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The Director of the European Financial Stability Fund (EFSF) Klaus Regling Saturday tried to persuade China to invest in the bailout fund, adding that investors would be insured against losses fifth, if necessary, and that the debt could eventually be sold in yuan if Beijing wanted.

Klaus Regling visited China two days after the agreement reached by EU leaders on Greece to try to encourage Beijing to participate in the creation of a "special vehicle" within the EFSF, helping to leverage the ability of the latter in excess of 1,000 billion euros.

According to the agreement reached in Brussels, the leverage on the EFSF be obtained via a dual mechanism.This will be one hand to satisfy some of the sovereign debt issued by countries in difficulty and, secondly, to create a new "special vehicle" backed by the EFSF and the International Monetary Fund (IMF) and the participation international investors, such as China and other emerging countries.

The EFSF could absorb 20% of initial losses if necessary, assured Klaus Regling, who did not say whether this degree of protection was required by the Chinese.

He did not wish to comment his visit to China.

MAJOR ROLE OF CHINA

French President Nicolas Sarkozy said after the EU summit last Wednesday that Beijing had "a major role" in resolving the European crisis.

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Europeans have validated a comprehensive plan Wednesday night to end the debt crisis. But several issues remain to be clarified for the observer. If you have any questions you, it's time to ask. We will respond. A Greek euro.

For Nicolas Sarkozy, it is "a historic agreement." Less lyrical, German Chancellor Angela Merkel welcomed a plan "to meet expectations." The markets themselves have indulged in a bit of euphoria. But the bailout of the euro will he walk?

In detail, the plan sets the stage for the discount of 50% of Greek debt held by private creditors, a recapitalization plan of 106 billion euros which will allow European banks to achieve a capital ratio of 9%, and capacity to 1,000 billion euros from the European Financial Stability Fund (EFSF) by using leverage.Two mechanisms permit: a system of guarantees provided by the fund's obligations fragile, and a special fund which will host the investments of foreign countries, including China, Brazil and Russia.

However, this plan does not solve all problems. Greece is really saved? And Italy does she not sink too? How high could involve China. And should we fear this help? What will really work the EFSF? Banks and how will they be recapitalized?

And you, what are your questions? What you did not understand? Send us your questions and we will submit to the experts to give you the best explanation.

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At the opening of a new double top decisive in Brussels, with total uncertainty weighed on Wednesday night on the ability of European leaders to end the debt crisis that hit Europe for two years and now threatens to take Italy and throughout the euro area.

Providing some relief to markets, the future President of the European Central Bank (ECB), Mario Draghi, however, indicated that the central bank would remain present on the bond markets as they become unstable, a sign that was expected for several days.

"The Eurosystem is determined, with its unconventional measures to prevent the malfunctioning of financial markets and monetary block transmission (monetary policy)," he said while stating that these measures were temporary in nature, according the text of a speech in Rome.

This formulation of the transmission of monetary policy refers to the language chosen by the current President of the ECB, Jean-Claude Trichet, to justify the continuation of the redemption of bonds on the secondary market.

These statements are particularly important as they occur when the role of the ECB in managing the crisis is the subject of a debate between the leaders of the European Union.

At the insistence of Germany, a sentence stating that the Heads of State and Government of the single currency "fully supported" the ECB in its action to ensure price stability, "including through unconventional measures in the unique environment of the current financial markets, "was removed from the text of the conclusions.

However, several sources have indicated that the German opposition was less about a fundamental problem on the continuation of the SMP (Securities Markets Programme) as the Berlin will not be seen as giving instructions to the ECB.

GREEK DISCOUNT

A triple agreement must be ratified at meetings of Heads of State and Government of the EU and the euro area: a substantial reduction of debt through a significant effort Greek banks, a bank recapitalization plan and a proliferation of capabilities of the European Financial Stability Fund (EFSF).

But on these aspects, little or no progress has been made since the summit on Sunday.

The divisions are particularly important on the level of discount on securities considered Greek, which should amount to at least 50% but could go well beyond, according to German wishes.

In a speech to the Bundestag, Chancellor Angela Merkel said that the purpose of Europeans would be to bring the Greek debt to 120% of GDP by 2020.

"I will work to find a viable solution," she told the German parliament before they decide on a plan to strengthen the EFSF."We will probably accompany Greece for a period of time."

The report on the sustainability of the Greek debt presented by the troika of international donors – European Commission, ECB and IMF – as a goal of reducing debt through a 50% discount on Greek sovereign debt and public support reassessed to 114 billion euros.

At the summit of July 21, EU leaders had agreed with the banks on an aid in Athens providing a discount of 21% of the securities and public participation of 109 billion euros.

THE CASE OF ITALY

The framework set Saturday on the recapitalization of banks is projected to be endorsed in the same form, that is to say, leaving open the possibility of government guarantees and financing without disclosing the total number of needs of banks – expected around 100 billion euros – according to draft conclusions that Reuters has obtained.

The third and final part of the European response, namely the formula to multiply the capacity of EFSF, however discussions remain open even if the bases of an agreement are there.

France and Germany have agreed to work on a dual mechanism of partial insurance of sovereign debt issued by troubled countries and the creation of a new "special vehicle" that would raise funds with the guarantee for the EFSF repurchase of debt of these countries on the secondary market.

Such a formula would, however, not to communicate a clear figure on the new strike force of the Fund, a sign, however, expected by the markets to judge its ability to help countries like Italy, which threatens to lead to his downfall the euro area as a whole.

European leaders, led by Angela Merkel and President Nicolas Sarkozy, have called on Sunday to present Silvio Berlusconi at the European Council on Wednesday a plan to correct the strong growth and reduce the debt of Italy, of the order of 1,800 billion euros.

But the Italian Prime Minister should finally make only vague promises of economic reform, far from the expected firm commitments.

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AvtoVAZ, the first Russian car manufacturer, 25% owned by Renault, reported Tuesday a net profit increased more than two in the first six months of 2011, thanks to higher sales of Lada .

The net half-year stood at 6.4 billion rubles (151 million) for sales of which increased from 40% to 82.2 billion.

AvtoVAZ, generally considered a good barometer of the Russian car market has elapsed Lada 291,540 over the period, representing an increase of 31.3%.

According to the Association of European Businesses (AEB), the Russian market as a whole is expected to reach 2.45 million new cars sold in 2011, continuing the recovery from a 2009 that resulted in a division by two of the market.

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Bankers have proposed to increase from 21% to 40% discount they are willing to take on Greek debt, while the private sector requires impairment of at least 50%, it was learned Sunday of German banking source.

In July, banks and insurance companies have agreed to contribute up to 50 billion euros to reduce debt through a Greek takeover of paper and an exchange agreement, which amounted to an impairment or discount of 21 %. This is now considered insufficient for Greek debt is manageable.

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The European Commission announced Friday it opens proceedings against Johnson & Johnson and Novartis.

The Commission investigation concerns agreements and abuse of dominant position, the Commission said in a statement.

It will seek to determine whether the contractual arrangements between the two groups could have the purpose or effect of preventing the entry of generic versions of Fentanyl in the Netherlands.

Fentanyl is a potent analgesic used to treat chronic pain.

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The International Monetary Fund does not share the analysis of European authorities on the debt sustainability Greek and wants to know the outcome of EU summit Sunday in early November before deciding to pay the sixth tranche of aid to Athens, said Thursday more European sources.

The IMF is with the European Commission and European Central Bank one of the components of the "troika" of international inspectors to ensure the implementation of an ambitious program of reforms in Greece in exchange for financial assistance .

"The IMF believes that the other members of the Troika are too optimistic," said one source.

A second source said that "the IMF (wanted) absolutely first see what is decided in the Eurogroup and the European Council", referring to Friday and Sunday meetings of finance ministers and heads of state and Government of the euro area.

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Bank of America has issued a third quarter profit Tuesday through various items, but the core business of the bank showed signs of weakness with a decline in profits from loans and higher spending.

Accounting gains and asset sales offset a decline of 15% of profits from loans.

The bank also gave first place to JPMorgan Chase ranked U.S. bank by assets. The action loses 3% in pre-market.

"The figures put forward are entirely different from reality," said Matt McCormick (Bahl & Gaynor Investment Counsel). "Without the adjustments, I think it would have stagnated at best.Net banking income (NBI or turnover, Ed) is particularly low. "

Net income totaled $ 5.9 billion, or 56 cents a share, against a loss of 7.6 billion (77 cents) a year earlier. The comparison included an accounting charge of $ 10.4 billion.

The bank posted a taxable income from the sale of shares in China Construction Bank $ 3.6 billion.She also posted a pretax profit of $ 700 million from the sale of securities and a pretax profit of $ 6.2 billion relating to accounting adjustments.

Against these gains, BofA has suffered a loss before tax of $ 2.2 billion related to capital investment and the "strategic investments" and various other losses related to specific elements for a total of 3, $ 3 billion.

Net banking income stood at $ 10.7 billion against 12.7 billion a year earlier.

The net interest margin stood at 2.32% against 2.72%.The margin contraction was also found at JPMorgan and Wells Faro in the third quarter.

Overall, the total GNP of the bank has grown from 6% to $ 28.7 billion.

The decline in GDP was accompanied by an increase in spending that the bank is working to control this. Expenditure excluding interest expense increased 4.7% to $ 17.6 billion.

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The Dexia shares fall nearly 10% Monday on the stock market in large volumes, uncertainty around the Franco-Belgian bank cornered the dismantling continues to affect the value.

At 10am, the title fell by 11.38% to 0.615 euro in volumes already exceeding the number of transactions carried out on average over an entire session at the last three months (119% of average volumes).

The title shows the largest decrease of the SBF 120 and Stoxx index of European banks, up 1.37%, respectively, and 1.48% at the same time.

"Dexia drops due to information from the Belgian press this morning, the website relating rtl.be the communal Holding would still not immune from bankruptcy," said an executive of a brokerage firm.

Holding Communal, which includes local Belgian, holds just over 14% of Dexia.

Analysts point out that the title should remain volatile as long as there uncertainty about the fate of the bank.

In addition, the European Central Bank (ECB) said on Friday that guarantees that Belgium intends to make to the bank Dexia are too broad in time and must be amended.

"At the moment there are still uncertainties about the finalization of the plan of buying assets, the title will remain very volatile," observes one financial analyst based in Paris.

"It's a record that was treated in an emergency.There are a lot of 'wait and see' on Dexia, "he adds.

Dexia had lost up to 36% on October 10 before ending on a 4.73% decline in its first trading session after the presentation by Belgium, France and Luxembourg plan to dismantle the bank.

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The wealthiest households are the biggest beneficiaries of reductions and tax credits on home care services: in addition to receiving a higher rate of reimbursement, there rely more and larger amounts. A residence of Les Jardins d'arcade Grau-du-Roi.

The tax reduction introduced by the government to expand home care services has mainly benefited the wealthy households, the tax credit introduced in 2007 did not lay only partially so far, says a study published Friday by INSEE .

From 1991, households have reduced their tax half of their spending on home care services in a ceiling, said the National Institute of Statistics. This device, however, concerned that households taxable. In 2006, three quarters of household users of home care services had benefited from the tax cut.But only 3% of 30% of the smaller users had used it against almost all users belonging to the 10% wealthiest households, is the INSEE.

In 2007, the government set up the device tax credit, which would in particular help households pay no tax benefit. "However, this possibility is open only to tax households where all adults are active, and thus to households with a two-earner married couple, an active person without a spouse or an unmarried couple with at least one member is active, which greatly limits the expansion of the benefit of the device, "wrote the institute.

Between 16,000 and 71,000 jobs

Thus, among the household users who do not benefit from the tax reduction, which are mainly the elderly, only 12% received the tax credit in 2007, according to INSEE.So the easiest remain the biggest beneficiaries of the tax benefit, says the Institute, noting that "in addition to receiving a higher rate of reimbursement, greater use and higher amounts" to home care services . In 2007, the richest 10% received 60% of the total tax benefit received by households, a proportion slightly lower only because of the tax credit, since the proportion was 64% in 2006.

The use of home service has grown along with the development of tax legislation, notes the study. It would have doubled between 1996 and 2008 from 6.4% to 12.8%, according to INSEE, which is based on actions reported by households in the social and tax administrations. This development reflects both supported the regularization of undeclared work and employment creation.

INSEE estimates that the introduction of the tax reduction would have led to the creation of 12,000 to 43,000 full-time equivalent jobs and the annual cost per job created would be between 23,000 and 85,000 euros. The new tax credit generates it, "a modest additional cost to the budget," said INSEE. The measure would give rise to the creation of 4,000 to 14,000 jobs at an annual cost per job of between 9,000 and 28,000 euros.

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