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The main unions of pilots, stewardesses and stewards have issued a strike notice for four days starting Monday. Air France has said it already able to provide over 80% of its flights. Of passengers at the information board on flights at Charles de Gaulle

French unions aviation, including pilots of SNPL and the main organizations of hostesses and stewards, confirmed Friday their strike call from 6 to 9 February to oppose a bill regulating the right to strike in this sector.

Air France plans nonetheless provide at least 80% of its flights. But warns that the percentage may be reviewed depending on the number of employees that arise at work, they are not forced to declare strikers.

For its part, EasyJet does "no major disturbances" on its flights despite the strike call.

In addition to the pilots and flight attendants, federations FO, CFDT, UNSA and CGT have the air, after an inter-union, called the staff of companies and their service providers to mobilize. The bill "has been hardened to the Assembly and the government does not want to negotiate, the National Council of SNPL therefore confirmed the strike on Friday from 6 to 9 and decided it would be renewable, either directly after 9, or at another time, "he told AFP Yves Deshayes, national president of the SNPL, the main pilots' union, super-majority at Air France.

"In the action via other means"

"At the Inter, after our board meeting, it's the same with a strike from 6 to 9, and a few different versions according to the unions," said Yves Deshayes. "The three main trade unions of PNC (flight attendants), the SNPNC, the Unac and UNSA also call from 6 to 9, "said the driver. "The strike is held from 6 to 9," also said Franck Mikula, president of the Unac (CFE-CGC) at the conclusion of the Inter.

The SNPL said that among the ground staff would go on strike and some others would be "in action via other means." "We call for the strike in all French airlines, in metropolitan and overseas territories" , said Yves Deshayes.

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France and Germany have given themselves until the end of January to reach a fiscal union strengthened the euro area, a project that could go through the quarantine of several countries and has generated negative reactions Monday from members of the single currency.

According to sources familiar with the exchanges between Paris and Berlin, the two countries are considering a revision to bypass formal European Treaty – a process that would last 18 months as a minimum – by working on a mini-treaty outside the Community more flexible and quicker to implement.

The Polish Minister for Finance said that the ECB should act as lender of last resort to fragile countries "to ensure stability in the euro area, its mandate". A position that faces the reluctance of the institution and Germany. ECB

The Polish Minister of Finance ruled Monday that the Europeans had a choice between "a massive intervention of the ECB" to save the euro area, "the catastrophe" of a "historic economic disaster," in an interview with the Frankfurter Allgemeine Zeitung. "The dangers of contamination are now greater than ever, and the money we need to stop them have grown because we have not acted quickly enough," said Jacek Rostowski everyday German. The implementation of the stabilization fund financial EFSF long overdue for its role as a firewall and the ECB must act now, "to ensure stability in the euro area, its mandate".

"We are faced with a choice horrible. In order of horrors, the alternative is: either a massive intervention by the ECB or the catastrophe," he said. The minister, who in September had raised the risk of armed conflict in Europe if the euro crisis would lead to the collapse of the EU, in a speech to dramatic accents to the European Parliament in Strasbourg, s' Monday is called "less reassured" after two months. "The risk is that of a historic economic disaster like the Great Depression of the 1930s, lead to the final of Europe in war," he added.

The European Central Bank (ECB) refuses to act as lender of last resort of the European states by buying an unlimited sovereign bonds, as it acquires dropper and on the secondary market.

European stock markets have reduced their initial losses Thursday mid-morning, investors hope that Greece renounces its proposed referendum on the European aid plan for the country while Angela Merkel and Nicolas Sarkozy launched an ultimatum Wednesday night Athens ordered to implement the overall European level or risk not receiving any help.

At 10:31, the CAC 40 index yields 0.12% after briefly gained 0.3%. The benchmark index of the Paris lost up to 2.6% in early trade.

The London Stock Exchange gained 0.05%, while Frankfurt was down 0.25% and pan-European Euro Stoxx 50 index drops 0.43%.

Between the peaks decisions that decide nothing and unexpected twists, difficult to navigate in the soap extension to the rescue of the euro. L'Expansion. Com reported on what appears achievements and problems that appear before the appointment-critical? – Wednesday. European leaders meeting in Brussels.

While the EU summit Sunday was to end months of indecision and too limited solutions, the world was offered a new appointment on Wednesday to see whether the euro area will finally be saved. Back to what appears to finally being resolved and the problems that remain … or emerging.

What is clear

The discount massive Greek debt

The banking lobby is hoping for a discount of 40%, Brussels wants instead to 50 or 60%.But if negotiations continue on the final figure, the principle of a very significant effacement of the Greek debt appears to act for both parties. To justify this level, Europe is based on a report of the troika, which includes the country's creditors, European Union, ECB and IMF. According to the report, banks must accept losses from 50% to 60% for the country's debt is sustainable. This prospect terrifies but investors in Greece. The Athens Stock Exchange fell Monday. Concerns focus on the consequences of such a discount to banks and pension funds in the country, who hold 15% of Greek sovereign debt. Local employers in turn denounced a decision that would lead to a "devaluation of financial assets and real estate" of the Greeks and "suffocation of the private sector."

The recapitalization of banks

To absorb losses arising from the discount and deal with a possible extension of impairment to Spain and Italy, banks are encouraged to recapitalize. With two options. Either they agree to promote their sovereign debt to market, whereby they are set a target to achieve a capital ratio of hard 9% by mid-2012. Either they refuse, and then have to meet a higher target of 9.5%. According to a European source, this would represent a comprehensive effort to recapitalize "107 or 108 billion euros."The scenario always favors a priority call to the private sector and the public opening of windows and finally, in case of failure the use of a solution through the EFSF.

On French banks, Baroin reiterated on Monday that Europe 1 "may not need to open this window public" and that they would carry out this recapitalization "at the expense of dividends and bonuses" . Christian Noyer, Governor of the Bank of France, for his part spoke of a limited effort at "least ten billion euros."

Strengthening the EFSF

It is unclear exactly how the European financial stability but we know it will not be converted into bank, as called Paris. Berlin vetoed because it would require the fund to refinance with the ECB, that "treaties do not allow," said Chancellor Angela Merkel.Options to leverage the capacity of intervention of EFSF without increasing resources have been reduced to two. First possibility: make a guarantee fund for the obligations of troubled countries (Greece, Italy and Spain) that protects owners up to 20 to 30% of the loan amount. This insurance should put downward pressure on interest rates. Second option on the table: create a special fund to accept contributions from outside investors, and could be backed by the IMF. But as the EU president, Herman Van Rompuy, both options could ultimately be chosen. "Combined, these two models could have a cumulative effect," he said Sunday.

The new problems that emerge

The non-European contribution to EFSF

The proposed involvement of outside investors – outside the euro area – raises some reservations.The fear of other states to mix with European desnquiétudes rise. "The Chinese said they were interested, but some member states are skeptical about the idea of ​​integrating a Chinese contribution to the EFSF," said one diplomat. Which could ultimately leave the field open to the German proposal as EFSF Guarantee Fund.

The payment of the IMF to Greece

To avoid suffocation in the country, the creditors of Athens must pay the sixth installment of the loan of 110 billion euros. But if Europe accepted Friday the payment of its share (5.8 billion), the IMF still has not cleared the release of funds. The Secretary General of the IMF, Christine Lagarde, said Friday she would recommend the Fund to pay the remaining share (2.2 billion).But for this it will be another meeting of the Board of the IMF in November …

The use of Italy EFSF

Italy is under pressure to further reduce its debt and deficits. Prime Minister Silvio Berlusconi was ordered to reach the European summit Wednesday with a detailed road map for further reforms of its economy, particularly on pensions. "This is not to appeal to the solidarity of partners if we do not effort," even said Nicolas Sarkozy. Now Italy has indeed need that help. She is a candidate to benefit from new support program called "precautionary" developed in July. The tool is expected to be able to provide credit lines or to allow the EFSF to buy government debt from one country to investors in the market "secondary" to influence interest rates.Relief Fund would replace the ECB and redeeming debt from the Italian August but warned that it would not do it forever. Except that Europe now poses its terms. Silvio Berlusconi has already given some pledges by suggesting that it might raise the retirement age to 67. It could also speed up privatization to relieve the huge debt the country to 1,900 billion euros.

The stock markets in the euro area settle in the green Thursday at midday, driven by financial stocks boosted by a voting majority in the margin of the German Parliament the reform of financial stability in Europe.

However, progress is limited. If the ratification of strengthening the powers of EFSF (European Financial Stability Fund) is acquired in Germany, this vote does not dispel the differences that oppose European leaders on how to deal effectively with the debt crisis in the euro area, report professionals.

Around 12:20, the CAC 40 index, which made the yo-yo in early trading, rises above 3000 points.The index gained 0.84% ​​to 3020.70 points and 3033.38 and 2974.98 changes between.

The euro also benefits the vote in the Bundestag and is trading around 1.3642 dollars against 1.3536 late Wednesday.

In Paris, BNP Paribas (6.27%), Societe Generale (4.67%) and Credit Agricole (3.75%) are leading the CAC 40 increases as the Stoxx Banks (+ 1.92%) is the leading sector gains in Europe.

L'Oreal (-1.48%) shows the largest drop in the Paris index, weighed down by the statements of Reuters Clarins boss who said he is worried about the economy in Europe this year and next year .

"These comments (Clarins) are negative for L'Oreal, which makes 40% of its sales in Europe," said one trader.

Exchanges of Frankfurt and Milan won respectively 0.57% and 1.28%.EuroStoxx 50 index of the core values ​​of the euro area is 0.96%. Outside the eurozone, London yields 0.31%

"We continue to believe that the news of recent days are not particularly encouraging. We are seeing some convergence between the political leaders of the EMU (Economic and Monetary Union)," say the strategists rate of Societe Generale in their daily note .

The performance of the German government bond (Bund) is relaxed to 10 years by 1.0 basis points to 1.97%.

The pessimistic comments by the Fed on the U.S. economy were right the last hopes of the market. Paris loses about 5% as other European markets, the euro and oil fall as well.

Financial markets no longer know where to turn. They awaited the Fed's effective measures to stimulate activity, they have mostly kept very pessimistic comments on the U.S. economy. And as concerns over the health of European banks are still there, the world's stock markets have performed a new dive on Thursday.

After opening sharply lower, European stock markets accentuated their losses by mid-afternoon. The Paris Bourse and yielded 4.57%, Frankfurt 3.77%, 4.70% London, Milan and Madrid 3.70% 4.40%. At the opening of the New York Stock Exchange, the Dow Jones lost 1.45% and the Nasdaq 2.85%..

Bank stocks, especially French, were the first victims of this new access of depression. Societe Generale, Credit Agricole and Natixis were down more than 7%. BNP Paribas, some limited damage to -3.3%. Alarmist comments by an officer of the influential American fund Pimco, saying that French banks could tip the whole of Europe into recession, came to power concerns.

Equity markets are not the only ones suffering. Direct result of growth at half mast, and thus reduced demand, oil prices plunged more than 5% in New York, returning to their lowest levels in a month. A barrel of "light sweet crude" for November delivery traded at 80.91 dollars.

On the foreign exchange market, the euro has meanwhile fallen below $ 1.35. It especially touched its lowest level for ten years against the yen.

Main accused of helping the new blues, the U.S. central bank. "The Fed, instead of reassuring the markets, instead encouraged the weak operators and increased their aversion to assets considered risky," explained Jane Foley, analyst at Rabobank.

As expected, it has announced the launch of Operation Twist, which will be for sale by the end of June 2012 for $ 400 billion of treasury bills in order to redeem an equivalent amount with a longer maturity. The stated objective is to lower interest rates over time. Problem, the effectiveness of the measure is highly controversial because these rates are already low. Its impact on business would not be obvious.

Unconvincing in action, the Fed, however, impressed the market by the extent of his pessimism on the U.S. economy, citing the "continuing weakness" of the labor market and "significant risks" associated with "tensions global financial markets. " Expected as the messiah, Bern Bernanke, the head of the U.S. central bank has disappointed. The Fed "does not have the tools to miraculously revive economic growth," could only observe Nigel Gault, the firm IHS Global Insight.

Several indicators have confirmed the sluggishness of activity across the Atlantic, like the new jobless claims last week to 423,000, down but higher than expected (418,000). For its part, the Conference Board's composite index came out up 0.3% in August, but slowed down, which is a sign of increased risks to growth.The U.S. treasury secretary, Timothy Geithner, has found himself in Washington that the slow economic growth was a challenge "bigger" than the debt that states the world should give priority to support growth.

As if this were not enough, the bad news continued to accumulate on the side of the euro area. The private sector activity there is in fact contracted in September for the first time in over two years, according to a first estimate of the firm Markit PMI. The activity slows and approaches the stagnation in Germany and France, the two largest economies in the region, the source said. Italy, whose financial markets worried, revised sharply downward its growth forecasts, reduced to 0.7% for 2011, 0.6% in 2012 and 0.9% in 2013.Rome assured that the austerity plan passed last week was enough to balance the budget by 2013. But the bond market, the Italian securities suffered, with a standard rate record deal with German titles, safe havens in which investors have rushed. The performance of the German Bund and 10-year fell to its lowest ever observed in 1.665%.

The debate continues in Europe on the recapitalization of banks, following the call to use the IMF's European Financial Stability Fund (EFSF) to recapitalize the most exposed to the debt crisis. The IMF estimates the potential losses in the sector to 200 billion euros. Echoing the words of his colleague in charge of Competition, Joaquin Almunia, European Commissioner Michel Barnier to Financial Services found that 25 of them need to be recapitalized.

While European politicians opposing the idea of ​​issuing Eurobonds to respond to the crisis of sovereign debt, China could affect their development.

Europe is the first export market of China, which has clearly said he was in his interest to avoid a financial collapse that could cause a global recession.

China also wants to diversify its foreign reserves to reduce the share of U.S. government bonds, and did not wait for the deterioration in the sovereign rating of the United States last month to start doing.

"European countries are facing problems of sovereign debt.We have said countless times that China wants to give a hand and we will continue to invest (in Europe), "said Premier Wen Jiabao during the 'Summer Davos Forum' week last in the Chinese city of Dalian.

But he also said that the major developed economies were healthier fiscal position and urged Europe to make a reciprocal gesture by granting China the status of market economy.

Europeans have so far been reluctant to make this concession, given the exchange rate regime of the yuan, state control of Chinese industry and commercial litigation, intellectual property, for example.

Upon entry to the World Trade Organization (WTO) in 2001, China agreed to a covenant which provided that she would not have the status of market economy in the world before 2016.Beijing has long called for this status to be granted in advance, as that would provide better protection against anti-dumping duties including the EU.

"A crisis is an opportunity"

"Europeans have not been sufficiently sensitive to the needs of China," said Etienne Reuter, a consultant who was representing the EU in Hong Kong and Japan.

China also wants the EU to lift an arms embargo imposed in 1989 after the crushing of the "Beijing Spring".

Privately, EU officials who manage the debt crisis remember that China is one of the few large foreign investors continue to buy bonds of countries in the euro area in the secondary market.

China thinks it also has also taken a large share of bonds rated triple-A issued by the European Financial Stability (EFSF) to support Greece, Ireland and Portugal as part of programs helps set up by the EU and the International Monetary Fund.

For Beijing, the problem is rather that there is not enough paper issues rated triple A European response to the request.Yields on German government bonds and UK safe haven to which have turned many investors are thus fell below the rate of inflation.

"It is in the interest of China that the euro area is stable with the creation of Euro-bonds, but China may have an impact on the decision of the European countries I doubt," said however Xu Bei, a Chinese economist who works in Paris for the French bank Natixis investment.

"In the Chinese mentality, a crisis is always an opportunity.The Chinese word for crisis has two characters: one meaning danger, the other opportunity, "says she.

In the short term, she says, it would make sense for China to buy the Italian Treasury bonds, which are active in Europe among the more volume and more liquid while providing an attractive return "if Excluding a scenario of extreme crisis. "

SECURE INVESTMENT

There is clearly a debate within the Chinese leadership on the pros and cons of going to the assistance of Europe.

Forum in Dalian last week, an adviser to the Chinese central bank, Daokui Li said that China should refrain from buying large volumes of European bonds.

In its edition for abroad, the People's Daily, for its part says that China should not act alone but work with other creditors, including the IMF, and ask that the euro area investment guarantees.

"Faced with latent systemic risk for European debt, China should both take the role of responsible great power but must also make security a prerequisite for an investment," said an editorial in Xiangyang Li, researcher international relations at the Chinese Academy of Social Sciences.

According to Etienne Reuter, Wen Jiabao wants to open China further and support the conservative voice of Europe, but among the other leaders argue that Beijing must be careful not to get too involved in other countries.

Chinese public opinion, at least as reflected by the blogs on the internet, look for caution on the issue of investment in Europe is for its part Bei Xu.

As for David Bowers, the financial advisory firm Absolute Strategy Research, the Committee is unlikely that China will take strategic initiatives to scale before the change of the management team in 2012, which should be reflected in particular by replacing Hu Jintao and Premier Wen Jiabao.

"The people that the Chinese are dealing, it is the Germans.Triple A is a nation like China, mercantile like China, and the Chinese could help them avoid making the taxpayers bear the German "a heavy burden, he said.

China is becoming the next two years the largest trading partner of Germany instead of France, noted David Bowers.

"They (the Chinese) will have to wait until Germany is clearer about what she wants in Europe," he said.

Wall Street closed down Tuesday but reduced its losses quite considerably.

The Dow Jones lost 100.20 points (0.89%) to 11,140.06. The S & P 500 drops 8.67 points (0.74%) to 1165.30. The Nasdaq Composite Index gives 6.50 points (0.26%) to 2473.83.

These data are likely to vary even slightly.

Honda is recalling about 960,000 vehicles, including urban Fit, to remedy defects in the system of opening and closing windows, the group announced Monday.

No accidents were caused by these problems, said a spokesman in Tokyo.

In Japan, the recall involves Honda Fit occurred between October 2005 and October 2009. This model was also marketed in China and other Asian countries.

The group did not reveal the cost of this operation.