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Wall Street closed down Tuesday for the third straight session, concerns about the debt crisis in the euro area has once again taken an advantage over all other considerations.

The Stock Exchange, closed Monday for Labor Day, but ended above its low of the session.

The market questions the desire of Italy and Greece on the path of austerity, even in Germany voices are heard in protest against the aid given to countries in the area Euro trouble.

The Dow Jones lost 100.96 points (0.90%) to 11,139.30. The S & P 500 drops 8.73 points (0.74%) to 1165.24. The Nasdaq Composite Index gives 6.50 points (0.26%) to 2473.83.

Banks in particular have suffered and KBW index yielded 1.68%.So far only the German Dax and the Nikkei Japanese have sunk.

In terms of statistics, the growth of services sector in the United States has stepped up against all odds in August, ending three successive months of slowdown in the sector.

Sprint has taken legal action because it believes that the transaction will result in higher prices and create a duopoly between AT & T and Verizon Communications.

Sprint lost 4.5%, while AT & T has sold 0.78%. Verizon Communications fell almost 1%.

European banking stocks were again down sharply Monday on the stock market due to lingering concerns of investors about the financial health of banks exposed to the crisis of sovereign debt in the euro area.

Around 9:50, the European banking index gave up 3.03%.

"This is the euro area is still Greece.We tend to underestimate the problem, "said one Paris-based financial analyst who requested anonymity.

"Clearly, I think of Greece, the banks will have to make additional provisions, especially after the statements of recent days as what the trajectory of debt (Greek note) was uncontrollable."

The analyst also noted that U.S. money managers have reduced their investments in European banks.

"Structurally U.S. banks will lend less to European banks as the crisis lasts," said he. "European banks will have to go looking for funding sources for other areas."

Among the largest declines, the German bank Deutsche Bank falling 6.74% to 24.25 euros.In Paris, Societe Generale was down 4.62% to 21.14 euros and BNP Paribas 4.14% to 32.0350 euros.

The action suffers from Deutsche Bank launched two investigations into the bank in Britain and the United States.

According to the Financial Times, the British authorities in the fight against fraud are currently reviewing certain transactions by Deutsche Bank and Goldman Sachs.

The bank is also part of the list of 17 major international banks covered by the plain of the U.S. federal agency oversight of mortgage loans (Federal Housing Finance Agency) for the role of these institutions in the subprime crisis.

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.

The bill for the storm that hit Friday and Monday on the financial markets totals 917 billion euros for the European and American companies, according to calculations by Dexia. Traders at the New York Stock Exchange, August 8, 2011.

More than 900 billion euros went up in smoke on the stock market in two days in the U.S. and Europe, according to analysts' estimates of Dexia Securities, the brokerage subsidiary of the Franco-Belgian bank Dexia.

The bill for the storm that hit Friday and Monday on the financial markets totals 917 billion euros for companies on both sides of the Atlantic, said the document, which speaks of the "cost of great fears in the year 2011. "

On Friday, August 5, the European stock markets had fallen because of fears about the U.S. economy and concerns about contagion from the crisis of debt in the eurozone.That day, London had dropped 2.71%, 2.78% Frankfurt and Paris 1.26%. For the week, the Frankfurt Stock Exchange had lost 13%, in London nearly 10%, and Paris almost 11%.

Monday, August 8th, financial markets had panicked after the deterioration of historic note credit of the United States. The New York Stock Exchange fell by 5.55%, its worst day since December 2008. In Europe, Frankfurt plunged 5.02%, Paris and London of 4.68% from 3.39%. "As you can see, the addition is heavy," said the AFP Jean-Paul Pierret Dexia Securities.

3.4 trillion lost in six months

Seven months, about 3,400 billion which went up in smoke, which represents almost a third of gross domestic product of the United States (14,500 billion), according to Pierret.These estimates take into account the loss of 500 U.S. companies grouped in the stock market SP 500 and 600 European companies listed in the Dow Jones Stoxx 600, said Dexia Securities.

All economic sectors are represented, to finance services through the health, transport, luxury and consumption. We thus find the energy companies ExxonMobil American, French Total, BP, U.S. banks Citigroup and Goldman Sachs, the French BNP Paribas, Barclays, Banco Santander of Spain, the German Deutsche Bank and pharmaceutical companies Merck and Sanofi .

G20 countries have made contact by telephone Sunday morning to discuss the consequences of the debt crisis on both sides of the Atlantic, shaking financial markets and fears of a relapse of Western countries into recession.

After heavy turbulence in global financial markets, which lost 2,500 billion during the past week, European and American leaders find themselves again forced to reassure investors about the ability and determination of countries to reduce their deficits and public debts.

According to South Korea, a conference call Sunday morning brought together financial officials of the G20, which groups the world's major economies, to discuss the situation caused by tension on the debt in the euro area and lower by Standard & Poor's sovereign rating of the United States.

The G7 finance ministers are also expected to contact during the day and it is possible that they broadcast a statement, said a Japanese government source. The most logical would be that the conference takes place before Asian markets open on Monday at 9:00 (0:00 GMT).

The European Central Bank (ECB) will hold a conference call for its Sunday afternoon.Markets expect the ECB to see begin on Monday the purchase of government bonds in Italy and Spain in order to stabilize prices, but the issue divides within the institution in Frankfurt.

French President Nicolas Sarkozy, whose country currently chairs the G7 and G20, spoke Saturday on the phone with British Prime Minister David Cameron.

ITALY

In Washington, an economic adviser to the White House deplored the decision by S & P to degrade the rating of U.S. debt from AAA to AA +, which could ultimately affect all markets by increasing the cost of borrowing and undermining the prospect of sustainable recovery.

Asian allies of the United States, Japan and South Korea have renewed their confidence in U.S. Treasury bills, may lose value.

"There will be no sudden change in our policy of reserve management," said Vice Minister of Finance of South Korea, Choi Jong-ku.Much of the country's foreign exchange reserves, valued at over $ 300 billion, are made up of U.S. bonds.

"No alternative does not provide such stability nor such liquidity," said the South Korean official.

But the immediate concern of financial markets for the debt crisis in the euro area, while interest rates in Italy or Spain jumped to their highest levels in 14 years in recent days.

The absence of repurchase obligations of both countries by the ECB to ease prices has been particularly punished by the markets that have seen the sign of internal divisions harmful.

German officials in the central bank to claim the benefits of the implementation of stringent austerity measures before giving the green light.

Pressed on all sides, the Council President Silvio Berlusconi said Friday evening the implementation of an austerity plan a year ahead of schedule, achieving a balanced budget in Italy in 2013.

WASHINGTON SERMON S & P

One of the dangers feared by economists is to see Italy, the third economy in the euro area and the eighth world economy, private market financing.

Italian public debt reached 1,800 billion euros, or 120% of gross domestic product.

July 21, the countries of the euro area agreed on strengthening the European Financial Stability Fund (EFSF) to assist its members in trouble, but decisions must still be translated into action.

In addition, an extension of the crisis in Italy or Spain, after the bailouts granted to Greece, Ireland and Portugal, in the eyes of observers would require a strong increase in lending capacity of EFSF, with time for the 440 billion euros.

Quoted by the weekly Der Spiegel, the German government experts doubt that Italy could be re-floated by the EFSF even if the fund saw its capacity threefold, because the needs of Rome are in their too great.

United States, the lowering of the sovereign rating has been denounced by the Treasury, which held that the rating agency "forgot" 2000 billion in budget savings in its calculations.

Gene Sperling, economic adviser to Barack Obama, quipped on an agency "that starts from a conclusion and then looks for arguments to prove it."

The U.S. president called on members of Congress, who have battled for weeks over the question of raising the debt ceiling, to unite to improve the fiscal situation and stimulate growth.

The three major rating agencies, Fitch, S & P Moody etb are all Anglo-Saxon. They are accused of making the law on the financial world and aggravate the debt crisis in Europe. German Chancellor Angela Merkel (here in Berlin in March 2011) criticizes the center holiday and retirement in the South of Europe

German Chancellor Angela Merkel said it was "important in the medium term" that Europe has its own rating agency, in an interview with public broadcaster ARD on Sunday. "It is important in the medium term that Europe has as a rating agency," she said, estimating that such an agency would be created by "the European economy" and not by States. "Alas, there is not so far had interest in the economy" to create such an agency, and "it is a lack," said Angela Merkel. "The Chinese are now also a rating agency.We can not of course create one through the states. But I really would welcome the fact that the economy manages to create a European rating agency, "she said.

Charged to the law on the financial world, the three major rating agencies are all Anglo-Saxon: Moody's, Standard and Poor's and Fitch (which is, however, a French group Fimalac). Europe has committed early July a showdown with these agencies and called for the creation of a European body after the dramatic reduction in Portugal's sovereign rating by Moody's, relegated to speculative grade, which may worsen crisis debt in the eurozone.

The German finance minister, Wolfgang Schäuble, said at the time that it was necessary to "break the oligopoly of rating agencies" and "limit their influence," while the President of the European executive, Jose Manuel Barroso, had been more further by ruling indirectly to the creation of a rating agency based in Europe. European Commissioner Viviane Reding of Justice has threatened a few days ago to dismantle the great Anglo-Saxon: "I see two possibilities: either the states of the G20 (note: the richest states in the world) decided to dismantle the three agencies. The U.S. would then have to turn the three agencies in six companies. Or European and Asian competitors are created, "said Commissioner Reding to the newspaper Die Welt.

Angela Merkel said that the rating agencies were not "bad in themselves" but "they act at times sensitive, and we currently have such a sensitive time with the euro, and they (…) absolutely do not consider what is reasonable. " According to the German chancellor, "we must think to see if we should believe everything they say." Following the financial crisis, Europe has adopted two laws in 2009 to strengthen the regulation of rating agencies, including requiring them to register and follow certain rules in order to practice in the EU, and placing under the direct control of the European financial markets.

The Altran share is down sharply Monday in the Paris Bourse, investors wonder about the consequences of the change of CEO of technology consulting and worried about possible new beginnings.

Yves de Chaisemartin lost Friday the direction of Altran, the Board of Directors of the technology consulting company has designated Philip Hall to replace him.

At 11.15am, the title fell back from 2.13% to 5.134 euros, thus showing the third largest drop behind Valeo (-2.32%) of the SBF 120 index, down at the same time of 0.12%.

"With what happened on Friday, there are uncertainties in the short term management of the company.It will probably be some heads will jump (even if) Philip Hall will have to avoid a witch hunt not to disrupt society, "said one financial analyst who requested anonymity.

"There are questions such as what will happen with the CFO (Chief Financial Officer Gerald Berge, Ed) is the former right hand of Yves de Chaisemartin," he says pointing out that a departure of director Financial should not intervene before the publication of interim results in a month.

Several analysts, however, believe that everything will depend on the new strategy will be implemented by the new leader and the latter's ability to get along with older relatives Yves de Chaisemartin, particularly within the executive committee.

He has been asked to Philip Hall to conduct a strategic review by country and by business to better focus human and financial resources, accelerate growth both internally and through acquisitions and improve profitability for the bear "at the best ".

"He (Philip Hall, Ed) will tackle the strengthening of Germany, major market, size and insufficient to make a final decision on the future of ADL whose sale was announced a little faster by former CEO risk of destabilizing the teams, "Natixis wrote in a note also wondering about the future of the domestic IT services.

"In the short term, it must secure the support of key managers, especially Cyril Roger, CEO and head of France, and Pascal Brier, and tackle recruitment in France, whose pace is not enough today" adds the intermediary.

Nobody was immediately available at Altran to make a comment.

Eurazeo announced Monday the acquisition for 418 million euros from 45% of the French specialist in luxury clothing Moncler became its largest shareholder.

The redemption of Moncler, whose enterprise value of EUR 1.2 billion represents 12 times its Ebitda reached in 2010, should be completed in the third quarter, Eurazeo said in a statement.

Remo Ruffini, president and artistic director of Moncler, will retain 32% of Carlyle Capital and 17.8%.

Founded in 1952 in Grenoble, Moncler develops five brands: Moncler, Henry Cotton's, Marina Yachting, Weber & Ahaus Coast, and a license 18CRR81 Cerruti.

Originally a technical brand specializing in down jackets, Moncler has a network of 55 stores in Europe, Asia and North America in 2010 and achieved a turnover of 429 million euros. It employs over 1,000 employees.

The company arms and military technology Lockheed Martin, the leading provider Pentagon said Saturday it had detected and foiled a "significant and persistent attack" against its computer system on May 21

The U.S. Department of Defense has carried out its the consequences of this incident were "minimal" for the Pentagon, without specifying which ones.

"No data concerning a client program or an employee has been compromised," said a spokesman for Lockheed, Jennifer Whitlow, in an email."Our systems are safe."

The technical staff of the company is working tirelessly to restore the employee access to "information networks" covered by this cyber-attack, "she adds.

Lockheed held U.S. federal agencies informed of its actions.

A source close to the case was told Reuters on Friday that hackers had penetrated the security systems at Lockheed Martin as well as other groups.

According to this source, pirates have managed to break into the networks of these groups by duplicating the electronic security key provided by RSA, the division specializing in security systems of the EMC group, and used particularly by the Pentagon.

Saturday, the Department of Homeland Security said that in collaboration with the Department of Defense, he had offered to help assess the extent of "computer incident affecting (Lockheed Martin)," one of the leading manufacturers fighter aircraft, ships and weapons systems in the world.

The U.S. administration has also offered assistance to analyze "the data available to provide recommendations to reduce risks in the future," wrote Chris Ortman, a senior Homeland Security, in an email in response to a request of Reuters.

No track has been raised as to the origin of this virus attack.And several renowned specialists in cybersecurity say they are unable to come up with explanations.

"I feel that the Department of Homeland Security does not know much more about what is happening," said Anup Ghosh, a former Pentagon scientist who worked on network security today at the military head a private firm, invincible.

Last fall, articulates a quarterly journal published by the Foreign Affairs, William Lynn, Assistant Secretary of Defense, wrote that over 100 foreign intelligence agencies were trying to penetrate U.S. computer networks.

Lockheed manufactures including F-16 fighters, F-22 and F-35.The company is also active in the market for naval vessels and produces systems for high-technology weapons.

Pierre Vermeren, Maghreb specialist and professor at the Sorbonne, has published in May, "Maghreb, the origins of the Democratic Revolution (ed. Plural). On the occasion of the G8 summit in Deauville, which focuses on measures to aid the Arab revolution, he discusses the situation in Tunisia, the country which is part of the wave of protest in the Arab-Muslim Pierre Vermeren, Maghreb expert and professor at the Sorbonne, has published in May, "Maghreb, the origins of the Democratic Revolution (ed. Plural)

Where is Tunisia, four months after the leak of Ben Ali in January?

From a political perspective and social, we can say that things were not too badly. The political prospects are created with the elections for the Constituent Assembly that appear to be maintained for 24 July, after much hesitation.The population is actually quite pleased with the progress of the country, despite the persistent economic problems. There is now a prospect of freedom and sustainable policy change. As for the transitional government, although he is alleged to be a little too French, it is composed of competent people who manage the business effectively.

But there are still some dark clouds. On the one hand, the faithful of the old regime are still maneuvering to undermine the transition process. On the other hand, Colonel Gaddafi is trying to bring the war in Tunisia. The influx of tens of thousands of refugees in the country is a heavy burden for Tunisia. The record is mixed but the revolutionary process continues so encouraging.

Is the country ready for elections, scheduled July 24?

Obviously not, but we must not forget that Tunisia emerging from decades of authoritarian rule, the party virtually unique. The political class did not exist, there was no respite, no organized opposition and that was in exile had aged. Today there are intellectuals, activists of human rights, good people, young people also who have distinguished themselves during the revolution, but this is not a political class in the sense that we ' usually understand.

I think we should hold elections as quickly as possible to sit on the vote a legitimate regime. But there is still a tentative plan for this meeting will draft a constitution and then follow other elections, parliamentary and presidential perhaps.The country will never be ready, but it will not be more ready in July than in October after Ramadan. There will inevitably be imperfect, but it is important to have a legitimately elected Government. For completeness, we wait …

The apparatus of the former dictator Ben Ali has it been eradicated?

It is obviously still there because Ben Ali's party was, on paper, two million members, but in reality few hundreds of thousands of dignitaries and officials. The Department of the Interior, the main body is always present. Leaders were dismissed and sanctions against those who fell were involved in repression during the revolution. But the bulk of the unit is still in place. However, it is a police and judiciary who have no democratic culture. There are also groups that focus on destabilizing because they have much to lose with the change of regime.

As during the Revolution, there was in late April and early May, fires in prison that freed hundreds of prisoners to organize the chaos in the country. Obviously there are clans who play the politics of the worst. Especially as the links between Gaddafi and former presidential guard Ben Ali, who took refuge in Libya, are still active. Last week, a Libyan commando with explosives was arrested in northern Tunisia. That is why the fall of the regime of Colonel Qaddafi would be a huge relief for Tunisia.

That said, Tunisians must maintain their state apparatus because there is no other. It is important not to like in Iraq where most civil servants have been dismissed by the Americans after the 2003 invasion, which fueled the civil war. One should keep this unit, while framing it.But this will be a long and difficult process. That's what happened after the death of Franco in Spain in 1975. The police and justice authoritarian remained in place. Tunisia also, they will gradually, supported and replaced and most run by generations who are more attached to human rights.