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

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.

Wolfgang Schäuble told the German weekly Focus that Italy would be able to overcome its difficulties, resulting from a crisis of confidence in the markets.

"The economic data are not real bad. You just deal with the problems (…) These can be solved by Italy herself.What Rome has to overcome is nothing compared to the mountain to be climbed Greece, "he argues.

Although Europe has a Stability and Growth supposed to intervene much earlier, it is necessary that members act more in the EU, said Schäuble.

"The pressure of the crisis has effects that would not be possible otherwise (…) greater the crisis, the greater the need for change, he says.

French President Nicolas Sarkozy said on Friday that the countries that continue to harbor tax havens, including a list of 11 expected to be released, would be "ostracized by the international community at the conclusion of the G20 summit in Cannes.

"We do not want to tax havens. The message is very clear, countries that tax havens will remain ostracized by the international community," he told reporters Mr Sarkozy, whose country currently chairs the G20.

According to information from Figaro OECD will publish a new list of tax havens.Switzerland and Liechtenstein can be found on the list and gray, not having done enough to be transparent. Nine other states, including Panama, the Seychelles and Botswana, are in a blacklist.

The two financial centers were committed in 2009 to challenge the secrecy and to meet the criteria of the OECD on tax information, to get out of this list. But they have failed the examination and the international body would have found that the transparency commitments were not met.

German Chancellor Angela Merkel was to participate Wednesday in a crucial European summit bears the overwhelming support of the Bundestag but conditional to negotiate a strengthening of the European Relief Fund (EFSF). German MPs had to vote at midday on a "motion" filed by the government majority and the opposition, a mission order for Mrs. Merkel.

Without going into technical details, two pages of this motion pose prohibited: no way to load even more the European Central Bank, making it taste too many Germans. And not about to spend more than 211 billion euros already pledged.Before the vote, the Chancellor still had to speak before the lower house. "It will be a long day," warned the early morning spokesman Steffen Seibert, via Twitter. "We will send a strong signal for Europe", promised Wednesday to television the secretary general of the party Christian Democratic Union (CDU) Angela Merkel, Hermann Grohe.

"It is fitting that on such important issues the opposition (…) renounces the tactical game fan", it was bliss. In fact, the conservative chancellor for European affairs has a "grand coalition", which gathers around its own most conservative / liberal of the two main opposition parties SPD (Social Democrats) and Greens. The mission statement drafted by all parties, with the exception of the radical left "Die Linke", should be adopted by an overwhelming majority of 620 MPs.On 29 September already, when he acted for the Bundestag to ratify a first capacity building of EFSF, this "holy alliance" was played.

This massive vote of support will not prevent commentators to have dissenting voices in the majority, to see if Merkel was able to win without the votes of the opposition. He needs 311 votes for this account in his own camp. "Merkel needs the magic 311 votes to go heads up in Brussels," commented Wednesday Der Spiegel in its Internet edition. Otherwise, the Bundestag to hands-free Merkel to leverage the lending capacity of EFSF (440 billion), based on two options: to fund a "credit insurance" states in difficulty, and seek external funding, such as emerging markets.

Members recognize that with this strategy, "the risk of loss can be changed" they do not want to put more money on the table, but are willing to lose the already committed. This vote confirms the increasingly important role taken by the German parliament in the European political game, to the dismay of some partners in Germany. The Constitutional Court has recently strengthened the powers of the Bundestag, by requiring the green light for decisions involving public funds in support schemes in Europe.

This is not without boondoggles: Friday, the Assembly had decided to confine the discussion of the EFSF its Committee on Budgetary Affairs. Before you turn around Monday and to convene a plenary session. "We are treading unknown territory" with respect to working with the Bundestag, Merkel agreed Tuesday, trying to recall the division of roles."These are different tasks: a government that conducts international negotiations, and the concern for parliamentary support the widest possible," she said.

Acerbic, columnist of the daily Handelsblatt stated that "the government (had) not thought about the time arrangements for informing the parliament." And parliamentarians did not realize that their new power is synonymous with extra work, "he said.

He added that any revision of the plan provided for Greece in the Europe Agreement of July 21 will continue to provide that the private sector participation is voluntary and avoid a credit event.

The President of the Commission, speaking on the sidelines of the LCI meeting of G20 Finance in Paris, said the European countries with fiscal room should be used to support growth.

"A decision must be applied immediately, a decision on the strengthening of the European stability, a decision on a greater guarantee for our banks," he said.

"States that have room for maneuver should support demand," he added.

José Manuel Barroso declined to quantify the need to recapitalize European banks, on which European leaders emphasize their pressure to enable them to withstand greater losses than expected on the sovereign debt of the most fragile countries in the euro area.

The European crisis is on everyone's mind at the meeting of G20 finance which opened Friday in Paris to complete proposals on reducing global imbalances in the context of the Cannes summit of November 3 and 4.

Vice Minister of Finance had previously Oikonomou Pantelis said the discussions were over, but for the most part, the sources who have direct knowledge of the case, they are far from it.

"The talks are not over," said a senior official told Reuters.The Delegation of the troika (EU, IMF, European Central Bank) is still examining the accounts and budget reforms required for the payment of aid to eight billion euros.

The Greek government admitted Sunday he would miss this year and next the deficit targets that were assigned by its international donors.He also announced new austerity measures to try to reduce the budget deficit next year.

Athens anticipates a deficit of 8.5% of GDP in 2011, while the EU and the IMF wanted 7.6% more, and 6.8% in 2012 to a target of 6.5%.

The draft budget for 2012 Greek assumes a GDP contraction of 2.5% this year, after -5.5% this year.Under this project, Government debt was 172.1% of GDP in 2012 from 161.8% in 2011.

Finance ministers of the euro zone (Eurogroup) met on Monday and it is likely they will do even more pressure on the Greek government to implement a more resolute reforms planned by the international bailouts.

The second plan, set in July, includes in particular the private sector is participating in a plan to exchange debt at a discount.Athens wants at least 90% of the creditors participating in the project goes forward.

"Greece is bankrupt"

Given the risk of contagion to other countries Greece in the euro zone, Italy and Spain in particular, several countries in the euro area have already passed an extension of the powers of the European Financial Stability (EFSF ).

But increasing financial resources, budgeted at 440 billion euros, is not an option for countries such as Germany in particular.

In fact, Christian Noyer, Governor of the Banque de France and member of the Governing Council of the ECB, it is unrealistic to think that we can increase this allocation, but the principle of multiplication is to remember.

"It would be unrealistic to expect an increase in the EFSF himself personally but I am open to any device to leverage existing commitments to provide greater capacity to respond," he said.

The United States and the financial markets, which continue to anticipate a failure to Greece, urged the euro area to consider how to give the EFSF greater ability to respond without injection of new money, for a leverage.

The principle would be to use the funds as collateral for loans from other agencies.The EFSF could for example provide guarantees to the European Central Bank (ECB) when it acquires the Sovereign Debt.

In the meantime, it is the deepest skepticism prevailing in the markets about the ability of Europeans to stem the crisis in Greece, especially after the latest financial reports of the country.

European stock markets posted a decline of 1.75% and the index of banking in particular was down 2.87%, the segment loss the biggest market for now.

The spread between Italian 10-year paper and his German counterpart widened to 380 basis points and it is the same for the same term paper in Spanish, to 337 basis points.

Germany itself is not immune to the slump environment.The five-year CDS were up six basis points record of 118 basis points, according to Markit.

Michael Fuchs, vice president of the coalition CDU / CSU to power in Germany, the case is heard: Greece is indeed bankrupt. "There is probably no alternative for us to accept a deletion of at least 50% of its debt," he states.

In his new "World Economic Outlook", the IMF cut its growth forecast to 1.6% this year and only 1.1% next year, respectively 0.4 and 0.6 point less that 'expected in June.

And stresses the need for quick decisions to support countries in difficulty, regain market confidence and alleviate the financial storm.

"In a highly uncertain environment dominated by tensions over the crisis of sovereign debt in the euro area, the risks to growth are mainly focused down," says the Fund.

He explained that the rising interest rate markets may deter investment and lead growth, while a spread of the debt crisis in the countries of the "heart" of the area could threaten the stability financial crisis.

The European Central Bank (ECB) has the power to mitigate these risks, however, considers the institution headed by Christine Lagarde. She believes that the ECB will lower interest rates if inflation risks persist and growth.Jorg Decresson, an IMF economist, pointed out at the press conference presenting the forecasts.

In the meantime, the IMF urges the ECB to continue its repurchases of bonds, at least pending the entry into force of the reform of the European Financial Stability Fund (EFSF), which must provide the power to make this type of redemption.

Meanwhile, the IMF advocated a strengthening of the financial system, a recommendation already mentioned in recent weeks by Christine Lagarde but was more than cool reception in Europe.

Banks should "take immediate action" to raise private capital and "should be more ambitious than that supervisors deem necessary," the Fund.

SIGNIFICANT DIFFERENCES

The new IMF forecasts contrast with the scenario of a gradual and modest recovery outlined in the spring.They should influence the meeting of finance ministers and central bankers planned this weekend in Washington.

Especially as the downward revision spares no one on the Old Continent, not even the country of Central and Eastern Europe who had endured the crisis better and better rebounded since 2008-2009.

The IMF growth forecasts for this "emerging Europe" have been reduced to 4.3% for 2011 and 2.7% for 2012, against 5.3% and 3.2% previously.

"The financial turmoil will affect the activity through a deterioration in confidence and funding, even if the adverse effects of temporary factors such as high commodity prices and supply disruptions related to the earthquake Japan subside, "said the IMF.

And he stresses that its new forecast assumes that European leaders are able to contain the crisis in the euro area.A thinly veiled warning against the risk of further deterioration of the economy in case of paralysis of policy-making process.

IMF forecasts show large differences in economic performance in Europe: Germany, Switzerland, Sweden, Poland and the Netherlands are expected to show growth levels close to those recorded before the crisis, while d others are penalized by drastic adjustment programs, such as Iceland, Latvia and of course the States "peripheral" in the euro area.

* BANKS – The Fall of banks to the Paris Bourse and doubts about their strength threatens the economy by depressing household and pushing companies to delay their hiring and investment, analysts and professionals.

French banks have agreed to exchange more than 90% of Greek bonds they currently hold in the second aid package to Greece decided in late July, said Friday the Minister of Economy, Baroin., See also scenarios of bank recapitalization in Europe

In addition, the German bank IKB announced Friday it had settled a three-year dispute with Crédit Agricole and the credit enhancer American Financial Guaranty Insurance Company (FGIC) on losses during the financial crisis.

* Sanofi announced Monday morning that the U.S. court had ruled in favor of Sanofi US dispute in the dispute with Sun Pharmaceuticals on some generic versions of Eloxatin (oxaliplatin).Eloxatin retains its exclusivity in the U.S. until August 9, 2012, Sanofi said.

* Technip announced that it has been awarded by a contract Petobras provision of basic engineering and detailed design for a new complex fertilizers `to be located in Uberaba, in Minas Gerais, Brazil .

* EADS – Qatar is interested in buying Daimler a 7.5% stake in EADS, writes Der Spiegel on Sunday.

* ABC ARBITRAGE improved its net profit in the first half despite the low volumes and limited volatility of the markets during the period and addresses the second part of the year with confidence and caution, told Reuters CEO, Dominique Ceolin.

The next meeting of the BoJ Monetary be held on September 6 and 7.

The government could also intervene unilaterally in the foreign exchange market to weaken the yen.

He has done 4 August – and the BoJ eased monetary two weeks ago – but the traders continue to seek refuge currency as the yen and Tokyo does not re-offend if fluctuations in the yen are considered speculative.

Friday the dollar hit a record low of 75.95 yen before remonstrate above 76 yen.

"Japan's position is consistent and it will take decisive decisions following the evolution of the market," said a senior official told Reuters.

"The BoJ does not exchange specific but deals with the impact of currency movement, the trigger for a monetary easing would be a serious deterioration in sentiment," said a source also told Reuters.

This relaxation will likely take the form of an increase in the "pool" of 50,000 billion yen (656 billion) charge to buy public assets and private funds to offer cheap fixed rate via market transactions.

This pool was already increased when the BoJ eased monetary policy this month.