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From our special correspondent in Toulon

Spirit of Toulon, are you there? Pending the arrival of the president, we could see a backdrop composed of a large red white blue rectangle surrounded by two rings of gold stars, the emblem of Europe. One way to summarize the message of the President Thursday night: a France supreme in all European refounded. Thursday, Nicolas Sarkozy has said little about the rebuilding of capitalism, the first theme of the speech of Toulon in 2008. This is the rebuilding of Europe was in the spotlight. The head of state wanted to show that France will not return "control of his destiny" after the shock of the crisis, as the fight against deficits and European solidarity.

To reconnect with "trust" and to dispel the "fear", look "face the truth," Sarkozy warned payday loan lenders. This truth, he said, is that of a "new cycle".He reiterated the importance of principles such as non-replacement of an officer and two indicated that they could no longer keep "the same organization of our social protection", or the same "system of work sharing." He preferred to announce a "social summit" in January on these topics.

Allusions to presidential

Another word carefully avoided, that of "federalism." The purpose of the speech was well Toulon to reaffirm the principle of national sovereignty by avoiding the risk of isolation. "We will not control our destiny alone," hammered Nicolas Sarkozy.

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Increase in VAT, income tax, any revaluation of benefits: the austerity plan announced Tuesday include unpopular measures. Consideration by the Parliament, which begins Nov. 28 in the Assembly, will not be a walkover. In the majority, the New Centre Group is thus opposed to indexation on growth, less generous, family benefits and housing subsidies. "We must protect families and tenants. We propose instead to plane more strongly niches and seek extra mile to large enterprises, "says centrist MP Charles de Courson.

During questions to the Assembly, Valérie Pécresse, Minister for the Budget, on Tuesday refused any negotiations on this subject, arguing that "we can not spend more than we create wealth payday loans."

The government remains firm, but the battle could be fierce and Gilles Carrez, Rapporteur UMP budget to the Assembly, will have work to do to stay the course. "The increase in VAT will not affect consumption. The move to 7% will not be fully reflected in prices, "he says now, to counter the arguments of sectors such as housing, food, culture and hospitality. Accor claims and the elimination of the tax on hotel stays, while the union of publishing an application meeting with Francois Fillon.

Tuesday, members of the Finance Committee in examining the second part of the draft budget law for 2012, which accepts the austerity plan in August. This has resulted in collisions.

Wall Street opened down on Friday. In early trade, the Dow Jones ceded 0.65% to 11,971.90 points and the Nasdaq 0.51% to 2684 points. Job creation has slowed sharply in the United States in October but this has not prevented the unemployment rate to fall slightly, according to official figures published on Friday in Washington. The net hiring amounted to 80,000 jobs, or half that in September, said the monthly report on employment in the department of Travail.Le Ministry also indicates that the unemployment rate fell to 9.0% in October, after spending three months at 9.1%.

Investors remain suspended to changes in the Greek case, the last day of the summit of major developed and emerging G20 Cannes fast cash online. Thursday, the New York Stock Exchange ended the session sharply higher, in the wake of European markets.The markets welcomed the surprise cut rates the European Central Bank and the withdrawal of the proposed referendum Greek Prime Minister Papandreou.

In Europe, this Friday, the Greek government plays its all in a vote of confidence from the parliament in the evening. Meanwhile, the fate of Prime Minister George Papandreou seems already sealed after the failure of the referendum proposal.

Greece is on everyone's lips in Cannes, which should open the G20 summit on Thursday morning. The Greek prime minister was called to 8:00 p.m. Wednesday evening for a meeting including President Nicolas Sarkozy and German Chancellor Angela Merkel. It must explain its decision to submit the agreement European referendum last week.

Paris and Berlin put pressure on Athens to advance that the referendum in late November, while January was first advanced. The two major euro-area warn that the disbursement of 8 billion euros in aid granted by the EU and the IMF has become uncertain.

In this context of uncertainty exceptional French interest rates soared in the morning, the gap is widening at a historic German rates.Potential victim of contagion, Italy tries to reassure her convene an extraordinary cabinet meeting on Wednesday night to adopt austerity measures guaranteed payday loans.

• Merkel wants clarity

"We have set up a program with Greece last week. We want to make this program and why we need clarity. This is what should serve the meeting tonight, "said German Chancellor Angela Merkel in Cannes on Wednesday. It should meet in the afternoon Greek Prime Minister George Papandreou, along with Nicolas Sarkozy, representatives of European institutions and the IMF BEYOND CEO Christine Lagarde.

The announcement on Monday night next to the organization of a referendum in Greece in the European aid plan has caused a panic in the markets and threatens the firewall in place within the euro area the last week.

In the first five days of strike by cabin crew of Air France, the company is organized to provide as announced 80% of its flights. The company has temporarily restricted on Saturday morning to 100 passengers the ability of its medium-haul flights Orly. Consequence: passengers can wait a little and minor delays can be saved.

This management method was chosen to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. "It blocks the flights a minimum. Is completed according to the presentation of the crews as and when. But we have managed so far to complete the flight and make them go as planned, "says the director of Air France at Orly, George Daher. A strategy that annoys some customers. "We were placed on a waiting list by explaining that there was not enough staff.A rip-off in communication because all flights are available at this time, "said one man who was to fly to Toulouse.

About the airport Roissy-Charles de Gaulle, the traffic was in line with forecasts of Air France, which does not exclude any last minute cancellations. It struck ten long-haul flights planned Saturday morning, including flights to New York, Montreal, Los Angeles, Tokyo, Abu Dhabi, Douala. But passengers were warned on Friday. But according to Europe 1, delays begin to accumulate.

In Nice, the third busiest airport in France, three Air France flights were canceled to Paris. Five flights were canceled in Marseille in the direction of Roissy and Orly. In Toulouse three flights were canceled out of fifteen.

The war of positions that settled for months at the head of Air France KLM, in view of the succession of the CEO Pierre-Henri Gourgeon, should find its outcome brutal Monday.

Reportedly, the board will meet to start RECORDED Pierre-Henri Gourgeon. In office since 2009, the executive director of the group pays two things. On the one hand, his conflict with the chairman of Air France-KLM, Jean-Cyril Spinetta, and on the other hand, the disappointing results of the company. "He did not totally unworthy, but a change in governance was necessary at the time of uncertainty hovering over the company and the industry," says a close case. No comment was made Sunday at the headquarters.

Overhaul of the governance

The departure of Pierre-Henri Gourgeon will be accompanied by an overhaul of governance.Jean-Cyril Spinetta back in service by chairing executive of Air France-KLM. The owner of the historic French airline, the architect of his marriage with his Dutch counterpart, never far away from its management. In addition, Juniac Alexander, former chief of staff Christine Lagarde, will be named him CEO of Air France. A key post in the new organization which eventually opens the way for the management of all Air France-KLM.

After months of controversy within the Board and the Company, the Nominating Committee consists of four directors (Jean-Francois Dehecq, Patricia Barbizet, Jean-Marc Espalioux and Cornelis van Lede) has finally agreed on the name 'Alexander Juniac, under the watchful eye of the state, which owns 15.7% of the group.Ironically, the former right hand man was the candidate pushed by Pierre-Henri Gourgeon, opposite Jean-Cyril Spinetta, who advocated an internal solution. Indeed, this lively debate which had laid bare the tensions between the two leaders of the company.

The new organization, which will be confirmed Monday, also intended to bring Air France-KLM in a position to face its difficulties. The latest quarterly (April to June 2011) revealed an operating loss of 147 million euros. Back into the red after one brief year of profits. Since then, the situation was still tense, so that the group launched in early September a new savings plan. No figures have been officially announced, but it evokes a range of 700 to 800 million euros.The specific measures should be adopted at the end of this month.

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To save Greece from bankruptcy, the banks will have to put their hands in the pocket, and it more than expected. This was recognized by the French Ministry of Finance on Thursday. Creditor institutions of the country in trouble will "probably" erase more debt than originally agreed. European leaders are currently "working" on the issue, said Bercy.

On 21 July, the euro area has decided to ask the banks to accept a debt relief of up to 21% of their funds invested in government debt. This participation is about 50 billion euros, in addition to using the new euro 109 billion. This was torn by Berlin, while Paris was reluctant, wanting to protect its banking system.

Since the announcement, Greece has sunk even further into crisis, with growth forecast and worse than expected public deficit targets not being met. Several diplomatic sources said in recent days that European leaders are now working on discounts of around 30% to 50% on Greek debt. However, a source told Reuters in Brussels, "it is still very open. You have to see what the initial reaction of investors. Voluntary participation is the goal, at least for now, and many feel that we must avoid the risk of total failure. "

"Window" for banks

To prevent European banks from sinking while erasing part of the slate of Greece, European leaders are studying at the same time the recapitalization of the sector savings account payday advance.Bercy said Thursday that European states will open a "window" for banks would be unable to recapitalize on their own or directly in the markets. France would have wanted to use it for the European Financial Stability, established to help countries in trouble. But Germany is opposed, wanting to limit its use to countries under international infusion (Greece, Portugal, Ireland).

"French banks have no liquidity problems or solvency", held a state Department of Finance. European financial institutions that need to be recapitalized, said Bercy, are "those who failed the stress tests" released in early summer and those who have succeeded just in time. Eight banks have failed and 16 passed the examination of accuracy.Dexia, which is now being dismembered, had passed between the cracks.

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The European Central Bank keeps its cool. Faced with signs of recession in the eurozone and while a leading European bank, Dexia, is faltering, the ECB has decided not to ease monetary policy. It has left its main interest rate unchanged at 1.50%. The president of the monetary institution, Jean-Claude Trichet, must explain this decision on Thursday afternoon.

The market demanded a rate cut. "It took into account a lower rate of 0.5", observe the economists Societe Generale. Waiting judged "crazy" by the Luxembourg member of the Governing Council of the ECB, Yves Mersch.

The case for a rate cut was not, however, rule out of hand. Some analysts point to a worrying season looming disaster on the front of the activity in the eurozone."The risks to growth, was talking about last month the President of the European Central Bank Jean-Claude Trichet, materialize," are economists at BNP Paribas CIB. Furthermore, "economic forecasts of the ECB team behind sluggish growth at year end," they add.

Semi-surprise

The inaction of the ECB, however, is only half surprised. Jean-Claude Trichet, whose every word, in its public statements, is weighed, has not hinted in September that the ECB cut rates. Moreover, "the guardian of the euro zone will wait to act to have more evidence that inflation and growth will slow," noted economist of Nomura. Inflation in the euro zone peaked at 3% in September, a point above the objective of the ECB.

Observers expect more on a rate cut later this year."Jean-Claude Trichet is expected to set the stage Thursday in a future rate cut in the next three months," analysts at Nomura advance.

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Less than a year after the announcement of its financial restructuring, the third largest container shipping has entered a turbulent period. Reportedly, the company has appointed financial advisers, including Jean-Marie Messier, founder of Maris Messier Partners, to start negotiations with bankers. In a difficult environment, a fall in freight rates and the slowdown in maritime trade, the owner will probably not be able to comply with its covenants at year-end, ie the financial ratios contained in its loan agreements. For now, there is no question of failure to meet repayments, but it is a first warning.

Slowdown in world trade

When asked, the company says, "CMA CGM continuously dialogue with its banks. We strengthened our capital, have a strong cash position and a growing business.Our investments are funded until the end of 2012. We are confident in our ability to manage the challenges of the market with the most modern naval tool in our market. "

Discussions should be initiated in the coming weeks between the parties to review this financial contract or obtain new financial arrangements.

Asia-Europe line coveted

Negotiations could be tightened. For at least two reasons. A likely deterioration in the economic environment first business card templates. The price of a container bound for China to Europe was trading at 793 dollars ten days ago against a little over $ 900 in late May, the Shanghai Shipping Exchange. This compares to an average of 790 dollars on average in the container 2009, the year of the crisis, and 1600 dollars per container in 2010.

The increase in capacity on this line last spring explained the decline in prices. But in recent weeks, we can worry about the volumes. Last Friday, the WTO has reduced the growth of world trade from 6.5% to 5.8%.

Second reason: the attitude of creditors. Previous negotiations, which took place directly in Bercy, were very difficult. Jacques Saade, the founder of CMA CGM, has a fight relentlessly for nearly a year to avoid losing control of his company, even offend and turn away investors as well-known businessman Albert Frère or the Strategic Investment Fund (ISF). The contractor took advantage of the tremendous rebound in world trade in 2010 to loosen the grip of creditors who have tried unsuccessfully to impose a new manager to head the company.We will see in the coming months if this episode has left its mark.

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After the weapons budget, the monetary lever is not convincing. Instead of injecting again billions of dollars into the economy as it did previously, the U.S. Federal Reserve decided on Wednesday to do everything to lower long rates in the private sector. And, hoping to boost investment and demand for housing loans. Called "Operation Twist", the program has suffered the wrath of the markets, which they consider insufficient to boost growth: Wall Street ended its last session down more than 2% Wednesday, while at the opening on Thursday, unscrewing the CAC 40 2.66%.

Thus, monetary policy in Washington would it last long? Joel Naroff to, of Naroff Economic Advisors, "it is not the level of rates which prevents companies to use and invest more," but "uncertainty about the trajectory of the economy and too low demand growth. "As for households, said he, they "are trying to reduce debt," not to run after new loans. Less terse, analysts of Japanese brokerage Nomura believe that the Fed has eased monetary policy "as it was possible to do so." An admission of impotence, that Ben Bernanke himself had drawn up late August at a conference, the Fed chairman warned that "most of the economic policy measures to support the long-term growth is a outer spring to that of the central bank. "

Problem: If the lever Currency flu, that fiscal stimulus is not better off. In early September, Barack Obama has just announced a battery of measures to support consumption and encourage the hiring in 2012. With in mind, his plan for the use of 447 billion dollars.But nothing says that these measures pass, as the U.S. president is likely to face opposition from Republicans, a majority in the House of Representatives.

Race against time

Since mid-September, they are showing more and more spirited since Barack Obama said on the table a tax program from 1500 billion to the deficit of the country. "Massively increase taxes, to save and build on a ghost reform of social programs, it is not a recipe for economic growth and labor market," said Mitch McConnell rebuked the leader of Republican senators. For Christine Rifflard, an economist at the OFCE and specialist in the U.S., the pressure of the American right wing has to be taken seriously."We saw that she was able to go very far in the months of July and August," she recalls, referring to the long political battle between Republicans and Democrats to raise the ceiling of the debt.

However, it is urgent. On Tuesday, the IMF revised its forecast downward in the United States, anticipating a growth of 1.5% in 2011, against 2.5% previously planned. Olivier Blanchard, chief economist of the institution, even mentioned a 38% probability of recession across the Atlantic, referring to the previous stock market declines in recent decades. To be effective, "the Obama's stimulus plan should be approved without delay," warns Christine Rifflard, who believes that "within two months, it will be too late." "We must first focus on measures the fastest to implement, she said.Since the reduced charges employers and employees, to accelerate quickly hires. "More than ever, the United States are engaged in a difficult race against the clock.