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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 second Japanese bank, Mizuho Financial, reported Tuesday a fall of 80% of its net quarterly profit, mainly due to a decline in the value of his stock portfolio. </ p> Net income for the quarter October to December fell to 16.3 billion yen (162 million euros), against 80.3 billion yen in October and ; December 2010, according to Reuters calculations based on the results of nine months. </ p> Nikkei index falling by over 13% between April and ; December, banks have had to spend significant provisions on the value of its shares in listed companies. </ p> The results are also affected by a charge related to a change in tax law.</ P> For the year, Mizuho maintains its net profit forecast to 460 billion yen, up 11% over the period 2010-2011 while the market expects 427 billion yen, according to the consensus Thomson Reuters I / B / E / S. </ p> The first Japanese bank, Mitsubishi UFJ Financial, is to publish its results on Wednesday. </ p > <p> third Japanese bank Sumitomo Mitsui Financial Group (SMFG) said Monday net income stagnant under its third quarter. </ p> Action Mizuho has gained 17% since its low point of eight years moved in November, while the Nikkei index gained 8% at the same time. Mitsubishi UFJ Financial Group (MUFG) is up 10% and 20% of SMFG. </ P>

Core values ​​to take on Wall Street Thursday.

* Chevron announced Thursday a 3.8% increase in its quarterly dividend, which will reach 81 cents per share.

* RAYTHEON published adjusted earnings of $ 1.39 per share for the third quarter and a turnover of 6.13 billion, against a consensus Thomson Reuters I / B / E / S of 6.38 billion of dollars.

* Procter & Gamble announced Thursday an increase in sales in the first quarter of fiscal year and an earnings per share in line with analysts' expectations.

With $ 21.9 billion, the revenue exceeds the consensus Thomson Reuters I / B / E / S, which included 21.53 billion dollars.

Earnings per share was announced at $ 1.03, as expected.Turnover was up 14% to $ 1.68 billion (1.66 billion expected, on average).

* BMC SOFTWARE, which develops business software, announced an adjusted earnings per share of 87 cents against 81 cents expected for the second quarter of fiscal year.

Revenues also exceeded expectations, with 556.3 million against $ 540.4 million expected.

* AETNA – The third group American Health Insurance has reported a profit higher than expected for the third quarter due to a small number of claims.

Earnings excluding items rose to $ 1.40 per share.Analysts on average expected $ 1.15.

Net income stood at 490.4 million dollars against 497.6 million a year earlier. The turnover, however, fell 0.7% to 8.48 billion dollars.

* LAZARD – The investment bank saw its net profit fall by 2% in the third quarter versus the same period in 2010 due to lower revenue from business advisory and asset management.

Net income was $ 62.7 million, or 49 cents a share, against $ 64 million (51 cents) a year earlier.

French household consumption of goods increased by 0.2% in August after a decline of similar magnitude in July, show statistics released Friday by INSEE.

Economists polled by Reuters on average expected a stable consumption in July and up 0.3% in August. The growth in consumption in June was revised down to 0.9% against 1.2% originally announced.

"The slight decline in July due mainly to a decline in purchases of cars and housing equipment," INSEE said in a statement."The recovery in consumption in cars and rising energy costs contributed to the slight increase in consumption in August."

Spending on durable goods rose 0.8% in July but remained stable in August. Purchases of automobiles rose 0.9% last month after falling 1.5% in July, according to Insee attributable decline in second-hand market.

"However, note INSEE, after the sharp increase in June (+3.9%), purchases of equipment housing down again in July (-0.7%) and August (-1.7% ).The decrease concerns in particular the purchase of furniture. "

Purchases of textiles and leather rose 1.0% in July after rising 3.6% in June but fell 2.3% in August.

Consumer spending in other manufactured goods rose 0.2% in July but fell even in August.

Meanwhile, household consumption of energy has accelerated markedly in August (+2.6% after +0.2% in July), a movement linked in particular to fuel costs.

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.

It would be more optimistic. But this week, what looked like vile premonitions markets began to be realized. Back to the bad news that destabilized the stock markets. A trader at the New York Stock Exchange, September 22, 2011. The Fed and the IMF say they fear a recession

If grants are all black is that they painted a very grim future. The IMF had laid the groundwork earlier this week by revising down its forecast strong global growth, and considering the "worst case scenario", a recession in major developed countries that would eventually weigh on emerging markets.While the IMF does not make his case a priority – rather table it is growing very soft, the risk has become more consistency Wednesday with what the Fed's emphasis on "continuing weakness" of the labor market United States and the "significant risks" associated with "pressure on global financial markets." This pessimism was immediately stunned the markets. And the more they learned that private sector activity in the euro area was recorded in September, its first decline in two years. And that manufacturing activity had declined in China. If even the Middle Kingdom began to fail …

The failure of Greece is similar

Athens is back to the wall. For the loan of 8 billion euros of its creditors and avoid failure in October, Greece has agreed to a new "social massacre" which includes a tax on income from 416 euros per month.Moreover, the second aid plan in advance of July 21 at idle. Europe seems unable to speed up, as shown by the peak in Poland last weekend. And despite the talk of intentions, the scenario of the failure seems inevitable. Greek media have raised the idea on Friday the government to cancel 50% of the debt. Which would lead to a loss of 25 billion euros for Greek banks, most of which have just been degraded by Moody's. The announcement was immediately denied by the government. Until when?

Standard & Poors downgraded the debt rating Italian

This is a first for the boot, Standard & Poor's downgraded the rating on Monday of the Italian debt. This decision did not sway the markets, which expected, but investors fear the domino effect.Growth prospects of the country are particularly likely to be sealed by the new austerity plan of 54.2 billion euros. In turn, Moody's announced that it would degrade Italy "in the coming months." Rome is not the only "lame duck" of Europe. Portugal, already qualified for a loan of 78 billion euros, is in trouble after the discovery of an undeclared debt 1, 68 billion euros. As for Slovenia, she saw the note be degraded by Moody's on Friday. Only Ireland, recovering, doing well with the announcement Thursday of a 1.6% growth in the second quarter. Rare enough to be highlighted …

Brussels acknowledges the need to recapitalize banks

After weeks of procrastination, public authorities have come to settle international: Some European banks will be recapitalized.After Christine Lagarde, who launched the attack late August, the EU has abdicated this week. The IMF, which recommends that banks can recapitalize directly from EFSF, it is estimated that 300 million bill from the Greek crisis for the banking sector. According to the British press, 16 banks have failed those tests fail to stress – be in the viewfinder of EBA (EBA). But the French, who are yet in the heart of stock market panic, would not be affected. Such as Germany and Spain, France is reluctant to inject new funds to banks on the pretext that they are not facing a crisis of solvency but liquidity. If, as apprehensive markets, Greece is lacking, and that Italy and Portugal a restructuring of their debt, they will not escape.

The United States deplored the European fiscal discipline

The more one goes into the crisis and is more visible: the states are powerless to solve the problems because they are unable to agree. For weeks, markets expect strong political positions. Instead, the summits are linked together without any serious decision is taken. Just this week, the Ministers of Finance of the euro area have found themselves in Poland, and Washington for the opening dinner of the G20 finance. But each time, markets would have found that the more anxious. In addition to the severe lack of European governance, the divisions seem more and stronger on one side and across the Atlantic. The United States to Europe including blaming his fiscal discipline, almost incompatible with the maintenance of growth. A conundrum that nobody wants to decide.Not even the IMF, very poor matchmaker. On Thursday, Christine Lagarde has merely conceded to each other, supporting Barack Obama's plan for employment (447 billion), and commending the efforts of countries involved in the decrease of budget deficit …

Operation Twist Fed is pschitt

The markets had placed too much hope in the meeting of the Fed's Sept. 20. They had been dreaming that her boss, Ben Bernanke, went out of his hat and decisive action to support the U.S. economy. Whereby they have had the formalization of the launch of Operation Twist. This is for the Fed to exchange $ 400 billion in Treasury bonds against short-term securities with longer maturities. The objective of this hocus-pocus giant is to influence the rate of long-term interest to encourage business investment and private individuals.Problem, it is an indirect incentive does not offer assurance of effectiveness. In addition, if the technique is clever, it reveals above all the lack of leeway for the Fed can not lower its rates or already virtually zero, or purchase of new Treasury bills. In other words, after the operation Twist, the U.S. central bank is disarmed. What is worrying the markets.

Italy must complete structural reforms and implement the commitment made last month to reduce the deficit and make the economy more flexible, wants the President of the European Central Bank Jean-Claude Trichet.

In an interview published Friday by the financial daily Il Sole 24 Ore, the chairman of the ECB considers that the measures announced in Rome on August 5 is "extremely important".

Council President Silvio Berlusconi had promised then to bring the Italian budget balance for 2013.

"It is therefore essential that the stated objectives for the improvement of public finances are fully confirmed and implemented," said Jean-Claude Trichet.

The latter made no direct comment on the economic plan of 45.5 billion currently being debated in the Italian Parliament, merely to emphasize the importance of Rome to implement measures enhancing the entire national capacity in the medium and long term.

He however reiterated his call to the governments of the euro area to address the weaknesses of their economies and strengthen mutual surveillance and governance.

"The European states must correct the current situation," he said.

Asked about the prospects for creation of Euro-bonds common to all countries of the monetary union, he said that the European Financial Stability Fund (EFSF) already issued securities backed by the European authorities.

"The key message of the Board of Governors is a call for rapid implementation, full of decisions taken by Heads of State and Government of Europe July 21," said the president of the ECB.

After a week of trading the most volatile memory, the New York Stock Exchange finished up Friday, raising hopes that the worst is over regarding the massive sales of securities that have been observed day funds.

The rebound Friday has not helped to erase the losses of the week, and U.S. markets are on track to achieve their largest decline over three weeks since March 2009.

The Dow Jones gained 1.13% or 125.71 points to 11,269.02 points and the S & P 500 has been 0.53% or 6.17 points to 1178.81 points.

The Nasdaq was awarded for its 0.61% (15.30 points) to 2507.98 points.

For the week, the three indices yield respectively 1.5%, 1.7% and 1%.

Sign that investor anxiety has subsided somewhat, the volume of trade Friday was much lower than in the previous four sessions, and changes in the rating were less violent.

"The decline in volume today clearly indicates that the current market a little less worried," commented Ken Polcari of ICAP Equities prior to closing.

He said that if the economic indicators next week are in line with expectations, the trend may continue.

"Before you go higher, the market needs to repair itself a little and to rebuild a database.This is what happens now. "

The rise in European markets, due to the ban on short selling some financial stocks, has helped to support Wall Street.

The U.S. economic indicators have meanwhile been blowing winds in the markets.

The numbers of consumer sentiment have molested standing at their lowest since 1980 but the July retail sales showed their biggest increase in three months.

As for values, title Nvidia fell 3.95% to 12.88 dollars, offsetting the strong gains made last after the announcement that the group included a higher than expected its quarterly revenue.

France, Italy, Spain and Belgium will restrict speculative this practice for 15 days, to combat rumors that destabilize current market. The practice of selling découvetr is accused of precipitating the fall of the most fragile, and aggravate instability in the financial markets.

France, Italy, Spain and Belgium will restrict short selling, a practice speculative complex to combat the "false rumors" that destabilize financial markets, announced Thursday the ESMA, the European financial regulator . In France, the Autorité des marchés financiers (AMF) has decided to ban short selling of eleven financial stocks for two weeks, told AFP its president, Jean-Pierre Jouyet. The nature of the measures in other European countries has not been specified by the ESMA.

Fighting rumors

These decisions were made when most financial stocks suffer French since Wednesday scares, which have their share price plunge in markets already nervous. "We deal in various European countries to rumors that are unfounded," noted the president of the AMF, in which "we wanted to test the French Resistance." "These rumors can amount to market abuse," said Mr Jouyet, taking the term by which the MFA refers to price manipulation and insider trading. "This is our answer, as it is always very determined and it will deal with anyone who wants to test us," he said in announcing the ban on short selling of financial stocks for 15 days.

Sell ​​an asset which does not own …

Short sales are speculative mechanism of borrowing an asset which we think the price will fall and sell it, hoping to pocket a large difference when it will have to buy to make it to the lender. Thus, a share sold short while rating 10 euros, and as she bought is only worth 8 euros, the author refers to the operation of a gain of 2 euros. This practice is risky, is accused of precipitating the fall of the most fragile, and aggravate instability in the financial markets. ESMA (European Securities and Markets Authority) said in a statement that Italy, Spain and Belgium had also decided to take steps to restrict short selling.

The stock market authorities of these countries "have made it to restrict the benefits that can be derived by spreading false rumors," said the ESMA, which may not prohibit short selling of government securities with the consent of national regulator of the country concerned. Since Wednesday, most financial stocks French are the target markets of scare stories, and suffered severe tumbles, over 10% for some. These rumors were strongly denied by the institutions concerned, especially BNP Paribas and Societe Generale and the Banque de France and the AMF.

After heavy falls Wednesday, Societe Generale rebounded 3.70% to close Thursday, Crédit Agricole and BNP Paribas 5.14% to 0.31%. "It is possible for us to open an investigation into the case of Société Générale", as requested by the bank, said Jouyet.Short selling of financial stocks had already been banned in several countries during the 2008-2009 financial crisis. For Christian Parisot, chief economist at Aurel BGC, it is not clear that this type of measure to solve all the problems. "It may limit a little movement, but there are other techniques" to speculate on the decline, he says. "So it's not a panacea for all." For the president of the AMF, "we have ways of monitoring important today but it is clear that they must be further strengthened throughout Europe and it should be considered a pooling of resources at European level" .

Global stock markets fall Tuesday, down for the tenth straight session and lost 20% since early May, while gold steals record after record, the great volatility of markets prompting investors to accelerate the removal of risky assets.

The MSCI World Index, however, reduced its losses at midday, while still yielding 0.9%.

This rout, fueled by the fear of a relapse of the global economy and exacerbated by the loss of the "triple A" United States, increasing pressure on the Federal Reserve meets on Tuesday.The markets expect further quantitative easing to stimulate the economy.

European shares drop 2%.

As in previous days, the volumes are very important, representing nearly 90% of their daily average the last three months on the FTSEurofirst 300 by mid-day.On the DAX in Frankfurt and the CAC 40 in Paris, the volumes exceeded the average.

The plunge on Wall Street, who accused the scope of the deterioration of the American note and lost more than 5% Monday, was already distraught Asian markets.

In Tokyo, the Nikkei ended below 9000 points, after falling close to its lowest intraday hit in mid-March after the earthquake and tsunami.

More bad news fueled risk aversion in Asia, inflation in China emerged as stronger than expected in July.

In this context, gold has crossed the 1,778 dollars per ounce, and its price now exceeds that of platinum, traditionally higher because of its rarity.

Another safe haven, the Swiss franc has burst new caps against the euro and the dollar. The dollar hit a record low at 0.7359 francs on the platform EBS, while the euro fell to 1.0475 francs.

Fears of another recession like the previous days weigh on oil prices, losing more than two dollars a barrel.

Only about appeasement, bond yields in Italy and Spain continued to relax, investors expecting further redemptions of debt in both countries by the European Central Bank.

France and Belgium are likely to be in turn under pressure."In the end, Italy and Spain are out of the game, so we'll watch them on the side of Belgium and France – countries that are unprotected," warns another trader.

French bond yields climbed to 10 by 7.5 basis points on the session at 3.22%, the worst performance among the countries of the euro area.