Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, known to be substantially revised over the deteriorating economic situation, warned Saturday the European Ministers of Finance. At a meeting of central bankers in the euro zone on Friday night, "we agreed to say that we had to have a substantial increase in the contribution of the banks' rescue of Greece, as a impairment of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector.They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF). The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% of the private sector, the second program of public financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros at the time scheduled.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

"It is also an effort by the private sector"

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan in Greek and this new plan is true that there is a substantial effort to Greece again, there is an effort by European countries and will also require an effort of the private sector" said his Belgian counterpart Didier Reynders.

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros.The subject was Saturday in the agenda of the ministerial meeting, before a meeting in the evening between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the EU summit on Sunday.

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The fans thought they were lights beverage spared the tax on soft drinks made by the Government in late August. Did not count on a UMP Amendment / New Centre approved in committee Wednesday as part of the review of the draft budget 2012. While the amount of tax on sugary soft drinks is on track to be doubled, MPs are now looking to expand the scope of this tax on soda beverages containing sweeteners.

The government, which did not include this option in the first place, now says not to exclude the idea. "It is the wishes of the parliament, we will discuss," said the spokesman of the government, Valérie Pécresse, on the set of Canal + on Thursday.

The stakes are high for the government because the sugar-free drinks, but with sweeteners that give a sweet taste, is increasingly consumed.Today, they account for 17% of the soft drinks market with strong brands like Diet Coke or Coke Zero.

No figures have yet been provided about the extra tax revenue that would generate this new amendment, if adopted in plenary session. The previous amendment adopted by the Finance Committee of the National Assembly, to double the amount of tax, also remains to be validated by all the members. By itself, it could generate a windfall estimated at 250 million euros a year, instead of 120 million euros initially planned. The rate of contribution on the sodas would be increased to 6.22 euros per hectolitre in 2012.Then he would be raised from the beginning of 2013, to January 1 of each year, at a rate equal to inflation (excluding tobacco) in the penultimate year.

Support the agricultural sector

As announced in the Figaro, the objective of this expansion drinks with sweeteners is to finance the lower cost of agricultural labor "to allow our farmers to sell their products at the same price as Germany and Spain" explains Valérie Pécresse. The government has in fact reduced in 2012 from 210 million payroll taxes on permanent farms. The tax will be reviewed and corrected to about half.

The industrial problems digesting the news. "We said from the beginning that it was normal to participate, provided that everyone involved in the fight against deficits.Simply, we do not want to be the adjustment variable of all the deficits that pass and on which we have not much to see, "said Jean-Rene Buisson, president of the National Association of Food Industries (Ania ). The doubling of the tax sodas would, he said, an estimated increase "between 0.2 and 0.3 cents" per can.

No problem for Michel Diefenbacher UMP (UMP): "These drinks, which are not basic necessities, benefit from the reduced VAT rate.They must be able to withstand the additional load generated by this new contribution, "says he in a sub-amendment.

But for now, nothing is yet definitively confirmed nor on the doubling of the tax, nor about its extension to drink with sweeteners.

End of aspartame in system U

The distribution group Système U has chosen to abandon the use of aspartame in soft drinks sold under any brand, starting in January. For the first time a manufacturer makes such a decision. This choice responds to the concerns of the European Food Safety Authority (EFSA) on the effects of this artificial sweetener.

Système U has already banned the use of parabens in cosmetics and Teflon in cookware. Its chairman Serge Papin, expresses his desire to "become a leader in healthy products."

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Having fallen heavily on Wednesday, the Dow -1.52% to close at 11,010.90 points, Wall Street has ended without a clear direction a very volatile session on Thursday. The Dow Jones gained 1.30% to 11,153.98 points and the S & P 500 has been 0.81% to 1160.40 points. In contrast, the Nasdaq lost 0.76% to 2480.76 points.

U.S. investors have not received so favorably that the approval on Thursday afternoon of the German parliament to extend the relief fund of the euro area (EFSF).

U.S.: GDP growth rate revised upwards

On the macroeconomic front, the growth rate of GDP of the United States has been officially revised up Thursday, slightly more than analysts thought.Second-quarter U.S. gross domestic product grew 1.3% annualized compared to the previous three months, said the Commerce Department, revising and up 0.3 point its growth estimate released in late August .

On a seasonally adjusted, new jobless claims in the U.S. totaled 391,000 in the week of 18 to 24 September, against 428,000 the previous week.

Real estate side, the promise of sale of existing homes fell in August from 1.2% to 88.6, its lowest level since April. Economists polled by Reuters were expecting a sharper decline at -1.8%.

On the foreign exchange market, the euro rose to 1.3593 displayed dollar (0.50%).A barrel of "light sweet crude" for delivery in November gained 93 cents to 82.14 dollars on the New York Mercantile Exchange where he had opened up more than two dollars.

Values ​​follow:

• LyondellBasell (-4.03% to 26.65 dollars)

French employees of the American specialist petrochemical voted on Thursday extended for 24 hours of their strike and blockade on all Group units in Berre (Bouches-du-Rhône), due to the closure of the refinery . Meeting in mid-day general meeting, they voted the renewal of the movement by a large majority.

• Advanced Micro Devices (-13.66% to 5.31 dollars)

The U.S. manufacturer of microprocessors said Wednesday it lowered its forecast for revenue and gross margin for the third quarter, partly because of production problems at a plant in Germany unsecured personal loans.The group now expects its revenue for the quarter ended October 1, increase by 4 to 6% over the second quarter against a previous forecast of 8 to 12%.

• Amazon (-3.16% to 222.44 dollars)

Internet group Amazon introduced its first multimedia tablet Wednesday, the Fire Kindle, sold half as much as the market leader, Apple's iPad, which promises to be a credible competitor. Sold $ 199 (against at least 499 dollars for an iPad) as of November 15, exclusively in the United States as a first step, the Kindle Fire is part of the range of reading lights Amazon Kindle has been declining for four years.

• Hewlett-Packard (2.54% to 23.78 dollars)

The U.S. computer group used the services of investment bank Goldman Sachs to help it defend itself against a possible hostile bid, said Wednesday the Wall Street Journal.Weakened by the collapse of its share price and the recent upheaval at the helm, the group was concerned that one or more shareholders trying to take control, the newspaper business, citing people familiar with the matter.

• Nokia (3.96 to 5.77 dollars)

The world of mobile phones said Thursday it plans to eliminate 3,500 jobs in Romania, Germany and the United States by the end of next year."Nokia plans to close its operations in Cluj, Romania, by the end of 2011 (…) and plans to close (its offices and commercial activities) in Bonn, Germany and Malvern, United States," by the end of next year, the company said in a statement.

• Ford (0.70% to $ 10)

The automaker plans to hire 7,000 people within two years the United States, ruling that the U.S. economy do not wipe recession.

• General Motors (1.71% to 20.76 dollars)

The group said Thursday that the new contract four-year agreement with the United Auto Workers (UAW) would have a financial impact "minimal".

Reduce the "gap" of 95.7 billion euros of state will take time. Further action on pensions would give the impression that the reform of 2010 was insufficient. And the government did not hand over the finances of local governments. To give a visible signal of declining deficits before the presidential election, the government has a priority: Medicare. The hole is "halved between 2010 and 2012," has already promised the Minister of Budget and Public Accounts, Valérie Pécresse. This should reduce it to less than 6 billion euros.

To do so, Medicare will benefit from additional revenue: it will recover much of the 10 billion of additional levies announced in late August, by François Fillon. But it will also make an effort on his expenses.The aim will be to contain their rising to 2.8% (against 2.9% this year), which means 2.2 billion savings from the spontaneous progression.

The distribution of these savings will be presented Thursday by the government, which unveiled the outline of the proposed 2012 budget of Social Security, along with the latest forecasts of deficit, which is less than 18 billion euros for 2011. It's the drug industry that should be first put to use.

Price reductions, which in recent years revolved around 500 million euros a year, this year will be closer to 650-700 million, according to notifications sent to laboratories already. The delisting will be added.

Whereas in the past it was often compromised, including inventing a "orange sticker" reimbursed by the social security 15%, the government should not hesitate this time to completely delisted drugs ineffective quick guaranteed personal loans.

The warning laboratories

Mediator since the affair, the French no longer have absolute faith in drugs, which should make it less difficult such a measure. Benefit Schedule: as price reductions, the exclusions from reimbursement are also savings in complementary, as they also leave the drugs in question from the list of products they support.Now the government wants reconciliation with the complementary, after having inflicted one billion euros in additional tax.

Leem, the association of laboratories and underlines that these measures in 2012 will coincide with the expiration of many patents, according to his representative estimates 1.2 billion in sales, against an average of 700 to 800 million the previous year.Add to this bill on the drug prepared by the Minister Xavier Bertrand after the scandal of the Mediator, Leem fear next year an unprecedented decline-of-sales of the pharmaceutical industry, which could reach a % or 2%.

In addition, samples should increase: for, an increase in the special tax on the turnover of laboratories (currently set at 1%, it could return to its former level, or 1.7%) and contribute indirectly to fund new training for doctors, via the state.

Leem warned against further reductions, particularly among sales representatives, and against a "climate of distrust" that would push the major international laboratories to prefer other countries to invest in research or production.

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The panic would still blow time on banking stocks on an exchange. In any case, what predicts Frederic Oudéa, CEO of Societe Generale, in an interview with Journal du Dimanche. The latter ensures that "nervousness can last at least until early November," that is to say at the time of publication of third quarter results.

This period will provide an opportunity for banks to prove to investors that they are doing well. Starting with Societe Generale, whose share price has further declined by almost 16% last week."We will have the opportunity to communicate to the market that the bank has no liquidity problem, its activity is healthy and that its investment capacities are intact," says Frédéric Oudéa, who had made similar remarks after that his institution has been a rumor about his health.

Wait and see

According to the head of the French bank, the sector is the first victim "of downward revisions of global growth prospects" and "doubts about the debt of the euro area". Markets therefore expect political decisions from the United States, France and Germany. But these "slow" because of the elections in these countries prepare themselves."You can see a waiting period," warns the leader then.

This will be even greater that there is a lag time between taking a political decision and its implementation, said the head of Societe Generale. For Europe in particular, "the area in need of economic convergence, integration of tax policies. That will not happen as fast as the markets want. "

According to Frédéric Oudéa, global stock markets in any case "slipped into excessive pessimism." The fear of a global recession, which shook investors, moreover, has no place: "What we see confirms our expectations. The second quarter marked a break. We said that growth in developed countries would be moderate. Things will balance but it will take time. "

No takeover bid for SocGen on

In this interview, Frederick Oudéa also ensures that the bank he heads will not be the subject of a takeover bid, despite the sharp drop in its share price. "I see no looming strategic move," said he. "It will happen in Europe if the bank nothing is happening in Europe at all. Industry consolidation will not intervene if the situation does not change. There should be no movement before attending two or three years. "

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The cost of housing is a key criterion for the French when accepting a job. A study by the Research Center for the Study and Observation of Living Conditions (Crédoc) reveals that weighs so heavily in real household budget that "70% of workers say they would refuse a job better than they currently hold if this would cause a move leading to an increase in their housing costs (agency fees and transfer, new housing too expensive, etc.).. "

More than half (56%) of 2006 respondents at the request of the MEDEF, which counts among its ranks of companies to recruit Penant – state and not be forced to move a test is "very important" in the choice of a new job. Experts emphasize Crédoc for comparison as these assets are only 48% to include the amount of compensation as a criterion."The hope of wage gain does not appear to offset the fear of having to spend more on housing and, finally, many prefer not to move," says the study. Worse, Of the 4.6 million registered unemployed in job center, 500,000 – 11% – have given up a job in the last five years for failing to support an additional financial cost housing.

The origin of this choice: two realities, closely linked. Most jobs are concentrated in large urban areas (77% according to INSEE), while house prices explode, due to strong demand and the housing shortage."A growing proportion of employees in particular within the middle classes – and those seeking employment can no longer reside in the inner cities of large urban centers because rents are too high or because the purchase price housing beyond their financial capabilities, "says the study cash advance in one hour. Consequently, the travel time longer, making it difficult to reconcile private and professional life. Thus, 7% of people of working age said they had given up a job because of excessive travel time.

The barrier property

And the situation is equally difficult for wealthier households, who already own. The survey confirms that 80% of them are reluctant to move.A remark already made in macroeconomic analysis by economist Andrew Oswald and the OECD, which show that countries where the ownership rate is higher are also those where the unemployment rate is higher.

In conclusion, the Crédoc recalls "the need to take into account the housing issue when looking for employment," and that the introduction of housing assistance devices may have a direct impact. For example, the study suggests using Housing Action (formerly "1% logement") funded by companies for their employees. If experts say Crédoc a comprehensive study is needed to accurately assess the system, they note, however, that the study results show a positive effect on the mobility of employees and hence on employment. A conclusion that is sure to please the sponsor of the survey.July 18, the MEDEF employers' organization joined with labor unions to protest a drain of 3.4 million euros under the State Housing Action funds.

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It is not far from the "loss of face." The misfortunes of the new high speed train from Beijing to Shanghai are doing good laugh from all over China, while the press is unleashed and the authorities are trying to limit the damage. It must be said that it was promoted as a symbol of the Chinese railway resounding success, ready to go to conquer the world. But the beginnings are disastrous.

Last week, the train fell down several times. Internet forums and newspapers are full of stories telling outraged passengers have found in open country, stranded in trains closed and sweating profusely in the searing heat of summer. The Ministry of Railways had promised Friday that these problems would be "resolved" expeditiously. His spokesman, Wang Yongping, presented "excuses".And recognized that the line had seen "dozens of power outages" and a host of other "problems". The summer storms are largely responsible.

This iconic TGV line was opened with great fanfare on June 30, very proudly with "a year ahead" and, just as symbolically, the day before the 90th anniversary of the Communist Party. It was presented as the flagship of the newly high-tech controlled by China, and one of his arms out to conquer the world. Premier Wen Jiabao, said the line "operational" in Beijing before boarding for the first trip to the South. This train will link the two major Chinese cities 1300 km apart in less than five hours. The construction of the line has cost 23 billion euros.In March, the audit office of the state showed that 187 million yuan (20 million) had been diverted from the site by individuals or companies.

Massive rail projects

Chinese railway projects are enormous. In 2009, it was announced that 42 high-speed lines were planned for 2012, for an investment of 210 billion euros. China has the network of its kind in the world's largest, with more than 8000 km of track, and she wants to extend it to 25,000 kilometers by 2015 and 50,000 km in 2020. This year, like last year, Beijing is expected to invest 70 billion euros. Since the end of 2009, the "fastest train in the world" flows 350 km / h between Guangzhou and Wuhan. And last December, China announced proudly beating the world speed record with an oar unchanged at 486.1 km / h.But many voices cast doubt on the economic viability of some lines, less strategic than between Beijing and Shanghai. In February, the authorities decided to reduce the speed of TGV Chinese, for purposes of economy and to improve their safety. And the dramatic dismissal for corruption of the Minister of Railways Liu Zhijun, also in February, has revived speculation about a slowdown in rail projects.

Meanwhile, it is the airlines are rubbing their hands. They were sentenced say – almost – on the route from Beijing to Shanghai. The price of a one-way train range from 410 yuan (44 euros) and 1,750 yuan (190 euros), according to three classes, against about 1,300 yuan (140 euros) for a plane ticket in economy class.The airlines had already begun to lower their prices, with discounts up to 65% in response to the competition ground. They should slow down the movement …

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The Paris Bourse is stabilized Friday morning after a nice session of increase recorded last night leCac 40 opens to the balance (-0.01% to 3981.96 points, still close to 4000 points a threshold that has not been touched for a month. The Greek situation reassured the financial world yesterday, as the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of a next tranche of aid from the European Union and the International Monetary Fund. The euro has risen, moving at more than $ 1.45 this morning.

To be continued this morning Markit manufacturing PMI this afternoon and consumer confidence from the University of Michigan in June (2nd estimate), construction spending in May and the ISM index of activity in industry in June.

Investors also will monitor the U.S., where the issue of debt escalates.One report indicates that U.S. lawmakers should agree within three weeks on raising the debt ceiling, or the country will default.Timothy Geithner, the Secretary of the Treasury, would resign.

The figures in the automotive market

The Committee of French Automobile Manufacturers (CCFA) has released figures this morning the car market for the month of June and first half: the new car registrations in France fell 12.6% in June, in gross, with 210,236 units sold, Renault (-0.88% to 40.52 eruos) showing a plunge of 29.3%, said Friday the Committee of French Automobile Manufacturers (CCFA).

Renault breaks the price of his Renault Twingo, faced with falling sales, will sell for the first time one of his vehicles, the little Twingo at a price lower than the Logan, the model input range of its Romanian subsidiary Dacia, according to La Tribune.

PSA (-0.63% to 30.67 euros) is increasing in India The automaker is expected to invest 620 million euros in building its future manufacturing site in India, according to Les Echos. PSA will implement this facility in the state of Tamil Nadu, south of the country.

EDF EN signs a big contract

EDF. EDF Energies Nouvelles (-0.13% to 39.64 euros), a subsidiary of French group dedicated to renewable energy, has signed with the Danish Vestas Wind Systems for the use of wind turbines in Europe and the United States. The contract could provide the French operator up to 2000 megawatts over the period 2012-2014. The transaction amount was not disclosed.

LVMH (-0.36% to 123.65 euros).Philippe Pascal, who led for ten years, watches and jewelry division of LVMH, has been appointed adviser to Bernard Arnault, CEO of the world's number one luxury.

Areva (0.08% to 25.73 euros) said Thursday that the strategy developed since the creation of nuclear group by Anne Lauvergeon was a "success" and that his replacement did not involve a change of course.

EADS (-0.35% to 23 euros) Thursday announced the successful acquisition, through its subsidiary Eurocopter, the Canadian aerospace supplier Vector Aerospace, 98.32% of shares were made to the offer made in late May.

TF1 (0.48% to 12.60 euros) Thursday announced to be in negotiations to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

Carrefour (-0.35% to 28.22 euros) has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau (0.37% to 14.90 euros), leading manufacturer of sail, said that sales for the first nine months of 2010-2011 and the level of its order book permitted him to confirmed its target of annual turnover of 920 million euros.

BioAlliance (-4.92% to 5.80 euros) Friday announced the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag .

CGG Veritas (-3.13% to 24.60 euros): Goldman Sachs cut its price target to 29 euros against 31 euros previously and released the value of its company preferred.

Teleperformance (0.96%) would be an ideal target for a fund specializing in buyout leverage (LBO), analysts said while the global call center is not in debt and that its Capital is not controlled.

Valeo (2.47% to 48.24 euros) from the list of preferred values ​​of Morgan Stanley. The intermediate course is 67 euros.

Nearly three years after the financial crisis, the first sanctions against the banks fall. And the bill is particularly salty for Bank of America. The U.S. bank agrees to pay $ 8.5 billion to end the prosecution of several investors and has also spend an additional provision of $ 5.5 billion to clear the situation with the following semi-public mortgage refinancing as Freddie Mac and Fannie Mae. This would involve the agreement of compensation the largest ever signed by a bank in the United States, according to the Wall Street Journal.

Admittedly, the stakes are also unpublished.The Wall Street as investors Journalrapporte particularly experienced such a number of asset management, BlackRock, the insurer MetLife or the Federal Reserve (Fed) of New York complain about the conditions of sale of so-called "subprime," these products complex financial risk that formed the heart of the Great Depression of 2008. Symbol of a finance gone mad, these "subprime" were associated with variable rate mortgages granted to families with poor credit. Their value plummeted after the collapse of the U.S. housing bubble, which caused a series of foreclosures and debt of thousands of homes.

These individuals will not receive the compensation that Bank of America has agreed to pay. Indeed, they are used only for investors who are customers of Countrywide Financial, now a subsidiary of Bank of America in January 2008.The specialist mortgage lending in the United States had sold to investors of financial products like subprime for an initial value of $ 105 billion accompanied by guarantees on the composition of their portfolios. But soon after, with the bursting of the housing bubble in the U.S., these investments have proved extremely risky, losing most of their value. Investors who bought these financial products from Countrywide Financial believe to have been cheated, since the original contractual terms have not been met.

The case could set a precedent

Bank of America for months trying to resolve this embarrassing litigation, inherited directly from the acquisition of Countrywide Financial.But until now the CEO of Bank of America, serving for a year and a half, has refused to pay for past investments, arguing that investors had acted knowingly. By agreeing now to pay the full price, so it gives a signal again, and strong.

This case may give ideas to other investors who lost big in the collapse of the "subprime". Thus, other banks like Wells Fargo or JPMorgan could also be directly affected by requests for compensation.

The U.S. bank, which also pass for $ 6.4 billion of writedowns in its accounts the second quarter, estimates that its net loss for the three months ending in late June could be up to $ 9.1 billion, according to a statement of the institution.

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The damage is done. Although the cucumber is more pronounced as carrier of the bacterium E. Slayer coli (EHEC), the bill is very heavy for the French vegetable growers. Consumers stay still images as well as tomato salad and a time alleged by Germany.

"Nothing in a week, we estimate our losses to 3 million euros," said Friday afternoon at Figaro Angelique Delahaye, president of Vegetables in France. She just finished consolidating losses estimated at national level by some 3,000 growers of cucumbers and tomatoes. "We're going to report these figures in the service of the Ministry of Agriculture in the context of the experts meeting in Brussels next Tuesday," she says.

Half of the losses on the production of cucumbers and half the tomatoes."We lost earlier this week a program to supply 500 600 tons of tomatoes to 1.10 euro per kilo from the German central purchasing or 550,000 to 660,000 euros less," says Pierre Diot, president of the AOP (Association producer organization) cucumbers and tomatoes, producer Mordelles, west of Rennes.

Brittany produces half of the tomatoes of the Hexagon, 30% from the Deep South and the rest of the Nantes region. "After a week of total absence of trade in vegetables, we are angry because we have no alternative but to destroy our production," said Louis Vinet representing growers Nantes, tripling affected no fax cash advance.

Salads down 20%

However, it is too early to assess damage on sales of salad, vegetable of which the French are especially fond of this heat – they consume nearly 7 pounds per year -."The production is spread among a multitude of gardening and it is more difficult to gather the numbers," says Angelique Delahaye.

The only certainty in Rungis, Ile de France, the second producing region of the Hexagon salads, "salads sold volumes dropped 20% in a dynamic market, however, except of course the cucumbers fall of 80%," says Michel Lemelin, president of the union of wholesale fruit and vegetable market of Rungis.

In this difficult context, French producers can always relativize their misfortune by saying that the situation is worse elsewhere. Particularly in the Iberian Peninsula. The Spanish Federation of Producers exporting fruits and vegetables (FEPEX) estimated losses on Tuesday "to about 200 million euros per week" for the entire sector, citing a "domino effect" affecting other Spanish products."All fruits and vegetables were impacted by Spain. Fortunately in France strawberries, zucchini, eggplant and continue to sell, "relativize Angelique Delahaye.

To break this cycle, the European Ministers of Agriculture are scheduled to meet around 17 June in Luxembourg for a special meeting on the subject.