The EU executive believes that these two sets of measures would allow the euro area to overcome the current crisis by advancing to an organization in which greater solidarity would be offset by increased liability of the members.

Depending on the device, the EU executive could amend not only the first draft national budget, submitted in April, but the budget bills during the second half of the year.

The Commission may make recommendations or even claim that a new budget is established, if necessary up to defend his opinion directly to national parliaments after discussion between the finance ministers of the euro area.

But the parliaments retain the final say on the budget, but the EU executive would in turn can open without waiting for an excessive deficit procedure if it considers that the country moves away from the budget path which is recommended.

In extreme cases when the country refused repeatedly to comply with EU recommendations, it could be placed "under administration" Community Trust in the clear in Brussels.

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.

Net income for the Swiss reinsurer has more than doubled in the third quarter to $ 1.35 billion (988 million) against 618 million in the comparable period in the previous year.

Swiss Re said the performance by "a moderate level of natural and unique effects positive."

Premium income rose to 5.74 billion against 5.05 billion a year earlier.

The combined ratio, a key indicator of operating profitability in the sector, however, has deteriorated to 80.8% against 76.4% last year.The combined ratio was expected at 89.7%.

The world's second largest reinsurance confirmed its medium-term objectives, for an ROE of 700 basis points above the average over five years and an average annual growth of 10% of earnings per share.

"Our financial targets in 2011-2015 reported in February 2011 is our top priority and we are fully dedicated," said CEO Stefan Lippe in a statement.

The group also expects a modest turnaround in the market but general damages, liability and accidents.

"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.

The world's largest earth-moving machinery and equipment for the mining industry said to expect that its sales climbed 10% to 20% next year.

For all of 2011, the group based in Peoria (Illinois) now expects sales and earnings at the top of its previous forecast ranges with solid demand.

"Even if there is a strong dose of political and economic uncertainties in the world, we do not feel much in our business at this stage," says CEO Doug Oberhelman said in a statement.

"We believe that continued economic recovery, albeit slow, is the most likely scenario as we move forward."

In the third quarter, the company posted a net profit of $ 1.14 billion, or $ 1.71 per share, against 792 million, or $ 1.22 per share, a year earlier.

Analysts polled by Thomson Reuters I / B / E / S on average expected $ 1.54 per share.

The turnover stood at 15.72 billion dollars between July and September, up 41%, the group called a record, as the market anticipated 15.03 billion dollars.

After these announcements, the action Caterpillar opened up 5% to 91.82 dollars on Wall Street, the strongest gain in the Dow Jones advances 0.33% at the same time.

For all of 2011, Caterpillar said he expected sales to about $ 58 billion, including its recent acquisition of Bucyrus, whereas previously anticipated sales of between 56 and 58 billion.

Earnings per share are now expected to 6.75 dollars for the year, on top of an initial forecast range from 6.25 to 6.75 dollars.

Caterpillar said that 2011 would be a record year for the group if it achieves its performance targets and sales. The U.S. group said to have created 4,800 jobs during the quarter, including 2,000 in the United States.

A special board is scheduled Monday morning and is expected to endorse the departure of Pierre-Henri Gourgeon, blamed for the results considered bad and bad relations with the President of the Board Jean-Cyril Spinetta.

This move was expected. "I think the end of this suspense but it is close to the company itself to decide," said Transportation Minister Thierry Mariani Wednesday, describing the arrival of Alexander Juniac of "true-false suspense ".

The French state owns 16% stake in the airline.

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.

The consumer prices in France rose 0.5% in August on a month, after falling 0.4% in July, and were appreciated by 2.2% year on year, said Tuesday the Institute National Statistics (INSEE). The increase in August mainly due to the end of summer sales but also reflects the higher cost of services related to tourism, these increases are offset by a decline, also seasonal, fresh produce prices and prices of services health, INSEE said. The energy prices have also increased, both for the electricity, slightly, for petroleum products.

Excluding tobacco index is up 0.5% in August 2011 (+2.2% yoy).Prices of manufactured goods rose 1.6%, with 9.8% for clothing and shoes. Price increases also linked to the end balances were also found on furniture and furnishings (+3.3%) and leather goods and travel goods (+4.1%).

Conversely, promotions are behind the falling prices of new cars (-1.7%). The food prices fell slightly (-0.2%), decreased primarily due to lower seasonal prices of fresh products (-3.6%). Excluding fresh food, the food prices rose 0.4%, after rising 0.5% in July.

Rising energy prices

Seasonally as well, prices of services were up in August (0.1%).Price increases continued on holiday accommodation (12.0%) and package holidays (+4.4%), air transport (+1.5%) and restaurants (0, 2%). On the other hand and also how seasonal prices of hotels including pensions fell (-0.8%) as those of doctors (-0.4%) and dentists (-2.0%). Tariff reductions were recorded in the telecommunication services (-0.2%) and on health insurance (-5.2%).

The energy prices have instead increased (0.4%) after a stable in July. In one year, they increased by 11.9%. In August, electricity prices rose by 1.4% and prices of oil products edged up 0.1% (+15.5% yoy).

In a report released Wednesday, the new Budget Control Committee of Greece, composed of independent analysts, said that "a significant increase in the debt, leaving a large deficit and a deep recession have pushed to the extreme dynamics debt which is now out of control. "

"These developments seem to largely offset the positive impact" of the latest bailout of the European Union amounting to 159 billion euros agreed last month, the commission said in its report published excerpts of which are by the agency semi-state Athens News Agency.Alarmist conclusions that place the Greek government in an awkward position vis-à-vis its creditors EU and IMF. They are involved because the week that Athens is negotiating hard with the Troika of its creditors for payment of the sixth tranche of the loan.

Impatient partners to the very slow implementation of structural reforms and socially unpopular, especially in the labor market, which they consider necessary for the country inflates its coffers while finding growth. More generally, they are alarmed to see that the Greek government deficits are amplified rather than backward.

The Greek finance minister, Evangelos Venizelos, has done everything to discredit the report by comparing it to a gaffe."It is clear that the Office", whose mission is to inform the relevant parliamentary committees, "has neither the knowledge nor the experience nor the responsibility" required, he said

Still, the government is forced to a large gap more and more complicated, because the measures requested by the Troika feed the recession worsens. Evangelos Venizelos has acknowledged last week that gross domestic product expected to have fallen more than 4.5% in 2011 against 3.5% originally planned.

And the public deficit – the source of all evils in the country – already stands at 14.69 billion euros in the first half of 2011, a target of 16.68 billion for the whole year.

In an attempt to fill part of the hole, including the authorities decided to increase from 10 points on Thursday of VAT on catering, from 13 to 23%, as unpopular in a country for tourism. A host of other measures are also on track, but no results are yet ringing and stumbling measurable in macroeconomic terms.

During the summer, some new problems were added, after the extraordinary EU summit on 21 July, which decided last minute a new plan to help the country involving states with hundreds of private banks.

Among the main, is the reluctance of some countries such as Finland, fueled by the rise of nationalism, hand to hand to the portfolio in Greece, if it did not "guarantee" of repayment.

The leaders of the euro area have given a rescue plan of 109 billion euros in July in Greece to avoid bankruptcy in the country. The private sector has also advanced 50 billion euros.

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.