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Poul Thomsen, the head of IMF mission in Greece, will have to recognize that slow the pace of fiscal consolidation since the recession is more severe than expected. The head of IMF mission to monitor the recovery of Greek finances, Poul Thomsen (here in Athens November 19, 2011) The head of IMF mission to monitor the recovery of Greek finances, Poul Thomsen, acknowledged errors in the control of the country for two years and called for fewer budget cuts and further liberalization, in an interview published Wednesday. "The budgetary adjustment was based on an exaggerated tax increases, we should have put more emphasis on cost containment is the one area where we could have been more convincing to the government "said the IMF representative, when asked about possible errors of the IMF by the Greek daily Khatimerini." Although much remains to be done, Greece has made good progress, "he said, claiming to understand the discomfort of the Greek opinion against criticism blaming the downturn on the country or accusing him of being unable to recover. "We should be more careful to ensure that we send a balanced message when we say that the program is off the rails," he said. But "reform and the effort required (…) have lost their momentum, we must find her," he ajouté.Poul Thomsen was recognized "worried" at the worsening of the recession-induced these measures. "We need to slow down the pace of fiscal consolidation and advance much faster in the implementation of reforms." He reiterated that among them, he supported measures to wage cuts in the private sector, as expected IMF boost the economy via a gain in competitiveness, but rejected by the Greeks as being at risk of stopping further consumption and activity. Poul Thomsen in particular called for a reduction in the minimum wage, red rag to the unions, stating that 'to 751 euros gross per month was 35% higher than that of Portugal, and from 20% to that of Spain. Despite reservations Greek on these requirements, he found that the negotiations that led to the side its counterparts Commission and European Central Bank with the government to complete the new plan for the country's recovery will be concluded "very shortly, within a few days."Target these days of sharp attacks in the Greek press as too inflexible and challenged him as in the IMF because of the failures encountered by the first bailout of Greece, Mr. Thomsen also emphasized working in full agreement with colleagues at the IMF.

Statements are increasing demand for greater involvement of the European Central Bank in supporting countries' debt fragile. Germany opposes even his veto. But until when? German Chancellor Angela Merkel.

The list of support for bold action from the European Central Bank (ECB) on the European debt grows by the day. On Tuesday the United States have supported through the U.S. ambassador to the European Union. William Kennard suggested essentially the ECB to take as an example the action of the Fed during the crisis. Much more direct, the former head of Credit Lyonnais Jean Peyrelevade said that "if one does not involve the ECB, while Petera." This does not prevent the leaders of the Central Bank to resist these demands, aided by Germany, its largest shareholder.

The new Italian Prime Minister presented his austerity plan to rescue the country from the grip of the market. Mario Monti – who is also Minister of Economy – promised to keep the accounts of Italy, while stimulating growth for the time being very sluggish. Mario Monti.

The new Prime Minister Mario Monti on Thursday presented a very ambitious program of austerity and recovery to restore "credibility" of Italy and help save the euro in a European Union through its worst crisis of the post the war. "Discipline, Growth and Equity" are the great watchwords of Mr Monti, which was the first speech programs before the Upper House of Parliament before it obtains in the late evening with confidence 281 votes support of 307. The vote of confidence of the members are expected Friday and should get on this occasion also an overwhelming majority.

China must wait for Europe proposes a plan to end the crisis of sovereign debt feasible prior to contribute, said Friday an adviser to the People's Bank of China (COPD) but stressed that Beijing should have " some controls "on the use of funds provided.

China will study with other emerging countries, namely Brazil, Russia, India and South Africa possible initiatives to help Europe overcome the crisis of sovereign debt, said Li Daokui , a member of the Monetary Policy Committee of the Chinese central bank, speaking at a conference in Beijing.

"If we make money (the Europeans), we need some controls. We can not say we give you the money you spend as you wish.It's not fair that you keep a lavish lifestyle, "said Li told reporters.

The European Union is the largest trading partner of China and Li provides a limited contraction of the Chinese trade surplus this year to 150-160 billion yuan.

"For Europe, we can not just watch what happens and do not help," he added.

Li Daokui said that the figure of $ 100 billion to buy European sovereign debt and the media have given it was only a "theoretical figure."

Li warned that the growth of China's GDP to slow to 8.5% in 2012 from 9.2% expected in 2012, adding that China should maintain its current economic policy throughout the next year.

The OECD slashed its growth forecast Monday for the 2012 United States and the euro area, urging G20 leaders to act quickly to restore confidence and avoid a severe contraction in developed economies.

In a note issued in anticipation of the G20 summit on 3 and 4 November in Cannes, the Organization for Economic Cooperation and Development cut its 2012 growth forecast for the euro area to 0.3% against 2.0% in May and 1.8% against 3.1% for the United States.

She called on G20 leaders to take "bold" to calm market turbulence and show that they can implement structural reforms address the debt crisis.

The OECD estimates that deteriorating financial conditions of the order of that seen during the crisis of 2007-2009 could result in loss of up to 5% of gross domestic product (GDP) of some OECD economies of 'By the first half of 2013.

Conversely, if the measures announced at the EU summit last Wednesday are effectively implemented and that can restore confidence, growth could be better than expected, judge the OECD.

For all G20 countries, the OECD now expects growth of 3.8% in 2012 and 4.6% in 2013, but it will be pulled up by the emerging markets including China (+ 8.6% in 2012 and 9.5% in 2013).

Live: a few hours after the Brussels summit that gave birth to decisions on the rescue of the euro area, L'Expansion. Com offers live to follow the reactions in France and worldwide. Markets, for now, enjoy. The President of the European Commission Jose Manuel Barroso, Portuguese Prime Minister Jose Socrates, the President of the Républilque Nicolas Sarkozy, German Chancellor Angela Merkel, the Lithuanian President Dalia Grybauskaite and Finnish Prime Minister Mari Kiviniemi, at Brussels, 28 in October 2010.

Europe was finally granted for an answer to the crisis in its currency. Among the main decisions taken by EU leaders, the discount of 50% of Greek debt held by private creditors. This represents a total deletion of 100 billion euros of Greek debt, currently at 350 billion euros.

To allow banks to bear these losses, a recapitalization plan of 106 billion euros will be established, which will allow European banks to achieve a capital ratio of 9%.

Finally, the most discussed point dernères this week: capacity to 1,000 billion euros from the European Financial Stability Fund (EFSF). Two mechanisms will be put in place to achieve this amount. The first is a system of guarantees provided by the fund on the bonds of fragile countries (Greece, Italy, Spain …) purchased by investors, which will restore confidence.

The second, which will host a special fund investments from foreign countries, including China, Brazil or Russia. This fund should be "in close cooperation with the IMF," the text.Here are the reactions to the EU summit.

9:51: China welcomes the "European Consensus" should "support market confidence" and breathe "new vitality" to European integration as a spokesman for the Chinese Ministry of Foreign Affairs. Beijing should be involved in the rescue of the euro via the mechanism of strengthening the EFSF. China already holds $ 500 billion European bond analysts said. It has 3200 billion in foreign reserves. Russia – which could also help Europe – show for its "cautious optimism"

9:49: The British Finance Minister George Osborne welcomed the "very good progress" in the euro area, on the airwaves of BBC Radio. He now asks that the European leaders set out the "details".Britain was illustrated last week by demanding to be further consulted on decisions affecting the euro area.

9:31: Daniel Cohn-Bendit called the agreement a "small step". He finds that the eurozone is the book "bound hand and foot to emerging countries" and especially to China. "You can not discuss a protection against social and environmental globalization and ask those with whom you negotiate this coverage to pay for your crisis". It is "a bad solution, politically dangerous," said co-chair of the Greens in the European Parliament.

9:26: BNP Paribas ensures it will be able to reach the minimum capital ratio "hard" of 9% set by the European regulator at the end of June without raising funds on markets

9:15: The World Bank President Robert Zoellick speaks "a milestone" that will "save time"."I hope that this important first step will lead to a broader approach to help the world economy to resume growth," said the president of the World Bank.

9:00: European stocks up sharply

Paris opens up sharply from 2.43% to 3246 points and takes more than 4% in early trade. The Dax gained 3.43%, 1.72% London, Milan 2.7%, 3% and Madrid. The Athens Stock Exchange is 4.9% Bank stocks soar despite the need to give up 50% of their claims on Greece. Societe Generale climbed 13.5%, 12.8% of Credit Agricole and BNP Paribas of 12.7%. In Germany, Deutsche Bank and Commerzbank takes nearly 9% to 7%."These measures could mark convincing the prelude to a rebound in banking stocks in particular French and overly abused since August 2011," strategists believe Credit Mutuel-CIC in a note.

8:27: The agreement reached in the night saved the single currency, according to Economy Minister Baroin interviewed on RTL. "The agreement is a response that night ambitious, comprehensive and credible," said the minister. "That's what will solve the case, that's what we come out of the turbulence, that is what will the economic rebound, that's what will stabilize the euro area and global growth", at he said.

8:19: Alain Minc, an economist and close to Nicolas Sarkozy said on Canal + in Brussels that the agreement "should calm the markets." Moreover, the Economist sent a picnic to the Prime Minister of the second country that threatens to pitch after Greece and Italy."The day falls Berlusconi – which will eventually happen – there is no problem because Italian is a wildly emotional issue and therefore how we set up even appear to be very important," he analyzed the specialist.

8:18: The Tokyo Stock Exchange ended sharply higher than 2%. Investors welcomed the Europe Agreement against the debt crisis in the eurozone.

8:00: The euro briefly reached $ 1.40 after the summit. This is the first time since Sept. 7 that the European currency reaches that level. The euro also rose to make the Japanese currency.

8:00: Daniel Cohn-Bendit calls for "a federation of the United States of Europe" in an interview with Liberation."Today is the economic war, it is the markets, as immoral war is immoral, we impose that choice: give up and go, or move up a gear towards the federalization," says co-chair of the Greens in the European Parliament.

The French parliament on Tuesday approved the draft supplementary budget that allows the state to provide guarantees to the restructuring of the Franco-Belgian bank Dexia to facilitate its dismantling.

After the deputies, senators adopted the text finalized last week by a joint committee (WPC) Assembly-Senate.

All groups voted the outcome of the CMP with the exception, both the Assembly and the Senate, communists and the like.

The text of the CMP includes part of the version passed by the Senate, where the left is now the majority.It thus imposes counterparties to support banks.

Credit institutions supported public will not pay bonuses or stock options to their executives and dividends only in securities and not cash to shareholders, these restrictions on 1 January 2012.

The decommissioning plan provides that Dexia France, Belgium and Luxembourg will provide 90 billion euros in guarantees for its financing needs with 60.5% for Belgium, 36.5% for France and 3% for Luxembourg.

During the first reading in the Assembly all voted against the left.The same text, as amended by the Senate Finance Committee where the left is now the majority, was then voted almost unanimously by the upper house.

The chairman of the PS Assembly, Jean-Marc Ayrault, asked Tuesday the creation of a parliamentary commission of inquiry on "the adventures of Dexia and its leaders."

Eviction announced by Pierre-Henri Gourgeon Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta, could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in the red and controversial management of the disaster of the Rio-Paris.

In this scenario mentioned in the press Monday, Juniac Alexander, former chief of staff Christine Lagarde, not only would the management of Air France, a decision that was already widely expected, but is positioned to take forward direction General of the entire Air France-KLM.

A spokesman for the group declined to comment, confirming only holding a board in the afternoon and the likely release of a statement later in the day.

Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, retained the presidency.

The shelving of Pierre-Henri Gourgeon reached in just over three months after its renewal in early July for a four-year term by the shareholders of the group by an overwhelming majority.

"It's a shock. It is a little surprised because Air France is not a company that used to act like that.However, it is rather good news for Pierre-Henri Gourgeon not really good news to analysts, "said one analyst who requested anonymity.

Around 24:15, the title gained 4.4% to 5.753 euros.It has fallen 62% since the beginning of the year, bringing its capitalization to only 1.7 billion euros, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and the Spanish Iberia.

Pierre-Henri Gourgeon and pay the price for its management of the company, which the French state holds 15.7% stake, which is too much debt, too slow to react and too wasteful, including labor costs well above those of its competitors.

According to press reports, Pierre-Henri Gourgeon Juniac Alexander would have required the newly created position of Chief Executive Officer of Air France as Jean-Cyril Spinetta supported the candidature of Lionel Guerin, CEO of Transavia France.

The catastrophe of the Rio-Paris flight in June 2009, the third serious accident suffered by Air France in a decade, has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and Analysts (BEA).

International air traffic has slowed in August compared to July, posting a 1.6% decline in passenger traffic and a decline of 1.3% of freight from one month to another, said Monday the 'International Air Transport Association (Iata).

Although passenger traffic has increased by 4.5% year on year in August, this trend remains below the 6.1% growth registered so far for 2011.

Air freight has declined in August by 3.8% year on year and increased by only 0.2% since the beginning of the year.

"With business confidence and consumer continues to deteriorate globally, there is not much optimism for an improvement next conditions (sector)," said the Director General of IATA, Tony Tyler.

IATA represents 230 airlines and 93% of global air traffic.

Liberal Institute Coe-Rexecode proposes to merge the debts of countries rated "AAA" in the euro area, to eliminate differences in rates between the German and French bonds. This solution would also double the capacity of loans to countries facing difficulties.

To stem the crisis in the euro area, the French Institute of Economic Studies Coe-Rexecode Monday advocated the creation of "eurobunds" which would involve the merger of the debts of many countries "comparable" in the area, which France and Germany. Considering the creation of unrealistic eurobonds, often mentioned in recent months, the institute, near the business, suggests the creation of "eurobunds" with "merger for the debts of seven comparable countries in the euro area as are Germany, France, the Netherlands, Belgium, Austria, Finland and Luxembourg. "

The merger could lead to a large pool of securities, nearly 5,000 billion, a priori rated AAA by rating agencies, is the highest rating possible, pleaded Michel Didier, president of Coe-Rexecode, during a press conference. It would have the advantage of eliminating the spreads between the German and French bonds, he said. Moreover, such a "fire power" would "have a strong base of potential loans to the peripheral countries" beyond the potential 500 billion of loans from the European financial stability. Which, according to Coe-Rexecode, is likely to cut short the threat of contagion from the debt crisis.

Subsequently, "there would still address the problem of divergences in competitiveness" within the euro area, insisted Michel Didier.Considering the current stock market crisis "clearly European," the institute said that the problems of public funding can be resolved, thanks in part to the European plan adopted July 21, which is "appropriate". But "other scenarios are much worse now possible," he warns. "A sovereign default would lead to poorly controlled behavior very restrictive economic actors (reports of investment projects, increase household savings rate …) and lead to a true European recession," said the institute.