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.

The last thing you want to do is default on your bills because you can't afford to pay a medical, auto repair or home maintenance bill as well as your regular bills, as that could have many serious repercussions. In this scenario, a cash advance no faxing could be the solution.

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.

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.

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.

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.

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 release date of the recession has been repeatedly pushed back to Athens for two years. According to the international organization, the economy should resume growth in 2013. In Greece, the horizon darkens again.

The International Monetary Fund has ceased to be optimistic for Greece, drawing a line under the belief that it could recover as soon as its creditors believed at the beginning of international aid plan. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," wrote the IMF, the Commission and the European Central Bank in a statement Tuesday.

Greece, in recession since late 2008, did not see the end. Issues and the IMF forecasts a growing dark. The date on which the Hellenic economy should resume growth has declined steadily for two years.In 2009, before the debt crisis, the IMF thought it would be in 2011. In 2010 and until summer 2011, he was counting on 2012. Since September, 2013.

The "troika" of the creditors of Athens on Wednesday announced the release of 8 billion euros in November. But the IMF no longer speaks to unlock new loan to the country most in need of the euro area. At the end of the summit area on July 21, executive director of the institution Christine Lagarde said that Greece expected demand "soon" new aid. Two months later, change of tone in Washington at the annual meeting of the IMF, Ms. Lagarde forget any reference to a new loan, and hammered the need for Greece to meet its commitments before obtaining new European funds. "What we have heard lately is the strong commitment of European partners to be with any member of the area.And I think it's a crucial point, "she said, without defining the role of the IMF. Europe's director, Antonio Borges, agrees:" If the Greeks are doing what they should do, I think they can count on the full support of the rest of Europe. "He fails to mention the IMF.

Jacob Kierkegaard, economist Peterson Institute in Washington, history has proven that the institution had agreed, when it promised 30 billion euros to Greece in May 2010, a plan too ambitious reform the country quickly without restructuring its debt. "The projections are by nature optimistic. They tried to convince market participants that Greece was not an insolvent country," said he. But the IMF has found over time that Athens could not move as fast as you like, especially in its privatization.Gradually, the prospect of global institution with a long experience of debt crises has departed from that of Europeans, for whom it was to preserve the young first monetary union and bank-holding Greek debt. Kierkegaard says, "the markets have a confidence level much higher in the IMF as a neutral arbiter in the ECB or the Commission", and the IMF has gradually imposed his views.

The aid program in Athens, most originally designed by Europeans, has failed in its objectives: to make Greece more competitive, restore the credibility of public finances and financial calm tensions in the eurozone. Contrary to the hopes the Europeans, "the specter of a discount for holders of Greek bonds and the risks of contagion that accompany have not flown," says Samarjit Shankar, an analyst at Bank of New York Mellon.Especially, the way the Greek economy has sunk was a cruel disappointment, said Eswar Prasad, a former economist at the Fund (1990-2006). "In principle", the IMF forecasts assume that the government will follow a certain policy, says he told AFP. Greece shows that "the slippage in the implementation of a policy (…) can cause a divergence between growth forecasts and actual growth."

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.

Gold continues to surge Tuesday morning in a movement of flight to quality due to concerns about the macroeconomic outlook after the deterioration of the U.S. debt rating by Standard & Poor's on Friday.

The August contract on gold gained 3.4% to 1772 dollars to 9:40 GMT in the session after reaching a record 1782.5 million.

Economic growth has slowed in many regions of the United States in June and early July, the Federal Reserve said in its report of economic conditions released Wednesday.

According to the Beige Book eight of the 12 Fed districts reported a slowing growth.This report and the figures showing orders for durable goods investment projects of companies down in June, suggest that the recovery remains soft, while some observers anticipated a start.

"Economic activity continued to grow, but the pace has slowed in many areas," said the Fed.

Most regions have seen a modest increase in recruitment, but the labor market remains sluggish.

Home sales were little changed since the last start and in general, prices are stable or declining.

In this context, there is little upward pressure on wages in particular and on prices in general, said the central bank.