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From our correspondent in Berlin

The symbol will not have escaped anyone. The first act of the EU summit held in Berlin earlier this afternoon. German Chancellor Angela Merkel recueillli a very large majority, including within its own ranks, having traced the Bundestag outline of the stabilization plan for the euro area, as envisaged by Germany.

Some 503 deputies of 596 votes cast, approved the "motion" filed jointly by the government majority and the opposition. The two pages of the text set to Angela Markel its room for negotiation, deal with its European counterparts, tonight no question of charging more the European Central Bank, making it taste too many Germans. And not about to spend more than 211 billion euros already pledged by the country.The Chancellor had to fly to Brussels with a clear mandate, intended to strengthen the positions defended by Berlin.

She assured members that the solutions involving the ECB for the enlargement of the European Financial Stability Dondi "are no longer on the table" for negotiations provided for in the evening. A key point for Berlin, where the risk of inflation is the line not to cross. Therefore the purchase of government bonds on the secondary market should be transferred to the ECB EFSF. The outstanding guarantees amounting to 211 billion euros in Germany, will not be increased, has added Merkel.The conclusions of the summit will EFSF then again ratified by the Bundestag, the chancellor promised.

Need to amend the Treaties

"Unemployment has not been this low in 20 years" in the country said Angela Merkel, stressing that it will work on the implementation of "viable" tonight online payday loans. But Germany can not continue to act as if its European partners are in trouble. This is why Europe must become a "union of stability." The objective is clear: "prevent the crisis from spreading to other European countries."

For Greece, the Chancellor said that the goal is to "find a solution that would allow Greece to have a debt / GDP ratio of 120% by 2020." "It is impossible without the private sector participates more strongly than had been decided in July," she said.The discount should be between 50% and 60%, parliamentary sources said.

"The report of the troika shows that Greece is the beginning of a long and difficult road," said Merkel advocating sending a permanent mission in Athens to help the country return to growth .

For Angela Merkel, the crisis demonstrated the need to modify the EU treaties to impose greater "stability culture" in the economic and monetary union. Berlin wants to include enhanced penalties, with the possibility of prosecution before the European Court of Justice, for countries that violate the rules of the European Stability Pact. "We must repair the imperfections of the euro, now or never," she insisted.

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The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC began the session down 1.49% at 2 883.29 points after having already closed on Monday, down 1.85% to 2926.83 euros. Dexia tumble more than 15% in early trade. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.

Dexia tumble more than 15% in early trade

Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece.Europe is planning to review the particupation private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF). Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.

Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.

Oil down

Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen.This morning the euro is worth 101.21 yen and 1.3218 dollar.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1 absolutely free credit score.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".

Dexia has announced the sale of its flagship

The entire banking sector will be followed on Tuesday.The board of directors of Dexia announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular. The Franco-Belgian bank should sell its flagship accelerated and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.

GDF Suez has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution. The sale values ​​the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.

Bonduelle has presented a sharp drop in its annual net profit by 48% to 30.4 million but expected a rebound in profitability for the year 2011-2012.The food group is also in talks to buy the vegetables Aucy in Russia.

No less than 7000 pages posted! This is the amount represented by the reports of its nineteen nuclear power plants (58 reactors in operation over the EPR under construction at Flamanville) EDF is currently on schedule to transmit to the Nuclear Safety Authority (ASN) . The "policeman" of the atom is committed, through the voice of its Director General Jean-Christophe Niel to publish in full on its website.

The delivery of copies by EDF and other operators of nuclear facilities is only the first step in the process of "revaluation additional security" required by François Fillon after the accident at the plant in Fukushima, and conducted in parallel with the European approach called "stress tests". Experts from the ASN and IRSN (Institute of Nuclear Safety and Radiation Protection) now have three months to publish their report.Extra work for which the ASN has even mobilized to reinforce the "three or four young retirees". Even before the peer review of these reports by experts from other nuclear countries in Europe, between January and April 2012, some foreign experts will participate in the analysis of the copy of EDF.

Alongside the work on paper, the ASN program completed in October of 38 inspections in power, focused on protection against earthquakes, floods, power loss, loss of cooling and crisis management.

During December, the ASN requested EDF as it deems necessary measures – as it has already been done to strengthen the concrete slab of the Central Fessenheim. From January to April, reports of national safety authorities will be considered by their European peers.In the nuclear environment and the hexagonal Quai d'Orsay, is expected to undergo strong pressure from Germany to close the central border Fessenheim, Cattenom and Chooz.

The acquisition of Direct 8 Direct and Star channels by Vincent Bolloré Groupe Canal + causes a shock wave with unprecedented media players. All appeal to the Higher Audiovisual Council (CSA) and criticize the slowness of the regulator to take a position on the future of digital terrestrial television.

Financial markets have been quicker to react. Indeed, TF1, which has focused its entire strategy on the fierce opposition to a free channel developed by Canal + – Canal 20 – lost 7.2% Friday on the Stock Exchange. Similarly, the title M6 tumbled 6.51%. Conversely Bolloré won 3.37%, analysts hailing the financial bargain. Finally, the titles NRJ (+0.7%) and NextRadioTV (-0.39%) were well maintained, the market focusing on the sale of their television assets.

Next operator, TF1 was walled in silence.M6, however did not fail to remember that in 2005 had played the Cassandra of PAF: "From the launch of DTT," said Nicolas de Tavernost, CEO of M6, "we warned that new entrants to the television would be the first out. And it did not fail to be realized: The group Pathé came out quickly, followed by groups AB and Lagardère, and Bolloré today that even before it has completed the acquisition of Virgin 17 has already sold! ".And the boss of M6 denounces "the enrichment of certain due to bad political decisions."

Let the TNT in the sole hands of incumbents

For Nicolas de Tavernost, it would have been wiser to let the TNT in the sole hands of the historical actors committed to long-term rather than opening the landscape to new players: "This only impoverish the sector" , he notes "The new entrants have pocketed more than € 1 billion – out of Pathé, that of AB for 525 million, 70 million of Lagardère and now to 465 million Bolloré Ed -. Much money is wrong sector and creation! This represents almost a year cost grid of TF1, and a year and a half program M6.I hope in the future, the CSA will take its responsibility and shall cease to grant frequencies to new entrants, "he says.

A challenging position that Alain Weill, CEO of NextRadioTV BFMTV and claiming to be "a long-term player like NRJ. Neither one nor the other have sold one of our assets. Today the market is recomposed out of all control and outside of government. Because we do not see how the CSA will be able to oppose the acquisition of Direct 8 Direct and Star by Canal +, "Storm Alain Weill," Today I ask the government: I hope that they let me develop my group, or do I accept offers that can not stop me to sell my assets? ". Alain Weill claims to have been in contact during the summer with a potential buyer, a large German operator.For his part Jean-Paul Baudecroux, the president of the NRJ Group regrets "the immobility of the CSA, a year ago, advocated a call for applications for new frequencies. All the evidence that we were right to claim the body and cry a second frequency. It is the mission of CSA to maintain pluralism. "

Presentation of the report of the TNT to the Prime Minister

Michel Boyon, president of CSA presented its report Friday afternoon knew the future of TNT to François Fillon. He will detail Monday as the sector has been waiting several months his positions on the future of TNT. Michel Boyon made recommendations that take into account several scenarios. In particular, the one where Brussels does not validate the legality of the famous lines that were to be granted compensatory … incumbents.He will have to consider a new scenario: one in which Canal + bought Direct 8 Direct and Star.

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Create a "collective imagination". It is the mission of public broadcasting as Remy Pflimlin, CEO of France Televisions. If he wants to "broaden the public of France Televisions" is less to redress hearings, which have been somewhat volatile, that to build "a public service that addresses all the French," he said Yesterday at the conference back from France Televisions. We must "constantly innovate and ensure that France Television is a reflection of society," says Rémy Pflimlin.

The group announced 30 new leaders of its branches, "to go to an increasingly diverse France." Diversity will also be found in the contents with 100 new programs on the channels of the group. In this wave of new, Rémy Pflimlin is willing to assume some failures."It's the price we pay for innovation," says he.

Result: the cost of channel grid is up this year. It reached 810 million euros on France 2, 820 million euros for France 3 (half of which is now devoted to regional programs), 45 million to France 4, France 5 to 145 million, 28 million for France and 180 O million for the nine channels overseas first. And the contract of objectives and means signed this summer with the state provides for increases of 3% per year over five years cheap credit report. Remy Pflimlin has identified two strategic areas: information and creation.

Back to movie nights

For information, France Televisions has the largest supply of the European audiovisual with more than 50 hours a day. JT and the hearing on 20-h de France is close to that of TF1. The group discusses the election campaign including the program "Words and deeds."On the creation side, the group now spends 20% of its budget to financing of entertainment, or 420 million euros. A significant increase compared to 365 million spent by the team of Patrick de Carolis. The group has signed an agreement that should lead to the development of new French drama. But the results will be on air in a year or two. France 2 will broadcast "contemporary dramas and thrillers," and France 3, of historical fiction. The cinema is back with such a "great movie night" on France 3 on Thursday with Frederic Taddei.

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"Wave of departures to France Televisions

Tenders for the smart grid and waste recovery, today announced the first six institutes of technology and equipment of the first wave of excellence, creation of national fund boot which will have 400 million to invest in young innovative companies … Just in recent days, the operations related to the investment program for the future have not failed! And it lasts for eighteen months …

The program, which must prepare "the France of tomorrow" will be the subject of the press conference of head of state this morning. "Nicolas Sarkozy is that this topic is important and can not talk enough about this initiative should restore the competitiveness of France," said his entourage. Yet René Ricol leads to the rod.Appointed commissioner-general for investment to drive the program, the former ombudsman of credit has one goal in mind: to create wealth and employment in France over time freecreditscore.

In December 2009, Nicolas Sarkozy set the priorities for the future supported by the large loan. Following the recommendations of the report Rocard-Juppe, he announced 35 billion euros of investment and ultimately rejected the idea of ​​a popular loan – a form of financing too costly at a time when the debt of France is under the eye markets. Five priorities were identified: higher education and training, research, industry and SME development and finally digital. Today, all 35 billion euros is in the hands of the public operators (ADEME, OSEO, the CDC …) that are responsible for distributing the money.

Small form for Wall Street to start the week. The Dow Jones is stable at 12,146.04 points and the Standard & Poor's was down 0.08% to 1299.11 points. In contrast, the Nasdaq ahead by 0.10% to 2735.61 points. The Asian market gave negative signals this morning and Friday, U.S. markets have closed lower, showered by the poor figures on the employment front.

Moreover, the scheduled end of the second program of quantitative easing (QE2) of the Federal Reserve also weighed on the trend on Wall Street. Started last August, the program of monetary easing had allowed the S & P 500 gain 30% over a period of eight months through April.The S & P 500 has since lost 5% from its peak last month.

The absence of major economic indicators or corporate earnings later in the week also makes investors excited.

Portugal calls for calm

Concerning the problems of sovereign debt in Europe, the new Portuguese government appealed for calm on markets.The President of the Social Democratic Party, Pedro Passos Coelho, who succeeded Jose Socrates, has assured creditors on Sunday night that his country would not be "a burden" for them, promising to "do everything" to "honor the commitments" the Portuguese State.

On the foreign exchange market, the euro declined slightly against the dollar on Monday after climbing to its highest level since a month after the release of new funding for Greece, while the greenback suffered from concerns about the strength of U.S. economic recovery. In early afternoon in Paris, the European single currency was worth 1.4620 dollars against 1.4637 dollars on Friday night. The euro climbed to 1.4658 dollars in early morning, its highest level since May 5

Apple will announce the icloud

The side of values, the airline sector is battered on Monday. Delta Airlines coward 1.43% to 9.48 dollars.Forecast company profits will be halved in 2011 because of high oil prices, unrest in the Arab world and natural disasters in Japan, said today the International Air Transport Association (Iata).

Apple: 0.66% to 345.71 dollars

On Monday, Steve Jobs, Apple chief will announce the service icloud cloud computing. The Cupertino company creates a new front against Amazon, Google and Microsoft. For the "cloud" is expanding.

Goldman Sachs: -0.80% to 134.25 dollars

For its part, the U.S. investment bank Goldman Sachs will make public internal documents on its activities in the mortgage before the crisis, to counter the charges against her in the Senate, says the Wall Street Journal (WSJ).Also according to the American newspaper, the United States are studying the possible impact on competition in the acquisition of patents from bankrupt Canadian telecoms equipment maker Nortel giants of the computer and the internet like Google or Apple.

Fiat: 0.56% to 10.84 dollars

Sergio Marchionne said on Saturday on the sidelines of a conference in Venice, having made an offer to the Canadian government to buy back its share from 1.7% of Chrysler for about $ 125 million, or the same terms as the takeover announced on Thursday from 6% U.S. Treasury for $ 500 million. Two years after taking 20% ​​stake in Chrysler, Fiat Group will officially become the majority in the third of the U.S. Big Three. The price for crossing the symbolic threshold of 50% was indeed set Friday: Fiat will spend 560 million dollars for the last 6% stake held by the U.S. Treasury.This enables him to climb to 52% of capital.

Microsoft: -0.50% to 23.79 dollars Yahoo!: 0.45% to 15.75 dollars

The e-mail services from Microsoft and Yahoo have in turn been the subject of infiltration attempts. The U.S. wants global rules against piracy.

Ten years. This is the time after which the last of seventeen nuclear reactors in Germany will stop permanently, said the German Minister of the Environment in the night from Sunday to Monday after a long negotiation between partners the ruling coalition.

Decided after the catastrophe of Fukushima, the choice of the first European economic power of a quick exit from nuclear power will make waves across the Old Continent. In Austria, a country which has suspended its nuclear program in 1978, the Minister of Environment, Nikolaus Berlakovich, logically, is delighted: "This shows that a nuclear phase-out is feasible and possible."

Not surprisingly either, Francois Fillon, who happened Monday at the gates of Germany, Strasbourg, reaffirmed the choice of "relevant" nuclear, "because France has acquired a strong and energy independence.""German households, for example, added the Prime Minister, pay their electricity twice as much."

"The risk of blackout

"This is bad news for Europe's electricity," slice Jean-Marie Chevalier, energy specialist at the University Paris-Dauphine. "As an economist, the shutdown of a machine that produces kilowatt flights safely seems totally irrational," says he. "This political stunt will have an impact on prices with a potential increase of 30% in Germany, provides Stanley Nahon, director in the consulting firm Booz & Company.

"The German nuclear power plants will be replaced by gas-fired power significantly by Russian gas, said his side Lionel Taccoen, author of French nuclear Pari (L'Harmattan).It is not an inflection revolutionary for Germany: the rise of the share of gas in electricity production is already well underway. The price will be a significant increase in emissions of greenhouse gases and a substantial decline in energy independence, "he adds.

Germany will be obliged, at least in the short term, greater use of coal, its primary source for power generation, says Jean-Marie Chevalier.The techniques of "clean coal" exists and that underground storage of CO2, but its current cost would, according to economist, multiplied by two or three the price per kilowatt hour, even though the public is resistant to the idea of burying the CO2.

Pending the development and maturation of renewable energies, Germany will be forced to import French nuclear power, what Laurence Parisot, president of MEDEF, calls "the theory of the stowaway. "The Germans are unable to overcome a deficit of 20% nuclear energy" on such short notice, said Stanley Nahon.In April, after the arrest of the seven oldest reactors in Germany, France exported 1,018 gigawatt hours, or 43% higher than April 2010, says RTE, the transmission grid.

Jean-Marie Chevalier warns: "The risk of blackout – accidental cuts or load shedding voluntary – has risen dramatically." "And not only in Germany," he warns, recalling the failure of a line – Germany in 2006 which caused cuts to Portugal and Spain. "With the threat of drought, it will not be easy to export to France this summer," says economist Dauphine. For winter, where it is France that traditionally imports, "there will be a real problem."

In Germany as in France, a nuclear phase-out is possible, "if you put the price," said Patrick Criqui, an economist at the CNRS.A real political choice.

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Greece must provide more work and results, said the French Finance Minister Christine Lagarde, who put pressure on Athens in an interview with Austrian daily Der Standard to be released this Saturday.

"Greece must deliver results and why the country must do more than during the last twelve months," said Christine Lagarde, whose name is mentioned as a successor to Dominique Strauss-Kahn to head the IMF.

Asked about her refusal of any debt restructuring, Christine Lagarde said: "We already gave Athens more time to repay its loans in the euro area is already a concession." He continued: "It is legitimate that we expected that Greece will make its share of work."

"We do not want a state of bankruptcy"

The French Minister of Economy recognizes that the Greek government has done things, "but there are still areas where things are moving too slowly", referring to privatizations. "Either Greece delivers results, then we can imagine additional help.Otherwise there is the question of how Greece is ready to play the game for its own bailout, "said ministre.Et further emphasized:" What we certainly do not want, c 'is a state of bankruptcy, a default in Europe ..

While the Greek Government discusses the rise in unemployment generated by the austerity plan, the minister reminded the unemployment rate in Spain, according to her superior to that of Greece, but where "the country still does its job, saved and managed to turn around. "

Challenge to implement a program

The rating agency Fitch, meanwhile, lowered on Friday noted the long-term debt of Greece to three notches. This is a new blow to Athens which also saw its borrowing costs on market reached a new record.Fitch lowered the rating of BB + Greek + to B, referring to the "challenge" for Greece that is the "implementation of a program of structural reform and radical tax necessary to ensure the solvency of the state and the foundations of sustained economic recovery "in the country.

"New fiscal austerity measures are necessary" to achieve that Greece's budget deficit target of 7.5% of GDP in 2011, said Fitch. The agency suggests including poor tax revenues and difficulties in implementing a privatization program.

Greece also saw its cost of borrowing on the markets at a record Friday, the rate of its ten-year bonds exceeding 16.7%. Sign that investors fear that Greece is not able to honor its debts.

The Greek prime minister said his country would repay its entire debt."We will refund the loans," said George Papandreou, whose country was granted last year a plan to help the EU and the IMF amounting to 110 billion euros to avoid it default.

But many observers believe that Greece will avoid a major restructuring of its debt, meaning pay creditors later or less than expected. But the European Central Bank precludes this scenario.

In the wake of Fitch, another rating agency S & P has for its part lowered by one notch the rating of the long-term debt of the Crédit Agricole to 'A +' cons 'AA-' before, because of its exposure Greece."We believe that the French banking group Credit Agricole is particularly prone in Greece, because of the issue of solvency and the economic outlook" of the country, particularly through its subsidiary Emporiki, S & P said in a statement.

(With Agencies)

The assumption is thrilling: an airliner crashing into a nuclear plant, shattering the walls protecting the nuclear reactor. But this doomsday scenario will not be considered in tests of strength that will be inflicted on European nuclear power plants, according to the German daily Sueddeutsche Zeitung quoted a relative of the European Commissioner for Energy, Günther Oettinger. Only cases of natural disasters (floods, earthquakes, heat waves, etc..) Will be taken into account, the paper stresses that "triumph of the lobby of the atom."

The European Commission is developing a campaign for control of Europe's nuclear installations after the disaster at the Japanese central Fukushima."The safety testing of European nuclear power plants will be launched in June," said the Hungarian EU presidency, citing the European Commissioner for Energy, Günther Oettinger.

Not tested for human error

The tests will be "harsh and objectives," said the Commissioner, and the system of exact criteria will be set next week in Brussels. Under these stress tests, the European Ministers of Energy, met Tuesday in Gödöllö, Hungary, would have excluded the extreme scenarios other than natural disasters, like the fall of an airplane or mishandling human .

It would be a real turnaround. Initially, the Heads of State and Government in Europe had declared in March that all hypotheses are tested on the 146 European reactors.But some countries heavily dependent on nuclear power, like France and the United Kingdom, today defend relief tests. While leaving open the possibility for countries wishing to be more demanding.

European countries seem to approach the proposals of the European Association of Nuclear Regulators (WENR). The latter has published a document on April 21 that serves as a working basis for EU leaders, the Financial Times. It states that only natural disasters (earthquakes, floods, "other natural phenomena) must be taken into account.

Tests conducted by the operators

The WENR also proposes that the tests are not conducted by an independent body but by the farmers themselves. They "are primarily responsible for the safety" of their site, "she argues."It is their responsibility to conduct evaluations, and that of independent authorities to revise them."

As the European Union wants to publish the results of resistance testing before the end of 2011, "operators should, given the constraints of time, rely solely on existing studies and trial of their engineers," says the WENR. The method and extent of stress tests should be adopted in Brussels on May 12 and the results known in December.

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