Paris and Berlin Monday urged Athens to accept a new austerity in exchange for financial assistance, but the Greek political parties have postponed their Tuesday response to drastic conditions imposed by donors.

French President Nicolas Sarkozy said it was to settle the Greek crisis "once and for all," Chancellor Angela Merkel saying that his side " time is running out for Athens. "

The two leaders were speaking at a joint press conference at the Elysee while the "troika" comprising the European Union, IMF and the Bank of Central Europe ; enemies is waiting for government commitments and major Greek parties on the vote of these measures. 

The European Commission ruled that the Greek government had missed the deadline to Monday midday to conclude discussions on the subject.

A Greek official said the only deadline is a Eurogroup meeting, but no date is fixed for the meeting, which should however take place this week.

Meanwhile, an agreement between Greece and its private creditors, announced as imminent for two weeks, slow to materialize.

The three parties supporting the government led by Lucas Papademos reluctant to finally commit to austerity measures. Supposed to agree Sunday night and Monday morning, they finally postponed their meeting Tuesday.

BLOCKED ACCOUNT

The news release announcing the postponement, issued shortly after the press conference in Paris by Nicolas Sarkozy and Angela Merkel, no explanation, saying only that Lucas Papademos will further talks Monday with representatives of the Troika.

The leaders of the Socialist Party (PASOK), the conservative party New Democracy and Laos (far right), all vying for the parliamentary elections due in April, are expected to find a compromise on such difficult issues as the reform of the labor market or bank recapitalization. 

Sunday, after five hours of discussion, Lucas Papademos said that party leaders had agreed on a number of measures, including wage cuts, as part a plan to cut spending 1.5% of gross domestic product.

According to an official policy, the three parties have postponed their meeting because they had not received a 15-page summary of the conclusions of discussions Sunday.

The slow pace of negotiations in Athens has eroded the patience of donors, although agreement is essential to avoid a default on Athens 14.5 billion euros debt maturing in March. 

Merkel said she could not conceive of new aid plan "if there is no agreement with the troika."

"The parameters of the regulations are on the table," said Nicolas Sarkozy, in holding that an agreement had "never been closer" and he could not imagine a failure .

The French president on the other hand proposed, with the consent of the German Chancellor, the blocking of an account of a portion of future assistance under the new plan to the tune of interests of the Greek debt remaining to guarantee their repayment to creditors. 

CALL FOR STRIKE Tuesday

The hope of progress in terms of the recapitalization of banks, which would avoid nationalization, Monday favored the increase of these values ​​to the Athens Stock Exchange: Towards 1600 GMT, the local index banks posted a gain of nearly 11%.

But the silence of Athens and the absence of political agreement on the conditions imposed by the troika has weighed on the major European markets: the Paris Stock Exchange closed down 0.7%, the pan-European FTSEurofirst 300 index fell 0.2%. As for the Stoxx European banking stocks, has declined 0.6%.

The euro stabilized against the dollar in parallel, at about 1.3116 against 1.3112 on Friday night.

While political discussions are extended to Athens, the country's two main unions have called for a 24-hour strike Tuesday to protest against a policy that they say threatens to drag the country into a destructive spiral.

According to a Financial Times ranking, the current Minister of Economy holds the 15th place among the most influential ministers in the European Union. Before leaving Bercy for the IMF, Christine Lagarde had held the top spot on this list. The new Executive Director of the IMF, Christine Lagarde, said goodbye to the National Assembly Wednesday, June 29 It is replaced as Minister of Economy and Finance by Baroin

Baroin do not forget Christine Lagarde, French Minister of Finance holds an unenviable 15th position in the ranking of European central bankers prepared annually by the Financial Times, while his predecessor was the star. Mr.

The President of the Italian Republic Giorgio Napolitano charged Sunday the former European Commissioner Mario Monti to form a new government is responsible for putting in order the finances to reassure financial markets and European partners in Rome.

After the resignation of Silvio Berlusconi, left under the jeers of thousands of Romans, the head of state has mandated that as planned economics professor aged 68 to lead a cabinet should be composed mainly of technocrats.

In a brief speech a few minutes after the announcement of his appointment by the Quirinal Palace, Mario Monti has promised to conduct "with a sense of urgency but with care" consultations to establish the composition of his government.

ONE YEAR AND A HALF FOR REDRESS OF ITALY

The uncertainty of recent weeks Italy has strongly penalized in the bond markets, and Rome hopes that the arrival of Mario Monti will reassure the financial community.

"The country must become a pillar of strength, not a weak link in the European Union that we were among the founders," said the former European Commissioner for Competition.

The objective of the new government will be "to improve the financial situation and resume the path of growth in a context of increased attention to social justice," he added, saying that Italy could "overcome difficulties by a joint effort. "

"We owe it to our children," said the economist.

MEPs decided that the adjustment of family benefits would take place on April 1 instead of January 1.

MEPs decided on Friday at the meeting, that the adjustment of family benefits, traditionally made on 1 January, 1 April intervene now, as is already the case for pensions. This deferral to April 1, said Minister of Solidarity Roselyne Bachelot, will compensate for the finances of the state, "not liable to the CSG the additional choice of activity (CLCA)" (parental leave ).

MEPs have adopted Wednesday by night session, an amendment removing the liability to CSG parental leave that the government wanted to impose.The UMP's budget reporter Social Security Yves Bur had proposed to postpone the revaluation of family benefits from 1 April to financially compensate the removal of government action. The budget minister Valérie Pécresse, while present, had "taken note of this commitment."

Friday morning, the members themselves have officially recorded this decision by adopting an amendment to the government that sets 1 April each year the revaluation of family benefits. All family benefits will be affected by this provision: family allowances, housing allowances, allowances back to school, receiving benefits early childhood, parental leave, etc.. The three-month postponement of revaluation has sparked protests in the ranks of the opposition.

The Tokyo Stock Exchange ended sharply higher Monday, the EU summit Sunday with renewed hopes of resolving the crisis in the euro area and diverted the attention of the new rise in the yen and floods in Thailand.

The leaders of the European Union Sunday seemed closer to an agreement on the euro area, including the recapitalisaiton banks and the multiplication of the European Financial Stability Fund (EFSF).

The Nikkei gained 1.9%, or 165.09 points to 8,843.98 and the Topix, broader, took 11.23 points (1.51%) to 755.44.

The Nikkei, which lost 0.8% last week, crossed the threshold for Monday its moving average of the last five sessions, thus became a threshold of support for 8735 points.

"The news from Europe maintain hope and Wall Street reacted to the rise to these expectations, so the Japanese market is now catching up gains made abroad on blankets in the open position," said Koichi Ogawa, Daiwa SB Investments.

"But Japan is facing its own problems with the strong yen and floods in Thailand, affecting some manufacturing industries.These factors will limit gains in Tokyo and push investors to take a wait, time to see how the situation in Europe. "

Friday, the dollar dropped to a record low against the yen at 75.78, but has slightly rebounded since.

Title Olympus continued its dive to fall by 10.72% to 1,099 yen, after touching a low at the meeting of thirteen and a half to 1,012 yen.

The stock has lost more than half its value since the dismissal of its chief executive on Oct. 14.The latter was accused of incompetence by the presidency of the group, denounced bad practice prior to his arrival at the head of the group.

In technology, Elpida ended up 4.01% to 493 yen, while Sony fell by 1.29% to 1,536 yen.

The tire manufacturer Bridgestone has outperformed the market by winning 4.07% to 1,764 yen after announcing its intention to increase its operating profit by 5.8% of revenue in 2010/11 to 10% in 2016/17.

Wall Street fell more than 2% Friday, signing the third quarter of its worst quarterly performance in three years, the macroeconomic indicators from China and the debt crisis in Europe continues to fuel concerns about the global economy.

The Dow Jones Industrial 30 yielded 2.16%, or 240.60 points at 10,913.83. The S & P-500, wider, lost 28.98 points, or 2.50%, to 1131.42.The Nasdaq Composite fell on its side of 65.36 points (-2.63%) to 2415.40.

The U.S. equity market and accuses his fifth consecutive month of decline and its worst performance in three months since the fourth quarter of 2008, which was the heart of the financial crisis of 2007-2009.

On the whole week, the Dow is up 1.3% while the S & P and Nasdaq, respectively, yielded 0.4% and 2.7%.

On September, the Dow lost 6%, however, the S & P 500 7.2% and the Nasdaq 6.4%.In the third quarter, the three indices were down 12.1%, 14.3% and 12.9%.

Financial stocks fell with Morgan Stanley, which plunged 10.54% to 13.50 dollars due to concerns about the exposure of the bank's European debt.

"Everyone fears that growth will slow down or it will not be as strong as expected.In general, there is a crisis of confidence, "said Adam Krejcik, an analyst with Roth Capital.

The CBOE volatility index, known as the "fear index," rose 10.61% to 42.96, suggesting that investors expect that volatility will continue.

In China, China's manufacturing sector continued to decline in September for the third consecutive month.

Inflation in the euro area in September rose abruptly and unexpectedly to 3.0%, its highest level in nearly three years, greatly undermining the chances of the European Central Bank cut rates in October .

Market players have also not responded to U.S. macroeconomic indicators better than expected.

Asked about taking a stake in Qatar's capital, a spokesman for BNP Paribas reiterated Thursday the line of the bank, repeating that the group would reach the prudential ratios Basel III without injection of capital.

"About Qatar, BNP Paribas said that he will be able to meet in January 2013, ie six years before the end of 2019, the core Tier One ratio of 9% within the Basel rules III without capital increase, "she told Reuters.

"BNP Paribas leads naturally as road shows each year to present the company and promote its work with investors around the world," she said.

These statements occur when a source based in the emirate said on Wednesday told Reuters that Qatar is in talks with BNP Paribas and other French banks about possible equity participation.

Fraud within UBS is eerily similar to a tarnished Societe Generale in 2008. The similarities of the two cases in seven points.

Two traders on the same table market

Jerome Kerviel and Kweku Adoboli worked on the same type of position, the Delta One desk. A table where one does not exchange single stocks or bonds but derivatives. The operations are relatively simple and often reserved for novice traders. They also specialize in ETFs (exchange traded funds), financial products that mimic the performance of an index, upward or downward. Easy to use, they can diversify their portfolio by buying such contracts backed by a stock index or industry (eg commodities). The ETF market is booming, the stock reached 300 billion euros in Europe, according to Aurel BGC.Moreover, the two traders were very familiar control procedures. They made a passage through the back office, the administrative body of the bank that controls the regularity of operations, before moving to trading.

Adoboli / Kerviel: profiles of "good friends"

Friends, neighbors, co-workers paint a Kweku Adoboli, 31, "very nice, very polite." Like most young traders of his age, he earned a very good living (300,000 pounds per year) and took the opportunity to do great celebrations in her apartment. Jerome Kerviel was considered "quite normal, no gambler," by his former colleague Valérie Rolland, as shown by his remarks during the trial of former trader. He lived comfortably but did not have an extravagant lifestyle. The financial police who investigated him about a man with "no extravagance of any kind."He earned 48,000 euros per year in 2007, a year before the outbreak of the scandal.

The concealment of large-scale risky operations

For Kerviel, 50 billion euros of positions (or 25,000 times the average risk that a trader takes …), Adoboli for "only" $ 10 billion (7.2 billion euros), "in various futures indices – S & P 500, DAX and EuroStoxx – over the last three months, "the statement said UBS. The principle of hiding two traders was the same. The internal control system did not see anything because the positions were "in our systems offset by fictitious positions on ETF cash settlement futures, allegedly executed by the broker," according to UBS.Clearly, the screens showed the supervisors of the total amount of exposure much lower than was the actual exposure of the two "rogue traders".

Moreover – as Kerviel – the "unauthorized trading" of Kweku Adoboli does date back a long way. The trader UBS would have made some operations since October 2008. In 2005 and 2006, Kerviel had "led" by taking 100 to 150 million euros in positions on the action Solarworld listed in Germany, according to the report of the Inspector General of Societe Generale.

The unwinding told in a hurry to star trader

Upon discovery of the scandal UBS warned regulators in Switzerland and Britain, and launched in parallel to his cell house, "the bronze project" designed to perform the operations of unwinding.This difficult task was assigned to one of the best traders of the bank's derivative, Jason Barron. At Societe Generale, the unwinding took place January 21, 2008 after the discovery of the fraud, by Maxime Kahn, 39, an experienced trader in the bank. Management has told the Financial Markets Authority and the Governor of the Bank of France, but she preferred to keep out of the palace secret. In the recent book "Sarko kill me," Daniel Bouton said he did not call the Elysee Bercy or because "the ability of a cabinet to hold confidential information is very limited in all cases long. It's structural. And if I notify the department, I'll have to deal with the Minister (Christine Lagarde) while I have other things to do. " The Ministry of Finance was informed two days after the first operations of unwinding.A secret which has not failed to Nicolas Sarkozy in a rage before claiming the head of the CEO …

A boss in the hot seat?

The CEO of Societe Generale, Daniel Bouton, was forced to leave office in April 2009, under pressure from President Sarkozy, despite the support of major shareholders and employees. "The goal was to physically pay button" recently said the former CEO in "Sarko kill me." At UBS, the boss seems so far spared even though it is very weak. In an interview with Swiss newspaper Der Sonntag Gruebele Oswald said he was "responsible but not guilty." He even said that when someone decides to act criminal, "you can not do anything." The boss of UBS feels may be spared a major shareholder of the bank.The Swiss weekly NZZ am Sonntag quoted a member of the Board of Directors of UBS who says Oswald Gruebele still has the support of the Singapore investment fund GIC.

A scandal comes at a very wrong time

UBS has revised this weekend losses from fraud of $ 2.3 billion, against 2 billion originally announced. The profit of about one billion Swiss francs which the bank expected the third quarter could turn into a loss of 500 million francs. And while the group hoped to finally settle its costly setbacks resulting from the subprime crisis and conflict on the banking secrecy with the United States. He had announced in August a new savings plan that provides 3,500 job cuts and savings of 2 billion Swiss francs (1.8 billion euros). And he was preparing, according to the Swiss press, cutting heavily in its investment bank.

A Société Générale scandal happened in the subprime crisis, while the bank was about to announce 2.6 billion loss because of its exposure. The bank then red and black then launched a capital increase of EUR 5.5 billion, and managed to save many takeover rumors that hovered above his head.

Banks that do not listen to warnings

The many similarities between the two cases raise questions about banks' ability to truly control their traders. Yet they have spared no efforts in security after the Kerviel affair. "For the Societe Generale, one can even the number in the hundreds of millions of euros," said the Liboux and Tangi, an analyst at Aurel BGC. This did not prevent the inspection bodies to point out the dangers of risky products.The Serious Fraud Office (SFO) British recalled at the outbreak of the UBS case, have warned against the dangers inherent in the ETF. According to the Office of fight against financial crime in the UK, the risk of major accidents was high mainly because of their lack of transparency. But this is not a systemic problem as Manoj Ladwa, an analyst at ETX Capital in London. Those responsible for risk control at UBS "did not realize quite quickly that this trader had taken huge positions in a very short period." The problem, according to Frederic Boulier, an expert on financial fraud in Nice Actimize is that banks are primarily focused on the safety of other financial products."It is true that as these traders are working on relatively simple products, some banks have chosen to focus their efforts on control tables are traded market where more complex products." From there to imagine that a fraud on banks ETF splash soon again? "It is impossible to say today that a similar accident could not happen again one day," said Liboux The Tangi, an analyst at Aurel BGC.

PSA Peugeot Citroen and General Electric announced Wednesday it had signed a business cooperation and technology in Europe around the electric vehicle.

The automaker and the U.S. giant has said in a statement that the agreement was not exclusive to work together including the deployment of a commercial offering combining the electric vehicle charging infrastructure.

New offerings destined for the corporate customers will also be developed.

General Electric is committed in this context to purchase up to 1,000 electric vehicles to PSA by the end of 2015.

PSA remember launched in late 2010 electric vehicle Citroën "C-ZERO" Peugeot and "ion".

Wall Street has ended up a very volatile day on Monday, a rally to have occurred at the very end of the session in the hope that Italy receive financial support from China.

Italy has asked China to perform major purchases of its sovereign debt, the Financial Times.

"This shows that the Chinese are not kidding when it comes to addressing the tensions of the market," said Robbert Van Batenburg (Louis Capital).

Before this news, which also had the effect of reducing the bond market, prices were well oriented in the red, affected again by fears about the crisis of sovereign debt in the euro area.

What should be added those of Moody's downgrade see French banks.

The fear of the debt crisis of the European impact on the U.S. banking system does not weigh less heavily on Wall Street for months. In addition, the ministerial summit of the G7 last weekend did not lead to new initiatives to boost growth.

"U.S. investors are faced with a barrage of bad news from European markets," commented Andrew Wilkinson, analyst at Interactive Brokers Group. However, he added, "after a weak start sensitive, investors seem a little less concerned."

The Dow Jones gained 68.99 points (0.63%) to 11,061.12. The Standard & Poor's is 8.04 points (0.7%) to 1162.27.The Nasdaq composite leading 27.10 points (1.1%) to 2495.09.

Agreement in the high tech sector was already allowed the Nasdaq to limit its losses during the session.

Areas that closely follow the business cycle have reacted differently to the late rebound for rating index of natural resources eventually even a loss of 0.77% but the energy was able to go back and shows a gain of 0.53%.

In high tech, NetLogic Microsystems jumped 50.8%, the specialist mobile chips that Broadcom agreed to buy back $ 3.7 billion.

Broadcom has yielded 1.14%.The semiconductor index has been 3.03%.

The merger "shows that many shares are undervalued, a historical perspective," says Joseph Cangemi, managing director of BNY ConvergEx Group.

In banking, Bank of America shows a gain of 1.0%. The bank announced Monday eliminate 30,000 jobs in the coming years in order to reduce its annual expenses of five billion dollars by 2014.

The financial index, which also visited the negative territory for most of the day, closing displays a gain of 1.22%.

Values ​​always, McGraw-Hill Companies has gained nearly 4%, the publisher has announced plans to split into two companies, one international and one in education.