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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.

Deutsche Börse announced Wednesday that the proposed merger with NYSE Euronext was blocked by the European Union. The trading of the NYSE Euronext has been suspended pending a statement from the group. The Competition Commissioner, Joaquin Almunia, who must hold a news conference at 12:30 to announce its decision, recommended last week the Commission to oppose the project. Deutsche Boerse, the operator of the Frankfurt Stock Exchange and NYSE Euronext, which includes the New York Stock Exchange and the Paris, Amsterdam, Brussels and Lisbon, presented in February of Last year their planned merger. But the prospect of the new entity control over 90% of listed derivatives market in Europe has raised concerns for competition in this market.

Societe Generale plans to eliminate hundreds of positions in its Corporate and Investment Banking (CIB) to adapt its activities to the crisis in the euro area, have indicated Tuesday the unions of the bank at the end of a meeting with the CEO Frédéric Oudéa.

As BNP Paribas and Credit Agricole, SocGen launched in September a plan for savings and reducing the size of its balance sheet to enhance its financial strength and reduce its financing needs in dollars, after seeing its market capitalization s' collapse during the summer.

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).

Adidas announced Thursday a further increase its sales outlook for 2011, thanks to strong demand for its sports goods in emerging markets and expansion of its stores.

The number two manufacturer of sporting goods after Nike has identified three times its sales prospects this year.

The German group now expects growth in its turnover by nearly 12%, adjusted for exchange rate changes, against a target of 10% previously announced, the company announced Thursday.

For 2012, Adidas is an increase from 10 to 15% of its earnings per share, a year that will be paid by the UEFA Cup and 2012 Olympic Games in London.

Its turnover is expected to grow between 5 and 10% next year, adjusted for currency movements.

The group's operating income in the third quarter 2011 rose 7.3% to 441 million euros, in line with analysts' expectations, which stood at 442 million.

The quarterly revenue rose to 3.74 billion euros, slightly higher than the expected 3.65 billion.

The rise in house prices in the capital could be interrupted, the professionals are predicting. The price per square meter reached 8,350 euros on average in the capital. http://www.flickr.com/photos/gcattiaux/

Rising prices of old apartments in Paris will soon be interrupted after a new record in 8350 euros per square meter on average this summer, due to a decrease in transactions caused by the new tax on most real estate gains. "The decline in the number of transactions due to the number of goods withdrawn from sale by investors, who fear they do not give in quickly to be affected by this tax, and the fact that sellers do not want lower their prices, "said Bernard Cadeau, president of the branch network Orpi.

From June to August, 44,300 existing homes were sold in Ile-de-France, down 2% over the same period in 2010 and 7% compared to the boom in housing markets (1999-2007) indicates the monthly note on real estate markets released Tuesday by the notaries in Paris and Ile. The decline in sales, which has increased this fall as real estate agents, is much brighter in Paris where it reaches 5% for 8500 apartments sold between June and August.

"Almost all transactions for the studios and 2 rooms and the property over € 1 million," laments Ricour Gilles de Bourges, president of the National Federation of Real Estate (Fnaim) to Paris and Ile-de-France.For Philippe Buyens, Network Director Guy Hiccups, "is a rather classical vendors more easily take into account higher prices than lower prices ahead." Indeed, almost immediate consequence of the decrease of transactions: the latest projections of prices calculated on the promises of sales, "confirms that rising prices will soon be interrupted" in the capital, say the lawyers.

Record at 8350 euros per square meter

In intro-muros Paris, prices rose only 0.8% for the period June-August compared to the period from May to July, instead of a monthly increase of 1.5% over the same period in 2010. The deceleration is also clear from the peak reached in March 2011 when prices had risen by 2.5% in a month.

But this does not prevent prices from reaching Paris this summer a new high of 8,350 euros per square meter on average, 835,000 euros to 100 m2. The price hike is still very strong in the capital with an annual increase that reaches even 21.3% at end-August. But began to fade in comparison to previous months (23% annual growth in June). "Vendors want to sell their goods too expensive and look at china dogs with buyers until at least mid-November is the deadline to sign the final act before February 1 in order to escape taxation for investors and holders of a second home, "said Laurent Vimont, president of Century 21 network.

The record reached in central Paris displace more three categories: first-time buyers, the middle classes and tenants."We noted in our offices down 17 points in the percentage of buyers for the first-time buyers and middle classes," notes Mr. Vimont. For Mr. Ricour Bourgies of "investors rush to sell studios and 2 rooms yield to the households become homeowners, which reduces the number of units for tenants, another perverse system taxation of capital gains "

Net inflows of life insurance products was negative in September, the first time since December 2008, said Monday the French Federation of Insurance Companies.

The collection amounted to 9.7 billion euros in September while the amount of benefits paid totaled 11.5 billion euros.

Net inflows, the difference between contributions and benefits remains positive throughout the year.

In the first nine months of 2011, benefits payments to customers were up 19% to 78.8 billion euros, while the premiums collected by insurance companies has decreased from 11% to 98 billion euros .

The life insurance industry is suffering from financial market volatility, higher the performance of the booklet A and competition from other savings accounts that banks promote to increase the deposits of their customers.

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.

European banks may need more than 100 billion euros of fresh money to the crisis of sovereign debt, said Saturday in Ireland, on the eve of a meeting between Nicolas Sarkozy and Angela Merkel should be largely devoted to the recapitalization of the sector.

Illustration of the urgency of the matter: Paris and Brussels talks continued Saturday for an orderly dismantling of Franco-Belgian group Dexia, the first European victim of the bank debt crisis.

Germany and France have so far given conflicting discourses on the best way to strengthen banks weakened by the devaluation of their holdings of sovereign debt of countries "devices" in the euro area and by the recent turmoil in the markets Financial.

Paris would prefer to use the European Financial Stability Fund (EFSF) to recapitalize their own banks, while Berlin insists on booking this instrument of last resort actions, such as support to Greece.

The International Monetary Fund (IMF), meanwhile, estimates that the capital requirements of banks could reach 200 billion euros, the equivalent of half the resources of EFSF.

The Irish Finance Minister, Michael Noonan, said Saturday that the necessary capital to strengthen banks' balance sheets could come from different sources but the overall bill would in any case heavy.

"I think everyone agrees that far exceed 100 billion (euros)," he told reporters on the sidelines of an economic conference in Dublin.

"I know some of the major German banks with which I myself have discussed plan to raise money in the market, so there will be a private financing. Other banks would have EFSF funds. Others depend on their government to provide capital, there will be many ways to do this, "he added.

EACH SETTING THE CONDITIONS

Some officials believe that forcing many major financial institutions to accept public funding would not make the best use of European resources.The banks, themselves, fear that this strategy branding some of them and inflame tensions in the markets.

The German daily Frankfurter Allgemeine Zeitung (FAZ) reported Saturday, citing financial sources, that the first five French banks would be willing to receive 10 to 15 billion euros invested by the French state on condition that Deutsche Bank, a number Germany is also increasing its capital.

The CEO of Deutsche Bank, Josef Ackermann, is opposed to any entry of the state capital of his group and he ruled out a capital increase.

A spokesman for Deutsche Bank reiterated Saturday that double principled position and declined to comment further.

Nicolas Sarkozy, who received Saturday the Executive Director International Monetary Fund (IMF), Christine Lagarde, to arrive in Berlin in mid-afternoon on Sunday for a meeting and a working dinner with Chancellor Angela Merkel.

Their discussions will be devoted to the preparation of the G20 summit in Cannes in early November and that the European Council and summit of the euro area provided 17 and 18 October, while Seventeen still struggling to implement the new mechanisms supposed to solve the debt crisis.

In Slovakia, in fact, the various parties in the ruling coalition Saturday remained at odds over ratification of the Europe Agreement of 21 July which provides for the strengthening of EFSF, one of the smaller parties placing conditions on his support.

Slovakia and Malta are the last two countries in the euro area has not ratified the agreement in July that some regional leaders believe already passed.

The German finance minister, Wolfgang Schäuble, has acknowledged in an interview with FAZ that Europe may have underestimated the resources needed to reduce the burden under which plunged Greece.

"The risk is high to see this crisis about a further escalation and spread," he added.

A view shared by the Greek representative at the IMF, for which the financing needs of Athens will be higher than current estimates.

"This lack of funding will be covered either by an increase of 109 billion loan decided on July 21 or by a private debt restructuring," he told the Greek daily Imerisia.

The Dutch parliament voted Thursday in favor of enlargement of the European financial stability.

Of the 150 member lower house of parliament of the Netherlands, 96 spoke in favor of the proposal.

Now, only Malta and Slovakia have not yet given the green light.

All the parliaments of the Member States of the euro area will have to give before the expansion of EFSF to take effect.