"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."

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 "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of European regulatory agencies. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if the country is under European aid program. The decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages when it deems necessary. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was dropped, now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea is not only criticized by the rating agencies but also by some of their clients.

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.

"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.

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.

Ben Bernanke said the Fed would meet two days in September, instead of originally planned to study, among other things, the possibility of providing the economy with a new monetary stimulus.

Around 9:30, the CAC 40 index was progressing 1.36% to 3129.71 points, but still showed a decline of nearly 15% since the beginning of the month.

"Bernanke has tried reassuring.He said with confidence that the economy is resumed and that the Fed would do everything possible to encourage growth, "says Saxo Bank in a newsletter.

The bank also believes that prudence displayed by the Federal Reserve shows that she thinks "seriously" in a way to stimulate the economy. "What is rather positive," says Saxo Bank.

Other major European markets, Frankfurt and Milan s'adjugent respectively 1.25% and 0.98%, while the London is closed on Monday.The pan-European Euro Stoxx 50 index gained 1.16%.

"A third wave of 'quantitative easing' does not seem justified because, unlike last year, there is no risk of deflation in the short term interest rates are already very low," observing their side strategies Natixis.

As for values, banks in the euro area is progressing despite the 0.69% tax Christine Lagarde, director of the International Monetary Fund (IMF), stressing the need to restructure European banks.

Renewed investor confidence, however, is unfavorable to the less risky assets such as German government bonds (Bunds) to 10 years, whose performance is trading around 2.18% against 2.15% against almost Friday night at closing.

The euro rose 0.26% against the greenback at 1.4529 dollar.

A barrel of U.S. light crude advance of 0.53% to 85.82 dollars while Brent fell by 0.11% to 111.24 dollars.

4:39 p.m.: Paris returns to equilibrium, in the wake of Wall Street. At 4:30 p.m., the CAC 40 gave 0.10% to 3072.88 points, just after a brief foray into the green. The index had lost up to 4% in the morning. The London Stock Exchange also clears its losses.

4:18 p.m.: Wall Street rises in green: Dow 0.29% Nasdaq 0.93%

16.15: The yen higher against the dollar since the Second World War

15h50: Cohn-Bendit irritated. MEP in Europe Ecology-The Greens Daniel Cohn-Bendit also critical Nicolas Sarkozy and Angela Merkel. "[They want] the cake and butter" in their management of the debt crisis in Europe. "Merkel andSarkozy wants the cake and butter: they want more Europe to protect them, but refuse a qualitative leap towards a European federalization [...] Have a 'golden rule' without European communitarisation debt and investment is nonsense. "

3:40 p.m.: Harlem Désir attack Nicolas Sarkozy and Angela Merkel. "This duo does more than coordinate the austerity" Le Monde wrote in Harlem Désir. He refers in his op-ed the French president and German Chancellor with regard to the IMF executive director, Christine Lagarde: "The sudden slowdown budget should not block the global recovery."

15.00: Oil opens down in New York. They continue to tumble the day when the markets are worried more about a possible return of the recession in the U.S. and Europe.By 1300 GMT, the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 81.73 dollars, down 65 cents from the previous day.

2:27 p.m.: "The euro area is not in danger, the price of the euro – 1.43 to the dollar – it sideways, which has not moved, the euro is not threatened," said Valery Giscard d'Estaing on RTL, when asked to react to the words of Jacques Delors. According to VGE, "there are two threats": "The slowdown in the United States and Americans' fear of a recession" and "particularly excessive debt policy" of Europe.

>>> How did we get here? The film events of the crisis here.

1:55 p.m.: The Spanish Government adopts emergency new austerity measures.The government said Wednesday that he hoped to pass "emergency" measures in Parliament, intended to return 4.9 billion euros in state coffers.

13:00: The Shanghai Stock Exchange closed down 0.98%.

12:59: The operations of the ECB's concerns on fuel banks. The ECB ensures that European banks are not in such bad shape after the collapse of Lehman Brothers, but his recent operations fueling concerns about the soundness of the sector. Banks in the euro area have indeed made Thursday to 90.5 billion euros in deposits from the emergency European Central Bank. Deposit rates are a sign that banks are reluctant to lend to each other and they prefer to place their excess liquidity at the ECB."We take these signals seriously," said the chief economist of the ECB in an interview with Handelsblatt published Friday

12:07: The Paris Stock Exchange begins to dig its losses (-3%) below 3000 points. The CAC 40 loose 3.06% to 2982.05 points in a trade volume of 2.051 billion euros.

12:07: The Paris Stock Exchange begins to dig its losses (-3%) below 3000 points. The CAC 40 loose 3.06% to 2982.05 points in a trade volume of 2.051 billion euros.

11:56: The German Minister of Economy has been very reserved in respect of a European tax on financial transactions, as proposed by Berlin and Paris, in an interview published Friday. "We will not make our support for a tax on financial transactions, if there is support, if it is taken in all 27 countries of the European Union," said Philipp Rösler at regional newspaper Stuttgarter Zeitung."We" refers to his party, the Liberal FDP, partner of Angela Merkel's conservatives in the coalition. The Minister also reiterated his party's strict opposition to the introduction of Euro-bonds, "without conditions, without nuance."

11:17: The Greek GDP could shrink by more than 4.5% in 2011 against 3.8% expected, announced Friday the Greek finance minister, Evangelos Venizelos.

11:08: The Paris Bourse reduced its losses to -1.81%. Bank stocks and shares most sensitive to economic conditions remain turbulent backdrop of fears of recession in the U.S. and doubts about the capabilities of bank financing.

10:47: China welcomes the "clear message" on the strength of U.S. Treasuries.Vice President Joe Biden, who is visiting Beijing to reassure his interlocutors on the economic health of the United States, sent a "clear message" on the strength of the U.S. Treasury, welcomed the Chinese premier Friday Wen Jiabao. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt. This will ensure the safety, liquidity and value of good Americans," said M . Wen receiving Biden.

The 10 figures to be taken on the stock market crisis

Stock market crisis: that investors may

10:31: The gold to a new historic high, at over 1,860 dollars an ounce for the first time.In the aftermath of Black Thursday, the yellow metal benefits from its status as a refuge from a new collapse of European stock exchanges.

10:19: The Hong Kong Stock Exchange closed down 3.08%

10:02: The London Stock Exchange fall by 3% and sinks below the symbolic threshold of 5,000 points in early trading, following its biggest fall for 3 years in a market still préoccuppé by fears the global economy and the debt crisis.

On the crisis across the Atlantic, read the survey: United States: the giant entangled

9:59: Banks again heckled.The banking sector, after plummeting yesterday, experiencing a very difficult early trading, BNP Paribas 3.77% drops to 32.95 euros, Societe Generale 3.33% to 20.87 euros and Credit Agricole 2.22 % to 6.09 euros.

9:49: The Paris Bourse widening its losses in early trade, financial stocks are once again very turbulent as fears of a recession in the United States and a drying up of funding for European banks remain high. Around 9:20, the CAC 40 index ceded 2.50% and back below the 3,000 points to 2,999.20 points. Bank stocks are again suffering the largest losses: to 9:30, BNP Paribas 2.37% ceded to 33.43 euros, Natixis 1.21% to 2.85 euros, Crédit Agricole 0.92 to 48%, 01 euros and Societe Generale 0.79% to 21.43 euros in a market down by 1.96%.

9:46: The same trend in other European marketplaces.The Madrid Stock Exchange opened down 1.09% at 8226.8 points on Friday. The Ibex-35 index of blue chips from the Madrid stock market plunged 4.70% to 8317.7 points. The London Stock Exchange retreated again the day after its biggest drop in three years. A few minutes after the opening, the FTSE-100 index lost 43.37 key values ​​points, or 0.85% over the closing Thursday at 5048.86 points, widening its losses soon after yielding 0 , 35% in early trade.

To understand the reasons of falling markets, also read: Banks are plunging stock markets

9:18: Asian stock markets into the red. They have also succumbed to the new wave of concerns about global growth, while gold, a safe haven, set a new record. Sydney closed down 3.51% and Seoul plunged 6.22%. Hong Kong lost 2.62% and 0.98% Shanghai shortly before closing.Oil also changes sharply lower. In trade in Asia, a barrel of "light sweet crude" lost $ 1.05 to 81.33 dollars. Gold continued to cross the records on the rise, playing its full role as a refuge. The yellow metal rose Friday morning at 1,837.50 Hong Kong dollars an ounce, after crossing the threshold on the eve of the unprecedented 1825 dollars.

9:09: The Milan Stock Exchange opened down 0.30% to only 14,926 points, after collapsing the day before closing on a decline of 6.15%. And Swiss stock exchanges fall -2.60% at 9:34 local, half an hour after it opened down slightly from 0.61%.

8:17: The Tokyo Stock Exchange closed down 2.51%, carried by the wave of international concerns about a slowdown in global economic activity and a victim of the subsequent increase in the price of yen.The Nikkei 225 index of blue chips still sold 224.52 points from its closing price on Thursday to appear at 8719.24 points, a level it had not fallen since March 15, at Following the terrible earthquake four days ago in the northeast of the archipelago.