Prime Minister Lucas Papademos called on Sunday for three party leaders Greek government to publicly commit to implement the reforms demanded by the country's creditors in return for a second help.
The three party leaders were summoned Greek government on Sunday by Lucas Papademos to overcome their objections to the new austerity measures demanded by creditors, even if they have so far resulted only exacerbate the recession of countries.
George Papandreou, Antonis Samaras and George Karatzaferis – respectively leaders of the Socialist party, New Democracy (right) and Laos (far right) represented in the Greek coalition government – arrived mid-afternoon Maximos the palace, where the offices of the Prime Minister.
The representatives of the troika of institutional creditors of the country (euro area, European Central Bank and International Monetary Fund) have previously met the Prime Minister, Finance Minister and the Minister of Labour. The Greek government has been negotiating for weeks on the establishment of a structural adjustment program of the country in exchange for a second loan of at least 130 billion euros, which would add to that 110 billion awarded in May 2010 the country to protect it from bankruptcy.
100 billion euros of debt
Negotiations described as "superhuman" Sunday by a senior government official, intended to prevent Greece a default in the month of March. An alternative trading-just as crucial-government with its private creditors to erase 100 billion euros of debt, depends on negotiating with creditors. Among the hard spots, rejected both by the Greek trade union leaders by most politicians, are the demands of the troika of generalized lowering labor costs.
"I come with the hope that I will not repeat what was said recently the former German Chancellor (Helmut) Schmidt," said George Karatzaferis to the press on arrival at the Prime Minister, after warning that it did not feel ready to bow to pressure from Berlin or "blackmail". In December, Helmut Schmidt had expressed concern about how other countries dealt Berlin and European partners in managing the debt crisis, when Germany imposes its solutions to its neighbors.
Saturday night, the Greek Finance Minister Evangelos Venizelos said the negotiations "on the razor's edge" were to conclude Sunday evening that Greece avoided a default in March
Risk of bankruptcy in March
The leader of the Eurogroup, Luxembourg Jean-Claude Juncker, has also lobbied on Saturday night by evoking the risk of "bankruptcy" of Greece in March if the reforms demanded were not completed.
"If we were to find that everything goes awry in Greece, then there would be no new program" refinancing of the country, said the head of government of Luxembourg. "This would mean bankruptcy in March," he added. "Greece must know that we will not back down on the issue of privatization," he said, regretting that there is no other "elements of corruption at all levels of government" Greek.
The opponents argue that wage cuts will exacerbate the recession in Greece, where the economy is stifled by a recession that puts on airs of depression, with GDP expected to fall by around 6% in 2011 after two years of austerity.
According to a government study released last week, the unit labor costs in Greece has already fallen by 14.3% between the first quarter 2010 and third quarter 2011.
But according to the head of IMF mission in Greece Poul Thomsen, measures of wage compression in the private sector will boost the economy through a gain in competitiveness. Paul Thomsen has advocated such a reduction in the minimum wage, a red rag to the unions, saying only 751 euros gross per month was 35% higher than in Portugal, and 20% in Spain.
The Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Haut-Rhin, Bas-Rhin, the Gold Coast, the Marne and Haute-Marne are willing to experiment with the requirement of 7 hours per week for the RSA Beneficiaries. According to Nicolas Sarkozy, it is their "restore dignity". Nicolas Sarkozy and Roselyne Bachelot visiting Bordeaux November 15, 2011
Solidarity Minister Roselyne Bachelot on Wednesday presented the new contracts for seven hours to eleven recipients of RSA representatives of councils willing to experiment with this device, it was learned from the department. Departments candidates to experiment with these contracts, reserved to the people furthest from the labor market, are the Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Upper Rhine, the Lower Rhine, the Gold Coast, the Marne and Haute-Marne.Tuesday in Bordeaux, President Nicolas Sarkozy said that the contracts were intended to "restore dignity" to the beneficiaries of RSA.
The Tokyo Stock Exchange ended slightly higher Friday, recovering from the fall of the day in favor of positions suggesting investors anticipate the possibility of a rebound despite the persistence of the debt crisis in Europe
The Nikkei gained 0.16% or 13.67 points to 8,514.47 while the Topix, larger yielded 1.17 points (-0.16%) to 729.13.
On the whole a week marked by a deepening debt crisis with the record level by the Italian sovereign bond yield, the two indices lost 3.3% and 3%.
Title Olympus finished down 4.96% to 460 yen after a volatile session.
China's trade surplus declined in September for the second consecutive month, reflecting the weakness of the global economy and the slowdown in China itself.
Import growth as exports slowed last month.The accentuation of the debt crisis in Europe and the slower growth in the U.S. explain this trend, which could enhance the Chinese authorities in the conflict on the level of the yuan.
"The rising exchange rate of the renminbi could limit the margin of export growth", has also speedily regretted Lu Peijun, deputy director of China Customs, at a press conference.
"China still faced inflationary pressure imported relatively strong and the terms of trade deteriorate as well," he added.
Exports grew by 17.1% last month compared to September 2010, after a growth rate of 24.5% the previous month, according to data released Thursday by the Office of Customs.
At the same time, imports increased by 20.9% yoy against 30.2% in August.
The surplus in the trade balance of China and stood at $ 14.5 billion in September, against 16.3 billion average expected by economists and after 17.8 billion in August.This represents less than half of the surplus in July, which amounted to 31.5 billion.
Year over year, the trade surplus appears to 180.3 billion dollars.
"Export growth in September was much lower than the expectations of the markets, reflecting the global economy coughs, and we expect this trend to slowing exports will continue in the coming months" , Analysis Wang Hu, of Guotai Junan Securities in Shanghai.
"The narrowing trade surplus and a slowdown in imported inflation could ease the pressure on Beijing to accelerate the appreciation of the yuan," said Du Zhengzheng for its part, an analyst with China Development Bank Securities.
Economists, relayed by western politicians, believe that the Chinese currency is undervalued, giving an advantage to the products 'made in China' on the international markets.
In Washington, the Senate passed a bill Tuesday that could force Beijing to raise the price of its currency under penalty of imports of Chinese goods taxed. China denounces protectionism in disguise and an obstacle to world trade rules. (See)
The trade surplus of China vis-à-vis the United States, however, remained unchanged from August to September, 20 billion.
Vis-à-vis the European Union, it decreased to $ 12.9 billion against 14.8 billion in August.
The euro was steady against the dollar Thursday morning before a possible decline in interest rates that could decide the European Central Bank during the last monetary policy meeting by its President Jean-Claude Trichet.
The euro, which rated approximately 1.3350 dollars, is notably supported after the commitment by Germany Wednesday to help its banks if necessary.
Be announced by the ECB at 24:45 GMT at the end of the meeting of its board of governors for the last time led by Jean-Claude Trichet? The issue is discussed.
The market economists expect a simple majority in monetary status quo – the main rate by the ECB would remain at 1.5%.But the voices of a growing number were heard to ask for a lower cost of money while the signs are increasing of a faltering economic recovery and as the financial crisis – bonds and bank – escalates .
However, inflation continued to rise in September in the euro area. It reached 3.0% annual rate, its highest level in nearly three years, against 2.5% in August, is already well above the objective of the ECB. However, the essential mission of the Central Bank of 17 countries in the euro area is to maintain prices at a level slightly below 2%.
If the ECB does not reduce the cost of credit, it could announce other support measures.Among the measures expected by the market, increased liquidity, recovery of tenders 12 months used for the last time in late 2009, handed to the current tastes of the program to purchase bonds (covered bonds).
According to a Reuters poll conducted last week, 56 of 75 economists said to anticipate a continuation of interest rates, but 13 anticipate a decline of 25 basis points in September and even predict a reduction of 50 points.
For example, JP Morgan Chase is expected to drop 50 points in the cost of money.
The single currency has lost about 10% against the greenback since its peak of 1.4550 dollars in late August, but is above the low point of his nine-month dollar hit 1.3145 this week.
Carmignac Gestion WANTS THE RATES TO ZERO
After raising rates twice this year in April and July, the ECB changed its stance at its September meeting and opened the door to future cuts.
She said that the risks to inflation were no longer on the upside but were "broadly balanced".
Since then, inflation was announced at 3%, but the signs of a slowdown have been confirmed.The U.S. investment bank Goldman Sachs and others now provide even a "mild recession" for the eurozone in the fourth quarter.
Economist Oxford Economic Forecasting (OEF) Tom Rogers believes that the ECB will reduce its rate to less than 1% if the economy falls into recession.
In a full page advertisement in the Financial Times on Wednesday, the French manager Carmignac Gestion, with assets under management amounted to 55 billion euros, asked Jean-Claude Trichet to go further and to reduce rates to zero.
"Goodbye, we do not regret it!" We read in the box presented in the form of a letter to the President of the ECB."This is your last chance to leave on a positive note."
According to many economists, it would be the next President of the ECB, Italian, Mario Draghi, Jean-Claude Trichet decides to lower the house money before taking office.
They feel that if Mario Draghi had to take such action in its first monetary policy meeting in November, it might then be portrayed as a supporter of lower rates.
This would imply, however, that Jean-Claude Trichet left as the last measure of his eight-year term rate cuts in a context of high inflation: such a decision contrary to fundamental principles of the ECB, would be enough to ruffle the supporters of the 'budgetary orthodoxy.
Some as Carmignac criticized the ECB for not doing enough to fight against debt crisis in the euro area, but others, like the Bundesbank, the ECB's view that has already gone beyond its limits and it puts independence at risk.
The euro area may therefore have to await further signs of a slowdown, or a decline in inflation, to get a breath of fresh air in the form of lower rates.
Creditors will return from Athens in the country next week for the débloclage loan of 8 billion euros, which would avoid the default. Visitors are Seen in front of the Temple of Poseidon at Cape Sounio, south of Athens, August 6, 2009. Many archaeological sites Throughout The country stayed open till the early hours DURING the August full moon night. (GREECE CITYSCAPE SOCIETY TRAVEL IMAGES OF THE DAY)
Heads of Mission of the troika of creditors will return to Athens, Greece "in early next week" to complete talks for the release of the next tranche of loans to the country, said Tuesday the Department of Finance at the end a teleconference between representatives and the Minister.This conference gave rise "to a satisfactory progress" in negotiations, said a ministry statement, stating that the minister, Evangelos Venizelos, will also continue its discussions with donors in the country "this weekend in Washington at the annual meeting of the IMF. "
These negotiations are intended to avoid a default on Greece in need of loan from the euro area and the International Monetary Fund to cover its financing needs from the end of October. In Brussels, the European Commission made from advanced, indicating that negotiations were possible to find common ground and confirming the return of the troika. During the conference, following a first round Monday, "Good progress has been made," the Commission ruled in a statement.Technical discussions will continue over the next few days in Athens, she added, as also the statement of the Greek Ministry.
Of these negotiations depends on the payment in October – vital for Greece – the sixth round of eight billion euros of the loan in May 2010 in the euro area country and the IMF. A source of the Greek Ministry of Finance, negotiations Tuesday were to endorse the measures agreed between Greece and its creditors to achieve the planned budget savings and accelerate structural reforms that Athens has promised to perform in exchange for his rescue bankruptcy.
The European Commission has not confirmed this information and did not provide details in a statement. The department has for its part not mentioned in either agreement.A cabinet was nevertheless restricted announced Wednesday morning that the Greek media are waiting for a green light to launch the measures agreed with creditors, centered on the compression of the public sector.
The Italian Minister of Economy, Giulio Tremonti, reiterated Saturday its call for the creation of Eurobonds, saying they were the best way out of the euro zone debt crisis is likely, he said, to win other countries.
Tremonti was speaking after the adoption by Italy of a government austerity plan for achieving 45.5 billion euros in savings by reducing spending and raising taxes.
"An increased level of integration and consolidation of public finances in Europe is needed," Tremonti said during a press conference to explain the Italian austerity plan.
"The best solution would be to have Eurobonds and options could be adopted," he added.
Oil prices had closed up Wednesday issued after the announcement that the United States had reduced their inventories last week.
The September contract on Brent crude has ended up 4.0%, or 4.11 dollars to 106.68 dollars.
Previously on the Nymex, the contract on September U.S. crude (WTI) had ended with a gain of 3.59 dollars, or 4.53% to 82.89 dollars a barrel.
The giant U.S. food Kraft Foods announced Thursday it plans to split into two separate companies, while posting better than expected results and raising its forecast for 2011.
Eighteen months after buying the British chocolate maker Cadbury controversial, Kraft plans to split its North American grocery through a split tax-free by the end of 2012.
Kraft now considers that its activities and snacks division North American grocery now have strategic priorities, patterns of growth and operating objectives that differ.
Investors can therefore choose between the strong growth prospects of the market for snacks in emerging economies, or build on the security offered by the grocery business.
The draft terms of division received two support weight, those investors Pelte Nelson and Warren Buffet, the latter being the largest shareholder of Kraft.
The group issued a profit along better than expected at 62 cents per share, a Thomson Reuters consensus I / B / E / S to 58 cents a share, with net sales up 13.3% to 13.9 billion.
The group raised its forecast for annual EPS at least $ 2.25 and organic growth of its turnover to at least 5%.He was formerly an annual EPS of at least $ 2.20 and organic growth of at least 4%.
All these ads allowed under Kraft jump of almost 3% at the New York Stock Exchange in the morning.
An appeals court in Milan on Saturday condemned the Fininvest group of Italian Prime Minister Silvio Berlusconi to 560 million euro fine for damages to the CIR group, it was learned from legal sources.
Fininvest had taken control of the publishing group of Arnoldo Mondadori Editore in early 1990 at the expense of the CIR group with a court order. The judge responsible for this decision was later convicted of corruption.
In 2009, a Milan court sentenced him at trial Fininvest to pay 749.9 million euros in damages to the CIR but Fininvest group had appealed the decision. The group of Silvio Berlusconi would also appeal the decision on appeal.
