The crisis facing the euro area is systemic and it requires its members a greater commitment than they are now showing, said Wednesday José Manuel Barroso.

"Today we are facing a crisis that requires a truly systemic even greater commitment of all major and additional measures", said President of the European Commission to the European Parliament.

He added that a further fiscal integration in the euro area was needed, without creating divisions with the 10 EU countries over 27 who are not members of the single currency.

Once this integration budget will be in place and new tools of governance have been decided, European bonds – seen by many economists as a solution to the crisis – will then become "natural," he further said.

Switzerland did not provide financial payments to end the conflict with the tax United States, where several investigations are underway on some of its banks, said Friday a spokesman for the Secretary of State financial matters international.

Eleven banks of the Helvetic Confederation, including Credit Suisse, Julius Baer and the Basler Kantonalbank, are being targeted by U.S. authorities who suspect them of having helped their clients evade taxes.

Switzerland is ready to deliver, however, said the names of clients to find a compromise, after months of negotiations with Washington.

Diageo has reported strong sales Wednesday as part of its first fiscal quarter and said, anticipating a further growth in the first half.

Sales of the world's leading spirits, which makes Smirnoff vodka as well as Captain Morgan rum, rose 9% over the quarter on a comparable basis, while the ten brokers polled by Reuters on average expected a rise of 5, 9%.

By 0930 GMT, the action Diageo gained 3.52% to 1,325 pence, the fastest rise in the Stoxx European sector of the beverage and food, up 0.63%.

The British group will hold its annual general meeting in the day.

Aéroports de Paris announced Tuesday a 6.1% increase in passenger traffic in September year on year, driven notably by the French and traffic despite a decline in the Middle East.

The airports of Paris-Charles de Gaulle and Orly, which hosted 7.9 million passengers last month, received a 7.8% increase in traffic hexagonal in favor of a positive calendar effect, the summer holidays in France that ended on September 4 this year instead of August 31 last year, the company said in a statement.

International traffic outside Europe rose 6.1% in September, with only one drop of 2.6% charged by the Middle East.

Since the beginning of the year, passenger traffic shows an increase of 6.1% compared to the same period the previous year.

The International Air Transport Association (Iata) said in late September that the outlook for the global economy were very uncertain, but said not to anticipate a recession.

The Eurogroup has postponed to November the payment of the loan of 8 billion euros in Athens, demanding the country's fiscal efforts even more. Finance Minister Evangelos Venizelos and the Greek Prime Minister George Papandreou in Parliament during the vote of a new austerity plan, June 30, 2011.

The euro zone decided Monday to postpone decisions on new loans crucial to Greece, to which it has requested additional budgetary efforts and plans to contribute more to his bank bailout.The Eurogroup also considering increasing the firepower of its relief fund for countries in trouble (EFSF) to make it more "efficient", but without increasing its volume, said President of the Forum of Ministers of Finance monetary union, Jean-Claude Juncker after a meeting in Luxembourg.

"We call on Greece to take additional measures" in terms of savings for 2013 and 2014, thus going beyond those that have just been announced for this year and next, Mr Juncker warned. The euro area has also called for more privatization of companies.Despite a draft budget for 2012 through a drastic reduction in public sector, Athens has fueled fears of a default by announcing on Sunday that its public deficit would be reduced to 8.5% of GDP in 2011 but remain in the coup beyond the initial target of 7.4%.

Fearing bankruptcy Greek with serious repercussions in Europe and the world, global stock markets ended sharply down Monday, even Wall Street falling to its lowest level in more than a year, while the euro fell below 1 , 32 dollar for the first time since January.

The threat of bankruptcy postponed until mid-November

Mr.Juncker said that a meeting of the Eurogroup, considered a time for Oct. 13 to unlock a portion of international loans to 8 billion euros, Greece country desperately needs to avoid bankruptcy, had been "canceled" because they can have all the necessary elements of evaluation at that time. "The Eurogroup will make a final decision in the month of October" based on the findings of the current creditors of Greece, the troika (EU, European Central Bank and International Monetary Fund), currently in Athens to check the progress of the government.

However, Mr Juncker has sought reassurance, saying the country would be "able to fulfill its obligations" financial. "A lack of Greece will be avoided," he further assured, adding that "a person contemplates leaving Greece in the euro area".In fact, Greece has said it would not need financing to avoid bankruptcy before "the second week of November," said the Belgian Finance Minister Didier Reynders.

The second aid plan for Greece, 109 billion euros promised July 21, he saw a fall Monday obstacle to its realization: the members of the euro zone reached a compromise on the guarantees required to Athens Finland. The new plan could also be modified to be greater involvement of banks, which suffer a discount greater than 21% so far on their claims considered Greek, suggested Mr Juncker. There will be "technical revisions" on the subject from what was decided on July 21, he said."Regarding the involvement of the private sector, we must take into account the fact that we have experienced changes since the July 21 decision," he added.

Increase the striking force of the relief fund

Monday's meeting also clarified the position of the Eurogroup on another essential tool to prevent the contagion of the debt crisis: Relief Fund for countries in trouble (EFSF), which was used to help the Ireland and Portugal. The euro zone plans to increase its clout to make it more "efficient", as demanded insistently the U.S., but refuses however to increase its volume, said Juncker.One way would be considered to use leverage, a financial mechanism based on debt to leverage its ability to act.

Several scenarios circulating: the EFSF could turn into a bank and buy from the counter of the European Central Bank (ECB) without any limit. It could also act as an insurer from the holders of debt and cover losses up to 20-25% if a state was lacking, or, used to secure the repayment of debt of the ECB, a mission that 'she reluctantly filled quickly and wants to give up. Options involving the ECB should not be those favored by the euro area, said Monday night Juncker, without giving more details

The package price does increase to 6.30 euros on Oct. 17 that, in Europe 1. Cost to the state 15 million euros. Smokers earn two weeks of respite before the coming into force of the rising price of pack of cigarettes.

The latest increase, which should increase the price of pack of cigarettes from 5.90 to 6.30 euros on Oct. 17 will only, in Europe 1. The measure should have been applied from October 3, but the resistance of a tobacco manufacturer makes folding the Belgian government.

Because the increase does not happen this time by a tax increase: it is for manufacturers to increase their own prices. However, the Belgian manufacturer took several weeks before agreeing to comply with new rules. Also according Europe1, fifteen days late will result in a shortfall of 15 million euros for the state.

The proposal of a tax on financial transactions was passed by the European Commission. Its application could yield up to 55 billion euros. The President of the European Commission Jose Manuel Barroso

The European Union (EU) will go it alone on the front of the tax on financial transactions. Such a proposal was adopted on Wednesday by the Commission. "Over the last three years, Member States have provided aid and provided guarantees to the financial sector to the tune of 4,600 billion euros. It is time, in return, the financial sector contributes to society," said José Manuel Barroso, the president, in a speech on the state of the Union to the European Parliament in Strasbourg.

Paris and Berlin, who would like to apply this measure across the G20, for example to finance development aid, have met with little success.There is "no consensus today" on this issue because of "reservations" U.S. has recognized the French Minister of Finance, Baroin Friday in Washington. The EU has decided to proceed only on the subject.

In the spirit of the Commission, the tax would be a part of its product feed into the budget of the European Union, in return for an equivalent decrease in national contributions to the envelope. "The idea is to help the financial sector, which is in a privileged tax status with the VAT exemption it enjoys, which makes saving 18 billion euros per year in Europe," said one EU source told AFP.

Between 30 and 55 billion euros in revenues per year

Philosophy: a tax that would apply on a plate as wide as possible (stocks, bonds, derivatives, structured products), with rates as low as possible.Financial institutions, banks, stock exchanges and financial services providers, would be responsible for collecting the tax from their customers and their payment. The working hypothesis for several weeks is to impose a rate of 0.1% for stocks and bonds and 0.01% for products. But in the end the rates could be slightly different. These would be minimum, then the states are free to apply higher rates. Depending on the option chosen, the tax could bring in 30 to 50 billion euros per year.

But even within the European Union, the idea is far from unanimous. Some fear, as the government and British business, relocation of financial transactions to third countries, detrimental to the City of London."Below a certain threshold, the incidence of a tax is negligible with respect to the attractiveness of Europe", argued one European source. One way to avoid the relocation also lies in the principle of territoriality: a non-European bank, but registered in Europe for some operations would be affected the same way that a European bank.

It remains to convince all 27, which does not look easy. The British position is shared by Sweden and the Netherlands. The Polish Finance Minister Jacek Rostowski has also, recently expressed fears of outsourcing transactions. In case of failure to achieve unanimity, an enhanced cooperation procedure could be implemented between several EU states.The tax could then be applied only in the euro area, as suggested by recent finance ministers German and Belgian Didier Reynders and Wolfgang Schäuble. In any event, the time that the proposal be discussed and adopted, it will not happen before 2014 at the earliest.

It would be more optimistic. But this week, what looked like vile premonitions markets began to be realized. Back to the bad news that destabilized the stock markets. A trader at the New York Stock Exchange, September 22, 2011. The Fed and the IMF say they fear a recession

If grants are all black is that they painted a very grim future. The IMF had laid the groundwork earlier this week by revising down its forecast strong global growth, and considering the "worst case scenario", a recession in major developed countries that would eventually weigh on emerging markets.While the IMF does not make his case a priority – rather table it is growing very soft, the risk has become more consistency Wednesday with what the Fed's emphasis on "continuing weakness" of the labor market United States and the "significant risks" associated with "pressure on global financial markets." This pessimism was immediately stunned the markets. And the more they learned that private sector activity in the euro area was recorded in September, its first decline in two years. And that manufacturing activity had declined in China. If even the Middle Kingdom began to fail …

The failure of Greece is similar

Athens is back to the wall. For the loan of 8 billion euros of its creditors and avoid failure in October, Greece has agreed to a new "social massacre" which includes a tax on income from 416 euros per month.Moreover, the second aid plan in advance of July 21 at idle. Europe seems unable to speed up, as shown by the peak in Poland last weekend. And despite the talk of intentions, the scenario of the failure seems inevitable. Greek media have raised the idea on Friday the government to cancel 50% of the debt. Which would lead to a loss of 25 billion euros for Greek banks, most of which have just been degraded by Moody's. The announcement was immediately denied by the government. Until when?

Standard & Poors downgraded the debt rating Italian

This is a first for the boot, Standard & Poor's downgraded the rating on Monday of the Italian debt. This decision did not sway the markets, which expected, but investors fear the domino effect.Growth prospects of the country are particularly likely to be sealed by the new austerity plan of 54.2 billion euros. In turn, Moody's announced that it would degrade Italy "in the coming months." Rome is not the only "lame duck" of Europe. Portugal, already qualified for a loan of 78 billion euros, is in trouble after the discovery of an undeclared debt 1, 68 billion euros. As for Slovenia, she saw the note be degraded by Moody's on Friday. Only Ireland, recovering, doing well with the announcement Thursday of a 1.6% growth in the second quarter. Rare enough to be highlighted …

Brussels acknowledges the need to recapitalize banks

After weeks of procrastination, public authorities have come to settle international: Some European banks will be recapitalized.After Christine Lagarde, who launched the attack late August, the EU has abdicated this week. The IMF, which recommends that banks can recapitalize directly from EFSF, it is estimated that 300 million bill from the Greek crisis for the banking sector. According to the British press, 16 banks have failed those tests fail to stress – be in the viewfinder of EBA (EBA). But the French, who are yet in the heart of stock market panic, would not be affected. Such as Germany and Spain, France is reluctant to inject new funds to banks on the pretext that they are not facing a crisis of solvency but liquidity. If, as apprehensive markets, Greece is lacking, and that Italy and Portugal a restructuring of their debt, they will not escape.

The United States deplored the European fiscal discipline

The more one goes into the crisis and is more visible: the states are powerless to solve the problems because they are unable to agree. For weeks, markets expect strong political positions. Instead, the summits are linked together without any serious decision is taken. Just this week, the Ministers of Finance of the euro area have found themselves in Poland, and Washington for the opening dinner of the G20 finance. But each time, markets would have found that the more anxious. In addition to the severe lack of European governance, the divisions seem more and stronger on one side and across the Atlantic. The United States to Europe including blaming his fiscal discipline, almost incompatible with the maintenance of growth. A conundrum that nobody wants to decide.Not even the IMF, very poor matchmaker. On Thursday, Christine Lagarde has merely conceded to each other, supporting Barack Obama's plan for employment (447 billion), and commending the efforts of countries involved in the decrease of budget deficit …

Operation Twist Fed is pschitt

The markets had placed too much hope in the meeting of the Fed's Sept. 20. They had been dreaming that her boss, Ben Bernanke, went out of his hat and decisive action to support the U.S. economy. Whereby they have had the formalization of the launch of Operation Twist. This is for the Fed to exchange $ 400 billion in Treasury bonds against short-term securities with longer maturities. The objective of this hocus-pocus giant is to influence the rate of long-term interest to encourage business investment and private individuals.Problem, it is an indirect incentive does not offer assurance of effectiveness. In addition, if the technique is clever, it reveals above all the lack of leeway for the Fed can not lower its rates or already virtually zero, or purchase of new Treasury bills. In other words, after the operation Twist, the U.S. central bank is disarmed. What is worrying the markets.

Some 5,500 French local authorities have contracted with Dexia Credit Local loans "toxic" that are today in financial difficulty and expose even threaten to bankrupt some of them, written release Wednesday.

The daily said that based on a confidential file of Dexia, said that these loans accounted for 25 billion euros from 1995 to 2009 and their additional cost was estimated by the bank to 3.9 billion in late 2009.

These revelations come as the opposition Socialist calls for the creation of a "defeasance structure" funded by a tax on banks, a device that would isolate these loans and relieve municipalities, departments, regions or hospitals involved.The government has promised to consider this proposal but there is a priori not favorable.

The inquiry resumes on Wednesday about his work in the National Assembly. It must be heard in the afternoon elected officials of St. Etienne (Loire) and Saint-Maur-des-Fosses (Val-de-Marne), two cities affected.

These loans were initially to enable affected communities to reduce their costs by benefiting from low interest rates.But these rates were then jumped by following parameters such as parity Swiss franc-sterling, which results in a surge in costs for reimbursement.

Release cites the example of the commune of Antibes, which would have taken 60 million euros and 21 million would pay more, or department of the Loire, which is expected to repay 22 million plus 96 million in loans.

From 30 to 35 BILLION EUROS

According to the newspaper, Dexia loans covered by contracts with communities to "swap" with banks like JPMorgan and Goldman Sachs, now contracts that prevent the bank to transform the toxic loans in fixed rate loans because it would be exposed then "a huge risk of losing" face these banks.

The Court of Auditors estimated in July that 30 to 35 billion euros from 160 billion of debt taken out by hundreds of communities were toxic and that 10-12000000000 had a very high potential.

The independent institution then called in a report to a law prohibiting local officials to purchase these products and proposed the creation of a "funding agency community."

The commission of inquiry headed by the Socialist deputy Claude Bartolone, President of the General Council of Seine-Saint-Denis, a department concerned with these loans, must submit proposals by the end of the year.

Dexia declined to comment on reports of release immediately.A spokesman simply said that the bank did not rule upon "appropriate action in the interests of Dexia and its customers."

In the case of toxic loans, several elected officials have initiated legal action or complaint against the banks, as the mayor of Saint-Etienne PS against Deutsche Bank and Royal Bank of Scotland, the mayor of Unieux (Loire) against Dexia Claude Bartolone, or who filed a complaint against Depfa, Calyon (now Credit Agricole CIB) and Dexia.

Credit Suisse announced on Monday it agreed to pay 150 million to end an investigation by the prosecutor's office in Düsseldorf, to certain employees.

"A complex and protracted litigation has been avoided, with an agreement that gives legal certainty," the bank said in a statement, adding that the amount will be spent in the third quarter.

Four employees of Credit Suisse since December on suspicion of support for tax evasion, prompting an investigation by German authorities in Düsseldorf.

The research was later extended to four other people, with raids in late February at the offices of the bank in the cities of Hamburg, Hannover, Cologne and Frankfurt, as well as "two smaller sites".