In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.

Given the events of recent weeks, Moody's said have to consider "the likelihood of a scenario even more negative." She said "the probability of multiple failures (…) States in the euro area is no longer negligible" and continues to grow in the absence of solution to the crisis. If this probability were to materialize, it would increase the likelihood that one or more countries leave the euro area, the agency said, for whom this scenario of a "fragmentation of the euro" would have "negative repercussions for all countries the euro area and EU. " For Moody's, the situation is constantly evolving, and new "shocks" (new rescue or rising interest rates which states borrow) while policy makers define new measures are "likely to lead to changes of note in case by case "for some countries.

These operations include a bond due in December 2016, for $ 350 million with a coupon of 9.375%, said the automotive supplier in a statement.

The refinancing of Faurecia also involves a new syndicated loan of 1,150 million, consisting of two bands A (690 million euros) and B (460 million), respectively of maturity in November 2014 and November 2016.

These two operations will allow us to prepay a loan of 250 million euros made by Peugeot in conjunction with the refinancing of the existing syndicated bank also said Faurecia.

Revenues rose 0.6% to 4.65 billion euros against 4.51 billion euros expected on average by eight brokers polled by Reuters.

In August, the brewer warned that weak consumer confidence, combined with a sluggish summer, would affect earnings growth this year.He also maintained its forecast for net profit before exceptional items for 2011, saying it would be roughly consistent with the previous year.

In the third quarter, net income amounted to 525 million euros, an amount virtually unchanged from last year.

The title gained 1.24% to 0800 GMT, having reached in early trade a high of two months with an increase of 4.1%.

The Greek parliament adopted Thursday night by items, with the only voice of the majority Socialist, the new law austerity contested by the opposition and on the street by the unions. The Prime Minister, George Papandreou, welcomed the vote in a letter read by the Speaker of Parliament, and announced the deregistration of one Socialist MP and former Labour Minister Louka Katseli, which marked its difference by voting every items except 37, the freezing collevtives sectoral conventions.

At the request of the opposition, a registered ballot was held about twenty articles of the law's most controversial, or in addition to Article 37, those providing for new wage cuts and layoffs in the placement of some 30,000 people in the public sector. All members of the opposition present, 144 out of 146 voted against the second day of a general strike against these measures by the unions, and massive anti-austerity rallies interspersed with incidents.

The rest of the articles was adopted by a simplified procedure following the roll call vote, while the law had already adopted "in principle" on Wednesday night. A new formal vote "throughout the text" has been postponed to a later meeting, said the Chairman. The Ministry of Finance said earlier that it was only a formality.

The adoption of this law, required by the creditors of the country, European Union and International Monetary Fund fell "national responsibility", so that the country "avoid bankruptcy" by receiving a new tranche of international loans, said M . Papandreou. He also found that the country gained in strength and to negotiate in the EU and the euro area for a resolution of the problem of its indebtedness.

A nearly six months of the presidential election, the French authorities have once again assured Tuesday that they would do anything to keep the maximum score, which allows the country to finance at low cost, and promised new measures if needed.

But their room for maneuver seems limited because growth such as trust are affected globally in a context of anxiety in financial markets.

Bank stocks have fallen to the Paris Stock Exchange after the announcement of Moody's, while the yield on the French debt and insurance against the risk of default (CDS) rose, the yield spread between French and German debt (spread ) reaching a high for 16 years.

Moody's does not mention specifically the possibility of a perspective "negative" on the Aaa French, but if it were to lower the perspective, a downgrade could occur over the next two years.

"The 'triple A' is not in danger because we will answer these and we will be even ahead of the goals of deficit reduction," said French Finance Minister, Baroin, on France 2."If necessary, we will take steps for the appointment."

"We will make every effort not to be degraded," he added, noting that "we still have enough tax loopholes, if necessary, we will remove them."

GROWTH flu

The rating agency said in a statement: "In the next three months, Moody's will review and assess the stable outlook against the government's progress in the implementation of these measures (fiscal consolidation-Ed), taking into account all economic and market potential negative. "

Moody's also refers to the likely increase in the French contribution to the rescue of Greece and the prospect of a recapitalization of banks in the country, to which the State may need to participate.

"The deterioration in the debt figures and the possible emergence of new financial commitments put pressure on the stable outlook of the Aaa rating of the state" French, says the agency.

Engine of French public deficit, the country's growth next year should be much lower than the 1.75% forecast by the government, which may influence the path that should lead France to a deficit of 4 , 5% of GDP in 2012 and 3% in 2013, after 5.7% this year.

According to the survey conducted by Reuters with a score of economists, and they expect an average growth of 1.0% next year.

Baroin has for the first time said Tuesday that the objective of 1.75% was "probably too high."

Economists polled by Reuters Tuesday, believe that the economic downturn is the first threat to France and its sovereign rating, a threat reinforced by the possibility of further government intervention to resolve the crisis in the eurozone and strengthen the banks.

"The Triple A French is a little on the hot seat, especially if the French economy was facing a shock much deeper than what we anticipated," said Jean-Christophe Caffet, an economist at Natixis.

For Gilles Moec, an economist at Deutsche Bank, "the issue of growth is most important because it constitutes the core of the macroeconomic strategy of France.""The engine stalled, forcing more likely to act on the structural deficit."

Philippe Waechter, director of economic research at Natixis Asset Management, for its part said that "if growth is not expected robustness, the objective of reducing the budget deficit will not."

Jean-Louis Mourier, economist at Aurel Leven, said meanwhile that "bank recapitalization would impact the debt but the real problem is the trajectory of public finances and therefore growth."

PUZZLE AND EUROPEAN PRESIDENTIAL

Moody's notes that the level of debt of France is among the highest Aaa rated countries, while remaining content with a relatively low weight of the interests of debt to government revenue.

But the ability to fund high levels of debt "is based on investor confidence in the government's ability and willingness to cope with unexpected challenges," the agency said.

A situation even more critical that the chronic current account of France requires it to obtain financing from foreign investors.

François Fillon on Tuesday urged members to refrain from bidding on the draft budget for 2012, including the examination begins on Tuesday, with specific reference to the warning from Moody's.

"In this context, the budget debate must be exemplary," said the head of government before the UMP group, reported a number of members present at the meeting.

A weakening of the "triple A" French further complicate the resolution of the crisis in the eurozone, France, with Germany being the main contributor to the European Financial Stability Fund (EFSF), the European support fund, whose rating depends part of those of its contributors.

Beyond the EFSF, the European dynamic could be profoundly affected if the second largest economy in the euro area clinched the best student, Germany.

The threat of a possible negative watch placement of Aaa, should also limit a little more room for maneuver of the candidates in the presidential election of April-May

The Socialist candidate Francois Hollande and his family have announced that their action, if they win the presidency, will be dictated by the need to preserve the confidence of creditors of France.

"We need better regulation and better capitalization of banks," he said.

"Everyone will not like this, but it is the best way there is no escalation of the crisis caused by a collapse of the banking system."

"The cause of this crisis is too much debt, but we must fight the danger of contagion. We must simply recognize that banks currently have more trust towards each other, so the market Banking is not working as it should.The best way to combat this is a better recapitalization. "

The announcement was made at the plant Onnaing by Makoto Sano, president of Toyota Motor Manufacturing France (TMMF).

Toyota will put in place from January 3rd a third shift of production to meet the specifications of orders for the Yaris III, stronger than expected in Italy and the countries of northern Europe.

Toyota will hire 800 employees with contracts of 18 months. Once recruitment is complete, the size of the Toyota plant to reach Onnaing 4300 employees, a record since it opened in 2001. Toyota Onnaing site is dedicated to the production of the Yaris.

Prime Minister Francois Fillon has announced the lowering of government growth forecasts to 1.75% for 2011 and 2012, instead of 2% and 2.25%, forecasts that had become higher than many economists.

"The realism leads us to adjust the growth assumptions," he said at a news conference. "For 2012, caution is even more essential."

The new measures are required to report one billion euros in 2011 and 11 billion in 2012.Cancellation credit of 500 million euros in 2011 was also announced to offset extraordinary expenses already incurred.

The Prime Minister has hardened the public deficit target for the end of 2012 to 4.5% of GDP instead of 4.6% previously and confirmed the deficit of 5.7% in 2011.France has pledged to then reduce the deficit to 3% in 2013 and 2% in 2014.

Among the measures announced, a contribution "exceptional" 3% on higher income (income tax of 500,000 euros and up), which will be in effect until the deficit is reduced to 3% of gross domestic product, or end of 2013 according to the French commitments.

Its product is estimated at 200 million euros in 2012.

François Fillon announced a new step to reduce tax loopholes in 2012, higher taxes on tobacco, alcohol and sodas and the inclusion of overtime in the calculation of general relief of charges.

For the year 2011, limiting the deferral of losses on their corporate tax must report 500 million euros and a 1.2% increase in payroll taxes on capital income 200 million.

Removing a reduction Exemption real estate gains must report 200 million this year and the removal of a tax exemption on insurance agreements 100 million euros.

The 6% increase in tobacco prices should bring it 100 million this year.

It said Beijing had "nothing to fear" regarding the safety of its investments in the massive U.S. sovereign debt, while Premier Wen Jiabao praised the resilience of the U.S. economy.

Joe Biden is visiting China as it seeks to blur the differences between the two largest economies in the world and connect with the current and future leaders of the country.

Wen Jiabao said he was optimistic about the chances of the U.S. economy to get back on track, echoing comments made earlier by Vice President Xi Jinping, who should theoretically succeed Hu Jintao as President of countries.

"It is particularly important that you have sent to the Chinese people a very clear message that the United States will hold their word and meet their responsibilities for external debt.It will preserve the safety, liquidity and value of U.S. government bonds, "said Wen Jiabao to Joe Biden.

This is the first time a top Chinese leader expressed directly and publicly about the crisis in the U.S. debt since Standard & Poor's downgraded the sovereign rating of the United States.

Joe Biden said that Washington appreciated and rejoiced Chinese investment in U.S. Treasury bonds."Quite honestly, I want to assure you that you have no reason to worry," he said.

"Nobody ever won money by betting against the U.S.," he said earlier during a meeting with his counterpart Xi Jinping, according to a transcript of the interview.

Xi Jinping was in turn reported that the caller had informed him Thursday "the efforts undertaken by the U.S. government to boost growth and employment, reduce the budget deficit, properly manage debt and maintain the confidence of global investors."

"The U.S. economy is highly resistant and has a large capacity self-perpetuating.We believe that the U.S. economy will expand to even better in dealing with its challenges, "said Xi Jinping.

He reiterated the need for cooperation between Washington and Beijing to restore confidence in markets, and stressed that "confidence is more precious than gold."

After his visit to China, Joe Biden is scheduled to visit Mongolia and Japan.

The IMF's warning comes as part of an update on the economic prospects. The Fund believes that a slow recovery will continue at a rate of 2.75% -3.0% from 2012, but that debt is a concern.

"Members of the Board stressed the urgency of meeting the federal debt ceiling and agree on the details of a comprehensive sanitation program in the medium term," the IMF said.

Efforts continue between the White House and congressional leaders to develop a plan to avoid a possible default on debt.