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.

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.

Divided, the European Union decided Tuesday to put the spring at least the creation of a tax on financial transactions, which has yet active support of France and Germany.

Several countries, within and outside the euro area, have expressed strong reservations at the monthly meeting of EU finance ministers that such a tax "Tobin" is implemented in the EU without first being decided at the international level.

"Today the Ecofin, we mainly talked about the tax on financial transactions. The debate was lively," said the German finance minister, Wolfgang Schäuble.

As for Britain, which critics have intensified in recent days, she simply asked that the case be permanently archived.

"I suggest we bury the idea that there will be a tax on financial transactions," he told his counterparts the British Minister of Finance, George Osborne.

The Libyan leader was ousted in Sirte on Thursday killed according to the National Transitional Council (CNT). The dictator Muamar Gaddafi of Libya

Libyan leader Muammar Gaddafi ousted captured in Sirte died Thursday, according to a commander of the new regime in this town east of Tripoli and Libyan television. "We announce to the world that Gaddafi has died at the hands of the revolutionaries," he told the press the official spokesman of the National Transitional Council (CNT) to Benghazi (east), Abdel Hafez Ghoga.

"This is a historic moment, it's the end of tyranny and dictatorship. Kadhafi met his fate," he said. He said the information of his death "was confirmed by our commanders on the ground in Sirte, the very people who captured Gaddafi when he was wounded during the battle in Sirte". "We also have information on a convoy that was bombed by NATO while fleeing Sirte.There are reports of the presence of Gaddafi's son in this convoy, we are to check, "he added.

Libyan television "Libya Free" in Tripoli had previously stated that a son of Muammar Gaddafi "Mouatassim Daou and Mansour (the head of internal security services), and Abdallah Senussi," the head of Libyan intelligence, had been captured in Sirte.

Another witness quoted by Reuters said that Gaddafi reportedly shouted "Do not shoot, do not shoot", when it was found.

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The founder of the investment fund Galleon, Raj Rajaratnam, who was convicted in May of insider trading was sentenced Thursday to eleven years in prison, one of the most severe penalties ever imposed for this offense.

The verdict marks the end of a long process that had shaken the financial world by revealing one of the greatest scandals in Wall Street since the 1980s.

The survey was particularly high profile was marked by an abundant use of FBI wiretaps, a method usually associated with the procedures surrounding the mafia or drug trafficking crime as more "white collar".

Raj Rajaratnam was found guilty of fraud transactions and conspiracy to have established a vast network that fed into confidential information on companies.

It was one of his informants including senior executives in companies like consulting firm McKinsey & Co, Intel, and to a former director of Goldman Sachs.

The judges did not follow the request of prosecutors, who called for 19 ½ years in prison against Raj Rajaratnam.The award is beyond the ten-year sentence recently imposed in another case a major insider trading.

Judge Richard Holwell said the founder of Galleon, aged 54, suffered from an "advanced diabetes" that can lead to kidney failure and may need a transplant, and had taken this into account by setting the length of the sentence.

"The government is absolutely right to consider insider trading as an assault on free trade in a democratic society," said the judge.

Raj Rajaratnam did not read the statement on his behalf before the verdict, which was also sentenced to 10 million dollars in fines and the restitution of $ 53.8 million.

The judge also agreed to recommend that the sentence be carried out at the prison in Butner, North Carolina, one of its inmates fallen financier Bernard Madoff, sentenced to 150 years in prison for fraud. This has its own hospital.

Raj Rajaratnam must report to prison Nov. 28. Those convicted of federal crime generally must serve 85% of their sentence before becoming eligible for early release.

The economic downturn continues in the major economies, especially Germany, Italy and Brazil, leading indicators show the OECD published Monday.

Declined for the fifth consecutive month, these leading indicators are now below the 100-which distinguishes the increase in lower activity – in most countries of the Organisation for Economic Cooperation and Development.

Japan, the United States, Germany and Russia are the only countries for which the leading indicators remain above this threshold.

The CLI for the OECD area as a whole declined to 100.8 from 101.4 in July.

The G7 countries fell back to 101.1 from 101.7.

For the U.S., the indicator decreased to 101.5 from 102.1.

The indicator fell back by 0.9 points to 99.1 for France and 1.3 points to 100.5 for Germany.

Among the large emerging economies, the indicator for China was down 0.3 points to 99.8 while that of Brazil gives up 1.2 points to 94.8.

Strong differences of views on the management of the debt crisis have materialized Friday between Europeans and Americans.

At a crucial meeting of finance ministers of the euro area, which was exceptionally invited the Secretary of U.S. Treasury Timothy Geithner, Germany has refused to commit more public funds to support the euro area , as called for it.

In turn, Timothy Geithner has ruled out a tax on financial transactions, despite their wishes known by the heavyweights of the single currency area such as Germany and France.

The exchange was reported by some journalists to the Austrian Minister of Finance, Maria Fekter.

"He stressed that more funds were needed to prevent the system (financial) is in difficulties.(Wolfgang) Schäuble told him it was very unlikely to be possible to weigh the burden on taxpayers, especially if the burden is imposed on those countries AAA, "she said.

"In these countries, there is a desire to implement a tax on financial transactions (…) It (Geithner) was excluded," she said.

"I think especially that although Americans have basic worse than the euro area they tell us what to do and when we give them a suggestion, they immediately say no I (…) hoped that when they tell us how they see the world they listen to what we have to tell them, "she further said.

At the press conference following the meeting of the Eurogroup President Jean-Claude Juncker, also made a plea in to U.S. demands to curb austerity.

"We see in the euro area no flexibility that allows us to implement a new stimulus package," he said.

"Loose talk"

A debate is at work within the euro area and between Europeans and Americans on whether or not to put a brake on the policy of austerity, while the economic recovery is decelerating sharply.

According to several sources, the whirlwind tour of Europe by Timothy Geithner was to defend the principle of recovery and ensure that the euro area had the will and the tools to manage the crisis.

He called on governments and central banks to work together and avoid "loose talk" on the dismantling of the euro area.

According to several sources of high rank, he also pleaded Friday for the use of leverage to multiply the response capacity of the fund "euro area".

It is currently 440 billion euros but this sum could be too low when the new government fund to recapitalize banks and buy back sovereign debt will take effect this fall.

Jean-Claude Juncker has denied the existence of such a discussion between EU ministers and their U.S. counterpart.

"We do not discuss the increase in the size of EFSF with countries outside the euro area," he said.

A senior source said, however, that this possibility was discussed Friday afternoon.

Germany and other countries had so far rejected an outright increase in the size of the fund and the national parliaments have yet to ratify the new powers of EFSF decided at the EU summit on 21 July.

The lack of recovery in the housing market prevents the activity really leave the United States. Explanations of a slump that may well last for …

One day, the U.S. housing market will leave … But the time has not yet come. To 1000 households, is now under construction 5 units, a record of weakness, experts comment Oddo Securities. The problem with this market? The fall in prices continues, fueled by the liquidation of foreclosed homes. In a speech on September 1, Elizabeth Duke, member of the Fed Board, recalled a few orders of magnitude: 25% of vacant houses for sale come from seizures, about one million properties will swell the stock of houses seized in 2011 in 2012 and 2013, 40% of home sales are forced sales. Under these conditions, a recovery is impossible.

Especially since some seizures – suspected illegal – are investigated.The Central Bank of the United States (Fed) announced that it planned to impose a fine on the U.S. bank Goldman Sachs for "malpractice" of its subsidiary, Litton Loan Servicing. Defuse this situation will take months, at least. But without rebound in real estate – and experts are adamant on this point – the growth prospects remain poor across the Atlantic. Aware of the problem, the authorities are considering new ways (supports tax failed to stem the crisis). Ms. Duke evokes such a large transfer program to sell foreclosed homes on the rental market. Meanwhile, the signs "For Sale" continue to flourish across the United States.

The United States lost their precious "triple A", for the first time in their history.

The rating agency Standard & Poor's announced Friday night down a notch in the sovereign rating of the United States, saying the planned fiscal consolidation program will not stabilize the debt of the world's largest economy.

This degradation from AAA to AA + comes with a negative outlook, meaning that S & P could again deteriorate note of the United States within 12 to 18 months.

It followed a bitter battle between Republicans and Democrats raising the ceiling on public debt, which led the United States within a whisker of default.President Barack Obama signed on August 2 of the Act providing for the deficit of 2.100 billion over 10 years away from 4000 billion savings expected by S & P.

It comes as markets fear a "double dip", a relapse of the U.S. economy, which was subjected to Wall Street's worst week in more than two years.The broad index of the New York Stock Exchange, the S & P 500 lost 10.8% during the last ten sessions under the double blow of the threat of another recession and the extension of the debt crisis in Europe.

"The reduction (of note) reflects our view that the fiscal consolidation plan that Congress and the administration (Obama) has recently approved does not respond to what, in our view, would be needed to stabilize the dynamics medium-term debt, "said S & P said in a statement.

For now, the United States maintain their "triple A" with two other major rating agencies.

Moody's confirmed on August 2, while matching its Aaa rating than a negative outlook.

Fitch maintained its AAA while placing U.S. debt under review.According to David Riley, principal analyst at Fitch in the U.S., the agency does not place the American note negative outlook once the review finished.

"INTERNATIONAL MONITORING"

The United States was rated AAA by S & P since 1941. Degradation of their sovereign rating was unthinkable a few months ago.It reflects the deteriorating global economic climate and could have implications for the status of reserve currency the U.S. dollar.

It is expected to increase borrowing costs for administration and U.S. government agencies, for companies and individuals.

The Federal Reserve provided a deterioration in the sovereign rating would be no need for additional capital for banks, insurance companies and other institutions that hold U.S. debt.The Fed also said it would not impact his wicket for the banks, nor on its purchases and sales of Treasury securities to conduct monetary policy.

The U.S. Treasury bonds, which until recently were undoubtedly the safest assets in the world, are now rated below bonds issued by countries like UK, Germany, France or Canada.

"The global system must now adapt to the many implications and uncertainties induced by the loss, once unthinkable, the AAA American," said Mohamed El-Erian, the investment company Pacific Investment Management.

This is a blow to the prestige of the United States but not an unexpected decision.S & P had in October called for a meaningful agreement to control the duration of the U.S. deficits and threatened in April to lower its rating.

"We expect that the dollar is more pressure but we do not imagine a selloff," said Vassili Serebriakov, an analyst at Wells Fargo Bank.

The impact could even be limited to Monday's reopening of global interest rate markets. In fact, Treasuries have benefited from the recent drop in world stock markets and the performance of U.S. 10-year fell to 2.34%, the lowest for ten months.This reflects investor sentiment that the U.S. State debt is always a safe haven.

However, degradation may worry foreign creditors, the first of which China holds $ 1,000 billion of U.S. debt.

Beijing, through a review of the official Xinhua news agency has promptly reacted to the news and urged the U.S. to face the problem of debt, asking that the global economy is not a hostage of U.S. domestic politics.

"There is a need for international monitoring on the issue of the U.S. dollar and a new reserve currency, stable and secure, can also be an option to avoid a disaster to be caused by a single country," Xinhua said.

Inability to govern ALL

The White House did not immediately react to the decision by S & P. Barack Obama was made aware that day of the intentions of the agency but it was discussed with officials of the U.S. Treasury, not with the White House were told Reuters a source familiar with the matter.

Friday night, the U.S. Treasury said that the calculation of debt by S & P was wrong about 2000 billion.S & P affirmed its economic assumptions have changed after discussion with the Treasury but said it did not change its decision.

"We take our responsibilities very seriously, and if at the end of our analysis, the commission concludes that a note is not to where it should be, it is our duty to make this decision," said Reuters responsible for the sovereign debt rating from S & P, David Beers.

Analysis of S & P is essentially the inability of Democrats and Republicans to govern together – the House of Representatives is controlled by the Republicans. The rating agency believes that such tax cuts enacted under the administration of George W.Bush will not be interrupted in 2012 due to fierce opposition from Republicans.

Degradation was immediately exploited by the Republican candidates for the nomination for president next year, Mitt Romney, for example seeing "a very disturbing indicator of the decline of our country under President Obama."

The compromise reached between the two sides would create a bipartisan parliamentary committee to find 1500 billion in budget cuts by the end of November, of which 917 billion have been identified so far.

Managers and analysts now expect the intervention of political authorities to restore calm to the financial community a destabilized by the possibility of a relapse of the U.S. economy and the expansion of the debt crisis in the euro area.

European leaders multiply contacts to counter the distrust of investors led by two weeks of dropping world stock markets.In the euro area, the squares of Paris, Rome, Madrid and Lisbon have recovered their levels of more than two years.

"Politicians are so quick to intervene and help countries such as Greece and Ireland that the market has lost confidence in the ability of political authorities to take action," said Eric Le Coz, deputy general manager at Carmignac management.

President Nicolas Sarkozy was to meet Friday with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero.China and Japan have called for international cooperation.

"Given the magnitude of the tornado that struck the markets, it would make sense that the policies show a strong sign and bring some calm and reason among investors disoriented," said Fabrice Cousté, CEO of CMC Markets France.

In the absence of signs of improvement in the macroeconomic situation, a strong and credible intervention of the authorities now seem necessary but should not be possible before the end of the summer, fall, however, several analysts.

"The decline may continue until the elements for building the confidence to materialize," warned in a note to CM-CIC Securities."We do not expect until September at best."

A CALENDAR Malaysian politics

"Given the difficulties of Spain and Italy in the financial markets, one can logically expect a new high on the modalities and financial resources of the European financial stability. It should be held earlier than the schedule but it does not lend, "said Fabrice Cousté.

The Spanish Minister of Economic Affairs, Elena Salgado, spoke Friday a meeting of economic ministers of the European Union in early September.

The electoral calendar loaded complicates the situation.The elections are not conducive to radical decisions, generally unpopular, stress professionals.

Parliamentary elections are scheduled for November in Spain. France is already campaigning for the presidency in April and May 2012, and follow the U.S. presidential in November 2012.

In Italy, where power is weakened by electoral setbacks of May and where the governing coalition splits, experts do not rule out a fall of Berlusconi cabinet and the holding of early parliamentary elections ahead of schedule in 2013.

A few hours before the deadline of August 2, the U.S. Senate, Republican majority, dismissed the Democratic plan to raise the debt ceiling. In less than 48 hours, the U.S. could default. View of the Capitol, seat of Congress. At 15 days of the deadline of August 2, elected Democrats and Republicans do not agree on conditions for raising the U.S. debt ceiling.

The U.S. Senate Republican majority, today rejected a Democratic proposal to raise the debt ceiling, which was rejected by the Republican minority yesterday. In a procedural vote of 50 votes against 49, elected officials have dismissed the text prepared by the Democratic majority leader of the Senate, Harry Reid.

The leader hoped to wrest the Democratic 60 votes out of 100 needed for a plan review, which was then followed by a final vote.But it has a majority of 53 senators and 43 of the 47 Republican senators had written him and told him they would not support his plan.

The House of Representatives, dominated by Republicans, rejected Saturday the plan of Mr. Reid by 246 votes against 173. In an attempt to attract the votes right, Mr. Reid was released on Friday a new version of its plan with measures "suggested" by the Republicans. Mr Reid's plan would have allowed an increase in the maximum debt of 2,400 billion, accompanied by 2,400 billion in cuts over 10 years.

Sunday's vote comes amid a new draft agreement is currently under discussion between Republicans, Democrats and the White House to raise the debt ceiling, currently at 14.294 billion dollars, before Tuesday, August 2 at midnight (4:00 GMT Wednesday), and avoid the United States end up in default of payment.

The outline of the plan under discussion include raising the debt ceiling of about 3,000 billion. Shortly before the vote, Mr Reid said he was "cautiously optimistic" about reaching an agreement, saying that some issues remained to be finalized. For its part, the Republican minority leader Mitch McConnell said Sunday on CNN: "We are very close to an agreement."