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The Greek government's negotiations with the major political parties to agree on new austerity measures are dragging. The euro zone is getting impatient. And the unions called a general strike Tuesday. A retired manifest in Athens against the austerity measures December 15, 2011

The difficult negotiations between the Greek Prime Minister Lucas Papademos government and political parties are expected to continue Tuesday, while Greece will be a general strike, to wrest the downstream parties to reforms demanded by the EU and the IMF.

As the day until late at night, Mr. Papademos was to meet Monday evening the Troika representing the country's creditors, EU, IMF and ECB, whose patience is sorely tested by the length of the bargaining.

The hope is to conclude a political agreement Monday between the leaders of the three government parties, George Papandreou (Socialist), Antonis Samaras (Conservative), and George Karatzaferis (far right), on measures to implement was away with the "very likely" to report Tuesday to the meeting originally scheduled for Monday, according to a government source. "Negotiations continue

. There are still issues to resolve," said a government source told AFP in order to justify this new deadline. The challenge is to put an end to three weeks of negotiating a double, both with foreign creditors and the three political leaders, on the modalities for the further course of rigor required by countries in return for a second plan bailout of 130 billion euros.

To release these funds, and also endorse the erase operation 100 billion debt by private creditors, institutional lenders require an explicit commitment to MM. Papandreou, Samaras and Karatzaferis, in turn reluctant to countersign and unpopular measures that could deepen the recession. But the length of the bargaining has the patience to creditors.

Discussions are "already beyond the time," warned Monday Amadeu Altafaj, spokesman for the European Commissioner for Economic Affairs, Olli Rehn, noting that Brussels had relied on an outcome this weekend. Meeting in Paris, French President Nicolas Sarkozy and German Chancellor Angela Merkel have also increased their pressure.

"The Greeks have made commitments, they must scrupulously respect, there is no choice, time is short, it's a matter of days, now we must conclude" Sarkozy said. Sarkozy and Merkel also wanted the money paid by creditors to Greece (as a slice) is blocked in an account "to be sure that this money will be permanently available" to ensure service payments of debt.

Athens has a vital need for new aid to avoid default on 20 March, at maturity of debt of 14.5 billion euros. After five hours of Sunday in discussions with the three leaders, Mr. Papademos expressed an agreement on the extent of cost savings (about 3.3 billion euros) on the implementation of reforms aimed at lowering production costs and on a scheme to recapitalize banks.

According to media reports, the recent negotiations should focus on cutting the amount provided in supplementary pensions, the reduction demanded by the EU and the IMF in the minimum wage and on a proposed 15,000 layoffs in the public fast. The two leaders were right when they left the meeting raised their voices against the rigors advocated, but Mr. Karatzaferis then shared developments "satisfactory". The Socialist Party, which ruled the country until the November ouster of Mr. Papandreou, former Prime Minister-elect is ready "to show the same sense of responsibility" than before, for his part said his door voice, Panis Beglitis. But it does give the green light "that if an agreement on all of everything," he warned.

The Ministry of Finance has in turn ruled out the hypothesis of a deletion of two of the 14 months' salary in the private sector, despised by Mr. Samaras. Most newspapers were betting on a deal Monday morning's final trio Greek politics, which would allow Mr. Papademos lead to a close parallel final agreement on debt restructuring with private creditors.

The two largest unions, GSEE and ADEDY for the private to the public, also anticipated an agreement calling for a general strike Tuesday 24H, which is particularly disturbing schools, links with the islands, public transport and administration. A demonstration is planned in the center of Athens in mid-day.  

The new measures "are the chronicle of a death foretold (…), the goal is to bring down the entire law of labor and reduce wages by 20 to 30% in addition to cuts already made," he said President of GSEE, Iannis Panagopoulos. With ADEDY, GSEE had already organized six general strikes in 2011, but failed to bend donors. The leftist opposition, communist and radical, for its part is mounted to the front by announcing events on Monday night.

France Telecom continued its sale of foreign assets by selling its 100% subsidiary Orange and Hutchison 3G Austria to 1.3 billion euros, confirmed Friday the conglomerate Hutchison Whampoa rat.

The agreement, which is subject to approval of regulatory authorities telecom and competition, will take effect in mid-2012, the conglomerate said in a statement ;.

Orange Austria's capital is currently divided between France Telecom and the investment fund Mid Europa Partners.

The French operator, which has launched a review of its assets, has already beaten its subsidiary Orange Switzerland, sold at the end of December to fund Apax Partners for 1.6 billion euros. 

January 23, Stéphane Richard, CEO of France Telecom, told the BFM Business microphone that selling the group's business in Austria was "a matter of days ".

Hutchison 3G, a subsidiary of Hutchison Whampoa conglomerate owned by Hong Kong billionaire Li Ka-shing, is already present on the Austrian market through the brand "3".

Wall Street ended Thursday on a stable note, after having fluctuated within a narrow range throughout the session, reacting according to the results of companies in the moment but investors throughout remained on the sidelines, on the eve of the release of employment statistics from January.

In contrast, the Nasdaq was up, driven by the specialist Qualcomm semiconductors.

Statistic of jobless claims was an auspicious omen for the employment figures on Friday. The weekly jobless claims fell in the United States during the week to January 28, at 367,000 against 379,000 (revised) the previous week.

Economists expect 150,000 new jobs in January from 200,000 in December, with an unemployment rate that would not move to 8.5%.

Investors have not reacted more, it seems, the intervention of the President of the Federal Reserve before a parliamentary committee. Ben Bernanke said that the European financial crisis continued to threaten the U.S. recovery and the Federal Reserve will do whatever it takes to prevent it penalizes world's largest economy.

The Dow Jones lost 11.05 points (0.09%) to 12,705.41. The S & P 500 gained 1.45 points (0.11%) to 1325.54. The Nasdaq Composite Index is 11.41 points (0.4%) to 2859.68.

The technology continued to outperform the market. Qualcomm has registered its highest level in 12 years after the quarterly that easily beat the consensus. The stock has gained 1.96% to 60.73 dollars.

The values ​​of health have instead included in the red after quarterly results released by the pharmacist Merck (-0.49%), the insurer Cigna (-3.39%) and Medical equipment manufacturer Boston Scientific (-4.1%). The sector index lost 0.41%.

Merck said on Thursday quarterly results better than expected, thanks to lower spending on research, while providing a profit in 2012 more or less stable compared to 2011, in anticipation of the arrival of its lead drug generic, anti-asthmatic Singular.

The food group Sara Lee and Kellogg have also mounted after the announcement by both companies to better than expected quarterly results and confirmation of their annual forecasts in spite of significant changes in progress.

Kellogg took 2.6% and 4.36% Sara Lee.

The London Stock Exchange could launch a trading platform for SMEs in France provided that the incumbent operator, Euronext, or the authorities do not object, said its managing director Xavier Rolet in an interview published Thursday by The Tribune.

The London Stock Exchange began informal discussions in this direction, said Xavier Rolet, adding he had no deadline for now.

"We were contacted by French companies, which were probably disappointed by the abandonment of the SME market by the incumbent operator, Euronext," said the leader.

Search Valquant expects to triple the share price between 2013 and 2018, the company specializes in financial advisory finding that the attractive valuations and the prospect of a new cycle of rising secular justification to invest in this asset class .

Valquant does not exclude a relapse "serious and imminent threat" of a market still under reconstruction, stock prices remain extremely volatile and the risk remains very important in an economy close to recession.

The analyst firm has also expanded its area of ​​neutrality on the actions between 3100 and 3700 points on the CAC 40 index.

"The shares are cheap or very cheap (…Germany is not as virtuous people think (…) The problem is that we are dealing with a debt that does not generate growth, "he said.

"PERFORMANCE DEPOSIT"

Usually difficult, the month of October was marked this year by the rebound in stock exchanges, the pan-European Stoxx 600 index containing 7.65% after falling by about 18% in the first nine months of 2011.

Cyclical stocks have supported this rebound thanks to a renewed optimism, automotive bouncing from 15.75% last month after a decline of 27.21% between January and September, and the building containing 11 , 64% (-25.88% over the first nine months).

The rating agency Standard & Poor's downgraded the sovereign rating Thursday night of long-term credit of Spain by one notch to "AA" to "AA-" with negative implications.

S & P puts forward such weak growth and high debt of the private sector.

In response, the euro has a downward trend in Asian markets opened Friday, but always seems on track to achieve its best performance since the week of January.

"Despite signs of strength in economic performance during the year 2011, we observed an increased risk to the outlook for growth in Spain," said S & P, citing high unemployment, difficult budgetary conditions, the high indebtedness of the private sector and the likely economic slowdown in major trading partners of Spain.

The agency said in a statement to expect that the quality of financial sector assets continue to depreciate.

Standard & Poor's also believes that the reform of the labor market is "incomplete" and therefore constitutes an obstacle to the resumption of economic activity.

"We could lower the rating again if, according to our scenario of decline, the economy is contracting in 2012, if the fiscal situation of Spain deviates significantly from the objectives set by the government or if reforms Additional labor market and other reforms to support growth are delayed, "warns the rating agency.

European shares, which declined during the first hour and a half of transactions, have turned upward Wednesday mid-morning, with the cyclical, in the hope that European leaders would find means to agree on measures to facing the euro debt crisis, despite the "no" of the Slovak Parliament to strengthen the EFSF.

In Paris, around 9:10 GMT, the CAC 40 gained 0.77% to 3177.81 points, after losing more than 1% in early trade. The index has crossed an area of ​​strength identified by analysts graphics around 3130 points.The pan-European Euro Stoxx 50 index is 0.75% and 0.44% Eurofirst 300.

The leaders of the member parties of the Slovak government were to meet Wednesday resigned those of the main opposition party, the Smer to negotiate support for the project to strengthen the European Financial Stability Fund (EFSF), announced a spokesman of the party the majority.

Greece can avoid bankruptcy if itself and the other European countries stick to their agreement to reduce debt, said the President of the European Central Bank (ECB) Jean-Claude Trichet.

The euro hit a high of three weeks vis-à-vis the dollar, the trend had also returned in the hope of a solution to the crisis.Around 11:00, the European currency is trading at 1.3663 / 1.3647 dollars against 66 the previous day in the afternoon.

Cyclical stocks are leading the gains, including mining, driven by the rise in metal prices. The indices of the car gains 2.4%, largest increase sectoral and commodity index 0.7%, while the two indices showed the largest declines in early trading. The bank index is stable.

The Summit of Heads of State and Government of the European Union initially planned Oct. 17 will be postponed to October 23, time to have new findings on the situation of Greece and the recapitalization of banks, said Monday the president European Council Herman Van Rompuy.

This report is also expected to have new conclusions on strengthening the European Financial Stability Fund (EFSF), he added.

"This schedule will allow us to finalize a comprehensive strategy on the crisis of sovereign debt in the euro area covering a number of issues related to it," he said.

Finance ministers of the euro area (Eurogroup) and the European Union (Ecofin) will meet before October 23, he said.

A source explained that the delay was due in part to the fact that the report of the EU and the International Monetary Fund (IMF) on the progress of the sanitation program of Greek public finances is not yet available.

"The leaders want to be able to act on the basis of the results of the report of the troika, which was not ready in time for the original date," said one EU source."We believe that the postponement is due to a request from Paris than in Berlin."

Greece said on Monday it had completed its meetings with the inspectors of the European Union, the International Monetary Fund and the European Central Bank for the release of a tranche of assistance Athens needs to avoid bankruptcy by a month.

Another source said that EU officials in charge of organizing the meetings had begun to make contact with the Member States to set a new date.

"They go around to all delegations to see if anyone is able to postpone the summit," she said.

French President Nicolas Sarkozy and German Chancellor Angela Merkel announced Sunday they will present by the end of a response "lasting and comprehensive peace" to the crisis in the euro area, which should go through a recapitalization of banks in Europe.

Greece is expected to remain mired in recession next year, complicating his efforts budget as the country is still waiting for the payment of the next tranche of aid that would allow it to avoid bankruptcy.

The Greek economy will contract by 2.5% next year, following a decline in gross domestic product (GDP) of 5.5% expected this year, according to the 2012 budget proposal sent to the country's parliament Monday.

These forecasts are darker than those used to calculate the final in Athens bailout 109 billion euros, which was banking on a return to a growth of 0.6% next year.

The Greek government admitted Sunday he would miss this year's deficit targets that were assigned by its international donors.Athens anticipates a deficit of 8.5% of GDP in 2011, while the EU and the IMF at the planned 7.6%.

The Socialist government of George Papandreou has already announced new austerity measures to try to reduce the budget deficit next year to 6.8% of GDP in 2012 to an original target of 6.5% .

BANKS COULD PAY MORE

The fiscal slippage of Athens could complicate the ongoing negotiations on the second Greek bailout, analysts said.

"In the political debate in Germany, this will probably be used to request the renegotiation of the entire bailout and greater involvement of private investors," said Holger Schmieding, economist at Berenberg Bank.

If the "troika" of donors in Greece – European Union, International Monetary Fund, European Central Bank – concluded in their report due this month that the financing needs of Greece will be greater than expected due of the recession, banks may be required to contribute more than the discount of 21% in July.

The "troika" continue for the time to peel the accounts of Greece and has not given the green light to the payment of a new tranche of eight billion euros vital to prevent the country from be insolvent soon this month, sources said Monday.

Vice Minister of Finance had previously Oikonomou Pantelis said the discussions were over, but for the most part, the sources that have direct knowledge of the case, they are far from it.

Finance ministers of the euro area (Eurogroup) met in Luxembourg on Monday and they had to do even more pressure on the Greek government to implement more forcefully the reforms planned by the international bailouts.

The second plan, set in July, includes in particular the private sector is participating in a plan to exchange debt at a discount.Athens wants at least 90% of the creditors participating in the project goes forward.

The skepticism seems in order in the markets about the ability of Europeans to stem the crisis in Greece, especially after the latest financial reports of the country.

The country's debt should represent 172.7% of GDP next year against an estimate of 161.8% for 2011, according to the draft budget of Athens. The unemployment rate has meanwhile increased to 15.2% this year and to 16.4% in 2012.

Michael Fuchs, vice president of the coalition CDU / CSU to power in Germany, the case is heard: Greece is indeed bankrupt. "There is probably no alternative for us to accept a deletion of at least 50% of its debt," said he.

Wall Street closed down Monday, the fear of failure to Greece and the doubts about Obama's fiscal agenda led investors to end a rally of a week in New York.

The indices, however, reduced their losses late in the session after a senior Greek officials had to Finance said that Greece was close to an agreement with the "troika" for the payment of the next tranche of aid.

The Dow Jones lost 108.08 points (0.94%) to 11,401.01. The S & P-500 yielded 11.92 points (0.98%) to 1204.09. The Nasdaq Composite Index lost 9.48 points (0.36%) to 2612.83.

The values ​​of energy and finance led the movement.The S & P Energy lost 1.46% in the wake of oil, and that of the Financial 2.74%, following a further sharp fall in European banking.

Investors are disappointed with the overall conclusions of the Ecofin meeting / Eurogroup held at the end of last week in Poland.

"We were not only overbought but we also had 'hoped-on", says Karl Mills (Jurik, Mills & Keifer Investment Partners)."It was hoped that the visit (the U.S. Treasury Secretary Timothy) Geithner in Europe would provide greater clarity but nothing positive has come out and you return to the problems of Europe".

Internally, President Barack Obama proposed Monday a plan to reduce the budget deficit of 3,000 billion over the next ten years, half would come from new tax levied on the richest Americans and corporations.

The Republicans criticize the plan, which raises many doubts about its adoption and implementation.

Values, UBS shares listed on Wall Street has lost 3.11%.The Swiss bank opened an internal investigation into the failure of its risk control system and its leaders are under pressure after a loss of $ 2.3 billion (1.67 billion euros) due to unauthorized transactions of a dishonest trader.

However, Tyco International gained 2.40% after announcing its division into three independent companies listed. Investors welcome this news because each company can take power in their competition to apply for.