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.

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.

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 economy as a whole has continued to grow in September, although many districts described the pace of growth as" modest "or" low "and contacts have generally found a weakening outlook," says the Fed This situation report.

Wall Street and oil prices went up in free fall as a result of this paper while the price of Treasuries rose.

The memo on the economy the Fed is based on data collected before October 7 and deals with all the economic conditions in the 12 Fed districts, which cover the entire United States.

According to the Beige Book, consumer spending rose slightly in most districts, thanks to the automotive industry and tourism.

There was also an increase in business investment, particularly in construction and mining.

While a number of districts have experienced some recovery in construction activity, "the general conditions of real estate – residential as commercial – are still depressed."

Also according to the survey, several districts noted that many retailers are reluctant to build up stocks despite the approach of the holiday season, reflecting a decline in consumer confidence.

This holiday season – which runs from Thanksgiving to Christmas – is at least half the annual turnover of many stores.

Interviewed on CNBC, the president of the Boston Fed Eric Rosengren said the Fed may have to increase support measures if the U.S. economy weakened further or if it was affected by a new shock.

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 president of the U.S. central bank (Fed) Ben Bernanke on Friday called the political authorities in Washington to make fiscal stimulus to complement the effort of supporting the institution to grow. "The Fed will certainly do its utmost to help restore growth rates and employment rates in an environment of price stability," said Ben Bernanke in a speech in Jackson Hole, Wyoming in the mountains (Western States USA)."However, most of the economic policy measures to support the long-term growth is a spring outside the central bank," he added.

For him, it is for elected officials to take additional fiscal stimulus for employment. Ben Bernanke does not really paved the way for further monetary easing as many had hoped. At most, he has not ruled out this possibility, stating that the regular meeting of the Monetary Policy Committee of the Fed planned for September 20 would be extended by one day to allow a "fuller discussion" on the policy. While the economy seems to get bogged down, the head of the Federal Reserve believes that "the foundation of growth" are still there in the U.S., despite the persistence of "risks". He said GDP growth "should improve" the second half.

About the situation in Europe – one of the "risks" mentioned with that of the long-term situation of public finances U.S., Mr Bernanke said his optimism. "I am confident that our European colleagues are fully aware of what is at stake in the difficult problems they face today and that over time it will take all necessary and appropriate measures to deal effectively and fully, "said his speech.

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 operation, performed on the basis of an enterprise value of 525 million pounds (595 million), will be financed through new debt of 250 million euros, an increase in capital of 200 million, with preferential subscription rights, as well as through existing credit lines and cash, Ipsos said in a statement.

The transaction must be approved by the shareholders of Aegis, which will be called a general meeting on August 11.Vincent Bolloré, who holds 26.5% stake in Aegis, has already committed to vote in favor of the transaction.

The French group, world number five in the sector, had entered into exclusive negotiations with Aegis in late June.

Ipsos title ended at 31.20 euros on the Paris Stock Exchange Tuesday, falling 12% since early January. Its market capitalization is 1.07 billion euros.

"The net contribution of the private sector is estimated at 37 billion euros," the document, which states in a footnote to the page that this figure takes into account the cost of credit enhancement for the period 2011-2014.

The repurchase program will contribute to debt of 12.6 billion euros, bringing the total to 50 billion euros over the period 2011-2014.

Over the period 2011-2019, the net contribution of the private sector is expected to reach 106 billion euros.

This money will be lent by the European Financial Stability (EFSF), will be accompanied by an interest rate of about 3.5%, and maturity of the loans will be extended to seven and a half years to 15 years less, even 30 years.

"We will provide the necessary resources to recapitalize banks if the need Greek manifesto", it said.

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.