UMP deputies consider that in view of their large reserves, mutuals can make a financial investment in the austerity plan. A parliamentary amendment was even prepared to possibly tax the "excess reserves" of each other. The doubling of the tax is opposed by the Left in parliament. According to a survey commissioned by the Mutual and released Thursday, 76% of French are opposed.

The Senate passed a bill that seeks to penalize China, suspected of manipulating its currency. China replied firmly.

The U.S. Senate Tuesday approved a bill to penalize China, suspected of manipulating its currency to boost exports, despite the reluctance of the White House, a text that has attracted the ire of Beijing. The adoption of the bill is a "severe sprain" the rules of the World Trade Organization (WTO) can cause a "trade war", responded Wednesday to the Chinese Ministry of Foreign Affairs.

Last week, Beijing said was "strongly opposed" to the proposed U.S. law that "causes serious harm to Sino-US trade relations." The elected Senate Democratic majority, the text adopted by 63 votes against 35.But the House of Representatives is not expected to rule on the text, because the leaders of the Republican majority fear a trade war with Beijing. The Speaker of the House, John Boehner, has said recently that such a project was "dangerous".

Treasury Secretary Timothy Geithner said Tuesday night on Bloomberg TV that the senators "did not" triggered a trade war with China by adopting this text. But he reiterated that the Obama administration did not support the bill in its current draft, several provisions would be in his "conflict" with the obligations of the United States (WTO).

As we approach the November 2012 presidential election, supporters of the text argue that the U.S. economy, with its unemployment rate to 9.1%, suffers from an undervalued Chinese currency.With this bill, Senators seeking to push the Treasury to formally accuse Beijing of manipulating its currency. They provide for sanctions where appropriate. The WTO rules provide for the Member States the possibility of sanctioning a trading partner whose exports are subsidized. But these statutes do not explicitly mention the undervaluation of a currency and interpretations differ as to whether the exchange rate in this legal or not.

Last week, however, the president had accused China of "distorting" global trade by acting to lower the value of the yuan. The criminal charges against the yuan and its position very low against the dollar – giving an advantage to Chinese goods up to 30% against the U.S. equivalent products – are not played in Washington.

But opponents of the bill argue that increased exchange rate of the yuan would only create jobs in countries such as Vietnam and Malaysia, not the United States. They also believe that higher prices of imported goods from China will be at the American consumer. Proponents of the text say it is time to attack Beijing and a rise in the yuan could lead to a higher purchasing power in China, so more U.S. exports.

Democratic Senator Sherrod Brown of Ohio (center), a state factories hard hit by the recession, said the U.S. had so far been weak ahead of China, comparing U.S. trade policy to "unilateral disarmament" face in Beijing.China's central bank decided in June 2010 to let the yuan float more freely against the dollar, after having remained virtually fixed for two years. Since then it has appreciated by about 7%. The U.S. executive has always refused, since a sharp devaluation in 1994, to consider that China was engaged in a "manipulation" of its currency.

The Federal Reserve is ready to take further steps to support economy "almost staggering," said Chairman Ben Bernanke Tuesday, citing the clear will of the central bank to intervene further to prevent the fall in U.S. recession.

Referring to an anemic job, depressed and confidence in Europe's financial strains, Bernanke advises members not to cut spending too quickly in the short term, even if they are to reduce the budget deficit over the long term.

"The Committee will continue to closely monitor economic developments and is ready to take further steps if necessary to support a stronger economic recovery in the context of price stability," said Bernanke before the Joint Economic Committee of Congress.

"An important objective is to avoid any budgetary decision that could hamper the ongoing economic recovery," he said.

Bernanke's comments have allowed Wall Street to reduce accumulated losses in the persistent fear of seeing Greece in default.

Bernanke also noted that financial strains of Europe constituted a risk to economic growth in the United States, to the extent that they have altered the sense of businesses and households.

A real estate industry in a slump and a credit rarefied are other elements which hinder a recovery that is more solid, Bernanke continued, leaving little hope of rapid improvement in market conditions of employment.

"The latest indicators, jobless claims and hiring plans, point to a likelihood of growth of labor market softer in times to come," he observed.

Important but not decisive

Stressing that the resurgence of inflation this year had not contaminated the economy, Bernanke agreed that price pressures would remain tenuous in the foreseeable future.

As a result, the Fed has had a free hand to a new initiative of monetary easing in September, when it announced it would sell for $ 400 billion of Treasury securities in the short term to buy long-term effects , for influencing the maturity of this segment of the yield curve.

This initiative, which, in the opinion of Bernanke, will lead to lower long rates by 0.20 percentage point, leaving some economists skeptical.The latter argue that the problem is not a lack of funds to restart lending and investment, but a lack of demand.

In fact, Bernanke admits that this initiative, according to him equivalent to reduce the fed funds rate half a point, is important but not an "enormous support to the economy."

"This should help a little job creation and growth. This is especially important now that the economy, the recovery is almost staggering. We must ensure that the recovery continues and does not fall and that the unemployment rate continues to decline, "he said.

To stem the financial crisis of 2008-2009, the Fed reduced rates to a level close to zero and its balance sheet has more than tripled to a record 2,900 billion.

Wall Street opened slightly higher Monday as expected, in the hope that the euro area muscle response to the crisis of debt, even if the doubts surrounding the ability to act on the Old Continent at risk of fuel volatility market.

In early trade, the Dow Jones gained 0.02% to 10,773 points. The Standard & Poor's, wider, taking 0.76% (8.7 points) at 11,145 points while the Nasdaq Composite advanced 0.4% to 2493 points.

The International Monetary Fund on Sunday asked more action from the European Central Bank to fight against debt crisis.But Germany and several senior officials of the ECB itself have little desire to see the institution in Frankfurt to become more involved in supporting Greece and other countries in need.

Investors are hoping, however, see the ECB cut its interest rates to support the economy of the region.

"We will be volatile until we see some form of consensus in Europe," said Jack Gan, chief investment officer at Harbor Advisory Corp.

Investors now await the numbers of new home sales for August.Economists polled by Reuters expect, on average 295,000 units from 298,000 in July.

Values, Coca Cola is 1.2% after announcing Insider Reuters plans to invest nearly $ 3 billion (2.2 billion euros) in Russia over the next five years, as part of its strategy to increase its presence in emerging markets.