The Tokyo Stock Exchange ended down after three sessions of consecutive increases.

In the Greek case, the European Central Bank (ECB) is studying how to contribute to the bailout of Greece in Athens and could make profits earned on Greek bonds it holds, by circumventing the prohibition of direct financing of the States.

Values, Volvo earns 1.8%. The Swedish manufacturer of heavy trucks has yet reported an operating profit below expectations for the fourth quarter of 2011.

LVMH lost 1.5%, a victim of profit taking after the publication of its 2011 results.

The bond rate to ten years in Italy continued its flight Friday morning, dangerously approaching its record high, while Rome was able to borrow 10 billion euros in the markets but at astronomical rates. Around 11:45, the yield stood at 7.247% Italian, against 7.081% at the close Thursday. He had reached Nov. 9 the highest since the creation of the euro area to 7.483%.

A borrowing rate of 7% is considered unsustainable in the long term by experts for a country to be able to honor its debt. "The award has not gone well, which puts further pressure on Rome and its new government," said Cyril Regnat, bond strategist at Natixis.

The agreement is a victory for European governments, struggling with the financial consequences of the debt crisis in the euro area, rejected the will of MEPs to increase the Community budget of over 5% next year .

But by linking the progress of Community resources on expected inflation in 2012, the EU could find itself unable to meet certain expenses, prevent some European officials.

Gross domestic product grew 0.4% between July and September, slightly higher than expected average of the 31 economists polled by Reuters had forecast a 0.3% increase."Employment is zero, the most dangerous."

VICIOUS CIRCLE

In a separate statement, INSEE has announced that the employment of non-agricultural market sectors had created "only" 7,400 jobs between July and September, which amounts to a zero contribution.

If consumption and investment spending of households supported the performance of GDP in the third quarter, spending by non-financial firms are divided into lower, 0.3%, an alarming signal judged by professionals.

The meetings of the Eurogroup and the Ecofin Council will kick off a new week decisive for the future of the single currency.

Do not waste the potential of the photovoltaic sector. That's essentially the message that wanted to pass Thursday industry professionals gathered as part of the presentation of their general condition. According to them, photovoltaics can create 100,000 jobs by 2020. They argue that the solar electricity market is exploding worldwide, and that within 10 years will weigh between 79 and 129 billion euros a year in revenue. They believe this type of energy could begin to be as efficient as electricity from the grid by 2016.It provides for a reduction in production costs by 50% by 2020, following the industrialization of the sector. And a boom in sales following a European directive which induces that all new homes to be energy self-sufficient over a year since 2020.

The professionals ensure that France has the means to take advantage of this expansion. To do this, it must be able to install a power production of 20 gigawatts (GW), which happens according to professionals with an investment of 800 million euros per year and the establishment of a "regulatory framework visible and stable. " "Instead of the objective of the Grenelle 5.4 GW in 2020, we offer 20 GW, which will create 100,000 jobs of which 12,000 can not be relocated in the industry," said Loïc de Poix, responsible of the Association of French industrial PV.

After several months of the States General, all industry players have submitted their proposals to the press for the future of a sector that has suffered greatly from the moratorium imposed in 2010 by the government, which resulted in the removal some 10,000 jobs. These proposals focus on four areas: defining a stable regulatory framework with measures to support demand and supply meet the production target to 20 GW by 2020 against 5.4 GW currently adapting the rates redemption of the solar electricity and regionalization. If nothing is done, the sector could be a deficit and a half billion euros in 2020.

The rating agency Standard & Poor's said Monday that the AAA rating of France, the best possible, was "justified", with a stable outlook, according to Moritz Kraemer, head of European states in an interview with Bloomberg TV.

Triple A is "justified", he said, adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective", said Mr. Kraemer, which is therefore now not the case in France.

Mr. Kraemer was questioned the ability of France to maintain its triple-A given the state of public finances and debt. "However, we continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio," he detailed. He added that "the main challenge lies in public finances," a major problem in the euro zone for him. Mr. Kraemer said that France has already taken steps to control its spending and reduce its deficit and found particularly "solid" pension reform.

These words occur while the representatives of the Belgian, French and Luxembourg have agreed Sunday to provide a guarantee of 90 billion euros to Dexia's funding to facilitate its dismantling.Moody's, one of the competing U.S. S & P, said Monday that the impact of this guarantee on the note of the French state will be "limited".

As for Fitch, she believes that "exposure to Dexia is quite modest relative to GDP (gross domestic product) and does not in itself a significant risk to the note of France," said Maria-Mroueh Malas, Director the division rulers.

The agency also believes that the government's commitment to stabilize the banking sector is beneficial because it removes uncertainty and helps to resolve the crisis in the euro area. "France still enjoys an exceptionally strong financial flexibility and prudent economic management, strengthening its ability to withstand economic shocks," said Fitch.

The Minister of Finance, Baroin ruled Monday that the decommissioning has an impact on the sovereign rating of the Hexagon, the three major rating agencies. "For the rating agencies, we are one of the best worldwide brands and will remain" thanks to structural reforms and the policy of reducing expenditures and compliance with the schedule that the French government has become, at he promised.

Decisions taken on 21 July to control the debt crisis of the Greek are not sufficient, the judge in the Financial Times Deutschland a group comprising a committee of "wise men" German business, an adviser to the French government and an official of the Economic Review International Monetary Fund (IMF).

"Creditors should give about half of the nominal value of their Greek bonds," they write."So it would be possible for Greece to reduce its debt to a sustainable level by yourself."

The leaders of the euro area agreed on July 21 with a discount of 21% on Greek bonds by an exchange of indebtedness in Athens more time to repay loans. But many players still consider it inevitable failure wider Athens on its debt.

The authors of the platform of the Financial Times Deutschland ask it possible for banks to exchange securities against Greek bonds issued by the European Financial Stability (EFSF), to ensure a smooth restructuring process.

"In addition, banks holding large amounts of Greek sovereign bonds need special support," we read in the gallery."This is especially true for Greek banks."

Greek bank stocks Monday fell more than 6% to a low of 19 after news reports indicating a discount greater than expected on the debt of Athens, despite the denial of the Greek government.

Greek Prime Minister George Papandreou on Tuesday traveled to Berlin to meet German Chancellor Angela Merkel and discuss the progress of Athens in the implementation of fiscal reforms required in return for international aid.

Greek MPs should approve the meantime in the day an unpopular property tax, a new austerity measures intended to pave the way for the return of the inspectors of the "troika" – IMF, EU and European Central Bank – responsible for assessing whether Athens will receive the next tranche of aid decided in May 2010 and thus avoid bankruptcy.

The European Commission has raised the possibility Friday of Eurobonds restricted to six countries in the euro area receiving the highest rating by the agencies, among the options being considered to better face the future with debt crises excessive. This idea is supported personally by one of the vice-presidents of the EU executive, the Luxembourg Viviane Reding.

"The United States are in a difficult situation but have no problem with the bond market because it is so great" at home, argued Commissioner Reding, responsible for justice issues, in an interview published Friday by the German daily Hannoversche Allgemeine Zeitung. "This is why I propose that all states in the euro area receiving the highest rating, AAA-rated states – France, Germany, Luxembourg, Austria, Netherlands and Finland – are pooling their bond markets "she said.

Such a mechanism for sharing national public debt of the most solid would be "a rock in the middle of the storm," she said.The spokesman of the Commission, Pia Ahrenkilde, said in Brussels that this idea was part of various options under consideration within the EU executive, which plans soon to submit a feasibility report on Eurobonds with the various possible formulas.

"There are a number of options are discussed, the remarks of the Vice-President (Viviane Reding) must be seen in this context," she told reporters. The creation of such a pot of government borrowing by countries in the monetary union is seen by its promoters as the only lasting solution to the debt crisis by ensuring that fragile states are protected by the strongest . However, Germany refuses because she sees an incentive to fiscal laxity. Its Ministry of Finance rejected this mechanism again Friday, although limited to countries rated triple "A"."Our position has not changed" and "this is true whatever the composition of the group (country) which would be backed Eurobonds," said a spokesman for the Ministry in Berlin.