The President of the European Central Bank Mario Draghi has made it clear Thursday he was ready to take additional measures to support the economy in the euro area, adding that the downside risks have increased and that the ECB was aware of the increasing difficulties of banks.

As pressure increases on the leaders of the eurozone to make progress on a response to the debt crisis by the European summit of December 9, Mario Draghi, speaking before the European Parliament, called for a "deepening" of the budgetary and fiscal integration.

"To me, what is needed by our economic and fiscal union is a new budget agreement – a fundamental reformulation of fiscal rules, budgetary commitments with each other that the governments of the euro area have been," Has he said.

"We might ask if a new budget agreement would be sufficient to stabilize the markets and if a credible long-term vision can be useful in the short term.

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Members have pledged Tuesday to review a new draft supplementary budget for 2011, the fourth year that includes several measures of the new savings plan submitted on November 7 by the government.

This "supplementary budget" follows the decision of France to lower, from 1.75% to 1%, the forecast growth rate for 2012.

The draft budget law for 2012, being shuttled between the two assemblies, which is considered "obsolete" by the Opposition, was indeed built on a growth forecast of 1.75%.

The OECD expects growth in its share from 0.3% in France next year."We will meet our objectives of reducing the public deficit to 5.7% of GDP in 2011 and 4.5% in 2012," assured the minister.

She also confirmed that it would table an amendment bringing three to ten years the limitation period in respect of assets held abroad.

"This new austerity plan will have the effect of crack growth and impede the deficit reduction by increasing unemployment," said Pierre-Alain Mute (PS).

DEFICIT REDUCED TO 95.3 BILLION

"It's an inconsistent policy, over the water where France would need a comprehensive policy," added the spokesman of the Socialist Group.

The U.S. government has revised sharply downward its growth in the third quarter. It is 2% annualized, or 0.5 points less than what was announced in October. U.S. President Barack Obama.

The U.S. government said Tuesday it has revised sharply lower growth rate of GDP of the United States in the third quarter. From July to September, the U.S. gross domestic product grew by 2.0% annualized over the previous quarter, said the Commerce Department, reviewing and down 0.5 point first growth estimate published at the end in October. According to their median forecast, analysts expected a confirmation of the first estimate of the ministry.

The release date of the recession has been repeatedly pushed back to Athens for two years. According to the international organization, the economy should resume growth in 2013. In Greece, the horizon darkens again.

The International Monetary Fund has ceased to be optimistic for Greece, drawing a line under the belief that it could recover as soon as its creditors believed at the beginning of international aid plan. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," wrote the IMF, the Commission and the European Central Bank in a statement Tuesday.

Greece, in recession since late 2008, did not see the end. Issues and the IMF forecasts a growing dark. The date on which the Hellenic economy should resume growth has declined steadily for two years.In 2009, before the debt crisis, the IMF thought it would be in 2011. In 2010 and until summer 2011, he was counting on 2012. Since September, 2013.

The "troika" of the creditors of Athens on Wednesday announced the release of 8 billion euros in November. But the IMF no longer speaks to unlock new loan to the country most in need of the euro area. At the end of the summit area on July 21, executive director of the institution Christine Lagarde said that Greece expected demand "soon" new aid. Two months later, change of tone in Washington at the annual meeting of the IMF, Ms. Lagarde forget any reference to a new loan, and hammered the need for Greece to meet its commitments before obtaining new European funds. "What we have heard lately is the strong commitment of European partners to be with any member of the area.And I think it's a crucial point, "she said, without defining the role of the IMF. Europe's director, Antonio Borges, agrees:" If the Greeks are doing what they should do, I think they can count on the full support of the rest of Europe. "He fails to mention the IMF.

Jacob Kierkegaard, economist Peterson Institute in Washington, history has proven that the institution had agreed, when it promised 30 billion euros to Greece in May 2010, a plan too ambitious reform the country quickly without restructuring its debt. "The projections are by nature optimistic. They tried to convince market participants that Greece was not an insolvent country," said he. But the IMF has found over time that Athens could not move as fast as you like, especially in its privatization.Gradually, the prospect of global institution with a long experience of debt crises has departed from that of Europeans, for whom it was to preserve the young first monetary union and bank-holding Greek debt. Kierkegaard says, "the markets have a confidence level much higher in the IMF as a neutral arbiter in the ECB or the Commission", and the IMF has gradually imposed his views.

The aid program in Athens, most originally designed by Europeans, has failed in its objectives: to make Greece more competitive, restore the credibility of public finances and financial calm tensions in the eurozone. Contrary to the hopes the Europeans, "the specter of a discount for holders of Greek bonds and the risks of contagion that accompany have not flown," says Samarjit Shankar, an analyst at Bank of New York Mellon.Especially, the way the Greek economy has sunk was a cruel disappointment, said Eswar Prasad, a former economist at the Fund (1990-2006). "In principle", the IMF forecasts assume that the government will follow a certain policy, says he told AFP. Greece shows that "the slippage in the implementation of a policy (…) can cause a divergence between growth forecasts and actual growth."

LyondellBasell employees were extended on Monday the strike and blocking the production units of the group. The SP displays its support for the movement and the government provides "mobilize." LyondellBasell employees are on strike against the planned closure of the Berre refinery, which employs 370 people.

Employees of the U.S. company LyondellBasell have extended their Monday strike and blocking the production sites of the group. They protest against the closure of a refinery in Berre L'Etang (Bouches-du-Rhone). Several hundred people took part in the vote at a general meeting in mid-day, as part of the action taken after the September 27 announcement of the closure by management.

The refinery and production units in September LyondellBasell are blocked at the site of Berre L'Etang, and a fuel depot in Rognac and propylene oxide plant at Fos-sur-Mer, two neighboring towns. Staff representatives were sent to the Directorate Sunday, through their lawyers, questions about the future of the site but have not received a response for now, their last contact dating back to Thursday night they say.

The closure of the refinery would cover the approximately 370 employees to 1,250, in total, working in the petrochemical complex of the American group around the Etang de Berre. In recent days, the political reactions are multiplying on the subject. Martine Aubry, the Socialist candidate in the primary, on Monday expressed its "solidarity" with employees. It asks the Prime Minister to consider "alternatives to closing track".The mayor of Lille also known as "shared anger and anxiety of employees: see anger on the part of LyondellBasell's refusal to dialogue and put forward false numbers to justify for a purely financial and stock market, and concern before the uncertainty over the future of a site which employs 1,250 employees and thousands of subcontractors. " According to her, "the passivity of the government to a matter as serious, witnessed the acceleration of the industrialization of our country is unacceptable. It is not enough to say, as the Minister of Industry, that" his services are closely monitoring the ".

"The challenge of this case is the local district, regional and national levels"

Indeed, Eric Besson said Saturday that the government "mobilizing" all its means to ensure the future of the site.But he admitted not yet be able to indicate what decisions it would take to sustain the site. The Minister of Industry is expected to receive in the coming days the unions and the management of LyondellBasell said a ministry statement. The Ministry, it was recognized that the state could not force a company to maintain an activity when it decided to stop or suspend. The Government will ensure that LyondellBasell fulfills its reclassification as employees affected by this closure affect redundancy pay sufficiently "important," one said.

The case began to take a political turn with the Saturday site visit by the candidate for the primary Socialist Francois Hollande, who has held a "roundtable indispensable" for "transparency about the intentions of the group" and "how we can keep the whole chain from refinery to petrochemicals. " "The challenge of this case, it is not just a refinery is a potential that can, if nothing is clarified in the coming days, to be phased in question, or even disappear. It is a challenge local, district, regional and national, "he told reporters, after meeting a half hour with Inter (CGT, CFDT, CFE-CGC, FOR, CFTC).

Asked about taking a stake in Qatar's capital, a spokesman for BNP Paribas reiterated Thursday the line of the bank, repeating that the group would reach the prudential ratios Basel III without injection of capital.

"About Qatar, BNP Paribas said that he will be able to meet in January 2013, ie six years before the end of 2019, the core Tier One ratio of 9% within the Basel rules III without capital increase, "she told Reuters.

"BNP Paribas leads naturally as road shows each year to present the company and promote its work with investors around the world," she said.

These statements occur when a source based in the emirate said on Wednesday told Reuters that Qatar is in talks with BNP Paribas and other French banks about possible equity participation.

European stock markets, driven by banks, have sharply increased their earnings Thursday after the announcement by the European Central Bank (ECB) to the resumption of operations in dollars in three months from the fourth quarter.

By 1530, the CAC 40 index is 3.63% at 3056.24 points, after touching a high of 3086.64 points shortly after the announcement of the ECB, while the EuroStoxx 50 index shows a gain of 3.86%.

Bank stocks were the first to respond. BNP Paribas, which like other European banks, suffering from fears of difficulties refinancing dollar is 14.50% to 30.800 euros after winning up to 22% shortly after the news.

The index of bank stocks in the euro area shows a gain of 7.38%.Deutsche Bank is 9.12%, 6.8% Unicredit, Societe Generale and Credit Agricole 7.9% 7.55%.

"The acceleration of the increase was caused by the announcement of a joint action by central banks, after rumors of difficulties refinancing dollar," said one trader.

European stock markets continued Friday in early trade started to decline yesterday, investors preferring to remain cautious about the highly anticipated speech of the President of the Federal Reserve in Jackson Hole.

Ben Bernanke is speaking at 14:00 GMT (16:00 in Paris) in Jackson Hole (Wyoming), as part of the 35th annual economic symposium of central banks. It is likely that the Fed chairman will announce gradual steps, not an ambitious new plan to repurchase shares.

At 9:30, the CAC 40 index fell by 0.84% ​​to 3092.71 points, after dropping 0.65% on Thursday.For the week, the benchmark index of the Paris remains up 2.7% after falling nearly 18% during the first three weeks of August.

Other major European markets, London lost 0.86%, 1.15% Frankfurt, Milan and 0.51%.Of the European indices, the EuroStoxx 50 yields 0.89% and 0.94% Eurofirst 300 loose.

"The conference in Jackson Hole is not the place for decisions on monetary policy," warns UBS in a note saying that the Monetary Policy Committee of the Fed (FOMC) has already reached a major milestone by announcing the August 9 keeping interest rates near zero for at least two years.

"If the Fed wishes to further modify its monetary policy, we believe it would make more sense to do at the FOMC meeting on September 20," said UBS.

As for values, the financial attempted to resist the general trend following the extension of the ban on short selling in four countries.

After being the only sector up for several minutes, the Stoxx bank index finally yielded 0.6%.

In Paris, Societe Generale has head increases the CAC 40 (+0.22%) to Credit Agricole (0.25%) and Natixis (0.18%).

The expectation of the speech of Ben Bernanke puts the dollar under pressure, several analysts point out. The euro also wins 0.39% against the greenback at 1.4425 dollar.

"Traders are looking forward to this time in a highly volatile backdrop of sovereign debt crisis and fears of a slowdown in economic activity in the United States," says Saxo Bank in a note.

After correcting for nearly 200 dollars per ounce of gold returns to form more than 1780 dollars (+0.8% to 1783.39 dollars).

The European Commission welcomed Friday a ban on short selling of financial stocks decided by four countries in the euro area, but felt that a European framework would be more appropriate in this matter.

To halt the decline and extreme volatility on the stock exchange the securities of banks and companies in their respective countries, Brussels, Madrid, Paris and Rome have decided to ban short selling of financial stocks from Friday.

"(…) The European Commission warmly welcomes the recent developments.However, our policy would be more efficient and coordinated if we had in place a European framework on short selling, "he told a press conference Chantal Hughes, spokeswoman for the Commission.

Germany for its part said Friday it would propose extending the ban on naked short sales across Europe on stocks, bonds and credit default swaps (CDS ).

A bank in Asia has cut its credit lines to major French banks and five other Asian banks are revising their lending, said Thursday six banking sources told Reuters.

The sudden increase in the sense of risk associated with the sharp fall in the prices of French banks Wednesday, prompted some banks in Asia to review their counterparty risks and look at whether they should reduce their exposure to European banks, the sources explained of six Asian banks.

Rumors Wednesday that France was about to lose its rating "AAA" belied by the rating agencies have helped to cause the greatest gap in the European index of credit derivatives (CDS, credit default swap ) since the 2008 financial crisis.

The head of risk management within a bank based in Singapore said it had cut its credit lines to French banks because counterparty risk they present.

"We cut. The limits were removed from the system.We must obtain authorizations for each case (credit, Ed), "he said, refusing to be named because of the sensitivity of the subject.

He did not want to give the names of banks affected by this decision.

"Obviously, we are reviewing (the credit, Ed)," the official said the risk of another bank in Singapore.

"Everything is related to our position in the credit risk of the French banks," said another banker in a Japanese bank.

When asked about this change in perception of Asian banks vis-à-vis the French banks, a spokesman for BNP Paribas said: "We never comment on market rumors."

Crédit Agricole, which publishes its second quarter results in late August, did not wish to comment, while no comment was immediately available from Societe Generale.

"The levels of capital (French banks, Ed) programs are adequate and refinancing in the medium and long term are conducted under conditions quite satisfactory," he responded in turn Christian Noyer, the governor of the Banque de France , which controls the banks.

"Recent developments in equity markets do not affect the financial health of French banks," he said in a statement.

All the European banking stocks were strongly attacked Wednesday, the French and Italian at the top, weighed down by speculation about the "triple A" French and fears of renewed extension of the debt crisis at the Italy and speculation about the plan to help Greece.

SocGen's action was unscrewed due to rumors about its financial strength and refinancing problems, denied by the bank.