"Political leaders should give an answer in principle tomorrow afternoon (the EU)," 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. 

The two main Greek unions called for a 24-hour strike Tuesday to protest against austerity measures and reforms demanded by international creditors.

"We expect one-day strike on Tuesday," said Ilias Iliopoulos, general secretary of the ADEDY representing public sector employees.

"Despite our sacrifices and despite the recognition that this policy mix is ​​bad, they ask even more austerity," he added.

ADEDY and its private counterpart, the GSEE, representing about two million workers in Greece, about half of the workforce. 

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.

A jacket, an electric heater and a good soup. In this period of extreme cold, households equip themselves, and the delight of some traders.

Heating and soup go hand

"The heaters are selling very well right now," said a spokesperson for the brand Boulanger, who expects to sell three times more this week than last week. Thursday, electricity consumption was close to its peak absolute, the French setting up their electric heaters.

Sales of these soups should be greater than 16% this week that they would have been usual with temperatures (5-6 degrees on average), the company provides Metnext, a subsidiary of Météo France. The expected impact is 8.5% for stocks, 8% for soluble coffee, 8% for the chocolate powder and 4.5% for the chocolate tablet. "These products will also benefit from the winter next week," he told AFP Cedric Flecher, consultant Metnext.

The ingredients used to concoct homemade soups, such as leeks, carrots, onions or potatoes, will also benefit, he said, but in supermarkets where they do not freeze, as the open-air markets, where they can be damaged on the shelves. "These conditions lead to changes in diet," added Thierry Desouches, spokesman for U. System "We are back to product a little more invigorating, hot drinks, soups, meat, cooked, products that take the body."

However, consumers may be less tempted to go to the shops to keep warm at home, drawing on their stocks of canned or frozen.

The boots are hot

"There should be a trend to fewer trips to the supermarket. But when it's cold like this, people need calories, with products such as starches, pasta, potatoes. And still fresh such as yogurt, "says Flecher.

"So the races are going to be, but people will focus their shopping in one location, often in large shopping centers rather than in small stores downtown," he said. Textile side, the cold should benefit winter items that had previously suffered a very mild winter. "On this end of period balances, in a extremely cold weather, we expect a very positive impact that will sell for the series easily," says Arrow.

For example, the site selling shoes Sarenza recorded this week "historical peaks" of sales of fur boots and après-ski. "Until now, with mild temperatures, you could dress like in October. But from -5 to -8 degrees, if you have a coat a little short, go buy one soon," noted M . Desouches. "It also benefits the accessories like gloves and hats." "It is rather positive, it can sell the jackets we have not sold the previous week," said Jean-Marc Genis, president of the Federation of brands of clothing (FEH, chains).

"There is no rush," said Bertrand Morvan, president of the National Federation of the clothing (FNH, independent), but the cold "can sell stocks that might have been difficult to sell. " In contrast, the new summer collections "are struggling to leave."

The French surveyed by INSEE in November have also never been more pessimistic about their future standard of living and are more likely to anticipate an increase in unemployment, which has already reached a peak of 11.

The composite indicator of consumer confidence stood at 79 on Friday in November and pushed a lowest since February 2009.

The New York Stock Exchange closed up 0.71% Monday, the Dow Jones 30 Industrial winning 85.15 points to 12,068.39 points.

The S & P-500, wider, took 7.89 points, or 0.63% to 1261.12 points.

The Nasdaq Composite was up on its side of 9.10 points (0.34%) to 2695.25 points.

Values, Best Buy has lost 3.11% after announcing it would pay 838 million pounds (977 million) in the UK Carphone Warehouse to buy back its share in their joint venture in mobile phones in the U.S. .

Tekelec has jumped more than 14%. The technology provider networks agreed to be acquired by a consortium of investment funds led by Siris Capital for about $ 780 million.

General Motors has announced the retirement of Nick Reilly, current head of the European activities of the group and its replacement next year by Karl-Friedrich Stracke.

According to the Sunday Telegraph newspaper and television channel Sky News, up to 3,000 employees, all British, could lose their jobs.

The Sunday Telegraph said that the announcement could take place next week.

BAE has 33% of the joint venture Eurofighter, as EADS and Finmeccanica.Some 550 fighters have been ordered by the four countries involved in the project: UK, Germany, Italy and Spain.

A BAE spokesman described the articles of speculation.

"As a company, we have not officially announced.We expect when this will happen, to inform staff first, "she said.

In a statement, the group said to be in the process of "review (its) operations in various sectors of activity" to help secure future contracts.

The first UK manufacturing group attributes his difficulties to a lack of command of combat aircraft in the world.

The main union in the country, Unite, said he would seek clarification as soon as possible from BAE to determine which sites would be affected by job cuts and to call for a voluntary redundancy plan .

The Dow Jones Industrial 30 yielded 2.49%, or 283.82 points at 11,124.84. The S & P-500, wider, lost 35.33 points, or 2.94%, to 1166.76.The Nasdaq Composite fell on its side of 52.05 points (-2.01%) to 2538.19.

As expected, the Fed announced it would buy Treasury bonds maturing long to bring down interest rates in the long term, but especially the phrase "significant downside risks weighing on the economic outlook" that caught the attention of market participants.

"This comment on the prospects – and I do not, moreover, why it is a surprise – was an attachment point for market participants," said Stephen Massoc, managing director at Wedbush Morgan.

The Fed will buy, by the end of June 2012, 400 billion of Treasury bonds with maturities ranging from six to 30 years.During this period, it will give an equivalent amount of bonds maturing in three years and under.

This action, to put pressure on interest rates in the long run is similar to that conducted in the 60's and so called "Operation Twist".

Stressing that economic growth would remain weak, the Federal Reserve that kept interest rates at between 0% and 0.25%, confirmed that these rates remain exceptionally low until mid-2013.

The index values ​​involving transportation, considered a measure of economic health, has plunged 5.27%.

The fund bank also sensitive to economic conditions, was also affected by the decision of Moody's downgrade of Bank of America, Wells Fargo and Citigroup on the ground that the Federal government may be reluctant to rush to the aid of large banking institutions difficulty.

The title of Bank of America fell 7.5% to 6.38 dollars, that of Wells Fargo 3.9% to 23.71 dollars and action Citigroup lost 5.2% to 25.52 dollars, the index KBW banking shares fell 5.5%.

The technology sector was one of the few in the green, the action Hewlett-Packard gaining 6.6% to 23.96 dollars after a source said the board planned to replace the CEO Leo Apotheker after less than a year of service.

Oracle has gained 4.2% to 29.54 dollars after reporting quarterly forecasts Tuesday night than expected.

The Spanish deputies approved Friday by an overwhelming majority the inclusion in the Constitution a "golden rule" of fiscal stability, despite the growing social and political discontent in the country. The parliamentarians approved, to 316 votes for and 5 against, the text, which includes the Basic Law the principle of limiting the public deficit, allowing the transmission to the Senate next week as part of a procedure emergency.

Spain will become the first country to respond to the call on August 16 by France and Germany, which wanted the 17 countries of the Eurogroup adopted before the summer of 2012 the "golden rule" to a balanced budget.Berlin includes in its constitution since 2009, while Italy and France also have this project.

For Madrid, the reform, which is accompanied by an organic law (passed by June 2012) includes a numerical limit to 0.4% of GDP, should serve as a vaccine against the financial markets still skeptical about the strength of countries.

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.

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%.

These leaders, who made a first assessment mission of the Portuguese economy, however, clarified that the most difficult challenges faced in Lisbon still to come, even if the new government in power has moved quickly to introduce economic reforms .

The mission EU / IMF is confident that Portugal will succeed in reducing its budget deficit to reach a ratio of 5.9% of GDP in 2011.

The Portuguese Finance Minister Vitor Gaspar nevertheless announced new tax increases to achieve the fiscal targets.