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.

LVMH has published annual results Thursday soaring, signing a new record with the acquisition of Bulgari and demonstrating once again the resilience of luxury to shocks in the economy .

The world of the sector, including owner of Louis Vuitton, Moet et Chandon champagne and Christian Dior perfumes, has seen its annual sales climb 16% to 23.66 billion euros, slightly above consensus expectations Thomson Reuters I / B / E / S (23.3 billion).

The group's organic growth stood at 14% throughout 2011 and to 12% in the fourth quarter alone. However, it marks a slowdown over the last three months of the year compared to 15% increase recorded in the first nine.

The annual operating income of the group rose 22% to just over five billion euros, 5.26 billion (5.1 billion against expected) and the margin increased by 0 , 7 points to 22%.

After the Swiss Richemont (Cartier, Van Cleef & Arpels) and Britain's Burberry, LVMH therefore confirms the good health of an industry that takes advantage of the strong demand in emerging countries, the re , resistance to the U.S. market and tourist flows in Europe.

"The year 2011 was again an excellent year, as was 2010 (…) Unless a major accident and despite the difficulties in Europe, the world is growing and wants more and more products, "said Bernard Arnault, CEO of the group, with a smile of satisfaction.

"We are fortunate to have as emerging markets, but also the United States, who leave and which cause strongly all of our activities, "he said, adding that being" reasonably confident for 2012 ".

'EXCELLENT' YEAR E 2012 EXPECTED FOR VUITTON

He referred to the January sales "consistent" with those of the end of 2011 and predicted for the Louis Vuitton leather goods, the nugget, which accounts for more than half of the profits of the group, an "excellent year 2012." 

With the debt crisis in Europe and slowing U.S. growth, many analysts have revised down their forecasts organic growth of the great names in luxury for 2012.

All divisions of the group have experienced double-digit growth and significantly improved margins last year, with the exception of perfumes and cosmetics (Dior, Givenchy), more affected by the crisis in Europe.

In fashion, leather goods, Louis Vuitton has yet to sign growth "double digit", while the claws Loewe and Celine have completed the year with "beautiful results", wished to clarify Bernard Arnault. 

This division, the most profitable group with Vuitton, saw its operating income surpass the $ 3.0 billion to 3.07 billion euros, with sales reaching 8.7 billion , up 16% at constant rates.

With strong demand and tight supply, the famous monogrammed bags have also benefited from price increases "more significant" than other brands.

In wines and spirits (cognac Hennessy, Dom Perignon champagne, Ruinart and Moet & Chandon), sales increased 10% to $ 3.5 billion and the margin has been 2.5 percentage points to 31% .

Selective distribution (Sephora, DFS) was not unworthy, with a leap of 34% in sales and an improvement of one point margin to 11%. 

But the most growth pole returns to watches and jewelry (TAG Heuer, Zenith and Chaumet), which has more than doubled with the acquisition of Bulgari and has increased sales by 41% ; like basis, for a margin of 13.6%.

NO hegemony HERMÈS

About Hermes, in which LVMH continued to rise (22.3%), while the deluxe saddle has been locking his family holding company capital, Bernard Arnault has reaffirmed that the participation e silent "friendly" and that LVMH had "no desire to dominate." 

Once will not hurt, LVMH has invited in the news at a time when the debate over the "made in France" is raging in France, flying to the rescue, via one of suppliers in leather, the workshop Lejaby lingerie in Yssingeaux (Haute-Loire).

The annual net income reached 3.06 billion euros signing up to 1% but 34% excluding the unrealized gain realized on the outstanding stake in Hermes s in 2010.

With these figures, the group will offer its shareholders a dividend increase of 24% to 2.60 euros.

The title LVMH closed Thursday at 126.40 euros at the Paris Stock Exchange, rising 15.5% since early January, after falling 11.13% in 2011. 

Perceived by analysts as the value most defensive sector, largely due to the brand Louis Vuitton, she exchanged with valuation multiples of about 17 times the beneficial ; profits estimated for 2012, representing a premium of approximately 15% of the industry average off Hermes.

The U.S. government has revised sharply downward its growth in the third quarter. It is 2% annualized, or 0.5 points less than what was announced in October. U.S. President Barack Obama.

The U.S. government said Tuesday it has revised sharply lower growth rate of GDP of the United States in the third quarter. From July to September, the U.S. gross domestic product grew by 2.0% annualized over the previous quarter, said the Commerce Department, reviewing and down 0.5 point first growth estimate published at the end in October. According to their median forecast, analysts expected a confirmation of the first estimate of the ministry.

This action is the publication director of Libération Demorand Nicolas, Yann Filipino journalist, Sarl Libération and MP Gerard Bapt, chairman of the parliamentary information mission of the Mediator. The boss of the company that makes the Mediator, Jacques Servier, the day of his hearing in the National Assembly (March 2, 2011).

Servier Laboratories pursue defamation before the correctional court of Paris newspaper Libération and MP Gerard Bapt PS, for stories and comments relating to the scandal of the Mediator, according to a subpoena which AFP obtained a copy Sunday.This direct quote is the managing editor of Liberation Demorand Nicolas, Yann Filipino journalist, Sarl Libération and MP Gerard Bapt, chairman of the parliamentary information mission of the Mediator, which will run January 6, 2012 before the 17th Criminal Chamber of the Paris Court.

According to the text of the direct quote, Servier acknowledges Liberation in its edition of September 7, 2011 dedicated to a different drug from the laboratory, Protelos – which would have minimized the side effects – have set out "a series of charges that are seriously defamatory against Servier. " Nicolas Demorand in an editorial, wrote that Servier "had erected lying and manipulation economic model", so that after the Mediator, "is now a scandal that Protelos."

In an interview with Liberation, MP Bapt stated that Servier had sought to play down the effects of Protelos from judsqu'à including "falsifying case for the death of patients do not appear." PS MP had accused Servier of "perverse and developing methods not only for the Mediator." According to the direct quote, the lab accuses journalists and MP PS stated to have "a series of charges which are seriously defamatory against Servier" in particular, accusing Servier to have "relapsed" with the Protelos and accusing him of "falsifying documents" about the drug against osteoporosis.

Servier believes in its citation that defamation is made public "due to the seriousness of the false accusations." He requested 50,000 euros and publication of the trial in which several daily Liberation.

The Heads of State and Government of the euro area may call Wednesday the European Central Bank (ECB) to continue its purchases of bonds to support Italy and Spain, according to a draft of their summit conclusions to which the Germany, however, said not to buy in the state.

"We fully support the ECB in its actions to ensure price stability in the euro area, including its non-standard measures in a financial market currently outstanding," states that the project, which Reuters had access.

Sources of the European Union said that these "unconventional measures" referred to by the ECB purchases of bonds of countries in difficulty on the secondary market debt, purchases it took over in August to support the Spain and Italy.

Chancellor Angela Merkel reacted promptly by declaring opposition to any representation which purports to tell the ECB what to do.

"This sentence and the way it is currently in the news are not accepted by Germany," she told reporters.

Carsten Schneider, budget expert of the opposition Social Democrats (SPD) of Germany, for his part indicated that a draft motion on the multiplication of EFSF was based precisely on the assumption that the ECB will stop buying bonds on the secondary market.This motion must be filed Wednesday in the Bundestag.

The ECB buys Spanish and Italian paper in the hope of lowering their yields and reduce the cost and funding of these two countries on the market.

But investors fear that these two countries follow the path of Greece, Ireland and Portugal, all of which benefit from support schemes concocted by the EU and the International Monetary Fund.

"No misunderstanding"

The ECB has, to date, bought for 170 billion euros of debt in the euro area difficult, prevent a widening yield spreads with German debt, a move that has caused divisions within their bodies leaders.

Angela Merkel said Berlin was trying to have an ECB statement setting out its opinion on the draft communiqué of the summit.

"We want much clearer statements about what the ECB wants itself and we speak about it. We do not want a misunderstanding where policies would expect something special from the ECB," she said .

She also felt that too much speculation on the draft summit conclusions."The sentence does not include a statement that the purchases in the secondary market are possible and it just says that unconventional measures will continue," said she.

Many economists believe that the only way for the Seventeen to simultaneously protect themselves from market pressure, while regaining their trust is to the ECB and its unlimited liquidity at the heart of the rescue device in European countries too indebted.

France follows this line of thinking but Germany and the European Commission see this as a violation of the fundamental laws of Europe.

Given this impasse, the top of the euro area should suit Wednesday to leverage the capabilities of the EFSF through an insurance mechanism and a special vehicle, without involving the ECB in the process.

Paris and Berlin have developed a second summit, in addition to Sunday, to prepare a "comprehensive and ambitious répnse" to the crisis in the eurozone. President Nicolas Sarkozy meets with German Chancellor Angela Merkel Tuesday, August 16 at the Elysee Palace (both here in Berlin July 20, 2011)

Nicolas Sarkozy and Angela Merkel will meet again Saturday night in Brussels on the eve of the European summit to prepare an "ambitious and comprehensive response" to the crisis in the euro area whose elements will be adopted at a second summit "at the late Wednesday ", they announced Thursday in a joint statement. In this paper circulated by the Elysee Palace, Paris and Berlin have also called for "immediate negotiations" engage with the private sector "to reach an agreement to strengthen the sustainability" of the Greek debt.

The statement said the French president and German chancellor, who have been in Frankfurt on Wednesday night for an "informal meeting" Thursday had a telephone conversation during which they "expressed their full agreement to provide a comprehensive and ambitious "to the crisis in the months since the euro area.

This response will include "the operational implementation of new forms of intervention EFSF, a plan to strengthen the capital of European banks (and) the establishment of economic governance in the euro area and the strengthening of economic integration ", they repeated. The two countries "agreed that all elements of this ambitious and comprehensive response will be discussed in depth at the summit on Sunday in order to be finally adopted by the Heads of State and Government at a second meeting at the late Wednesday. "

A summit of heads of state and government of 27 EU countries is scheduled Sunday in Brussels, followed on the heels of another top 17 members of the euro area. Prior to confirmation of Paris and Berlin, a diplomatic source had raised the possibility of a second peak of the euro area, noting the differences that continue to oppose the countries of the European Group on how to strengthen the Fund European Financial Stability (EFSF). Long opposed, the two largest economies in the euro area ultimately reached a common position but "n'enthousiasme not" some of their European partners, acknowledged Wednesday the Secretary of State for Finance Steffen Kampeter.

"We have made enormous progress but not enough to make final decisions on Sunday.In some areas, we agree (between European partners), in others we are on track, "said Thursday night a spokesman for Mrs. Merkel, Steffen Seibert. Mr. Seibert also suggested that the second summit was necessitated by considerations of internal politics in Germany. "The participation of the German parliament is essential," he said.

"The challenges we know are also in negotiations related to the requirement of the German Members to be consulted," confirmed to AFP diplomatic source in Brussels. In their statement, France and Germany finally, once again, urged Greece to "make ambitious commitments to address the situation of their economies as part of a new program." At a meeting with Merkel in Berlin on October 9, M.Sarkozy had promised "sustainable solutions, comprehensive and fast" to resolve the crisis, at least before the G20 summit expected in Cannes on November 3 and 4.

France and Germany have formalized their agreement on how to resolve the debt crisis in the euro area, said Friday the French Minister of Economy Baroin after meeting with his German counterpart Wolfgang Schäuble and Nicolas Sarkozy.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said Baroin referring to the stabilization of the euro area, the recapitalization of banks in Europe and "maximizing" the European Financial Stability Fund (EFSF).

Wolfgang Schäuble assured that the two countries had a "common position" and expressed confidence that they can "protect the euro area".

Nicolas Sarkozy and Angela Merkel pledged in Berlin on Sunday to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit scheduled for early November in Cannes, which will include a recapitalization of European banks.

The French president was then assured that the compromise between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF, now ratified by all Member States of the area, to provide the necessary funds.

While the capital needs of European banks were estimated between 100 and 200 billion dollars by the IMF, Angela Merkel stated that the new European Banking Authority and the International Monetary Fund would be asked to ensure that what is proposed is "durable and strong."

Nicolas Sarkozy announced the other as France and Germany were preparing a number of adjustments to the Treaties to strengthen European integration in the euro area.

Sony Ericsson is in discussions to buy the group's stake in their joint venture specializing in the manufacture of multimedia handsets, told Reuters on Friday a source with direct access to the file.

Thursday, the Wall Street Journal reported that Sony was close to buying from Ericsson in their joint venture.

Another source had told Reuters in July that talks about such a takeover was under way in anticipation of the expiry this month of the contract between the two companies.

According to many analysts, Sony needs to tighten its grip on Sony Ericsson to regain lost ground in the smartphone market, heavily congested.

Sony Ericsson was formed in 2001.The joint venture has failed to establish its presence with a market share of around 3% after peaking at 9%.

At the end of the meeting, as Sony lost nearly 4% while the Tokyo Stock Exchange advanced by almost 1%.

Driven by hopes of a European bank recapitalization, stock markets continued to grow yesterday. Pars won 0.9%, but Apple's stock in Frankfurt drop 4% following the death of Steve Jobs. Traders on the Frankfurt Stock Exchange. The DAX ended Tuesday, August 9 close to balance, down 0.10% at 5917.08 points, after an erratic session.

European shares continued their positive momentum on Thursday after strong rebound Wednesday, still driven by hopes of a coordinated recapitalization of banks in Europe to help them withstand the debt crisis in the eurozone. At the opening, the Paris showed a gain of 0.89% on expectations of support measures from the European Central Bank (ECB) to banks in the wake of the mobilization of political leadership on this issue.

In the first few exchanges, Frankfurt progressed from 0.70%.But the action of the American Apple dropped to the Frankfurt Stock Exchange after the announcement of the death Wednesday night of the group's co-founder Steve Jobs. The action, which is listed on the open market in Frankfurt, most U.S. markets, lost 3.8% to 272.20 euros at 9:11. The death of Steve Jobs, "one of the greatest American inventors" according to Barack Obama on Wednesday to 56 years, has generated an avalanche of responses to the measure of character, became the symbol of the success of the firm at the apple.

In other European stock markets, London progressed by 0.65%, Madrid and Milan by 0.50% to 0.55%. Wednesday, Paris won 4.33%, London 3.19%, 4.91% Frankfurt, Madrid and Milan 3.06% 3.94% despite the downgrade of the sovereign debt of Italy by Moody's. The strong rebound in European stock markets Wednesday has spread across the Atlantic, where the New York Stock Exchange also ended sharply higher Wednesday.

Back optimism also in Asia on Thursday morning. The Tokyo Stock Exchange ended the session with a gain of 1.66% while Hong Kong, Seoul and Sydney also evolved significantly positive territory. Shanghai was closed Thursday. After weeks of dithering, European leaders rallied Wednesday to prevent a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.

German Chancellor Angela Merkel said it was "justified" to recapitalize European banks in need, stressing that "time was running out" and that his country was ready to do "if necessary". "The German government is ready, if necessary, to achieve a recapitalization" of banks at home, assured the Chancellor, not excluding that the matter be discussed at the highest level at the next EU summit in Brussels on 17 and October 18.

The daily Die Welt, Merkel intends to convince French President Nicolas Sarkozy to act quickly to support banks, at their meeting on Sunday, while Paris would rather wait. Finance ministers of the EU have asked the parallel European banking regulator (EBA) to assess the impact on the banks of a deep discount applied to the obligations of the Greek state, reported the Financial Times. The International Monetary Fund (IMF), he, actually suggested Wednesday to inject 100 to 200 billion euros in the biggest European banks to stabilize the area.

In this context, as investors wait to see, around 1:45 p.m., what will be the decision of the European Central Bank (ECB) on interest rates. This is the last meeting chaired by Jean-Claude Trichet, whose eight-year term as head of the ECB ends October 31.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

European shares finished sharply Tuesday and recorded a third straight session of gains, supported, as before, with hopes of credible solutions to the crisis of sovereign debt in the eurozone.

The CAC 40 index closed up 5.74% to 3023.38 points, crossing the psychological barrier of 3,000 points and a small resistance around 3,014 points, the next resistance zone at around 3,089 points, according analysts graphics.

Professionals are questioning the strength of the rebound in stock market indexes and bank brunt of the fall of the market since late July and the main drivers of the rebound.

"For banks and insurance, as the indices, we can not yet say that we have stopped the downward momentum in place.But there are low points which should take several weeks, "said Jerome Vineria, market analyst at IG Markets.

For Valerie Gastaldy Cabinet Technical Analysis Day By Day, "the market may have been a low point, but there is no buy signal yet."

"Although the rebound is very large, has not yet confirmed the figure to return to Europe, but there is almost (…) what is interesting is that this is the first bounce that comes from the banks since the beginning of the fall (July ed), "she adds.

THE REBOUND not last NO SOLUTION TO THE CRISIS

In Paris, the bank has increased dramatically and signed the largest increases in the CAC 40: in order, Societe Generale (16.81%), BNP Paribas (14.15%) and Credit Agricole (13 , 1%), while the Stoxx European banks index was up 6.82%. The French and German banks have outperformed the others and are the only ones taking more than 10%.Deutsche Bank gained 12.62% and 12.59% Commerzbank.

The London Stock Exchange gained 4.02%, the Frankfurt 5.29% and 4.9% in Milan while the pan-European index STOXX 50 was awarded 5.31% and the Eurofirst 300 garnering 4 55%.

The volatility index of the Frankfurt Dax has dropped from 6.76% to 46.58.

"The 'rally' bear markets are the most violent," said Frederic Buzare, head of equity management at Dexia Asset Management, which warns that "the rebound will not last if investors do not get a clear action plan to resolution of the crisis "of the debt, he added.

"In this market-led policy, all about the risk premium. The valuation ratios are no longer relevant.We spend more time reading the statements of leaders (political) to study the balance sheets of companies, he says.

In addition to banking and insurance, the rebound has affected all sectors in Europe, particularly the construction (6.32%) and commodities (7.52%).

In the CAC 40, Alstom jumped more than 11%, Lafarge over 10% of Accor 9.37% 8.52% ArcelorMitttal, Michelin of 8.07%, 7.67% of Peugeot and Renault of 8.22%.

In this context of return to risky assets, return on German government bond (Bund) was extended to 10 years of one basis point to 1.96% while the euro going above $ 1.36 to exchange around 1.3610 against 1.3530 on Tuesday morning.

A barrel of U.S. light crude oil gained 3.64 dollars to 83.88 dollars and 2.64 dollars per barrel of Brent at 106.58 dollars.