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According to the Uruguayan Minister, Louis Almagro, Nicolas Sarkozy was very upset to see that its proposed regulation, including tax havens, were not retained. Nicolas Sarkozy.

Luis Almagro, Uruguayan Minister of Foreign Affairs, said French President Nicolas Sarkozy was "very upset" with "the failure of the French strategy at the G20" and that he expressed in his statements on tax havens cause of a crisis with Uruguay.

"I think his statement (was dictated by) the bitterness and is linked with the failure of the French strategy at the G20", held in Cannes (south-eastern France) in early November, said M . Almagro in an interview published Thursday in the weekly Busqueda. "The four or five worn by strengths (Nicolas) Sarkozy at the G20 were rejected, as (the idea) to cap prices or on financial issues, etc..He used the G20 as a political platform, but it emerged weakened because the final statement did not address its program. I think it was upset and he has expressed in this unfortunate statement, "he added.

In early November, Nicolas Sarkozy said after the G20 summit that tax havens would be put "beyond the pale of the international community." He said that was part of the capital Montevideo which "did not have a legal framework for the exchange of tax information." These statements have angered Montevideo. The French government then explained that it was a statement on behalf of G20 and not of France and expressed its confidence in the willingness of Uruguay to fight tax evasion.

Fever market does not seem to stop. So many voices calling for the ECB buys massive amounts of government securities in difficulty to break the panic and speculation. But is this really the solution? ECB

In the state of current market panic, the ECB is more than ever figure of last bastion of the euro area. Provided, however, she agreed to play this role … Italian interest rates still evolving around 7% Thursday, an unsustainable level on the scale of a few months. And fears of contagion from France have propelled the difference in interest rates between Germany and France to a new record (204 basis points difference, France into debt at a cost of more than two times higher).Sign that it is a disruption of markets, interest rates of other states in the euro area AAA rated – such as Finland or the virtuous Netherlands – are also affected.

In this context, increasing the pressure on the European Central Bank in order to redeem government bonds heavily attacked. The Nobel Prize in Economics Paul Krugman recently called for greater involvement of the ECB. "It should send a clear message and say" we buy as many (sovereign debt) than necessary. "In France, many economists on the left are also campaigning on this issue. Even in Germany, there are voices in this sense Like Peter Bofinger, an economist and adviser to the German government. "It's not attractive … But we must clearly realize that it's an emergency.

The European Investment Bank (EIB) could provide up to 74 billion euros in loans to banks in two years in Europe if its own capital was strengthened, including with money provided by its shareholders, according to a document prepared for the finance ministers of the Union.

Prepared for the Council of Finance Ministers of the EU, which meets Tuesday, the report details the means that could be implemented if the credit crunch.

"The risk reduction of leverage by the banks is not negligible and it is important to maintain and even increase of EIB lending to the real economy through the banks," said Bank in this document, dated November 3.

Exxon Mobil reported Thursday a 41% jump in earnings in the third quarter, slightly more than expected by Wall Street, thanks to higher oil prices and improved refining margins.

Several major oil companies like Royal Dutch Shell and Norway's Statoil, have reported in recent days of strong quarterly results due to higher oil prices.

The futures contract on crude oil traded in New York has averaged $ 90 per barrel in the quarter, up 18% over the same period in 2010, while Brent crude oil jumped 48% .

An hour after the opening of Wall Street, Exxon earned the title 0.2% to 81.17 dollars, underperforming the S & P of the energy gained 2.34%.

Exxon is investing heavily in the exploitation of shale gas, particularly in North America.

The benefit of exploration activity and production of Exxon jumped 54%, the refining of 36%. The group said that better refining margins helped boost the profit of one billion dollars.

Confidence will be key to reviving growth in the U.S. economy and soothe the anger that swells around the global financial system, determined by the Director General of General Electric, who said he understood the movement of "outrage" of Wall Street.

Jeff Immelt, who heads the world's leading manufacturer of aircraft engines and electric turbines is also senior adviser to President Obama for employment and the economy.

"Until we have restored confidence, we can not move forward," he said at a conference organized by Thomson Reuters in New York.

He called for exercise of "empathy" with respect to the crowds of protesters occupying Wall Street and parade through the United States last month to denounce the excesses of the financial system, inequality and the economic crisis.

"Unemployment reached 9.1%. Underemployment is even higher, especially among young people without a university degree," he listed. "It is natural to assume that people are angry."

"The only way to solve this particular problem is growth," he said. "If unemployment is falling, people will feel better.If unemployment rises, people will feel even worse, what happens on Wall Street, no matter what the reform of finance. "

Jeff Immelt also commented on the debt crisis in the euro area, which worries financial markets worldwide and has already pushed major banks like Bank of America and JPMorgan Chase to announce layoffs.

"The most likely scenario is that Europe has a low growth for a long time," he said.

The Belgian, French and Luxembourg reaffirmed Sunday after a meeting held at midday in Brussels their solidarity in the search for a solution that ensures the future of Franco-Belgian bank Dexia .

In a joint statement, the Belgian Prime Minister Yves Leterme and French François Fillon stated that the three governments give their full support to the proposals of management of the banking group, presented at a Board of Directors scheduled to begin at 15:00 in Brussels.

"The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals," added the two prime ministers.

"I am confident in our ability to reach an agreement with our French colleagues and Luxembourg and will be then the board of directors of Dexia to decide", for his part said Yves Leterme on Belgian television.

The activities of the Franco-Belgian bank, first bank in size in Europe to be a victim of the crisis of sovereign debt in the euro zone could be split and the most risky assets confined to a separate structure.

The Belgian, French and Luxembourg Sunday began discussions on the future of Dexia, in order to reach agreement on the terms and their participation in the new rescue plan for the former world leader in financing local authorities, supposed to lead on an orderly dismantling of the bank.

Brussels and Paris are trying to agree on the guarantees afforded by the two countries to the hive to accommodate the bond portfolio of 95 billion euros in Dexia, hoping not to aggravate the situation of public finances .

The rating agency Moody's has also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 by explaining kingdom under surveillance will include assessing the costs and liabilities that the state could play in supporting Dexia.

VALUE TEST

Negotiations on the dismantling of Dexia, already saved from bankruptcy in 2008 after that of Lehman Brothers, will be a test for investors who want to see in the folder Dexia the ability of European leaders to overcome their differences to solve the banking crisis and the crisis of sovereign debt.

According to the most likely scenario, the dismantling of the Franco-Belgian bank should go through a nationalization of the Belgian branch, Dexia Bank Belgium (DBB), which specializes in bank deposits.

According to the Belgian daily L'Echo, the trail of a takeover of DBB by a foreign bank is considered and several institutions have expressed interest, including Deutsche Bank, Rabobank, Crédit Mutuel and BBVA.

Another key point of discussion: the distribution of the financial burden of dismantling between Belgium and France, whose participation combined with that of the Caisse des Depots (CDC) is around 25%.

Yves Leterme and Didier Reynders warned Thursday the French government that Belgium would not only rescue the financial burden.

In France, a dismantling of Dexia should result in a link-financing activities of local communities in a structure owned jointly by the Deposit and Postal Bank.

Friday, François Fillon has announced that the Deposit would release three billion euros to finance the French local authorities until a new entity formed by the Deposit and Consignment Office (CDC) and the Postal Bank to take the Dexia relay.

French President Nicolas Sarkozy, has to go on his side Sunday in Berlin for talks and a working dinner with Chancellor Angela Merkel before the summit of the euro area of ​​17 and 18 October and the G20 of Cannes and the three November 4.A bilateral meeting during which the larger issue of the recapitalization of banks in Europe should be addressed.

Pending the outcome of negotiations and decisions of the Board, the listing of the Dexia shares was suspended Thursday in Brussels. It will resume Monday morning.

Before the suspension, Dexia shares worth 0.85 euro.

The ruling coalition in Slovakia will have to overhaul the government or call early elections if it does not find a majority in parliament to ratify the reform of the European Financial Stability Fund (EFSF), said Sunday the main opposition party.

The country, with only 5 million inhabitants, could hinder the ratification process of strengthening the powers of the Fund reform validated so far by 14 of the 17 countries in the euro area.

The center-right coalition of Prime Minister Iveta Radicova hard to achieve a parliamentary majority on this vote, which is expected by October 14, since one of the coalition parties, Freedom and Solidarity (SaS) is refuses to support.

"Either the government approves the EFSF and the coalition will do well by itself, or the ruling coalition is not able to make such a decision and will have to rely on the help of the opposition, but with consequences on the functioning of the ruling coalition, "said Robert Fico, Smer party leader, during a televised debate.

The Smer, which has nearly 40% approval rating in the polls, supports the reform of EFSF but refuses to reach out to the coalition.Robert Fico said that it would overhaul the government or call new elections if it failed to unite.

"We are ready to support the EFSF, but if we do, that means no more ruling coalition in Slovakia," said the former prime minister Iveta Radicova predecessor as head of government.

GDF Suez and Spanish Iberdrola announced Friday they would wear 50% participation in each NuGeneration, a joint venture created to develop a new generation of nuclear power in Britain, following the decision of Scottish and Southern Energy (SSE) to withdraw from the joint venture.

GDF Suez and Iberdrola, in a joint statement, reiterate their "strong commitment" in NuGen and adds that "there is no reason for the decision to interfere with the SSE project or schedule."

"As expected, the final investment decision should take place by 2015 for commercial operation of new nuclear power plant around 2023," they affirm.

The EU finance ministers agreed Saturday that special attention should be paid to the capitalization of banks, but without considering that they were in urgent need of new funds.

Eight European banks have failed the stress test last July and must raise a total of 2.5 billion euros, while sixteen others were narrowly successful and were invited also to make arrangements.

But faced with violent turbulence in August and early September in the markets, the executive director of the International Monetary Fund (IMF) Christine Lagarde called for a broader recapitalization of the banks of the old continent.

"From our point of view, there is a clear need to recapitalize the banks' said Swedish Finance Minister Anders Borg at the end of the informal meeting of finance ministers held Friday and Saturday Wroclaw, Poland.

"I think the IMF has expressed very clearly, the banking system needs to be more robust and it is primarily a question of capital," he added.

His Spanish counterpart, Elena Salgado concurred."There is a consensus that it would be good for our financial institutions increase their capital to comply with Basel 3 and deal with any eventuality of time," she told reporters.

She also acknowledged that the opening of branches of unlimited liquidity by central banks did not reflect a situation "optimal".

Thursday, central banks in Europe, Japan, Switzerland and Britain announced they would offer refinancing operations in dollars to banks so that they have to face a credit freeze as the worst of the crisis Fall 2008.

"CREDIT CRUNCH"?

Earlier this week, senior advisors to European finance ministers and heads of the Treasury of Twenty-Seven had warned about the risks of a new credit crisis like the one observed in 2008 if nothing was done to solidify the capital structure of European institutions.

They mentioned such a "risk of a vicious circle between sovereign debt, financing banks and the negative growth", which could cause a credit freeze.

"Spillover effects" could "feed a dangerous downward spiral between the financial sector and real sectors of the economy or financial problems (…) risk aversion (…) Could lead to a deleveraging of banks, a phenomenon that in turn would result in some Member States, a credit crisis, "they warned.

According to several sources who attended the meeting, the European Central Bank, the EBA and the European Commission echoed these demands Saturday and urged the Member States to ensure that the capital position of banks remained strong.

Some ministers, however, sought to disperse fears and minimized the risk of a repeat of the "credit crunch" of 2008.

"The general situation of European banks is stable," stressed the President of the Eurogroup Jean-Claude Juncker.

Luxembourg Finance Minister, Luc Frieden, has meanwhile found that the situation was "not alarming".

The Spanish Socialist government announced Friday the signing of an agreement with the conservative opposition in the Constitution for the country the principle of limiting the public deficit and debt.

The Constitution will be amended through a law to be adopted before June 30, 2012, the government said in a statement released in the early hours of Friday.

Both sides agreed to secure 0.4% of GDP limit of the overall structural deficit of the country audience, ie excluding debt service.

The law will also include criteria for a gradual reduction of debt pursuant to the Pact of Stability and Growth in the euro area.

The two sides signed the agreement will review the deficit ceiling in 2015 and 2018.

This follows a call to that effect made by France and Germany to countries threatened by the debt crisis in the euro area.

Spain has already announced Tuesday that it would enshrine in the Constitution a public debt ceiling before the legislative elections in November.