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 field of business has expanded in a broad way, and one area that is common is the business of financing people who are on paychecks. The opening in this business has grown to a greater extent, and now, people have limitless options, including one of getting
payday loans online.
Values to follow Tuesday at the Paris Bourse. </ P> * VALUE FINANCIAL – EU leaders could seal a final agreement on the second level of support Greece in the coming days, Monday and tried to calm an early debate on a proposed loan to Berlin to Greece Trust budget. </ p> The Prime Minister of Greece Lucas Papademos met after the summit in Brussels with EU officials and European Central Bank to discuss the details of the restructuring plan of Greek debt under negotiation with private creditors.</ P> * INSURANCE – Moody's Investors Service said Tuesday it had raised to stable from negative its outlook for the industry and damage to the French insurers maintained its negative outlook on the sector of 'life insurance. </ p> * CROSSROADS announced Monday the departure of its Executive Director responsible for growth markets, Pierre Bouchut, in which analysts had seen a candidate ; rieux to succeed Lars Olofsson. It Georges Plassat was chosen to succeed the CEO of the distribution group. </ P> * Renault, which owns 25% stake in Russian manufacturer AvtoVAZ, could take control via its alliance with Nissan in the first half of this year, said Monday the news agency RIA Novosti, citing About Sergei Chemezov, the chairman of the holding company Russian Technologies. </ p> * RENAULT and PSA PEUGEOT CITROEN – According to the Tribune, quoting unofficial sources, registrations of new cars have plummeted in January as planned in France, as a result of the context economic and very unfavorable comparison of early 2011, when the effect scrappage was still playing full. </ p> According to La Tribune, Renault fell by 45 %, 37% of Peugeot, Citroen Dacia by 31% and 18%. The two French manufacturers have refused to comment on the figures to be published Wednesday. </ P> * EADS – UBS moves from neutral to buy on the title with a target price raised 22 to 31 euros. </ p> * ACCOR – Nomura resumes coverage value with a recommendation to "reduce" and a target price of 19.50 euros. </ p> < p> * Veolia Environment – Morgan Stanley going to underweight-weight line on the title. </ p> * SOITEC, who had said it expected an operating loss "significant" in 2011-2012, has announced that it would be between 40 and 45 million euros. </ p> * EIFFAGE – JP Morgan goes underweight to neutral on the title.</ P> * NORBERT DENTRESSANGLE reported Monday night of "signs of slowing at the end of the year" in the business of its customers, in a macroeconomic context "showing progressive signs of slowing. "</ p> The group achieved in 2011 a consolidated turnover of 3.576 million euros, up 5.6% at constant exchange rates and like basis. The fourth quarter alone, the change in net sales was 4.2%. </ P> * ALTEN judge earlier this year "reassuring, if not encouraging," despite the depressed economic environment that characterized the end of 2011. "The activity in January remained satisfactory, comparable to last year," said Alten. Of 2011, consolidated sales increased by 14.5% at constant currency and constant perimeter, to 1065.7 million. The fourth quarter alone, growth stood at 12.5%. </ P> * DRY ENVIRONMENT, which in 2011 posted an organic growth of 6% of its sales of Business 424.2 million euros reported in 2012 on a build up its business in line with the last six months "in an uncertain macroeconomic environment." </ p> <p > Regarding the issue of participation in the Saur, including the assumption of an output, the chief financial officer Jean Geissler declined to comment, simply stating that mediation was ongoing. </ p> * ARTPRICE.COM expects a jump in sales this year with the launch of its online auction service, said Monday its CEO Thierry Ehrmann, in an interview with Reuters. </ p>
Unemployment in Spain jumped to 21.5% in the third quarter, against 20.9% for the period April to June, show figures released Friday by the National Institute of Statistics.
Economists polled by Reuters had expected that the unemployment rate in the fourth largest economy in the euro area, the highest in the European Union, remains unchanged from the second quarter.
Banks must be better capitalized to avoid an escalation of the crisis that would be caused by a financial collapse, said Sunday the German Finance Minister Wolfgang Schäuble on the ZDF television, adding that banks no longer trust the to each other.
"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. "
Axa has hired investment bank Credit Suisse to explore the sale of its private equity division, told Reuters on Friday two sources familiar with the matter.
The British news channel SkyNews had indicated this morning that the French group insurance decided to sell its subsidiary AXA Private Equity, adding that it could be worth one billion pounds (1.15 billion euros ).
"It's like any new process," said one source, noting that the figure of one billion sterling mentioned as selling prices seemed quite high.
Axa and its subsidiary did not wish to make comments.
A spokesman for Axa said Axa Private Equity, an AXA IM managed $ 28 billion in assets.
Axa PE announced in August with the acquisition of HSH Nordbank much of a portfolio of 620 million euros, having already completed in June the acquisition of a portfolio of Citigroup for $ 1.7 billion (1, 17 billion) and another from Barclays for 740 million dollars.
In April 2010, AXA Private Equity acquired for $ 1.9 billion of private equity investment in Bank of America, when signing the largest-ever by a single buyer in this market.
The French government on Wednesday announced 12 billion euros in savings and additional revenue for 2011 and 2012 to reflect its goal of reducing the public deficit despite slower economic growth.
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.
The United States and China have shown a reassuring tone Friday by mentioning the issue of U.S. debt, on the occasion of the visit to China by Vice President Joe Biden.
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.
UK industrial production fell in June against all odds, while the country's trade deficit reached its highest level since December, according to figures released Tuesday by the Office for National Statistics.
Faced with these figures, which indicate the fragility of economic recovery across the Channel on the eve of the release of new macroeconomic forecasts, the markets expect the Bank of England revised downward its growth projections for 2011 and 2012, if it signals a further monetary easing.
UK manufacturing output – which excludes the "utilities" and the oil and gas – has declined by 0.4% in June after rising 1.8% in MayAnalysts polled by Reuters on average expected a 0.2% increase.
Industrial production has signed its largest quarterly decline since May 2009. It fell 1.6%, even more heavily than the 1.4% decline posted during the publication of preliminary figures of British growth.
The British trade deficit vis-à-vis the rest of the world meanwhile reached its highest level since December, standing in June to 8.873 billion pounds (10.18 billion euros), against 8.467 billion one month earlier.Economists on average had expected 8.1 billion.
These figures illustrate the fragility of economic recovery across the Channel, while Britain was counting on this year's growth of exports and the manufacturing sector to offset sluggish domestic demand made by the context of fiscal austerity.
A consortium of six companies led by EDF Energies Nouvelles has formalized his candidacy Monday in the tender that the French government has launched for offshore wind
As part of this project, EDF Energies Nouvelles has partnered with Dong Energy, Nass & Wind Offshore Poweo ENR, wpd Offshore and Alstom.
The six companies will share their expertise and will make their investment capacity within a structure which EDF EN, behind the project and founder of the consortium will own a majority stake.
The consortium plans to submit five projects "that will be worn by five dedicated companies majority-owned by the parent along with the strategic partners of development," said the six members of the consortium in a joint statement.
Friday, French GDF Suez, together with Vinci and Areva had already formalized his candidacy for the tender was officially launched on Monday by the government.
The project, covering a total capacity of 3,000 megawatts (MW) in five areas, corresponding to half the target set by the government to install 6,000 MW offshore by 2020, equivalent to almost four times the power of a nuclear reactor EPR.
Candidates have until January 11, 2012 to submit their bids. They will be screened in April 2012 and retained permanently in 2013.
The International Monetary Fund is expected to approve the end of August the payment of the final tranche of the aid program of $ 2.1 billion to Iceland, said Friday the head of the on-site from the IMF.
"The discussions between the Icelandic authorities and the IMF mission have been productive for the sixth and final review of the agreement," said Julie Kozack in a statement.
"Discussions will continue in the coming weeks, for approval by the Board of the IMF in late August."
The IMF approved in early June a payment of $ 225 million on 2.1 billion program, awarded in 2008 after the collapse of Icelandic banks.
Julie Kozack emphasized that the Icelandic economy was recovering gradually, with growth of gross domestic product expected to 2.5% for 2011, but stressed that inflation was also up, reflecting in particular the depreciation of the Icelandic krona.
