The leader of New Democracy, one of the three member parties of the coalition government of Lucas Papademos, reiterated that his word was enough and that a written guarantee was unnecessary.

But European leaders fear that political parties are reluctant to implement unpopular reforms before the elections on February 19.

Samaras has already announced its intention to obtain an absolute majority at the polls to renegotiate the terms of the plan for European support.

"With regard to the discussion I had with the troika and the specific issue written guarantees, I would have said my position," said the Conservative leader after the interview.

"THERE WILL BE A SOLUTION"

By refusing to sign the document submitted by the troika, the economist would jeopardize the payment of the next tranche of aid. Creditors are willing to block eight billion euros needed to Athens to avoid default next month.

Political analysts believe, however, a compromise that allows both sides to save face will be found.

"One way or another, there will be a way around the problem.

Groups and UMP New Centre (NC) voted this draft budget called "obsolete" by the leftist opposition, who voted against.

This draft budget, the last of the five-year and the Legislature, is built on a projected growth rate of 1.75 for 2012 but the government has revised this rate downward by reducing it to 1%.

In the second part of the expenditure, the budget contains several provisions of the savings plan submitted on November 7 as the removal in late 2012 of the device "Scellier", a tax benefit for investors in new homes for rental .

Another measure of austerity November 7: the refocusing of the interest-free loan that will be reserved for new homes and means-tested.

Or a shot of "plane" of 15% and not more than 10 of the tax loopholes.

"This announcement is likely to penalize the performance of the banking sector, given the uncertainty it generates on the implementation of the Europe Agreement on Greek debt," say analysts at Natixis.

Lionel Garden, head of institutional sales at Assya Capital, believes that "the post-summit rally seems definitely over."

"Pandora's box"

"When U.S. investors will wake up, they will not like what they see. The referendum is a bad idea that falls at the wrong time. This is a big disappointment as the market hoped for unity within the euro area.

"We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that there will be growth, modest growth, it is true," said Monday the head of the executive in Brussels to a visit to Australia.

Concerns about the risk of contagion to Spain and Italy to the debt crisis in the euro area continue to cause nervousness in financial markets, and Greece feeds new concerns about its ability to achieve its goals of fiscal consolidation.

"Let me be very clear.The EU and the euro are strong and resilient, "said José Manuel Barroso after a meeting with Australian Prime Minister Julia Gillard, whose country belongs to the G20.

The Spanish socialist government announced late last week an agreement with the Conservative opposition for in the Constitution the principle of limiting the public deficit.

The agreement between the parties will allow the Chamber of Deputies to vote the new limit Friday by an overwhelming majority.The Senate vote is expected Sept. 7.

Parliamentary elections are scheduled Nov. 20 in Spain.

Angela Merkel welcomed the decision and called on other members of the euro area to even dd.

"Spain now has determined the maximum debt in its legislation, in its constitution.Many countries would do well to follow this path and should address the problem at its roots, "said German Chancellor during a visit to Slovenia.

"All members of the EU and Europe as a whole must improve their competitiveness and, through strict fiscal discipline to ensure strong and sustainable funding of their budgets under the terms of the Stability and Growth reformed" she said.

Spain has committed to taking unpopular austerity measures to reduce its budget deficit limit of 3% of GDP in 2013 as required by the Pact for the countries of the euro area.It has soared to represent 11.1% of GDP in 2009.

It will be only the second time that Spain change its constitution developed in 1978 during the return of democracy in the country after years of dictatorship of Francisco Franco.

The French bank said in a statement it had a net profit of 339 million euros in the second quarter of 2011, down 10.6%, after a charge of 653 million euros related to the crisis in Greece .

She said July 28 that the impact of the Greek crisis would cost a maximum of 850 million euros in its accounts of the quarter.

According to the consensus reached by the editor of Reuters, analysts on average expected a net profit of 193 million euros.

Over the period, net banking income rose 1.1% while the provisions for risk of loss on the credit increases by 14.8%.

Faced with the concerns of investors about the liquidity needs of banks, Credit Agricole said to have a reserve of over 120 billion euros of liquidity available in late July.

"Addiction to cash is limited to USD 36 billion, unrelated liquid reserves available," said the bank.

Net income for the Crédit Agricole group as a whole for its spring to 881 million euros for the second quarter.For comparison, BNP Paribas and Societe Generale respectively reported a net profit of 2.12 billion euros and 747 million euros.and

Given the deterioration of the crisis in Greece, Crédit Agricole was forced to abandon its goal of returning profits to its Greek subsidiary Emporiki in 2012, without setting a new schedule.

However, the bank maintains its financial targets for 2014, ie a net profit of six to seven billion euros in 2014 and revenue over 25 billion.

Like its French competitors, the Crédit Agricole fell sharply from late June to the Paris Stock Exchange, because of investor concerns about the debt crisis in the eurozone and fears of the refinancing of banks.

She has lost 40% of its value since late June. It closed Wednesday at 6.212 euros.

The final pillar of the law Tepa ("Labour, employment and purchasing power"), passed in the summer of 2007 and the five-year symbol of Nicolas Sarkozy, teetering dangerously. After the tax shield, the tax credit on mortgage interest relief, or inheritance tax and gift tax, the tax exemption of overtime could be eliminated, or at least scaled down – Claims loads are decreasing and the number of hours maximum. François Fillon said the union leaders with whom he met on Monday night.The secretary general of the UMP, Jean-Francois Cope, for his part acknowledged this morning that it was a "track" in the new savings plan to be presented Wednesday by the government. This device, however, was the symbol's flagship campaign slogan of Nicolas Sarkozy in 2007, "work more to earn more." The reasons for the sacrifice of the tax shelter on the altar of triple A tricolor.

Because it's a niche that is very expensive

The tax exemption of overtime is one of the tax and social niches most expensive ever. The shortfall for Social Security is about three billion, one for the IRS is about $ 1.5 billion. 4.5 billion euros per year on average in less revenue for the public finances.4 billion euros, it is precisely the amount of additional savings that the government must release this year to keep the deficit target to 5.7% of GDP is assumed that growth will not reach the 2% forecast . The government does not intend to delete the entire device, but the plane at the margin, the gain will be only a few hundred million euros according to Le Figaro.

Because the device generates abuse

Employers as employees have a common interest to declare overtime. Which generates abuse. In short: the employees who were already working before measuring 39 or 40 hours, and recovering lost profits in the form of RTT or bonuses, overtime these institutionalized, and have declared.But "there was no additional overtime," is the UMP deputy Jean-Pierre Gorges, author of a parliamentary report published last June. An observation already singled out in 2010 by Pierre Cahuc and Stephane Carcillo. According to two economists, if the number of paid overtime has certainly increased by 25% since 2007, working hours, that is ultimately the number of hours worked, has not budged. They conclude that the tax exemption of overtime is actually a tax planning tool for businesses. The exemption from payroll taxes on overtime, on average, reported 1.3 billion euros per year to businesses. This makes it more attractive for companies to pay overtime to their employees rather than pay them bonuses or increase their salaries.

Because the gain in purchasing power is not significant

The device offers a gain in real purchasing power. Thus, it is an average of 3.2 billion euros will be donated to some 9.4 million workers each year through the exemption from social security contributions (paid at the time is gross) and the tax exemption ( the overtime pay is deductible from income tax). The average annual gain for employees would be about 500 euros per year, or 42 euros per month. What put the light butter in the spinach, or even feed her book A, but not strongly enough to boost consumer spending. In addition, the tax exemption of overtime benefits neither self-employed or part-time employees, and a whole taxable to employees only.Are excluded from my device the most modest.

Because this niche is not in use

Nicolas Sarkozy has already announced in late July that he would not touch the niches "in the employment service." You're in luck because the tax exemption of overtime hours he is rather harmful, if one believes the unions and the left opposition. They believe the device is a brake on hiring: companies prefer to use overtime rather than hiring in times of high activity. They are not the only ones to think so. From the introduction of the device in 2007, a report of CAE (Centre for Economic Analysis) denounced the potential windfall for companies. The very serious account of the Court has also denounced in 2010 effect "ambiguous" on the job because "the increase in working hours may induce firms to substitute work hours for men."This is demonstrated in the second quarter 2011, growth in the volume of overtime hours rose 5.8% year on year, after rising 5.7% in first quarter 2011, while unemployment remained at a high level. "The levels of overtime since the start of 2011 now exceed those observed since 2008, while employment has still not regained its pre-crisis levels," fell in July ACOSS, the organization that brings together the Urssaf.

Excluding energy and unprocessed food packaged, retail prices fell 0.8% monthly increase of 1.5% annually from 1.8% in June

Overall, retail prices fell by 0.6% monthly in July and increased 2.5% annually, rising fuel prices and electricity now that annual inflation in excess of 2.0% which the maximum tolerated by the European Central Bank.

Production increased by 0.9% the previous month, its highest growth rate in seven months. Economists on average had expected an increase in production of 0.5%, following growth of 0.4% (revised from 0.2%) in June

In one year, industrial production was up 3.7%.

The rate of capacity utilization stood at 77.5% in July, the highest since August 2008, against 76.9% in June

Economists surveyed expected a rate to 76.9%.

The total turnover of the group rose to 903.5 million euros, an increase of 1.2% over the same period last year.

Revenues generated by tourism increased by 6% to 891.8 million euros while the real estate development activities fall of 77.7% to 11.7 million.