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The three party leaders of the coalition government in Greece have agreed on a reduction in public spending of 1.5% of GDP in 2012 and will give an answer to the proposal of credit ; the country's international nancial Monday at noon (1000 GMT).

"Political leaders should give an answer in principle tomorrow afternoon (European Union)," he told reporters Panos Beglitis, spokesman for the Greek Socialist Party (PASOK ) on Sunday.

They will then discuss the plan of the troika (International Monetary Fund, European Commission and European Central Bank) at a meeting chaired by Prime Minister Lucas Papademos.

"There will be a meeting of political leaders chaired by Papademos tomorrow afternoon," said Beglitis. 

The chief minister said for his part that the various managers of the government coalition have agreed on a reduction in public spending by an amount equivalent to 1.5% of GDP this year.

This includes measures to reduce salaries and benefits costs to make the Greek economy more competitive, he added.

He also confirmed the meeting of heads of coalition parties on Monday to conclude negotiations on the second aid package of 130 billion euros to be implemented by the mid-March to avoid a collapse of public accounts.

BAROIN OPTIMISTIC

Creditors of Greece had requested a reduction in spending worth one percent of GDP, slightly more than two billion euros for 2012. 

The negotiations on the restructuring of the Greek debt held by the private sector rose "relatively well", said his side the French Minister of Economy and Finance, Sunday .

"I think it progresses smoothly on the part of private sector involvement to be made on a voluntary basis," said Baroin under the "Grand Rendez-Vous "Europe 1-Le Parisien-i> Télé.

"We would not get away from the level at which one must move the Greek debt in 2020, that is to say around 120%," said the French minister. And "it is because we do not withdraw these objectives that the discussions are difficult," he said.

"Anyway, it's later than February 13," continued Baroin.

February 13 is the deadline posed by the euro area to launch the operation, which should bring the Greek debt around 120% of GDP in 2020 against over 160% today.

The private sector should accept a discount of around 70% of its obligations under the exchange program of the Greek debt. This will help to lower than 100 billion euros of debt of Greece.

In exchange for a loan of at least 130 billion euros by 2015, the troika of institutional creditors requires further structural reform and further reforms of austerity authority to clean up its public accounts.

Troika calls including a lowering of wages in companies and supplementary pension, which measures face many political and union resistance.

In the absence of an agreement, Greece is threatened with failure to pay on 20 March, when mature 14.5 billion euros of bonds.

The new car registrations fell 20.7% in January. The slump was even more dramatic for PSA Peugeot Citroen and Renault. The new Renault parked Flins-sur-Seine, near Paris The French car market plunged in January, a victim of weak controls and an unfavorable comparison with the beginning of the year 2011 where he had been supported by the premium to casse.Les registrations fell 20.7% in raw data to 147,143 units, according to the Committee of French Automobile Manufacturers (CCFA). A comparable number of working days, the decline is even greater at 24.3%. The meltdown is spectacular for the two French carmakers. Registrations of PSA Peugeot Citroën have collapsed by 27.4% (30% for Peugeot and Citroen 25%) and those of the Renault group 32.7% (-37% for the Renault brand and -10.5 % for the low cost brand Dacia). unfavorable base effect "It is like the month of January 2011 which was the highest for ten years" with over 185,000 new cars sold, moderates a spokesman for the CCFA. The scrappage scheme, set up by the government to support sales during the crisis, had been reduced gradually and disappeared completely at 31 December 2010. But it was on cars purchased and delivered to date through March 2011.Pour However, the aftermath of his death is not sufficient alone to explain the plunge last month. "We know that the orders (new car, note) were low in December, resulting in registrations," said the spokesman for the CCFA, which warns that the first quarter should be in part difficile.Chômage PSAConcernant orders in January, "they were stable compared to last year" for Renault, said France's commercial director Bernard Cambier. Peugeot, however, rose by 20%, according to the director of Peugeot France, Olivier Veyrier. To face these headwinds, PSA has already planned a week of partial unemployment in February or March for more than 20,000 of its employees to reduce the major German manufacturers stocks.Les gagnantsLes German manufacturers, champions of high-end, n have not this problem. Their registrations rose in January, 18% for the Volkswagen group, 16% for BMW. Only the group runs out of steam Mercedes (+0.8%), due to the underperformance of its brand Smart (-26%). Sales of Nissan Japan also increased, while those of the American Ford, General Motors, the Toyota Japanese, Italian Fiat and Hyundai have décru.La Korean War price until when? To boost sales, the groups are likely to continue the price war in which they are engaged for several months. But "manufacturers can not continue to have sustainable margins deteriorate," warned the president of the National Professional automotive (CNPA) Patrick Bailly. In this context, "the launches of new models of French manufacturers, PSA for the 208 and the new Clio Renault, will have considerable importance," warns Flavien Neuvy, head of the observatory Cetelem.La Peugeot 208 will go on sale this spring. The Clio IV will appear in dealerships this fall. Renault is also counting on the future Dacia SUV, the Lodgy. "This is the heart of their range and sales," said Mr. Neuvy still, for whom the French could enable cars to boost sales to individuals who continue to decline, unlike those companies. Registrations of light commercial vehicles, specialty French manufacturers, have better kept, with a decline of 2.5% in raw data to 32,707 units.

European shares fell sharply Monday in volume again, failure of U.S. lawmakers to agree on reducing the federal deficit and a warning from Moody's about the "triple A" of France with weighed on investor sentiment.

In Paris the CAC 40 yielded 3.41% at 2894.94 points.

Over the past twelve months, the transactions made by Greeks reached some 250 million pounds. They seek to place their assets ç outside the country and the euro area. The London property market is relatively stable and offers a return on investment

They lag far behind Gulf investors or Russia, but the Greeks buy more properties in London, considering the British capital as a sanctuary for their fortunes away from the turmoil of the crisis that undermines their pays.Alors the Athens can abandon the single currency has been openly discussed by European leaders, some Greek citizens believe evidence that leaving their assets to their homes is far too risky, and struggle to get them out of the euro area.

London, where the real estate market is relatively stable and offers a return on investment, seems like a good alternative, according to industry experts. "The Greeks have long been on the market in central London, but after eighteen months, the number is increasing," says Liam Bailey of Knight Frank real estate agency specializing in luxury homes.

The Greeks represent 1.5% of the market

This interest was further increased in recent weeks with the deepening of the Greek crisis, confirms Richard Barber, who works at the WA Ellis agency, which specializes in upscale neighborhoods of Chelsea and Knightsbridge. "They prefer to put their money into real estate rather than first class in Greek bonds. The property market in London has a reputation as a sanctuary." The phenomenon is still embryonic.

Moody's is more secure than the debt of France still deserves the highest rating possible. Degradation could occur in the next six months. The consequences for France and the euro area would be dramatic. The budget minister Valérie Pécresse and the Minister of Economy and Finance Baroin

The sacred triple A of France is under pressure: the rating agency Moody's announced Monday night that it planned to lower the perspective of the note lights. A warning to potentially dramatic consequences for France and for the euro area. Explanations.

Our triple-A is really threatened?

For now, Moody's said it just gave himself three months to determine whether his perspective "stable" was still warranted.The agency is careful to note that this review is part of its annual financial statements for France and it is not yet at this stage, a decision on the rating of the country. However, if the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months). France, would become the new big country, after the United States to lose the precious talisman financially.

This warning is justified? The presidential campaign hostage rating agencies?

The possibility of a deterioration in France is not a surprise. The warning from Moody's, yes. Rating agencies usually just an opinion or negative stable and degrade or maintain the rating. This is especially the timing is symbolic in three months, the campaign for the Elysee Palace in full swing.A negative outlook on the triple A French will become a major issue of debate. The presidential campaign of 2012 will therefore be under supervision of rating agencies. Read about the blog corridors Bercy.

Concerns about a possible deterioration in the sovereign rating lights are not new. France shows the worst ratios of budget club triple A. Government deficit (5.7% this year) exceeds the level of other triple-A in the euro area (Germany is 0.9%, Denmark 4.8%, Netherlands 3.9% Austria 3% and Sweden has a surplus of 1.5%). France, also displays a primary deficit (excluding debt burden) twice (3% of GDP) than its neighbors (1.6% in the Netherlands, Austria 0.9%, 0.5% Luxembourg, while Germany and Finland should generate a primary surplus this year).Finally, France is also one of the few members of the Triple A club to suffer from a deficit in its trade balance. Also, since the deterioration of the U.S. Standard & Poor's this summer, the French note seems undeserved. However, all agencies – including Moody's – had denied market rumors in August, reiterating that they maintained their confidence in the Triple A of France.

The context was it damaged?

Since this summer, nothing goes to France: there was no growth in the second quarter and looks just as sluggish by the end of the year, the euro area is still mired in the debt crisis and banks French are in the financial market turmoil. This is precisely what worries Moody's. It is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unexpected challenges," noted the agency in a statement.Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments to be borne by the budget of the country, "she adds. In short: France has more financial flexibility. We understand better the current government reluctance to recapitalize its banks with public money and increase the discount to private creditors of Greece.

What consequences for France if they lose their triple A?

The fact benefit from the best possible rating allows France to borrow in the markets on very favorable terms to finance its debt. Lose this note would increase interest rates, so an increase in the cost of borrowing of the French state.The difference between the rates of French government bonds to 10 years (OAT) and German government securities of similar maturity (Bund) has also passed on Tuesday for the first time, a percentage point. At the same time, insurance against a default on the obligations of the French state (CDS) increased by 10 basis points. Currently, it costs 194,000 euros to insure against exposure to 10 million euros in French government bonds. France must make 8.6 billion euros of bonds by December and 179 billion in 2012 to renew its stock of debt. Direct consequence for the first time, the debt burden will be the first budget item next year, on top of School. According to government projections, it will amount to 48.77 billion euros. If France is losing its triple A, it could be more.Because unlike the United States, whose Treasury bills are still considered a safe haven, the obligations of the French state is not immune to a general distrust of investors, because of the context of European crisis.

And for Europe?

The loss of the triple A French would not be good news for the euro area. This would call into question the quality of borrower of the European Financial Stability (EFSF, which currently enjoys the highest rating possible), because France is the second largest guarantor. Now this tool is the cornerstone of the plan to end the crisis in the euro area. Moreover, France would potentially the camp of countries to aid those who need help.This would call into question the relationship quickly the Franco-German motor of advances in European governance, as both countries do more than talk on equal terms (triple A to triple A). The temptation would be great for the best students in the euro area to operate in a vacuum and cease to be in solidarity with the lower-rated countries. This would result in the breakup of the euro area.

Can we avoid losing our triple A?

"The continued commitment to implement economic reform measures and budget, and visible progress in the goals" for reducing debt "will be important for maintaining the stable outlook" of the note of the country said Moody's. The Minister of Economy and Finance Baroin said Tuesday that Paris would "do everything possible" to keep its deficit reduction targets.For 2011, the deficit target of 5.7% seems achievable. He enrolled in the draft budget law in 2012 (4.6% of GDP), that MPs prepare to vote today, the state seems inaccessible, because built on a growth assumption of 1.75 %. However, most forecasters expect at best a GDP growth of 0.9% next year. That means ten billion euros in additional savings to identify. Last night, Prime Minister Francois Fillon acknowledged that it will take "new measures" austerity if growth is not at the rendezvous. At the risk of bringing France into the spiral-rigor recession in Greece and Portugal for two years.

Standard & Poor's Tuesday lowered a notch credit rating of ten Spanish banks, including the two largest in the country, pointing to the darkening economic prospects and a housing market still depressed.

Fitch Ratings has reduced its share shortly after the note of six banks in the wake of its decision, announced Friday, to lower the rating of Spain by two notches to AA-.

Among the banks downgraded by S & P are Santander and BBVA, key institutions of the country.Their two notes back from AA to AA-and carry a negative outlook.

S & P also revised the rating outlook for four banks, reducing it from stable to negative, and placed the bank under review with negative implications.

The prospect of all banks rated by S & P is now negative, meaning that further declines are possible notes.

Fitch, Banco Santander fell from AA to AA-and Banco Bilbao Vizcaya Argentaria (BBVA) from AA-to A +.

Other banks involved include Banco Popular Espanol to BBB +. This note is placed under review with negative implications because of its exchange offer launched on Banco Pastor.

The New York Stock Exchange ended down 1.61% Wednesday, the Dow Jones industrial yielding 30 179.79 points to 11,010.90.

The S & P-500, wider, lost 24.32 points, or 2.07%, to 1151.06. The Nasdaq Composite fell on its side of 55.25 points (-2.17%) to 2491.58.

The new acting director general of the Swiss bank UBS, which replaces Oswald Grübel after the latter resigned in the wake of the scandal of unauthorized transactions, must now face the difficult task of setting back on their feet.

Saturday, Sergio Ermotti said that the case had uncovered an exposure "totally unacceptable" and said his priority would be to review the control procedures of the bank and conduct an internal investigation into heavy losses.

Sergio Ermotti, a Swiss Ticino aged 51, joined UBS in April from the Italian bank UniCredit.

According to the group's president, Kaspar Villiger, it would be a good candidate to permanently replace Oswald Grübel.

"We are aware of facing a difficult time externally, and this latest incident only makes more imperative still a reaction from us. Let us not, however, UBS is one of the best banks capitalized in the world, "said Sergio Ermotti.

Since the announcement of the losses on September 15, the title UBS has sold more than 10%.However, it has taken 4.8% Friday on hopes that the Board of Directors of the bank agrees major restructuring.

The internal investigation into the loss should result in a delay of 10 to 14 days, but because of external investigations, UBS will not necessarily reveal the findings, said Sergio Ermotti.

The Board asked the latter to accelerate the reduction of investment banking activities.The process must be detailed on November 17 in New York.

According to Kaspar Villiger, the future director of investment banking, Carsten Kengeter, is not threatened, the latter having already worked with a "great job" to limit losses from unauthorized transactions.

However, he did not mean to say if it would make a good candidate for Director General, who shall be provided with permanently within six months.

Faced with strong pressure on financial markets and fears of a relapse of the economy in recession, the Federal Reserve prepares to influence long rates to support economic activity, an action similar to that conducted in the years 60 and then christened "Operation Twist".

With an eye on the sinking of the crisis of sovereign debt in Europe and another on an unemployment rate fails to fall below 9% in the U.S., the Fed, whose monetary policy committee meets Tuesday and Wednesday, is expected to gradually change the composition of its balance sheet in order to increase the share of long-term securities.

While interest rates in the short term are close to zero and that the balance was weighted by purchasing debt securities for more than 2.000 billion dollars without conclusive effect on the economy for now, the Fed should look to support new ways of focusing on its balance sheet on the long-term bonds at the expense of short titles.

"The signal that the Fed is still active in supporting growth," said Michelle Meyer, economist at Bank of America Merrill Lynch.

A series of disappointing economic indicators were dampened hopes for an accelerated growth in the second half in the United States, after a first half of the year without momentum.

U.S. growth was 1.0% annual rate in the first half and representatives from the Fed announced a downward revision of economic forecasts.

The weaker growth outlook in the summer had led the Federal Reserve chairman Ben Bernanke to announce at the end of last month that the work of the Monetary Policy Committee would take place over two days in September rather than alone.

United States, the loss of the AAA, announced August 6 by the rating agency Standard & Poor's in light of the political divisions in the consolidation of public finances, caused a shock to business confidence and households.

In August, the U.S. economy has not created any employment and retail sales stagnated.

CONSENSUS

At the same time the crisis of sovereign debt in the euro area has increased and the lowering surprise a notch by S & P notes short and long term of Italy, still on negative watch by Moody's, fueled fears of contagion fueled by the situation in Greece.

Other central banks have inflected their monetary policy to reflect the deteriorating global economic environment during the summer.

The European Central Bank kept its rates unchanged last week and reported at least a pause in the recovery cycle that began in April.The central banks of Canada, South Korea and Indonesia among others have given to tighten monetary conditions.

Within the Fed, the consensus of the members of the Monetary Policy Committee seems to have shifted in favor of a change in the balance sheet structure, the total reached 2800 billion, to lengthen their maturity.

The objective of this initiative is to influence long rates to lower the cost of housing finance for households and investment for businesses.

Further reducing long-term rates, the Fed could also encourage investors to look to assets with better returns theory, such as stocks or corporate bonds.

Representatives from the Fed could consider more radical alternatives such as targeting a level of employment, growth or price beyond the current target inflation while the booking if the economy were to deteriorate significantly.

Representatives of the Fed, however, divided on the need for further action.Any further easing, even the simple extension of the maturity of the balance sheet, should be rejected by three members of the Monetary Policy Committee as was the case Aug. 9, when the Fed had decided to extend until at least mid- 2013 the period during which it would keep interest rates at a very low level.

If Ben Bernanke will be keen to get the widest possible consensus on any new initiative, economists do not expect that dissenting voices are a barrier to action.

The current account deficit widened from France in July to 4.5 billion euros from 3.4 billion in June, preliminary figures show released Tuesday by the Bank of France.

The trade deficit in goods reached 6.7 billion, one billion more than the previous month.

Trade in services have in parallel a surplus of 1.2 billion, down slightly from June.

The balance of revenue reached 3.2 billion euros from 3.0 billion while the deficit on current transfers remained unchanged at 2.2 billion.

The financial account showed net outflows of direct investments of 8.5 billion euros from 6.2 billion in June.

French direct investment abroad stand at 4.3 billion, the Bank of France said in a statement, "while an exceptional operation makes the negative balance of foreign investment in France: the purchase by a French group of significant foreign participation. "

Portfolio investment recorded net inflows of 5.3 billion euros residents reduced their holdings of 16.0 billion while non-residents making sales of French securities to 10.7 billion.

Other investment posted a net outflow of capital limited to 5.3 billion from net outflows of 49.0 billion.