The Socialist Prime Minister George Papandreou said today to be sure that his party would leave Greece to the economic crisis and debt at the national conference of the Greek socialist party (PASOK). "We continue the battle, not only because we believe that there is no alternative, but because we trust in our capabilities in the capabilities of Hellenism, in the possibilities of our country .I'm sure we will succeed, "he said in his speech.

2013 Goals

"People will judge us in 2013, and until then, we not only managed to get Greece to the crisis, but we have also implemented many important reforms that will lay the foundation for a different evolution of Greece in the future, "he said, cutting short the rumors of early elections.

The Prime Minister also accused the previous Conservative government to be primarily responsible for the current financial crisis. The spokesman for the main opposition party New Democracy, Yannis Mihelakis, immediately reacted. "He (George Papandreou) recognizes the economic impasse, but says nothing about its policy, which destroyed the economy and society," he retorted.In a report released Wednesday, a parliamentary commission of experts also found that the debt was Faxless payday loans.

"Satisfactory progress"

Last year, Athens has received an aid package of 110 billion euros of the European Union (EU) and the International Monetary Fund (IMF). At their summit on 21 July, the euro zone countries have agreed to pay a new loan, plus a share of the private sector on a voluntary basis, for a total of 50 billion euros. Representatives of the "Troika" (EU, ECB and IMF) mission in Athens Friday to advance structural reforms in the country.

Several media have interpreted the departure precipitated considered representatives of the EU, the IMF and the ECB as a clash with the Greek Government on the extent of the effort to provide rigor to continue fiscal consolidation.But such a break was denied both by the Ministry of Finance by the troika.

She spoke in a statement of "good progress" in talks, saying had "temporarily left Athens" to "allow the authorities to complete their technical work" related "to the 2012 budget and structural policies to strengthen growth."

(With AFP)

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At the opening of the New York Stock Exchange, the Dow Jones advance of 0.65% to 11,635 points and the Standard & Poor's 500 and Nasdaq 100 rise of 0.76%, respectively, to 1222 points and 0.81% to 2597 points. U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.

Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.

The employment figures highly anticipated

The private sector in the United States slowed its hiring in August, creating 91,000 jobs over the month, less than expected by analysts, according to figures released Wednesday by consulting firm HR ADP.These new jobs, slightly lower than in July (109,000, revised), are lower than analysts' forecasts, which projected 100,000.

The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.

On the corporate side, the American phone AT & T (0.57% to 29.79 dollars) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, If green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.

Bank of America (0.99% to 8.20 dollars) is about to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal , citing people familiar with the matter.

Hewlett-Packard (0.81% to 26.26 dollars) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.

Like the Asian stock markets, although directed this morning with the exception of the financial center of Shanghai, the Cac 40 rose sharply opens on Monday. After being awarded 1.73% at the opening, following the rebound in U.S. indices Friday, the benchmark index in Paris was still moving from 1.59% to 3136.59 points in mid-session. Enough to clear the heavy losses the last two sessions.

More hesitant, other European indices begin their week on their side so volatile. Germany's DAX climbed 1.28% in mid-session after falling slightly (-0.17%) in the morning. Even the Spanish Ibex is up 1.93% after plunging by almost as much this morning.Note that the London Stock Exchange will remain closed on Monday due to holiday.

Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole. The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4511 dollar per euro, 1.4490 against Friday night.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization."The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened. Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot.And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT.A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels low rates payday advance. Crude oil production will resume in mid-September on two deposits in the country. A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110.8 dollars.

Still on macroeconomic markets keep eyes turned to the other side of the Atlantic.They will learn on Monday of income and household consumption in the United States in July (1430) and promises of home sales for the same month (16.00).

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) in mid-session, one drop was to lament among the 40 largest-cap the Paris, that of Danone (-0.34% to 45.58 euros). In addition, about Christine Lagarde did not prevent banking stocks to rebound. A technical rebound is sustainable, while the sector was the most attacked in recent weeks. Societe Generale (2.02% to 21.76%) followed by Natixis (2.08% to 2.74 euros) and Credit Agricole (0.90% to 6.47 euros) and Axa (1.27% to 10.36 euros).Finally, BNP Paribas up the rear with a more moderate increase of 1.10% to 33.93 euros.

In addition, Ingenico (1.43% to 27.26 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR observe the re-opening until September 9 of the OPR launched by Eiffage (0.95% to 30.97 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (0.91% to 50.38 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Canal + (0.67% to 4.37 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom: + 1.06%, to 12.88 euros) would be in conflict with the American Cogent.The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

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The CAC 40 is risky there twice this month. He was immediately returned. The threshold of 3000 points, as seen on the Paris market was down on Thursday 11 and Friday, August 19. On Monday morning, the Paris index recurred, opening down 0.85% to 2989.60 points. But again, it started to rise immediately after slipping below 3000, and closed on Monday evening at 3051.36 points (1.14%), having flown over 3100 points During the session this afternoon.

The level of 3000 points may well not be a technical threshold (it does not automatically trigger a sell order or purchase), it still plays a role of "support" on which the market arises before rebounding .Daniel Gravier, Head of Sales Trading at XTB France, believes that "this psychological level is transcribed in the courts and thus returns to a technical threshold."

The cross downward psychological sounded an alarm in markets which do not have a habit of getting carried away by their feelings. Professional traders define their purpose of orders passages through complex mathematical calculations, generated by high-powered software that constantly scan the share price indices, securities, commodities and all that is listed in order to predict the best time to invest or sell. And to build the software, the banks are recruiting the cream of engineers. But in this world of numbers, there is also a psychological dimension.So, see the CAC 40 fell below 3,000 points spurred the market to recover.

"This is a symbolic level, for its part says Harry Sebag, an analyst at Saxo Bank. In times of great nervousness, while visibility is poor, investors cling to benchmarks in the short term instant credit report. It's an excuse to reposition itself for purchase. This morning, we felt that the markets began to rebound because the shares had suffered a significant discount. " And hope for regime change in Libya was a good news for oil companies operating in the country, making a breath of excitement to the Paris Bourse.

"Safeguards" but also to accelerate the panic

"These thresholds are safeguards on which the market rebounds," says Harry Sebag. But the psychological effects of contracts may jégalement ouer a role accelerator panic attacks.The violent stalls indices observed recently on global stock markets have shown. In Paris the CAC 40 fell by 32.4% since July 1, affected by short-term concerns (the debt crisis in the euro zone, bad macroeconomic indicators in the U.S. and deteriorating debt rating for American Standard & Poor's), but not only. "In late July, the market downturn downward was rational, said Jean-Louis Mourier, an analyst at Aurel BCG. However, the extent of movement and the high volatility experienced by markets in recent days show an overreaction. "

The index in Paris he could sink even lower? The scenario is possible if the disappointing macroeconomic indicators continue to grow and corporate earnings in the third quarter does not reassure investors, said Harry Sebag.Saxo Bank analyst would watch while the threshold indicated by the software, around 2850 points or even 2500 points. "But I hope we will not get to that," he adds.

The deposit Aldous Major South discovered early August in the North Sea is higher than expected. It could be one of the ten largest ever found in the waters of the Scandinavian country said on Tuesday the Norwegian oil company Statoil. August 8, the group had evaluated the capabilities of this new pool of 200 to 400 million barrels of oil equivalent (boe). Today, the giant of black gold confirms Aldous Major South "communicates" with the deposit Avaldsnes. Together they form a reservoir could contain between 500 million and 1.2 billion barrels of extractable oil equivalent. "Norway has not made a similar discovery of oil since the mid-1980s," says Tim Dodson, a senior official with Statoil.Further drilling will now be held to determine whether Aldous / Avaldsnes also communicates with the reservoir Aldous Major North.

This is great news for the Norwegian continental shelf. As a result of declining reserves and the absence of findings sufficient to replace the volumes extracted, the Scandinavian country's oil production has been declining since the peak in 2001 cash advance to savings account. It is now significantly lower than 2 million barrels per day (bpd), against 3 million a decade ago.

But the oil industry is the backbone of the Norwegian economy. The oil is a state monopoly, managed on a sustainable development perspective.

Boost production

In 2006, according to the Norwegian Ministry of Petroleum and Energy, the oil sector accounted for 26% of the value added of the country.The same year, Norway ranked fifth in the world ranking of Petroleum Exporting Countries and the tenth in that of oil-producing countries. This discovery is very good news for Norway, but also for farmers who had to manage the decrease in production.

The deposit Aldous Major South is owned 40% by Statoil, which shares ownership with the state-owned Norwegian Petoro (30%), another Norwegian Det norske oljeselskap (20%), and Swedish Lundin (10% ). The information was applauded by investors: Det norske oljeselskap action jumped from 21% to the opening of the Oslo Stock Exchange and that of Statoil 1.9%, while Lundin clinching 6.5 % in Stockholm.

The Paris Bourse has been optimism in holiday Monday of the Assumption. The CAC 40, which began on the exchange increased by 1.07% to 3248.14 points, ended on a higher, more moderate, from 0.78% to 3239.06 points. The index in Paris fell into the red in mid-day before recovering.

The movement is the same in the rest of Europe. After opening sharply higher, European stock markets have slowed their progress mid-day before returning to finish the colors in a small increase. At closing, the London Stock Exchange and Frankfurt gained 0.57% 0.41%%. After remaining in the red part of the day, Madrid ended with a gain of 0.71%.Exchanges of Milan, Lisbon and Athens are closed due to holiday.

No Eurobonds on the menu Tuesday's markets are very nervous before Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel. They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany has dampened hopes by mid-morning by announcing that the possible creation of common obligations to countries in the euro area "will play no role" at the meeting on Tuesday."The Euro-bonds are not an option," added the spokesman of the Ministry of Finance during a press conference. The Elysee in a few minutes later confirmed that the issue of Eurobonds was "not on the agenda."

Meanwhile, the British Finance Minister, George Osborne, today called the euro area to move towards a more integrated budget to bring the world economy on the path of trust. The euro area "must now demonstrate its commitment to greater integration of budget and governance arrangements that prevent moral hazard and reinforce fiscal responsibility," said he.

In addition, the European Commissioner for Economic Affairs Olli Rehn called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

The next publication, this Monday will be very light. On the agenda are the indices of activity of the New York Fed and the real estate market across the Atlantic.

The bank-shaped

On the corporate side, Societe Generale (2.92% to 25.01 euros) will be followed. The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week on Societe Generale, announced Friday its president Jean-Pierre Jouyet.

The banking sector is well oriented. Natixis is the largest increase of ACC (3.95% to 3.23 euros). Credit Agricole gained 3.54% to 6.75 euros, BNP Paribas rises from 3.22% to 38.42 euros, ahead of Axa 2.43% to 11.18 euros.

France Telecom (0.81% to 13.14 euros): the telephone operator Orange has unveiled some clues on the future model of the iPhone Appel keeps top secret.

GDF Suez (0.94% to 20.95 euros) has initiated "discussions" to sell its stake from 10.4% in the West Franklin field in the North Sea, the French energy group intends to transfer for 600 million euros.

Alstom (-0.55% to 32.44 euros): Goldman Sachs rose to "neutral" on the title with a price target reduced to 43 against 52 euros.

Danone (-0.55% to 46.08 euros): UniCredit has raised its rating to "buy" against "hold".

The World Trade Organization (WTO) condemned yesterday for China's restrictions on exports of raw materials. The complaint was filed in 2009 by the United States, the European Union and Mexico, who felt the measures taken by Beijing to limit its sales abroad discriminatory. The Middle Kingdom is, indeed, the world's largest producer of gold, iron, lead, manganese, phosphates, and many raw materials for industries worldwide.

The United States, including steel manufacturers complained of a drop in Chinese exports of bauxite, 102,346 tonnes in 2005 to 39 665 tonnes last year, welcomed a "significant victory". And Europe welcomed a "strong signal" against the "unfair restrictions."

China, which can still appeal, has seen its arguments based on the protection of the environment that leads to not want to happen too, swept away by the WTO. And most importantly, she finds herself in a very difficult position on another issue, that of "rare earth".

These lands, in fact some 17 metals essential for high-tech industries and armaments, is the challenge of a global battle. The Chinese, who have 36% of the world, ahead of the Russians (22%), Americans (13%) and Australians (5%), in fact, provide more than 95% of world production, about 120 000 tons per year.

REE under

This near-monopoly position allows China to make rain or shine on the market, including push up prices of rare earths, which jumped 300% since 2008.And, as with other raw materials at its disposal, it jealously control the export and continues to reduce its quota from year to year.

China justifies its position by saying that it does not deplete its resources and its own industrial need these minerals. She encourages other countries to produce more. But in the eyes of the United States, Europe and Japan, this policy is simply discriminatory.

For several months they threaten, again, to complain to the WTO, they have not already done so. The decision yesterday by the organization they now opens the door wide to attack. At the same time, they seek to secure their supplies with, including the stockpiling of reserves. The United States and Japan already have.Europe thinks, as she thought to recycle some waste electrical and electronic equipment.

Unless the real future of rare earth or in the bottom of the ocean. The Japanese have discovered in the Pacific samples suggesting that there would be considerable deposits, a thousand times greater than on land. A new El Dorado 80 to 100 billion tons, according to Japanese scientists. But must still be sure you can use them profitably.

AntiSec movement, for "anti-security", would he struck again? The hackers who target sites of multinational corporations and state agencies are threatening this time the giant apple. In a tweet issued Sunday, the Anonymous group of hackers published a link to a document containing 26 IDs and passwords. According to the pirates, this is the contents of an Apple server to collect online surveys.

"It is not too strong, but still" hackers announce his tweet before providing a link to the document hacked. "# Apple could also be a target. But do not worry, we're busy elsewhere. # AntiSec "More than the document itself, which contains little information, so it's a threat contained in the forward message Anonymous.

The tweet group of hackers claiming AnonymousIRC attack. DR

The damage is done. Although the cucumber is more pronounced as carrier of the bacterium E. Slayer coli (EHEC), the bill is very heavy for the French vegetable growers. Consumers stay still images as well as tomato salad and a time alleged by Germany.

"Nothing in a week, we estimate our losses to 3 million euros," said Friday afternoon at Figaro Angelique Delahaye, president of Vegetables in France. She just finished consolidating losses estimated at national level by some 3,000 growers of cucumbers and tomatoes. "We're going to report these figures in the service of the Ministry of Agriculture in the context of the experts meeting in Brussels next Tuesday," she says.

Half of the losses on the production of cucumbers and half the tomatoes."We lost earlier this week a program to supply 500 600 tons of tomatoes to 1.10 euro per kilo from the German central purchasing or 550,000 to 660,000 euros less," says Pierre Diot, president of the AOP (Association producer organization) cucumbers and tomatoes, producer Mordelles, west of Rennes.

Brittany produces half of the tomatoes of the Hexagon, 30% from the Deep South and the rest of the Nantes region. "After a week of total absence of trade in vegetables, we are angry because we have no alternative but to destroy our production," said Louis Vinet representing growers Nantes, tripling affected no fax cash advance.

Salads down 20%

However, it is too early to assess damage on sales of salad, vegetable of which the French are especially fond of this heat – they consume nearly 7 pounds per year -."The production is spread among a multitude of gardening and it is more difficult to gather the numbers," says Angelique Delahaye.

The only certainty in Rungis, Ile de France, the second producing region of the Hexagon salads, "salads sold volumes dropped 20% in a dynamic market, however, except of course the cucumbers fall of 80%," says Michel Lemelin, president of the union of wholesale fruit and vegetable market of Rungis.

In this difficult context, French producers can always relativize their misfortune by saying that the situation is worse elsewhere. Particularly in the Iberian Peninsula. The Spanish Federation of Producers exporting fruits and vegetables (FEPEX) estimated losses on Tuesday "to about 200 million euros per week" for the entire sector, citing a "domino effect" affecting other Spanish products."All fruits and vegetables were impacted by Spain. Fortunately in France strawberries, zucchini, eggplant and continue to sell, "relativize Angelique Delahaye.

To break this cycle, the European Ministers of Agriculture are scheduled to meet around 17 June in Luxembourg for a special meeting on the subject.

Doubts seize the oil markets on Thursday. On the New York Mercantile Exchange (Nymex), the price of a barrel of light sweet crude for June delivery broke down the psychological barrier of $ 100. It closed at 99.80 dollars, a plunge of 9.44 dollars compared to the previous day (-8.64%). Prices had not changed at these levels since March 16, when the uprisings in the Arab world and worry about the nuclear crisis in Japan had made prices soar.

The downward trend is the same on the Intercontinental Exchange in London where a barrel of Brent North Sea crude for June delivery was trading session at 112.55 dollars, more than 6 dollars less than Wednesday.

U.S. job fears

This acceleration of the decline reflects the concerns of increasingly sharp operators on the health of the U.S. economy.The bad macroeconomic indicators are linked in recent days across the Atlantic, suggesting that the recovery is too fragile. The last, fell on Thursday, did only exacerbated tensions. On the eve of the publication of the monthly report on employment, investors learn that new jobless claims in the United States increased sharply during the last week of April, 474,000 applications for allocations, while economists s 'expecting a decline. The day before, the numbers of firm ADP showed that job creation in the private sector in the United States slowed in April, well below forecasts of economists.

These announcements point to a decline in oil demand in a context of high oil prices.In addition, a continued rise in U.S. oil inventories, which should have been starting to fall a few months of the summer of large displacements.

In this context, the sharp rise in the dollar makes things worse. Thursday disappointed by the decision of the ECB not to raise interest rates next month, traders got rid of their euros. Result: the single currency, which was worth $ 1.49 yesterday, falling almost 2% to 1.4547 dollar. A situation which penalizes the purchase of dollar-denominated crude and thus rendered less attractive.

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