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The atmosphere is dull on the Bourse de Paris. The CAC 40 has started the last quarter of 2011 in very bad auspices. It lost 1.85% to 2926.83 points in trading volume reduced by about 2.5 billion euros. In the third quarter, the index in Paris had already sold nearly a quarter of its value. Since the beginning of the year, the CAC 40 listed companies have fallen dramatically. Some of them are worth less than their enBourse assets.

The debt crisis in Europe and fears of more and more vivid on the strength of global growth continue to weigh on equity markets. Elsewhere in Europe, London has also fallen by 1.03% and 2.28% in Frankfurt.

Wall Street also continued to brood despite two indicators of good quality. The ISM manufacturing index rose unexpectedly in September and construction spending rebounded in August.Sitting in the Dow retreated, however, and the Nasdaq 0.81% from 0.66%.

Greece shower markets

Greece literally showered the markets by announcing Sunday night that it would lack its budget deficit targets. The news comes particularly ill at a time when the country is in discussions with the Troika of its creditors, which brings together the European Union, the European Central Bank and the International Monetary Fund – and while the finance ministers of the euro area meet Tuesday in Luxembourg and those of the entire European Union, in order to advance the implementation of secondary debt to Greece business cards.

Athens puts out all the stops, however, multiplying the austerity measures to obtain payment by October 8 billion euros in loans promised in the first part of its rescue plan.Without this money, Greece may be in default in the coming weeks.

Banks are feeling the pinch

Brunt of fears in the eurozone, banking stocks always accused the coup, like BNP Paribas (-4.64% to 28.65 euros), Credit Agricole (-3.84% to 5.03 euros) and Society General (-5.15% to 18.97 euros). For its part, Dexia plunged nearly 9%. Moody's threatened to degrade the Franco-Belgian bank. The rating agency is concerned mainly financing conditions of the group in a very difficult market environment, in turmoil for French banks.

Cyclical stocks were affected by their side signs of slowing global economic growth. Technip has lost 6.39%, 2.37% and STMicroelectronics Schneider Electric 2.76%.Even the titles of the car manufacturers have suffered while registrations leveled off in September. Renault finished on down 2.93%, 3.97% of Michelin and Peugeot SA dropped to 2.10%.

Alcatel Lucent (-11.61%) registered the largest decline in the CAC 40, Nomura has damaged the entire industry.

"Il Cavaliere" did not like to see the note in his country degraded by Standard & Poor's. "The ratings of Standard & Poor's seem more driven by stories in the newspapers as the reality and they seem to have been negatively influenced by political considerations," said Silvio Berlusconi in a statement. The Italian prime minister said that the country has already approved measures to balance its budget in 2013 and Italy in adopting new ones to stimulate growth. The austerity plan of 54.2 billion euros adopted on September 14 does not seem to have convinced the rating agency which doubted the credibility of the government and the Italian president.

Without having published a press release responding directly to the attack of the Italian President, Standard & Poor's is fighting back."The sovereign ratings by S & P ratings are apolitical, based on the evolution of" credit risk, provided to investors, "says one in the U.S. rating agency.

Moody's and soon …

S & P also ensures that its assessment is based on "independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt.""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," said the rating agency.

Entangled in new revelations about his private life, Silvio Berlusconi is aware that the decision of S & P is a blow to the country, as Moody's may degrade the note of Italy in October that had never been lowered since the beginning of the debt crisis.

Player Figaro BFM

Veronique Cayla, President of Arte since last January, is working to redress the Franco-German channel.

LE FIGARO. – Are you worried hearings lower than for DTT channels?

Veronique Cayla. – Arte was affected later by the arrival of DTT. It was only in 2009 that the audience began to drop out. Until then, the evening of Arte has remained at around 3% audience share and, earlier this year, we went down to 1.8% and 1.5% in the evening on the entire day. As France 5, the transition to DTT implies, moreover, Arte for the transition to broadcast 24 hours 24. While the chain of France Televisions significantly increased its investment in programs, Arte spent only 5 million per year to its schedule of the day, offering viewers between 5:00 and 7:01 p.m. showcase particularly poor.Most of the budgetary effort focused on the distribution costs which increased by 46% between 2007 and 2011.

Our new contract with the state gives us a public grant of 270 million euros in 2012, an increase of 7.3% over 2011. The entire increase will be allocated to programs. In return, we will, over the next five years to reverse the curve of the hearing and to win back viewers. I believe that today, no historical chain would risk such a commitment!

The group Arte has a budget of more than 400 million euros (250 million for France). Is it normal in view of its audience?

Arte is a chain serving the Franco-German broadcast in both countries and whose mission is to produce works (fiction, documentaries, films, live shows …). Which necessarily more expensive.In addition, because of bilingualism, Arte can not be a TV stream as simultaneous translation is simply unbearable for viewers.

Your audience is close to 60 years. What will you do to rejuvenate?

There is no question of rejuvenating the audience but to expand it. We find in fact that the same programs that are viewed on our antenna by more than 55 years seduce our site arte.tv 40 years. In other words, these are not programs that age the hearing but the media. I hope so much courage to all those whose strategy based on a rejuvenation of their audience on television! With Arte, we believe that if we suffered on TNT, Internet will save us.

As for the grid, we will work by step, our goal this year is the access to work and then we will address the day gradually up towards midday.

What are the developments on the Internet?

Arte has always been way ahead of the Internet, as evidenced also the success of Arte + 7, our catch-up TV, Arte Live Web, our platform for concerts and live performances, and Arte Creative devoted to art. Today, viewers may find this offer via mobile applications. We will amplify this group policy by continuing to create specific content for the Web. The recent history proves audiovisual Arte must not remain isolated but create a "group" around its antenna.We plan to create three other platforms that could be spent, for example, environment, film and history.

In 2012 and 2013, we will focus on the production of hybrid programs that can be broadcast in television and declined at the same time on the Internet. So we will keep our lead on the connected TV is a blessing to us! It will enable us to attract a wider audience in television and offer a more demanding public and sharp versions of these programs, all on the same screen. At the same time, we will work to relinéarisation part of our program digital platforms to allow viewers to create their own channels Web2.0.

Some accuse you of being more a chain of discovery.What do you say?

Given the history of the chain, it was normal to do work of historical reconciliation between our two countries. That's why the story has long been the focus of programming Arte. Today, there is no reason not to add more in this chain. We must look at the world. Otherwise, Arte no sense in relation to public expectations. The discovery programs are quite a place on Arte.

It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour fast cash without a hassle. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

Faced with bronce generated by the project operators to end unlimited Internet packages fixed, two questions remain suspens.Premièrement, who are these "netgoinfres" very heavy users of Internet operators that want coach? Opinions differ. "These are 5 to 10% of consumers who use 80% of the bandwidth. They are found in all countries. The population is fairly limited, "says Yves Le Mouël, Director General of the Federation of Telecom.

In Focus: the "geek" who downloads movies and massive music, spends time on YouTube and Dailymotion. "They are also SMEs with a standard Internet connection and download all day, they are hotels or student residences," said an executive at one operator.

David Charles, president and founder of MVNO Prixtel, but rather the fault of television over the Internet.Growing, it smoothly, he said, the networks. "If we want to free up bandwidth, it must be stopped. The TV is made to switch to TNT, especially since the state has paid dearly for the setting up in France. "

Edouard Barreiro, association UFC-Que Choisir, goes further. For him, "the netgoinfres, these are all of us." "During the day fixed networks are not busy. But they explode in the evening when everyone comes home from work, watch movies, videos, updates made its Apple … We all do the same thing at the same time, he says.Talking netgloutons is an excuse not to make the investments. "

Amend contracts

Operators deny it, but if they decided to go into action, could they change the current contracts? "Yes, it's Chatel law: an operator can easily change its offer, but the client is then free to go free, as was the case during the episode of the VAT," said Edouard Barreiro. Clearly, either the consumer accepts the new conditions, it is part.

But leave her Internet provider is not as easy as changing mobile operator. First, we must do without the Internet for about two weeks. Second, number portability works well on mobile remains fragile on the set. "Things are going well when you leave France Telecom to another operator.But when we leave SFR example, sometimes you lose his number, "said Edouard Barreiro. Finally, it must also return the box and be reimbursed for the possible bond. Not so simple!

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The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score. "Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires.Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets. "At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said.In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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J-2 before the ax fell. The United States still be able to honor their claims after August 2? Barack Obama tackle it. So much so that after being long in the back face long power struggle between Republicans and Democrats, the White House decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who wish to be assured that it will not oppose its veto on a possible negotiated settlement to Congress.

If no agreement has so far been found, optimism seems to place the next parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, acknowledged the progress in negotiations with the White House. "Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday.Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

Vote Delayed

Evidence that the climate has calmed a bit, Harry Reid has even delayed by several hours the vote on the plan of raising debt cash advance flexible payments. Originally scheduled on the night from Saturday to Sunday at 1 am (7:00 am Paris time), the vote was postponed to 13 hours (19 hours, Paris time).

However, over the head of the Democratic majority noted that would not give the duration of raising the debt ceiling. The Democrats want a measure that could take until 2013.The Republicans, they insist on a plan in two stages: an initial increase before August 2 and a second early 2012, during an election campaign. "There are ongoing negotiations at the White House to avoid a catastrophic failure on the country's debt, he said. There are many elements to be finalized and there is still some way to go. "

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EU leaders Thursday night put on the table a series of measures to help Greece, but also to convince that there is solidarity in the euro area payday advance lender.

Save Greece

Jean-Claude Trichet, President of the European Central Bank on Thursday. Photo credits: Georges Gobet / AFP

Greece Is in default? For Baroin and Valerie Pécresse, the answer is no. The Minister of Economy, interviewed on RTL on Friday morning, and budget minister, responding to RMC, however, swept this term used by many analysts in the wake of the passage of the bailout of the country, which provides including an extension of the term loan to Greece and lower borrowing rates. "This track is discarded because it would result in the destabilization of the deep zone," said Baroin. "These are not the words we use. Greece will repay its debt, "added Valerie Pécresse.

According to the Minister of Economy, the "partial failure" is that "legal characterization" that rating agencies could use in the coming days. "They will do what they want," says he.The derivatives market professionals, meeting within the International Swaps and Derivatives Association "(ISDA), should just meet in the coming days," probably "even today, to determine whether the new aid plan Greece is a "credit event".

Whatever their decision, Baroin determines that the plan provides an adequate response to address the situation: "This plan is a firewall. There will be the Central Bank to play its role as lender and the European Financial Stability Fund (EFSF), more flexible, which will intervene to prevent attacks by speculators. "

Banks will no longer be sought in the future

For the Minister of Economy, the agreement reached in Brussels provides answers "exceptional, deep, powerful, durable giving guarantees to Greece to support the continuity of its delivery to an acceptable level.""This is a response to avoid any risk of infection by a public-private and technical arrangements for the European fund, which also outlines the future prospects of the future European economic governance," he added. Regarding private sector involvement, the economy minister reiterated that private creditors are not required to save other countries in the euro area. "This is not one second that the private sector finds himself called for a voluntary basis for Portugal, Ireland, which are two other countries in the European assistance," he said firmly.

"Many things have changed yesterday. It was a real go of history which gives a more stable Europe, "said Baroin. Valérie Pécresse also welcomes the "Instrument for Stability" what happened to the EFSF, "beginning of a European Monetary Fund."She said the new rescue plan was necessary to "save and protect the euro." "This is a reference currency that allows France to have the confidence of investors. If we had dropped Greece, it was the French who would have paid, "she says.

The government spokesman also announced that "the Prime Minister will receive all 11 hours of national representation: the Senate president, the president of the National Assembly, the chairmen of Finance, European Affairs to present the rescue plan for Greece, which was adopted yesterday and tell them the consequences for France. "

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"SPECIAL – The states facing bankruptcy

The Portuguese prime minister resigned, the socialist Jose Socrates, was not reappointed after the parliamentary elections held Sunday. The President of the Social Democratic Party, Pedro Passos Coelho is now leading the country, winning 105 seats of the 230 elected members of Parliament against a backdrop of record abstention to 41.2%. Shortly after the results, the chairman of the Social Democratic Party, Pedro Passos Coelho wanted to reassure its creditors. He said Sunday night that his country would not be "a burden" for them, promising to "do everything" to "honor the commitments" of the Portuguese State. "We will do our best to honor the agreement between the Portuguese State, the European Union (EU) and the International Monetary Fund (IMF), to regain market confidence," he added.And to avoid political instability, the leader said he would form "as soon as possible" a "majority government headed by the DSP (…) with the CDS-PP, the minority party the right.

Analysts estimate that the net result of the election will be welcomed by investors, who had deserted the Portuguese debt market in recent months. In addition, the government will now hands free to discuss with the EU and the IMF to implement the bailout of 78 billion negotiated by the government resigned in exchange for a program of fiscal discipline and reforms economic over three years.The future government, which could become operational in late June or early July, will help reduce the government deficit of 9.1% of GDP last year to 5.9% this year and drop to 3% by 2013 .

The election comes as Greece, she received a new support plan in exchange for increased rigor in Athens. This second program of aid could exceed 100 billion euros are to believe the German newspaper Der Spiegel on Monday, and would aim to keep the country who still could not borrow in the medium and long term contracts, on a drip until 'in 2014.

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