"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.

Beyond its organic levers, the former branch of the Accor group prepaid service, which issues such as meal vouchers, announced during a day dedicated to investors and financial analysts that it will carry out targeted acquisitions.

Edenred also wants to accelerate the transition to digital solutions "paving the way for new growth opportunities," we read in a statement.

The action Edenred closed Monday at 18.4 euros, showing a market capitalization of 4.2 billion euros.

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.

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.

According to a survey conducted in June 2011 for the Circle Health and Europ Assistance, 29% of French say they have postponed or abandoned medical care because of financial difficulties during the past year. This is one of the highest rates in Europe: in Germany, they are only 15%, UK 6%, Spain 5%. Only Poland is less (36%). In the U.S., they are 25%.

Worse, the number of people have waived medical care in France has more than doubled in two years. In 2009 the ratio was only 11%.In three quarters of cases, these waivers or deferrals are for dental or optical care, routine care 12%, 6% of drug purchases and 5% of heavy operations.

In addition, 51% of French respondents believe that equality in access to care is not guaranteed, 53% fear a lack of public money in the future and anticipate a 50% increase in the price of medical procedures. To cover the increase in health spending, 33% of French people favor the increase in contributions and 26% are willing to pay more deductible per medical procedure.

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 .

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.

Despite summer holidays, Zaïtra Boris and his team have been busy in recent days with the purchase of three consecutive service companies.

These acquisitions should enable EADS to make best use of 11.0 billion euros in cash available to him in late June and to reduce its dependence vis-à-vis the aircraft manufacturer Airbus, its main subsidiary.

The last operation date for the provider of mobile satellite communications Vizada, the redemption of EUR 673 million was announced Monday and expected to enhance the Astrium space division.

Some analysts have worried that EADS is trying to show expensive response to market pressure, wanting the best use of European group's war chest.

But Boris Zaïtra, who leads a team of 13 people, ensures that EADS is not under pressure at the point of wanting to make purchases at any price, even if the parent company of Airbus wants to shift their operations to revenue less cyclical and less-intensive investments.

"We have a robust process for mergers and acquisitions, and I'd say it's a matter of supply and demand," said Boris Zaïtra in an interview with Reuters.

"With Vizada, we are clearly in the range of what was paid in this segment."

The acquisition of Vizada, with 200.000 users worldwide for its satellite communication services, extends the operations side of Astrium's lucrative services sector.

EADS will pay 10.1 times this acquisition the operating profit (EBITDA) estimated for 2011, excluding debt.

Harris Corp. last year acquired the satellite division of Schlumberger and communications provider CapRock, each time for a ratio of about 9.7 times Ebitda.

WAVE OF ACQUISITIONS

"The satellite services are being consolidated, and these are companies that are able to generate cash and show fairly good margins in a high growth segment," said Boris Zaïtra.

Former banker, a reservist with a unit of paratroopers of the Foreign Legion, Boris Zaïtra negotiated for nearly $ 1.5 billion of acquisitions in recent months.

In June, EADS has completed the acquisition of Vector Aerospace Canada for about 450 million euros, and Airbus announced last week an offer of $ 500 million (347 million) for the Danish supplier Satair.

Airbus has also acquired Metron Aviation, a provider of services for air traffic control, for an undisclosed sum.

While Hans-Peter Ring, chief financial officer, said Friday that the group had not completed the acquisitions this year and remained the main intended use for its cash, Boris Zaïtra refused to say whether EADS would continue the wave of purchases or slow down.

Industry sources expect an increase in the group's objective to achieve a two billion euros for acquisitions, to prevent the surge in orders for Airbus imbalance more sources of income of EADS.

The manufacturer is 66% of the income of the group, which wants to bring this share to 50% by 2020.EADS also set a target of 25% the proportion of its turnover in services, against 11% in 2010.

"We are dependent on the platforms (the devices built EADS, Ed), so it is important to be in services. It is a different business model," Boris Zaïtra found.

"The platforms require long lead times, significant capital expenditure, with risk programs, and sales tend to be cyclical. Services are less cyclical, more dynamic and generally require less investment. "

The rebound by Insee said Friday, after three months of decline, is well above the expectations of economists polled by Reuters, which provided an average of 0.5%.

The May figure has meanwhile been raised to -0.3% against -0.8% previously.

Throughout the second quarter, consumer goods, however, down 1.8%, after rising 0.1% in the first, reinforcing expectations of a sharp slowdown in economic growth of France in the second quarter.

The first estimate of growth in the second quarter will be released August 12.After rising by 0.9% in the first quarter, the French economy to grow just 0.2% in the second, according to the INSEE and the Banque de France.

"Retail sales in France are a ray of sunshine in a generally gloomy landscape," said Dominique Barbet, economist at BNP Paribas.

He stresses, however, the strong quarterly decline and considers the impact of sales on June shows that consumers are willing to wait to benefit from low prices to buy.

For Nicolas Bouzou, the analyst firm Asters, "the increase in June is sham and the quarter is bad."

"The decline (quarterly) is strong and raises the question of regime change in the dynamics of consumption," he says.

QUARTERLY FALL IN ALL SECTORS

The poor quarterly performance in all areas reflects the slow growth of purchasing power, which could "probably" use force in all of 2011, says economist.

Spending on durable goods rose 2.5% in June but fell 6.3% over the second quarter, after rising 2.2% in the first.

Pleasant surprise, the rebound of 2.2% of car purchases in June, which "suggests that the worst is behind us," said Dominique Barbet.

This increase does not compensate, however, the earlier declines related to the end of the scrapping and a total purchase automobiles declined by 11.2% in the second quarter.

Helped by the sales, purchases of equipment housing rose 3.8% in June but were down 0.6% over the quarter

Again, thanks to sales, purchases of textiles and leather rose 4.3% in June but fell 0.3% in the quarter.

Consumer spending in other manufactured goods for their part, rose 0.7% in June and declined 0.2% in the quarter.

Purchases of food products fell 0.4% in June and 0.1% throughout the quarter.

Finally, energy consumption grew by 1.4% in June, after rising by 5.0% in May It fell by 1.1% over the second quarter "because of particularly mild weather in April," said INSEE.

"Markets are driven by fixed income markets where there is a strong movement of 'flight to quality' as well as financials," said Frederic Rozier, manager at Meeschaert Private. "Outside the financial, some values ​​are holding up well," added he, however. "It's not a stampede."

At 3:25 p.m., the CAC 40 index drops 2.37% to 3820.98 points, after falling 2.34% last week.

Other European markets were also driven into the red: 1% abandons London, Frankfurt 2%, 3.38% Milan, Madrid and Lisbon 2.8% 4.2%.Of the European indices, the EuroStoxx 50 lost 2.58% and 1.43% Eurofirst 300.

The Italian 10-year rate increased from 4.91% to 5.53% on Monday on Monday, while the German 10-year yield fell below 3% to 2.73% against 3.02% there is a weeks.

Financial stocks were among the strongest decline in European markets. Stoxx index lost 2.53% of bank and insurance drops 3.46%, largest decline sector in Europe.

In Paris, Axa sells 6.2% greater decrease in the ACC, followed by Societe Generale (4.85%), BNP Paribas 4.76% and Credit Agricole (-4.67%).

40 CAC Hors, Dexia falling 6.94%.

Elsewhere, Banco Espirito Santo lost 5.94%, Intesa Sanpaolo 5.4% and 7.1% Bank of Piraeus.

"Greece (…) it's heavy, but absorbable.If so Portugal and Ireland, it gets a little complicated. Now people are beginning to tackle Italy, it is really impossible, "said one analyst in Paris.

The cyclical, such as automobiles, are also down sharply as growth in most major economies should have decelerated in May in view of the CLI published by the Organization for Economic Cooperation and Development.

The total European car sells 3%, with a loss of 3.85% to 2.82% PSA and Renault.

The euro declined sharply and is trading around 1.4060 against 1.4214 the previous day in the afternoon.