Leaders of the main Greek political parties have again postponed the meeting scheduled for 24 hours on Tuesday to accept the reforms demanded by donors in exchange for Athens a second aid plan.

A party official who declined to be identified said the postponement was due to the fact that the leaders of the three features had not yet received the text of the draft agreement on this bailout of 130 billion euros.

While demonstrators gathered in Athens burned the German flag, Chancellor Angela Merkel tried to ease tensions. "I will do nothing to force Greece out of Euro", she assured, responding to a Greek student in a meeting with young people in Berlin.

His Dutch counterpart Mark Rutte has however not ruled out such an output. "The rest of the euro area is now strong enough (…) so we can deal with an output of Greece, a Greece faces serious problems," he said ;.

A half an hour of their meeting, scheduled at 19:00 GMT, the leaders of the Socialist Party, New Democracy (right) and Laos (far right) who support the government of Lucas Papadé ; mos still had not received the draft agreement with the IMF and the European Union.

"We can not say yes or no frank without assurances from the competent authorities of the State that these measures are constitutional and that the country will emerge from the crisis," said George Karatzaferis, leader of Laos. "We have time. Since it is about the future of the state, we find the time, "he said

To avoid being insolvent in late March, Athens has been negotiating for months with the troika (International Monetary Fund, European Union and European Central Bank) the granting of the second aid tranche

. Negotiations between Lucas Papademos and donors took almost all night from Monday to Tuesday, until 04:00 (2:00 GMT), right at the start the first walkouts in ports. "No ship left the port of Piraeus this morning, due to the strike of seamen," said a spokesman for the coastguard.

The movement was launched at the call of the main unions, GSEE (private) and ADEDY (public), to denounce a policy which, they say, threatens to lead the country in a destructive spiral.

The Acropolis was closed to tourists, public transport was disrupted during rush hours, hospital staff is minimized. Teachers, employees of banks or telecommunications plan to join the movement.

Scuffles broke out between Syntagma Square police and demonstrators who tried to climb the steps leading to parliament chanting "No to the medieval working conditions, do not give head , resist ".

Participation seemed a little weaker than in previous rallies in recent months, the rain had apparently been due to the desire of some protesters.

"They (the government) were saved by the rain. The weather did not allow the protesters to take to the streets and show their anger, "he told Reuters Ilias Iliopoulos, general secretary of public sector union, ADEDY

. "FINDING A SOLUTION"

Lucas Papademos, Vice-old President of the European Central Bank (ECB), must now convince the leaders of three parties in the diverse coalition that supports it to accept the conditions imposed by the EU and the IMF ..

……. "We must find a solution today," said a government official before the meeting between parties …….

.. The Greek finance minister, Evangelos Venizelos, has meanwhile said the talks between his government and the "troika" – Lender EU, IMF, ECB – were difficult. 

"Unfortunately, the negotiations are so difficult that when a chapter is closed, another opens," he said Monday night.

Tuesday, a source close to the talks we had yet reported progress in discussions. "Our positions are not as far apart as before," said, adding that both sides were working on the contours of the political program that Athens will apply to enter the second plan help.

After weeks of dealings, several important questions have still not been resolved.

COST OF WORK

Greece has yet to find 600 million euros in savings for the current year, a total of 3.3 billion, said a government official.

Troika also requires that the cost of labor in the private sector is reduced by about one fifth. It proposes to do this by lowering the minimum wage by 20% – which would affect the entire pay scale – by eliminating premiums paid leave or certain sectoral wage agreements.

Europe seeks new austerity is accepted by the Greek government coalition and approved by the Troika before February 15, time to settle then the procedures complex techniques involved in an agreement between Athens and its private creditors on a debt exchange.

The EU hopes to avoid a default "disorderly" of Greece, which must be repaid in March 14.5 billion euros of bonds maturing . 

The President of the Eurogroup, Jean-Claude Juncker, said Tuesday he had no doubt on the future of Greece in the euro area, provided that the country meets its obligations vis-à-vis other members of the single currency.

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 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.

In his Bordeaux against social fraud, Nicolas Sarkozy seems to have mostly focused on benefit fraud individuals. But this is far from being the No. 1 threat to Social Security accounts. Parade 1st May 2004 in Paris.

Social fraud is the enemy. Nicolas Sarkozy, on the road to the family allowance fund of Bordeaux, gave a speech particularly offensive against fraud, described as "worst and most insidious betrayal of the spirit of 1945" and accused of "undermining the foundations the same Social Republic. " If he was refusing to "stigmatize anyone," the president nevertheless denounced "thieves and cheaters" in the system. The thieves are those who feel abused a social benefit. And cheaters, those who employ an employee without declaring it.

His speech, however, was unbalanced. Indeed, it has placed more emphasis on fraud of insured persons, he took care to detail ("he who has a work stoppage fraudulent," "one who underestimates its resources," "he who does not reside in the country "," one who invents a fictional housing "..) than that of health professionals or companies, referred to simple turn of a phrase. Yet the amounts diverted by them are a priori much more important. State of Play.

How much is the benefit fraud in France?

All the fraud was by nature not detected, there are only estimates. The benefit fraud general scheme has been estimated at between 2 and 3 billion euros by a recent parliamentary report.

More than one million low-income households eligible for social tariffs of electricity and gas do not qualify now, because of the complexity of the award procedure. EDF and GDF will cross their files with those of beneficiaries of supplementary CMU.

Social tariffs for electricity and gas, more than one million beneficiaries do not receive very modest at present, will be automated from 1 January 2012, announced Monday in a statement the Minister of Energy, Eric Besson. The minister seized Monday the Supreme Council of the energy of a draft decree automating their allocation to households with incomes below the ceiling of the supplementary CMU, or 7,771 euros per year for a single person or 11,657 euros for a couple .

Only 600,000 households currently receive social tariffs for electricity or gas, so that 1.5 to 2 million households are eligible, according to the government, a situation that was "not acceptable" according to M . Besson. This phenomenon was explained by both the complexity of the award procedure and the modesty of copyright holders who waived the claim.

Reduction of 88 euros for electricity and 142 euros for gas

According to EDF, the average reduction of invoice driven by the social tariff of electricity (created in 2000 and established in 2005) is 88 euros per year. Reducing Gas (adopted in 2006 and implemented in 2008) it amounts to 142 euros per year.Eligible households will benefit rates "without having to step in" with the file of recipients of supplementary CMU, under control of the National Commission on Informatics and Liberties (CNIL), the ministry said in a statement.

To avoid excluding people who forgot to extend their rights to CMU, the rights to social tariffs will run six months longer than the CMU, according to the draft decree. The decree, the government had promised, following the adoption last year of law Nome (New Market Organisation of Electricity), which already provided for automation rates for households with the lowest incomes.

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.

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.

President Barack Obama announced Monday it had decided to appoint the labor market specialist Alan Krueger at the head of the Economic Council of the White House, while it should detail a plan next week to support employment.

Alan Krueger, an economist at Princeton University, will succeed Austan Goolsbee, whose resignation was announced in early June.

The appointment comes as President Barack Obama has detailed a plan to support employment after September 5, the day of the celebration in the U.S. Labor Day, which traditionally marks the end of the summer.

Austan Goolsbee, adviser to longtime Barack Obama, decided to leave his post as head of the Economic Council to get back to teach at the University of Chicago.His departure was a blow to the White House.

With an unemployment rate of 9.1% and fears of more serious view of the U.S. economy plunge into recession, the American presidency in fact trying to show that it does everything it can to support growth.

In the Garden of the White House alongside Alan Krueger, Barack Obama said he would build on the "raw recommendations" of the latter to stimulate the U.S. economy.

"Alan understands the difficult challenges facing our country and I am confident he will help us meet them," said Barack Obama.

PLAN FOR EMPLOYMENT

The U.S. president said he would detail next week a plan to support purchasing power and employment.

"Next week I will be releasing a series of steps that Congress can take immediately to put more money into the pockets of working families and those of the middle class, to facilitate employment for small businesses, to put teams construction work and rebuild roads, railways and airports in our nation, "he said.

Barack Obama hoped that this plan harvest support large, beyond the partisan disagreements.The Republicans have so far shown reluctance to stimulus involving additional costs.

Against the backdrop of fears around the gloomy figures for growth and employment, the popularity of Barack Obama has dropped to about 43%, close to its lowest level since the beginning of his presidency and as it prepares to appear for a second term in 2012.

The appointment of Alan Krueger must obtain the consent of the Senate.

European stock markets continued Friday in early trade started to decline yesterday, investors preferring to remain cautious about the highly anticipated speech of the President of the Federal Reserve in Jackson Hole.

Ben Bernanke is speaking at 14:00 GMT (16:00 in Paris) in Jackson Hole (Wyoming), as part of the 35th annual economic symposium of central banks. It is likely that the Fed chairman will announce gradual steps, not an ambitious new plan to repurchase shares.

At 9:30, the CAC 40 index fell by 0.84% ​​to 3092.71 points, after dropping 0.65% on Thursday.For the week, the benchmark index of the Paris remains up 2.7% after falling nearly 18% during the first three weeks of August.

Other major European markets, London lost 0.86%, 1.15% Frankfurt, Milan and 0.51%.Of the European indices, the EuroStoxx 50 yields 0.89% and 0.94% Eurofirst 300 loose.

"The conference in Jackson Hole is not the place for decisions on monetary policy," warns UBS in a note saying that the Monetary Policy Committee of the Fed (FOMC) has already reached a major milestone by announcing the August 9 keeping interest rates near zero for at least two years.

"If the Fed wishes to further modify its monetary policy, we believe it would make more sense to do at the FOMC meeting on September 20," said UBS.

As for values, the financial attempted to resist the general trend following the extension of the ban on short selling in four countries.

After being the only sector up for several minutes, the Stoxx bank index finally yielded 0.6%.

In Paris, Societe Generale has head increases the CAC 40 (+0.22%) to Credit Agricole (0.25%) and Natixis (0.18%).

The expectation of the speech of Ben Bernanke puts the dollar under pressure, several analysts point out. The euro also wins 0.39% against the greenback at 1.4425 dollar.

"Traders are looking forward to this time in a highly volatile backdrop of sovereign debt crisis and fears of a slowdown in economic activity in the United States," says Saxo Bank in a note.

After correcting for nearly 200 dollars per ounce of gold returns to form more than 1780 dollars (+0.8% to 1783.39 dollars).

The French government is expected to announce Wednesday a ten billion euros in savings and additional revenue to meet its deficit reduction targets despite the slowdown in growth.

To do this, and again in "niche" tax and social security, a pool of tens of billions of euros of revenue and expenditure control will increase.

"In our sorrow, we have the advantage of having an incredible addition to expenses, opulent in some cases," said Finance Minister Baroin, mid-August, citing a total of 75 billion euros of tax loopholes and 45 billion euros of social niches.

The Court of Auditors, which certifies the accounts of the State, added 75 billion euros of tax loopholes unofficial, and estimated that at least 67 billion total social niches.

Preaching to balance fiscal consolidation and support for growth – which remains the most effective lever to reduce deficits – the government says it wants to spare the niches that it considers favorable to employment.

Emblematic example, the reduction in VAT in the catering sector has been confirmed, although it costs more than 3 billion euros per year for the results discussed.

The government could, however, agree to modify a key measure of the five-year period: the tax exemption of overtime, criticized by unions upon its adoption.

"The prime minister told me that this could be revised in part," said the leader of the CFDT union, François Chérèque, France 2 on Tuesday.

GROWTH WEAKER THAN EXPECTED

The cost of this niche, accused of hiring, while curbing the decline in unemployment is slow to materialize, is more than 3 billion euros per year for the accounts, plus $ 1.4 billion tax Income less.

"Measures on large enterprises, financial sector, overtime and taxation of the richest people are being investigated," wrote the CFDT Monday in a statement after a meeting between François Chérèque, and Prime Minister François Fillon.

At eight months of the presidential election, the government seeks in effect to send a political signal by setting a tax on higher incomes, to which many French bosses were in favor.

These emergency measures are intended both to compensate for the failure of growth recorded in the second quarter in France and around the world and explain how the deficit will be reduced in 2012.

The economy could indeed grow less than 2% forecast by the government this year, reducing revenues hoped.As for 2012, 2.25% growth it provides are considered too optimistic by economists, many now expect average growth limited to 1.4%.

This slowdown requires further action because France is committed to reducing the public deficit of 7.1% of GDP to 5.7% end 2010 end 2011 end 2012 4.6% and 3% end of 2013, which no matter the economic climate.

FRENCH FINANCE IN POOR CONDITION

This promise, back to their account by the main candidates for the Socialist presidential primary, is one of the springs of confidence in France by the lenders, in a context of very nervous about the finances of the major Western economies.

"France can not take the risk of missing its fiscal targets over the medium term, given the need to strengthen the implementation of the Stability Pact and keep borrowing costs at a low level by strengthening its AAA rating" wrote and the International Monetary Fund in July.

France shows indeed the worst fiscal ratios among the countries benefiting from the euro area as she noted the "triple A" (Germany, Netherlands, Austria, Finland and Luxembourg). This rating given by rating agencies allows states to borrow at low cost markets to finance its deficit and refinance debt.

Last for the deficit, France is also the only one of these countries to show a primary deficit (excluding debt service) important.The European Commission, the deficit would represent 3.1% of GDP in France in late 2011 against 1.6% in the Netherlands, Austria 0.9% and 0.5% in Luxembourg. Germany and Finland should end the year with a primary surplus of 0.4% and 0.2% respectively.

Key objective behind the path of deficit reduction on which France has committed itself to reverse the progress of the public debt / GDP in 2013 to put it on a downward path.

Paris is expected that this ratio will increase to 85.4% of GDP at end 2011 and 86.9% peak at the end of 2012 falling to 86.4% at end 2013 and 84.8% at end 2014.These forecasts will be updated to reflect the increase of some 15 billion euros (0.75 percent of GDP) by 2014 French financing needs, because the new plan to support countries in the euro area in difficulty to the European Council adopted on 21 July.

The measures announced Wednesday included in the draft budget in 2012 and those relating to 2011 may be incorporated in the draft amending budget in 2011 to be considered by Parliament from September 6.