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After Fitch and Standard & Poor's, Moody's has in turn lowered the debt rating of Greece on Tuesday. The bonds are so degraded by one notch from A2 to A1 with negative outlook.

"The repositioning of Greece at A2 level reflects both the very limited risk of a liquidity crisis in the short term and other credit risk in the medium and long term," Moody's justified. Indeed, "risk long term has been partially offset by the government's announcement" last week on the austerity budget.

Reviews of Moody's moderates have tended to reassure markets that apparently he had built a stronger degradation of the Greek notes. The Athens Stock Exchange returning 2.96% in early morning.The interest rate on bonds over 10 years of Greek Treasury bills were even lower, at 5.734% against 5.955%.

Following the announcement by Moody's notes on the Greek, Tuesday morning, the euro hovered around $ 1.43. "The euro is being undermined by the widening spreads (difference between interest rates, Ed) on yields of government bonds in the euro area," observed Friday in a note economists at BNP Paribas.

The difference between the interest rate applied to Greek government bonds to ten years and the German Bund, benchmark euro area widened to 250 basis points, or 2.5 percentage points, recent weeks.

Plan rigor

The Greek Prime Minister George Papandreou, presented last week a fiscal austerity plan to leave public finances slump. The stated objective is to reduce the deficit to 4%.Greece is facing a deficit estimated for 2009 to 12.7% and a debt that represents 113% of GDP.

Moody's remains reserved about the effects of the government plan. "The long term rating of Greece will depend on how the public will accept these measures and the government's ability to implement them vigorously," the agency analysis. However, "neither of these points can not be taken for granted."

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"The euro suffered the misfortunes of Greece

The number one European military shipbuilding organized to address the decline of its activities with the Navy. The group wants to go for growth internationally and into new businesses such as civilian nuclear energy and marine renewable. In an interview with Le Figaro, said Patrick Boissier issues of its strategic plan to 10 years.

Le Figaro .- Eleven months after taking the helm of DCNS, how do you establish diagnosis of the situation now?

Patrick Boissier

Dark period for producers of solar energy. Q-Cells, one of the world's leading manufacturers of solar cells, reported a loss of nearly 1 billion euros over the first nine months of the year, against a profit of 150 million euros over the same period in 2008. Its turnover in nine months has, meanwhile, fell sharply by 40.9% yoy to 550.3 million euros.

The group Q-Cells said the decline coupled turnover and results by falling prices of photovoltaic cells, a background of economic crisis and increased competition from Chinese manufacturers, which enjoy much lower costs and massive government aid programs.

The Conergy Group, number two German industry has recorded its share down 41% of its sales in the third quarter while its counterpart Phoenix Solar, which specializes in installing solar panels on the roofs of buildings, revised downward its forecast for growth in turnover.

The Chinese group JA Solar is one of those who profit from the current weakness of its European competitors. With a volume of record quarterly shipments, the Asian group could return to profitability in the third quarter.

To adapt to this changing market, Q-Cells, as rival Norwegian Renewable Energy, has already started to transfer Asian part of its production to reduce costs.

Listed on the Frankfurt Stock Exchange, the action Q-Cells lost 3.86% to 10.93 euros in mid-session while Phoenix Solar yielded 4.88% to 35.10 euros.Conergy was also in the red, falling 2.53% to 0.77 euros.

Consultation on priorities for the future that could benefit from the large debt are increasing in all directions. Just last week, the Labor Minister, Xavier Darcos, and his colleague on the Budget, ?ric Woerth, has received the social partners to discuss it. Meanwhile, contributions from corporations, professional associations, political parties or departments have been compiled by the government: markets of the future, health, eco responsibility, education, telemedicine, high-speed … all proposals abound.Latest, on Monday: France Biotech, the association of biotechnology companies has suggested that 15 billion euros are earmarked for "life sciences", including research on vaccines or stem cell.

The Head of State himself, in his interview with Le Figaro on Friday 16 October, citing the university, the capital of SMEs, renewable energy, research on the degeneration of cells … The tracks confirmed by one of Co-Chairs of the Committee Juppe Rocard-loaded by the Elysee to reflect the priorities of large loan: "We have four main themes: research, university, broadband and green growth," said Monday the former Socialist Prime Minister to Echoes.

The debate should continue in the coming days. This morning, the UMP will hold a convention devoted to the subject.And this week the Prime Minister, Fran?ois Fillon, will receive the representatives of political parties to gather their views. It should be against an end of inadmissibility of the first secretary of the PS, Martine Aubry.

Manage investments

Beyond the choice of sectors, the thinking is now entering a second phase. The only Matignon called "governance" of the big loan. In other words, how to manage investments? How to raise private funds for public funds abound? How to ensure the profitability of projects, both in growth and jobs? How to distinguish between projects which receive loans or advances repayable those who will receive grants? This question is not neutral."If public money is abundant private programs, it is legitimate to ask whether companies who will or will not reimburse a part," says one banker who has been heard by the committee.

The other issue to be decided on the terms and amount of the loan. Many people refer to a figure well below the 80 or 100 billion by the Elysee imagined initially. For Christian de Boissieu, President of the Council of Economic Analysis and member of the committee, the critical mass of future debt is between 20 and 60 billion euros. More precise, Michel Rocard evokes, in Les Echos, an amount which shall not "be too far above 30 billion. Additional constraint: since Nicolas Sarkozy announced the principle of the loan at Versailles in June, the bad news accumulated on the public finances.The debt of France should reach the record level of 91% in 2013, according to the latest estimates of Bercy. Finally, the question of opening the loan from individuals and seems well and truly departed yet. Privately, Alain Jupp? said he also reluctant to appeal to the public. "We prefer to use a traditional market," confirms Michel Rocard.

The great debt is expected to approach 30 billion euros

Aubry: "For Sarkozy, it's time failures"

Stopping the premium breaks will weigh on the statistics of retail sales in September in the United States. According to figures adjusted seasonally published by the Department of Commerce, they have declined sharply – from 1.5% in September compared to August – with the end of the device, which had boosted the index over the previous two months .

Although this decline is particularly important for a single month, it remains well below a forecast to analysts, who favored a decline greater than 2%. Auto sales, down significantly over the month, of course, have plagued the overall index, with a decrease amounted to 10.4% in September, a figure not seen since August 2005. They had jumped from 7.8% in August as a result of federal incentives to purchase new vehicles.

Excluding the impact of automobiles, retail sales rose 0.5% in September, more than was originally anticipated. A positive number, since they rose for the second consecutive month. Remains that over one year, the situation remains worrying, always accusing sales down 6.6% yoy in the third quarter.

The government wants to encourage companies to early negotiations on stress at work. Introducing an emergency plan after the highly anticipated series of suicides among France Telecom, Xavier Darcos acknowledged that governments had "underestimated" the issue and requested that "each company will grasp the subject." According to a poll released this week, 66% of French assets say they feel more stress in their profession.

Specifically, the Minister of Labor hopes that discussions begin before February 2010 in the 2,500 companies with more than 1,000 employees. He also expects that "either declined the inter-national agreement, signed in late 2008, which aims to" increase awareness and understanding of workplace stress, employers, employees and their representatives. "An initial assessment will be completed in February 2010, said Xavier Darcos to the sides, meeting within the Council guidance on working conditions (COGT).

Denunciations Internet

Even if "nothing is excluded, the appeal of the Minister of Labor is however subject to any affirmative duty, regretted the unions. "The first penalty is transparency," said Xavier Darcos justified. "We publish on the Internet list of companies that have negotiated those who did not negotiate, if any, but I would not recommend, and the results of these negotiations and good practices" to implement, he said."Given the pressure of public opinion, transparency is a very good solution," he still tried.

The government has not provided real steps beyond the business of more than 1,000 employees, hoping that their actions will serve as a model for others. Xavier Darcos however called for "shares information on the psycho-social risks" within the SME and SOHO. "For companies engaged in a process of restructuring, the ministry requires however taking into account psycho-social risks. And a monitoring unit will be established to "coordinate" and "impulsive" actions to prevent stress at work.

These different elements will be incorporated under the Occupational Health Plan to be developed "by the end of 2009."

The Blackstone investment bank specializing in particular mergers and acquisitions and capital investment, consider an IPO for eight of its companies next year. The group hopes that its companies will be fairly valued at their introductions to "cover the costs significantly," says founder Steve Schwarzman, quoted in newspaper financial columns of the Financial Times.

The daily sees this decision BlackStone new confidence in the market by the U.S.. "The worst is behind us," said Steve Schwarzman.

The Blackstone Group, founded in 1985 by two former Lehman Brothers with $ 400,000, has itself been brought public in June 2007 with a capitalization record 40 billion U.S. dollars.