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Arnaud Montebourg is the arbiter of the final duel between Martine Aubry and Francois Hollande in the Socialist primary. It requires commitment of both candidates on his favorite themes: the de-globalization, the moralization of finance and the renovation of political institutions. Decryption. Arnaud Montebourg received 17.2% of the votes in the first round of the Socialist primary, Sunday, October 9.

He is the man most courted of the week. With over 17.2% of votes in the first round of the Socialist primary, Arnaud Montebourg can tip the vote of the electorate to the left in the second round, Sunday, Oct. 16, in favor of either Francois Hollande (39, 2% of the vote) or Martine Aubry (30.7%). The deputy of Saone-et-Loire is also raising the stakes: the champion of de-globalization conditioned its support for consideration by the two contenders of his campaign themes.He waits, before deciding to know the positions of mayor of Lille and the member for Corrèze on four themes: "industrial protectionism, financial control, the Fifth Republic and the fight against corruption," Does detailed it in an interview with Liberation. The ideas of Arnaud Montebourg can they find their place in the curricula of Martine Aubry and Francois Hollande? In part, yes.

The fight against corruption

Behind the term corruption, Arnaud Montebourg is of course the dirty business of French politics – the case Karachi, suitcases and of course Ziad Takieddine Guerin splashing the PS of the Bouches-du-Rhone, but also tax havens. The deputy of Saone-et-Loire wants to dismantle tax havens. To do this, he advocates a ban on transactions originating in or destined for the territories.He wants to force French companies have subsidiaries in tax havens to be closed and will repatriate "hidden money" in these territories. It also promises to "severely punish" evasion.

If they have not been a major theme of their campaign, Francois Hollande and Martine Aubry are widely separated positions Montebourg in this area. The two finalists in the primary would also like to strengthen the fight against tax havens. The project also calls for the PS to prohibit banking secrecy within the European Union.

Financial control

Throughout his campaign, Arnaud Montebourg has been the voice of the struggle against "financial chaos". He argues for "dirigiste measures and prohibition." He wants to dismantle such rating agencies and offers in return for establishing a European public rating agency.He also advocated the establishment of an authority markets at European level and the merger of European stock exchanges to avoid unnecessary competition. Montebourg also argues for a 0.1% tax on financial transactions European … being adopted in Europe For banks, the deputy of Saone-et-Loire wants to "put under trusteeship." This would, he said, with an entry "authoritarian" state to the board of financial institutions, with a veto. The first act of the state would force them to separate their banking and retail banking.

Martine Aubry and Francois Hollande agree to force banks to split their activities. However, they are less enthusiastic about the proposal to enter without consideration to their governing body. This can be done, according to two candidates, if the State recapitalize banks.The tax on financial transactions in Europe and the creation of a European public rating agency proposals are included in the proposed PS. No word, however, on a possible merger of the exchanges.

Industrial protectionism

It's his hobby: the "de-globalization" – even if it does not use that word in the letter he sent to Martine Aubry and Francois Hollande. Arnaud Montebourg advocates the introduction of a carbon tax outside the borders of the EU imported products reflect "fair carbon cost, health and social", coupled with a carbon tax "within the Union European "encourage" companies to change their ways of producing. "The deputy of Saone-et-Loire advocates also provide France with an anti-dumping: a mechanism for unilateral ban certain products to market (non-EU) "in case of aggression by trade unfairly low prices."

On this subject, Martine Aubry and Francois Hollande are more cautious. The mayor of Lille prefers to speak of "fair trade" and "globalization safer." Specifically, it supports the creation of a tax "social and environmental planning at the entrance" of the products manufactured outside the EU. François Hollande speaks for his "new rules" of world trade, negotiated with other European partners, with "taxation" or "entry ban" of certain products, particularly from China. But according to the member of Corrèze, protectionism and autarky are not adequate responses.He believes that restoring the competitiveness of lights and the establishment of a genuine industrial policy are the best weapons against the adverse effects of globalization.

The Sixth Republic

For ten years, Arnaud Montebourg defends a change of constitution. The Sixth Republic is calling for that allocate roles between "a president who will, a government with the fullness of his powers and a Parliament with enhanced supervisory powers including the opposition." It would be a strong focus on popular initiative referendum, would end the impunity of the head of the state and would prohibit multiple directorships.

Martine Aubry and Francois Hollande do not return to their account the change of Republic but are in favor of a "modernization of political life." The mayor of Lille is to prohibit multiple directorships.She wants to introduce more proportionate in the national and local elections. Francois Hollande said that he will "put the institutions on their feet" "with a president who presides over a government that governs, a parliament that legislates." PS The project also plans to set up popular referendums.

Finally, proposals for Arnaud Montebourg are certainly more radical but not so far removed from those of Martine Aubry and Francois Hollande. "Do not overestimate the differences between Arnaud Montebourg and the other candidates. Arnaud used a more aggressive tone, but it is not necessarily become global justice. The measures that are advocated in the socialist family," concludes Olivier Ferrand, president of Terra Nova, the think tank of the PS.

The lack of progress on the issue continued to Greek drive down European shares Tuesday. Paris has opened a decline of 1.44%. The trading floor in Frankfurt

The lack of progress on the issue continued to Greek drive down European shares Tuesday, all seats have opened lower. After closing sharply down Monday already, Paris began a decline of 1.44%, 1.72% Frankfurt, London and Milan by 1.40% to 1.43%.

Monday the New York Stock Exchange finished at its lowest for over a year: the Dow Jones lost 2.36% and the Nasdaq 3.29%. The Tokyo Stock Exchange ended Tuesday for his part still down (-1.05%), investors also feared a worsening crisis of the Greek debt and worried about the fall of the euro vis-à-vis the yen.

Meeting in Luxembourg, the finance ministers of the euro zone on Monday night decided to postpone decisions regarding new loans crucial to Greece, to which they have requested additional budgetary efforts. "European officials have once again been unable, despite the urgency to take concrete measures, merely simple ideas," said one Paris-based analyst who requested anonymity. "The increasing uncertainty about Greece feeding the search for security" in the financial markets, analysts have estimated the UniCredit in Frankfurt.

More contributions to banks to help Greece

The Paris market was also affected by a precipitous decline in Dexia, which reached up to 37% in early trade, after an extraordinary board left open the possibility of dismantling the Franco-banking group Belgian overtaken by the crisis.

The only concrete step: the second aid plan for Greece, 109 billion euros promised July 21, saw down an obstacle to its implementation. The members of the euro area reached after weeks of procrastination to a compromise on the guarantees requested by Finland in Athens. The new plan could also be modified to be greater involvement of banks, which suffer a discount greater than 21% so far on their claims considered Greek. But those ads were still insufficient to investors.The rest of the Asian stock markets were moving sharply lower Tuesday morning, the euro continued its decline, falling to its lowest level in a decade against the yen.

The market will follow the meeting on Tuesday, from 09am, finance ministers of the entire European Union. No major announcement is expected at the meeting mainly aimed at preparing the summit meeting between finance ministers of the G20 countries scheduled October 13 to 16.

Drawn down by banking stocks, European markets are still concerned about the debt crisis in Europe. Paris loses 2% in mid-day. A passerby looks at stock prices in Tokyo in March 2011.

European shares sank into the red at midday Friday, led by a sharp decline in banking stocks, the debt crisis still being equally felt, just before meeting French President and Prime Minister of Greece. In Paris, a negative analyst of the Swiss bank UBS, which has drastically lowered its price targets for Societe Generale, BNP Paribas and Credit Agricole, who tipped the trend.

After opening up, to 10:20 GMT, Societe Generale and yielded 7.64%, BNP Paribas and Credit Agricole 5.04% 5.20%.In Frankfurt, Deutsche Bank, which is the subject of persistent speculation about a profit warning, lost 7.61% and 4.04% Commerzbank. The statements of the finance minister, Wolfgang Schäuble, to the Bundesrat, is not expected to allay fears. "Our concern is that the situation on financial markets, which is worrying, could lead to a crisis in the financial and banking sector, with a great danger of contagion," he said.

Apart from these bad news for banks, the market was marked by profit taking, investors making final adjustments to their portfolios on the last day of the quarter, told AFP Yves Marc, managing actions in Global Equities. The bad inflation figures in the euro area, retail in Germany, private consumption in Japan and manufacturing activity in China as markets were firing down.After opening slightly down, went down during the growing morning. Towards 11:00 GMT Paris lost 2.06%, 1.69% in London, Frankfurt 2.84%, Milan 1.78% and 1.61% Madrid.

Overall, "the trend is still fragile," said Marc determined. The debt crisis is indeed a major source of concern, while French President Nicolas Sarkozy will meet with Greek Prime Minister George Papandreou at 1500 GMT, to "take stock of the situation with him now facing Greece ". After the meeting, "(…) I have the opportunity to say exactly what is our strategy regarding the support that we need a European country like Greece," said Mr Sarkozy.The statement from the Elysee said that in the eyes of Chancellor Angela Merkel and French President, "It resolved the implementation of decisions taken at the summit of July 21 that will overcome the current difficulties the euro area ".

The three main creditors (European Union, European Central Bank and International Monetary Fund) came back from Greece on Thursday in the country, always in the balance, the payment of $ 8 billion a first loan in Athens in May, needed to avoid a default. After the vote of German and Estonian parliaments Thursday, it was the turn of one of Austria to comment Friday on the EFSF.

The president of the AMF considers that the situation in the markets is "very, very worrying." He said a collapse of the entire global economic system is to be feared. Jean-Pierre Jouyet said that "it is not in a better situation than in 2008."

The chairman of the Financial Markets Authority (AMF) Jean-Pierre Jouyet spoke Friday of "situation, very, very worrying" in the markets and expressed concern of a "risk of systemic crisis" able to dive all the world into recession.

"We are in a State of Crisis" with "before us, the risk of systemic crisis", that is to say a collapse of the entire global economic system, noted Mr. Jouyet, questioned France Inter.This is due to "a very high debt in Japan", the "U.S. imbalances that are extremely deep despite recovery plans that do not give great result" and, in Europe, "the sovereign debt crisis," he said former Secretary of State for European Affairs.

"We need urgent action at the international level," he said, hoping that "the Europeans, Americans and the International Monetary Fund (IMF) will at least get to make a shared". "This is expected by the markets," he said, "is to see a little clearer." "We are in a situation of a crisis of debt in 2008 was characterized by a rise in private debt, which today is characterized by a rise in public debt, government deficits and imbalances in all the world economies, "he summarized."It turns out that Europe is the epicenter of this crisis." "We're not in a better situation than in 2008," he warned.

Jean-Pierre Jouyet also found that the introduction of a tax on financial transactions, to which he was in favor, could worsen the current liquidity crisis in the euro area. "I am in favor of a tax on financial transactions" but "we must choose when it is made." But "what I said – and I take into consideration in my work – is that today, it will further increase the reluctance of investors, including Anglo-Saxon and American, to respect to the euro area, "said the president of the AMF.

After Paris and Berlin were in favor of such a tax in August, the summit of the major developed and emerging countries of the G20 in Cannes (South of France) should address the issue in early November.Britain and the United States were opposed to establishing such a mechanism. A transaction tax, such as those popularized by the economist James Tobin, is to take a very small percentage of financial flows ..

European shares opened lower Monday after another failure of the party of Chancellor Angela Merkel in local elections, which could add another obstacle on the way, hard-working, a solution to the crisis of sovereign debt euro area.

The inability of Ministers of the euro area to find a solution to the crisis at a meeting in Poland this weekend, hanging over the European currency and has penalized the Asian stock markets this morning.

Around 9:30, the CAC 40 index fell by 2.15% to 2965.91 points.

1.48% let go London, Frankfurt and Milan 1.83% 1.66%.The European indices, STOXX 50, lost 2.07%.

The bank accused the largest decrease sector in Europe, the Stoxx index lost 2.55%.

In Paris, Societe Generale lost 4.01%, BNP Paribas 2.07%.

Largest drop in the index, falling 4.37% Michelin, Morgan Stanley has degraded the title of overweight to underweight.

ArcelorMittal lost 3.97%.Credit Suisse cut its target price of 49 dollars to 35 dollars.

Safran, who made his first steps in the CAC 40 lost 1.1%.

The performance of the German government bond (Bund) to 10 years, reference the euro area expands by 3 points to 1.83%.

The euro remains under pressure and is trading around 1.3696 dollars, against more than 1.37 on Friday night.

A barrel of U.S. light crude lost $ 1.04 to 86.92, Brent 56 cents to 111.65 dollars.

The Tokyo Stock Exchange finished Monday up%, taking in turn the path of recovery from the European and U.S. markets late last week.

The Nikkei gained 122.69 points to 9,086.41 and the Topix, broader took 8.93 points (1.16%) to 777.12.

GDP figures, published earlier today in Japan, reported a smaller than anticipated contraction in the economy, with a decline of 0.3% against -0.7% expected and 0.9% in quarter above.

As the Osaka Securities Exchange, the operator of the Osaka Securities Exchange, finished up 8.6% to 410,500 yen.The daily Yomiuri Shimbun reported on Saturday that the Tokyo Stock Exchange plans to become the purchaser via a takeover bid.

Toyota, Honda and Sony have outperformed the market by winning respectively 2.91%, 3.43% and 3.93%.

Deutsche Bank reported Tuesday a quarterly profit before tax lower than expected, following the presentation of its new management team.

Germany's biggest bank posted a profit before tax up 17% in the second quarter to 1.8 billion euros, while analysts polled by Reuters were expecting $ 1.97 billion.

Its net banking income came out unchanged at 1.2 billion euros.

The bank expects to achieve its goal of a 2011 profit before tax of EUR 10 billion, but that it could miss its target on its corporate finance, due to the debt crisis in Europe.

Deutsche Bank announced Monday that a duo of Anshu Jain and Jürgen Fitschen be succeeded in May 2012 at the CEO, Josef Ackermann.

Anshu Jain, 48, heads the investment bank Deutsche Bank while Jürgen Fitschen, 62, driver's German operations of the facility.

Scandinavian telecommunications group Tele2 has released Wednesday a net profit slightly above expectations for the second quarter.

The EBITDA (EBITDA) rose to 2.7 billion Swedish kronor (293 million euros) over the three months April, May and June

Consensus means established by Reuters was 2.6 billion crowns.

Tele2 has raised its targets for its activities in Russia, where he now has to increase its EBITDA margin to 38-40%, against a previous target of 36-39%.

Rival TeliaSonera, the Scandinavian telecommunications leader, has also published the results slightly above expectations and maintained its objectives.

The EBITDA before special items rose to 9.1 billion kronor (988 million), against an average wait of 9.0 billion and 9.2 billion the previous year.

TeliaSonera plans for this year increased its net sales by approximately 3% in local currencies, and also banking on a gross operating margin higher than in 2010.

But the vote may be wasted … The law will only take effect if Congress's vote to 3/5e. Which requires the votes of the PS.

The Parliament adopted Wednesday during a final vote in the Assembly the "golden rule" of balancing public finances, which will enter into force, however, in the constitution that if Nicolas Sarkozy convenes both houses in Congress, where the majority of 3/5e is required.

The bill "provides for the establishment of framework laws to balance public finances, with the objective to provide over several years, the balance of government accounts."

To date, no date has been set for the convening of Parliament in Congress. The opposition doubts that the executive take the risk to convene parliament without being sure of getting the required majority.Read about the interview with Michel Sapin, the Socialist Party national secretary for the economy: "Nicolas Sarkozy is a pyromaniac firefighter who claims".

Finance ministers of the euro area Saturday released a tranche of aid to Greece to 12 billion euros, thus avoiding in Athens to default on its debt in the coming weeks.

In a statement issued after a conference call of the Eurogroup, the ministers also said they continued their discussions on the establishment of a second aid plan for Greece, which could be a similar size to the forefront of 110 billion euros agreed in May 2010.

"The Ministers welcomed the progress made by the Greek authorities (…) In particular, the Ministers noted with satisfaction the adoption by the Greek parliament of key legislation relating to tax strategy and privatization, "it is written in the text.

"Therefore, the ministers endorsed the report of the Commission and the signing of the MoU," can we still read.

The payment of this tranche of aid, the IMF has yet to formally approve, was conditioned to a new austerity program of about 28 billion euros that the Greek Parliament adopted Thursday.

The sixth installment of aid, from 8 billion euros, must now be paid during September but the Europeans hope to tie up by July 11 the second aid plan, which they hope to involve banks, insurance companies and private investors.

"Consultations with the Greek creditors are underway to define the modalities of voluntary participation from the private sector in order to achieve a drastic reduction in annual funding requirements of Greece, while avoiding selective default" the statement said.