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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.

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 17 countries in the euro area could introduce a tax on financial transactions, even if other states of the European Union are opposed, said German Finance Minister Wolfgang Schäuble.

The German Finance Minister Wolfgang Schäuble estimates that 17 countries in the euro area could introduce a tax on financial transactions, even if other states of the European Union are opposed, in an interview published Monday in the Financial Times. The euro area could be used to test the effectiveness of such a tax and thus convince the United Kingdom to join it, according to Mr.Schäuble hopes that an agreement on the issue at the G20 summit on Thursday and Friday in Cannes (south-eastern France).

The United States and Canada, but also China and Russia have opposed such a tax, new version of the "Tobin Tax" advocated for years by associations fighting against poverty, and that Paris and Berlin are now calling their wishes. The Europeans have agreed to implement this tax in Europe and the European Commission should make proposals to this effect soon. But within the EU several countries are opposed, as the United Kingdom who fears for his financial center of London and Sweden.

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 "

The EU summit Sunday will not lead to a global solution. But behind the technical question of strengthening the EFSF lies a conflict between France and Germany on the new role of the ECB. Explanations. Euro

Europe is in a fog for two days a summit critical to its future. A senior European official said the Thursday night, there will be no complete agreement at the EU summit in Brussels on Sunday. The elements of discord between states include the level of discount on Greek debt to private creditors to impose on the recapitalization of banks and especially the role of the ECB in the context of strengthening the European Financial Stability Fund (EFSF ). For in cettetempête that shakes the eurozone, the ECB can not imagine a savior.His "future ex-" chief economist Jürgen Stark has also referred to this Thursday, the ECB "can not solve the crisis" and does not want to get out of the mandate it has been set. However, it could have a role to play. Explanations.

She refuses to be involved in strengthening the EFSF

One of the bones of contention between France and Germany is the role of the ECB in the rescue of the euro. Paris wants the European Financial Stability Fund (EFSF) obtain a banking license to go with her to refinance. Leverage and the ability to fund intervention limited to 440 billion euros that can lift the markets. Option rejected by the institution headed by Jean-Claude Trichet and Germany do not want the ECB to lend to the Fund in exchange for government bonds as collateral in trouble. Because it would weaken its balance sheet and would require a recapitalization.But Berlin refused to give his hand to the pocket.

Germany therefore recommends allowing the EFSF to act as guarantor to facilitate the obtaining of loans by fragile states. The fund could then provide up to 20% to 30% of their credits would be granted. In other words, the fund would be used to support a loan volume of 3 to 5 times higher in the private sector. This scenario would not involve the ECB.

But according to Cyril Regnier, strategist at Natixis, the track of the transformation of the EFSF bank is not completely abandoned. "I wait for the official release of Trichet's refusal to confirm," he said beforehand. "The ECB reversed its decision several times. She was sure she would not buy debt of struggling countries.Since it did massively. "

She claims to have done his share of work

In fact, the Frankfurt institution has already made several decisions that were outside its remit. Since May 2010, it bought bonds of troubled countries for a total of 165 billion euros, 45 billion for Greece. In exchange, it has hundreds of billions of euros of liquidity available to banks that have struggled to find on the market conditions as favorable. In his last speech as president of the institution, Jean-Claude Trichet has even granted two new lines of credit volume limit of one year, an unusually long. They also pledged 40 billion euros through the repurchase of a portion of their assets, especially real estate.The aim is to allow banks sufficient liquidity to meet their financial deadlines near term. The ECB is already far out of its responsibilities in the crisis. "For now, this is the only institution in Europe to have done something concrete," said Jean-Louis Mourier same.

She wants to return to its basic objectives

For over the events we tend to forget them. "The Bank has a mission, is to ensure price stability. This is too often overshadowed at this point in public perception," said Juergen Stark. This is because he refused these missions outside the mandate of the ECB's chief economist has decided to resign. He also pressed the point home by stating that if the ECB went further, "we not only ruin our reputation, but the ECB would also be overwhelmed by the task, and its independence threatened."Today, the objective of the ECB is that the EFSF is promptly voted and she stops to buy the debt of fragile states. But without really knowing if it will happen quickly. "It takes a lot of precautions. It gave no date for example on the end of the buyback," said Cyril Regnier.

The ECB should it have a stronger role in the future?

Opinion is divided on its role in the institutions. "The ECB is currently the only entity capable of ending the crisis," said Cyril Regnier reminder that the ECB has the weapon of the printing press. And he said, if the institution refuses to EFSF banking license, it could ultimately end up losing. "The EFSF can not buy as many bonds that the ECB did, simply because it has limited resources.And if it's not effective, then the ECB will continue to buy the debt of the States, "says strategist at Natixis. But according to Jean-Louis Mourier, the ECB has no additional role as that is his. "It's not really within its jurisdiction to be the savior of Europe. She has already done much. "He said the key lies rather in a" greater federalism "across Europe.

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 chairman of Deutsche Bank, Josef Ackermann, is opposed, in an interview broadcast Saturday, a review of the terms of private sector participation in the second bailout of Greece.

"If we reopen the voluntary agreement of July 21, we not only lose valuable time but also quite possibly the private sector support," said Josef Ackermann in the Sunday edition of Greek newspaper Kathimerini.

"The impact of such a decision will be incalculable.That's why I warn with great energy against any revision material, "the head of Deutsche Bank, who also chairs the Institute of International Finance (IIF).

At the European summit on 21 July, private creditors, represented by the IFIs, have agreed to reduce Greece's debt of some 37 billion euros through a redemption followed by an exchange.

The program anticipates a 21% discount on the underlying bonds, but in recent days, officials from the European Union have suggested that higher discount would be required to read the accounts of Greece by the inspectors of the EU and International Monetary Fund.

Josef Ackermann also finds that the exposure of German and French banks in Greece's debt is "absolutely manageable" and that it is "necessary and important for governments in the euro area to their promises and implement them on time and with determination. "

Few departments will see their funding increase above inflation this year. Among the losers, the Ministries of Labour and of Education, which will eliminate 14,000 jobs in 2012. In pictures, the ranking of worst off and those who are doing better. Changes in envelopes are compared with an assumed increase in consumer prices of 1.7%.

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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.