"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.

Germany, France and Italy, met Thursday in Strasbourg (east), expressed their determination to secure the future of the euro, if necessary by amending the European treaties, but without affecting the independence of the European Central Bank (ECB).

The three largest economies in the euro area are determined to "do everything to support and ensure the sustainability of the euro," said the French president told reporters at the end of the tripartite summit.

Mr."We all three indicated that respect for the independence of this institution, it was not to request positive or negative" to the ECB for its part has assured the French President.

Several French officials, including Foreign Minister Alain Juppe Thursday morning, however, have called for the ECB to play "a role" to save the euro area. This role would be to buy massive debt of the countries most vulnerable to stem the continued rise in rates on government bonds of several euro area countries, which penalizes their already fragile budgets. This rate increase, a sign of the distrust of the market against the euro area, is now affecting countries like France.

"We are all three very much aware of the seriousness of the situation," said

At 311.7 million euros, sales of the group recorded organic growth of 8.8%, Orpea said in a statement.

"The dynamics related to both France and abroad, including the continued rise of Belgium and Italy," said Yves Le Masne, CEO of Orpea, quoted in this release.

It says that the group confirmed "with serenity, its goal of a turnover of 1,230 million euros (27.5%) accompanied by sustained profitability" for the full year 2011 .

The least we can say is that the end of term Jean-Claude Trichet has not been easy. The French left the European Central Bank (ECB), after eight years of presidency, when the euro area is experiencing a critical step – critical? – Of its crisis. For if the Europe Agreement birth Thursday morning in pain is an important step in the short term, it does not eliminate all long-term risks of contagion from the debt crisis.

We do not worship nor hate Jean-Claude Trichet, as it is more consensual than cleaving – it boasts of never having been outvoted by the Governing Council of the ECB. We respect him.For he succeeded in making the institution of Frankfurt an economic and political front. The markets were suspended in any of his words at monthly conferences of the ECB on interest rates. And since Europe is in crisis, he took part in EU summits as well as leaders and heads of government of member states of Euroland.

The route of Jean-Claude Trichet

1942: Born in Lyon

1969-1971: ENA

1978-1981: Economic Advisor, Valerie Giscard d'Estaing

1986-1987: Director of the Office of Edouard Balladur, Minister of Finance

1987-1993: Director of Treasury

1993-2003: Governor of the Banque de France

2003-2011: President of the European Central Bank

Of the review of eight years as president of the ECB, it can be fierce independence vis-à-vis the Franco-German policies.No sooner did he take the levers of the ECB in November 2003, accusing Jacques Chirac and Gerhard Schröder to gut the Stability Pact. In 2010, he opposed the will of Nicolas Sarkozy and Angela Merkel to involve private investors in the rescue of Greece. But we remember also its renewed calls for member states to implement a real economic governance of the euro area. Not to mention his extraordinary responsiveness during the financial crisis in August 2007 first, then in October 2008, noting that the interbank market is frozen, the ECB is the first to lend banks as much liquidity as they wish.

The strong euro, the result of the fight against inflation

Two of his actions, however, are highly controversial.

FARM CREDIT * (+20.3%), BNP PARIBAS (16.23%) and Societe Generale (14.8%) are leading the CAC 40, with AXA (13.9%).

Out CAC 40, Natixis is 11.6%.

BNP Paribas, Societe Generale and BPCE (People's Bank, Savings Bank) have additional capital needs between 2.1 and 3.4 billion euros, while Credit Agricole is regarded as sufficiently capitalized, reveal tests by the European Banking Authority (EBA).

BNP and SocGen said they could come into compliance with new rules without recourse to the market.

* Dexia wins 6.10%.The title was suspended from trading for the announcement of its capital needs, estimated at 1.7 billion euros.

* AXA also announced a decrease of 4.8% of its turnover for the first nine months of 2011, mainly due to the retirement savings Life business where the insurer has given priority to the margins rather than volumes .

* ARCELORMITTAL also jumped 7.7%, with the entire commodity sector in Europe (+5.9%), and other cyclical sectors that benefit from the feeling that the agreement limits the risk of a sharp recession.Many brokers have reduced their price target, including Goldman Sachs, Morgan Stanley, Exane BNP Paribas, Credit Suisse, UBS, Natixis and Kepler, following the announcement of a new downward revision to its goal of operating income and the elimination of 6,000 jobs.

Moody's also changed the outlook to negative on its debt, while the Baa3 rating is confirmed.

Brazilian Minister of Trade and Industry Fernando Pimentel said Wednesday that PSA would invest 3.7 billion reais (1.5 billion) to Brazil to double production by 2015.

* RRP is 6.2%, boosted by the announcement of a very strong sales growth in the luxury market in the third quarter despite a difficult economic environment.

More than ten hours of meetings were necessary to reach an agreement Saturday on a recapitalization of the banking sector to the tune of 100 billion euros, which was nevertheless widely agreed at the technical level this week.

The work, however, little or no progress on the form that is chosen to leverage the fund to support the euro and to reduce the mountain of Greek debt, even if a discount up to 60% of the shares held by investors Private is under discussion.

On his arrival in Brussels, where he was to dine with Angela Merkel, the ECB President Jean-Claude Trichet, the Executive Director of the International Monetary Fund Christine Lagarde and the President of the Commission and the European Council, José Manuel Barroso and Herman van Rompuy, Nicolas Sarkozy expressed his confidence in the outcome of discussions.

"There is progress (…) By Wednesday, we must find a solution, a structural solution, an ambitious solution, a final solution, there is no choice," he said in reference to the date of the second summit will bring together the leaders of the euro area.

The French president spoke by telephone with German Chancellor Saturday afternoon and, says one EU source, they should meet again Sunday morning at their hotel before joining their European counterparts.

Meetings could also take place with the Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero, while Italy and Spain are under peer pressure to reassure their determination to keep public finances under control.

BANKS

At the end of the agreement reached Saturday, about sixty of the largest European banks need to recapitalize by 30 June 2012 at 100 billion euros to hold at least 9% of equity "hard" core tier one .

Some 38% of this amount, which may not be officially published, should return to the three countries already under the aid program: Greece, Portugal and Ireland.

Banks will also mark their sovereign debt to market value and the institutions that will not comply with this set of rules will be banned from paying dividends to their shareholders and bonuses to their executives.

The bloc have also talked Saturday reactivation of the guarantees offered to banks in the fall of 2008 at the height of the crisis, enabling them to find financing in the medium and long term, said on the same source.

GREECE

Ministers also returned to the long record of Greek and how to make Greek debt sustainable in the long term.

According to a report that will serve as the basis for decisions of the leaders of the euro area, private creditors of Greece may have to accept a loss of up to 60% on their sovereign debt.

The EU finance ministers, however, remain divided on the voluntariness or otherwise of the private sector to the new rescue plan for Greece.

Fearing to trigger a credit event with unforeseeable consequences, France and several other countries are reluctant to go beyond the envelope of 50 billion euros negotiated last July 21 with the banks, as called for Berlin if necessary by forcing them to go the extra mile.

Friday night, Athens received a shot in the arm with the provisional go-ahead European payment by mid-November of the next tranche of international assistance by 8 billion euros, without which Greece would default on its sovereign debt in the coming weeks.

The IMF still has to validate itself as this payment, he conditioned ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of Greek debt.

EFSF

The last part of the discussions – the multiplication of the European Financial Stability Fund (EFSF) – has so far been barely touched by the ministers, that would leave it to decide this question and leaders.

Friday night, Minister of Economy, Baroin, confirmed that France continued to believe that change the cash in bank was the best solution but it did not make "one final point of confrontation."

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties since the creation of the euro.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

European leaders are under intense pressure by their international partners to take decisive action against the crisis, less than two weeks of the G20 summit in Cannes, where they planned to hold them accountable.

Meeting in Brussels, ministers primarily responsible for preparing the ground for the Heads of State and Government in defining an acceptable range of options increased participation of the private sector to the new Greek plan on a "maximization" of fire capability fund to support the euro (EFSF) and the recapitalization of European banks.

"This afternoon, we will discuss the leverage for the rescue fund, but without committing ourselves to details," said the chairman of the Eurogroup Jean-Claude Juncker.

"We will try to present to the Heads of State and Government of a policy statement (…) We will try by next Wednesday to have as much detail as possible," he added.

The heart of negotiations on the EFSF, that Paris would be granted a banking license, allowing it to access funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin refuses, however, this possibility would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

INTERNATIONAL PRESSURE

According to several sources, Paris and Berlin are unable either to agree on the amount of the participation of banks in new bailout of Greece.

The German authorities, in particular Finance Minister Wolfgang Schäuble, insist that the envelope of 50 billion euros negotiated on July 21 is significantly revised upwards, if necessary by forcing banks to make an extra effort.

According to government sources German, Greek debt should be reduced to around 120% of its gross domestic product (GDP) against 162% today.

But again, the members of the euro area are widely divided on the different options on the table, the level of the discount to be applied to Greek bonds as well as voluntary and non-bank participation.

The count-down is initiated, however, for not only the peaks of Sunday and Wednesday but above the summit of Heads of State and Government of the G20 in Cannes in early November.

Present in Brussels, the executive director of the International Monetary Fund, Christine Lagarde, said the institution would seek to assist the Europeans to resolve the crisis.

"The IMF will do all it can to help Europe, particularly in the Eurogroup, to find solutions," she said.

Thursday night, U.S. President Barack Obama held talks on the economic situation in Europe with his French counterpart Nicolas Sarkozy, German Chancellor Angela Merkel and British Prime Minister David Cameron.

The hotel group Accor is always operating income in 2011 of between 510 and 530 million euros. It builds on the pursuit of "sustained activity in Q4 2011 in the absence of signals of a slowdown in demand."

Accor has achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S. On a comparable basis the increase was 5.8% (4.52% expected) and 2.7% as reported.

The European Commission said Friday it would submit in the coming days proposals for a coordinated recapitalization which will allow to reassure markets worried about the resilience of the banking system facing the European financial and economic crisis.

They should be ready in time for the summit of the European Union and the euro area provided 17 and 18 October, which will give "a clear signal" on the subject, said German Chancellor Angela Merkel.

Asked during a visit to Armenia, Nicolas Sarkozy said Berlin was "the proper place" to discuss these issues Sunday.

German and European sources, there are reports of disagreements between Paris and Berlin on the use of European Financial Stability Fund (EFSF) to provide the necessary funds, the International Monetary Fund (IMF) estimates that between 100 and 200 billion euros .

For Germany, the appeal to EFSF, which has the capacity for intervention of 440 billion euros, should be a last resort, if the banks were unable to finance on the markets and whether their country are not able to provide them with public funds.

Receiving the Dutch Prime Minister Mark Rutte, Angela Merkel reiterated that the EFSF should be activated "if a country can go it alone."

According to a German source, the French, whose banks have the highest exposure to the debt of the peripheral countries of the euro area, "misunderstood the EFSF" and want money from the European emergency fund is available to all financial institutions in need of capital.

In Brussels, a source close to the talks said that one option considered for the recapitalization of banks is that the countries of the euro "access to EFSF jointly."

"Perfect identity of views"

This idea, which has the support of France but not Germany, would avoid the "stigma effect for a particular country" and display a significant clout vis-to-market, a the source said.

The French Ministry of Economy and Finance has sought to minimize the differences between France and Germany, emerged from discussions within the Eurogroup in Brussels this week, ensuring that the issue had not yet been discussed between the two countries.

"Our position is no different from that of the Germans: it takes more capital for banks, banks must first find in themselves the resources, then if they find private investors outside and ultimately being considered injections of public capital, "it was said at Bercy.

"All this must be discussed at European level and must be coordinated, it is currently being considered," they added noting that the issue of "instruments of a possible recapitalization public has not yet been addressed."

Diplomatic sources in Brussels, it indicates that the position of France is motivated by the desire to maintain the AAA rating on its debt for fear that it is under pressure in case of provision of public funds to banks important.

"The main thing for France is its triple A and it grows as a result of the use EFSF (for the recapitalization)," said this source.

Paris does not further that the current debate among Europeans are limited to this single question.

"It will be among the topics discussed but the main thing about Greece and the euro area, since the banks is a consequence" of the current crisis, said the French Ministry of Economy about talks Sarkozy, Merkel on Sunday.

In announcing last week his forthcoming visit to Germany, the French president had indicated he intended to "continue the work of collaboration and coordination" between Germany and France to protect the euro.

There can be between the two heavyweights in the euro area "a perfect identity of views to resist speculation, to resist the excitement of the markets and to protect Europe," he stressed.

The BoE's decision on Thursday to bring its program of asset purchases to 275 billion pounds underlines the fragility of the British economy, against a backdrop of fiscal restraint and spending power of consumers due to half-mast 'high inflation and weak wage growth.

The Governor of the BoE Mervyn King, in a letter to finance minister George Osborne, says that the global economic recovery has slowed and the debt crisis in the euro area has caused severe strains in financial markets.

"These tensions within the global economy threaten the British recovery," warns Mervyn King.

If the price increase is expected over 5% annual rate in the coming months, the recent deterioration in economic outlook bodes well for a return in the medium-term objective of the BoE, which is 2% in annual basis.

The Bank of England held rates unchanged at record low of 0.5%.This rate has not changed since March 2009.

The bold decision of the BoE to launch a new phase of quantitative easing contrasts with the more conservative ads of the European Central Bank.

The ECB also held its key rates unchanged Thursday while taking further steps to promote the supply of interbank liquidity and to intervene to the tune of 40 billion euros for the primary and secondary markets for bonds in the euro area .

OUTLOOK further deteriorated

Economists polled by Reuters had given a probability of 40% to restart its program of asset purchases by the BoE expected but mostly that it covers only 50 billion of extra pounds.

The sterling fell to 1.5280 dollars after the announcement, the lowest since July 2010, against 1.5466 before.

"The fact that the Monetary Policy Committee has decided to act now on the quantitative easing and he did it for 75 billion pounds rather than 50 points out that these members consider that the already difficult prospects of the economy further deteriorated due to headwinds both domestically and internationally, "said Howard Archer, economist at Global Insight.

"We believe that quantitative easing will be emphasized in the first quarter of 2012," he added.

The UK economy is virtually at standstill for a year while the government is facing a budget deficit that reached almost 10% of GDP.

The BoE had frozen to 200 billion pounds the amount of its asset purchases since February 2010 in favor of an economic recovery after a deep recession.

Restrictive means adopted by the BoE in view of inflationary pressures has markedly changed over the summer with the fear of a relapse into recession and difficulties for banks caused by the sharp correction in financial markets crisis the euro area and the signs of a global slowdown.

"We would not be surprised to see the total amount of asset purchases to 500 billion pounds, the new stage of quantitative easing, starting with the 75 billion announced today, adding an additional 300 billion in the first phase," said James Knightley, ING Financial Markets.