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Papandreou prepared to withdraw his referendum and the new president of the European Central Bank, Mario Draghi, lowering interest rates in his first press conference in this position. Is good news that financial markets did not fail to acknowledge yesterday. And should continue to welcome Friday.

The Greek government plays its survival tonight in Parliament in a vote of confidence but the fate of Prime Minister George Papandreou seemed sealed after the failure of the referendum proposal. According to government sources, the leader of the socialist government has concluded an agreement Thursday with his ministers in which he agrees to resign and make way for a coalition government if they help him win the vote of confidence.In the first nine months of the year, net income rose 21.8% to 388.9 million euros and sales of 9.6% to 3.15 billion euros.

Sales of Hermès saddle-jumped over 18% in the third quarter to 683.2 million euros, the leading luxury group to raise its forecast for annual sales. The group also now expects an operating margin in 2011 "slightly above the historical level" reached last year.

Please remember that a payday loan is a rather expensive line of credit. Much like taking something to the pawn shop.

After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a sharp decline from 1.89% to 3185.30 points before to increase its losses. He plunged from 3.09% to 3142.59 points in the opening minutes of the transactions. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Madrid plunged by almost 3%.

Traders are not present reassured by the fences down Asian markets this morning and those of the U.S. financial markets yesterday. They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize.They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).

In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing instant payday loans.com site financial analysis. In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis."Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Greece still worried

Greece, in fact, placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt. If 'no' wins, the Greek Constitution mandates the holding of early parliamentary elections. "This will plunge the country into an economic downturn and unprecedented political," says a member also left anonymously. The news was greeted coolly by the markets on Tuesday.

Jean Lesieur, head of the drafting of the news channel France 24, sent his resignation by e-mail to Alain de Pouzilhac, CEO of Audiovisual outside France (AEF).

To explain, the leader does not hesitate to copy the entire wording of the news channel continuously, reflecting his refusal to make budgetary decisions required by management and which for him would be only " maneuvers that prevent me perverse to maintain the cohesion of writing and reward they deserve all those who make France 24 what it is payday loan. "

This new twist extends the open crisis in the news channel continuous with the departure of Christine Ockrent, six months ago.

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Lefigaro.fr – Italy can it fail?

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

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After several days of hesitation, the main leaders of the euro area are put together in the front line Tuesday in an attempt to appease the debt crisis. The offensive is part of the first German chancellor, who tried to silence the cacophony in his ruling coalition. "The priority is to do everything to prevent a failure of control of Greece because it affects not only Greece but the risk that affects other countries would be very high," said Angela Merkel. A very strong focus towards members of his coalition, particularly the Vice-Chancellor in charge of Economy, Philipp Roesler, who had set fire to the powder Monday citing a lack of Athens.

True to his style, though Chancellor has not completely closed the door on this idea, stating that the priority was to avoid it."Everything must be done to keep the euro area united politically, because otherwise we could face a domino effect." Angela Merkel has also kept the pressure on Athens, welcoming the signal showing that "the Greek government has recognized the situation and does what he must do. " Finally, after a meeting with the Prime Minister of Finland Jyrki Katainen, it calmed the game on the ongoing negotiations between Greece and Finland, which requires collateral in exchange for his participation in the background of help. "I am optimistic that we find an agreement," she said.

Limit catches of speech

The statements made by German Chancellor multiple contrast with the silence of Nicolas Sarkozy. The French president received Tuesday the president of the European Union, Herman Van Rompuy to a point on the situation, with nothing to filter their conversation.Side of the French government, it is estimated that in the context of extreme nervousness of the markets, which eventually rebounded Tuesday after closing fell sharply at the opening, limit the public speaking up, not to give the serious crisis that Europe wants to avoid. Do not think of a panic. Within the State, it still insists that "banks are strong," they are "fully capable" to absorb the losses to Greece and that "we are far from the situation in 2008, where the interbank market was closed. Today, there is no liquidity problem. "

On the side of the Ministry of Economy, we want even more reassuring: "rumors do not affect the real economy."Therefore, there is "no reason" to think about re-financing of the Society of the French economy (SFEF) or the Company of equity of the state (SPPE), created in the heart of the financial turmoil in 2008 to rescue banks.

As part of nationalizing banks, as the idea begins to circulate, "it is triple no!" Says Minister of Economy, Baroin, Le Figaro. The Government's priority is the speedy implementation of the plan July 21. "What must be avoided, an environment is anxiety sustainable. Because here, the banks would start to select their distribution of credits, "we nevertheless recognize Bercy. A topic that will be at the heart of the Eurogroup expected Friday in Poland. This meeting of European finance ministers promises crucial. Further indication of the challenge, the U.S. Treasury Secretary Tim Geithner will participate exceptional.According to European sources, it should call on this occasion the Europeans not to procrastinate in managing the crisis and look closely at increasing the capacity of the SFEF to deal with bank recapitalization.

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Inditex, one of the largest apparel retailers in the world is in the middle of a scandal in Latin America. The investigation by Brazilian authorities on two of its suppliers workshops clothing brand Zara in Sao Paulo showed 48 irregularities. Sixteen illegal workers from Bolivia and Peru were forced to work at 14 hours a day, said Wednesday a spokesman for the Labour Inspectorate of the State of Sao Paulo. They were paid between 274 and 460 Brazilian reals per month (120 and 200 euros), which is below the minimum wage of 545 reais (238 euros), as required by labor law in Brazil. Among the illegal working in the workshops, there was a girl of 14.

"This is the largest operation since the launch of the eradication of precarious working conditions in Sao Paolo," said in an interview with the NGO Reporter Brasil controller Guiliana Cassiano Orlandi. "The workshops were not inspected at all conform to standards. In addition to dirt, workers, working in rooms filled with tissue, increasing the risk of fire, "said a statement from the NGOs. The survey comes as Brasilia launched a crusade against slavery in the sectors of clothing, coal and industrial sugar cane.

According to the committee of inquiry, the illegal workers in two workshops sewed blouses for spring-summer collection of the brand Zara.These were bought to the owner of the workshop for 7 Real part (about 3 euros), while the same gowns, with labels "Made in Spain" were sold at 139 reais (61 euros) in the store mark west of Sao Paulo.

Suppliers stigmatized

The Ministry of Labour of Brazil said it had already imposed 52 fines on Zara "for various irregularities." Last May the Labour Inspectorate of the same Brazilian state has already discovered in the town of Americana, 130 km from the metropolis an illegal garment factory owned by another subcontractor to Zara. The government investigation, which focused on four garment factories last spring, showed that all the clothes in these workshops were made for the Spanish brand.

According Reporter Brasil investigation pointed the finger at one of the subcontractors of Zara, the company AHA, which would thus manufactured illegally for nearly 46,000 Spanish brand clothing guaranteed approval cash loans. This company would become the largest supplier of tissue of the Brazilian subsidiary of the Spanish group between July 2010 and May of this year. "At the same time, the company has significantly reduced the number of its employees. The number of employees hired legally would have come back from 100 to almost 20, "says the report of the investigation. As for the subsidiary of Zara in Brazil, she issued the authorization to affix the labels of its brand on these products only if "they were consistent with standards," without considering the conditions of manufacture.

Regulation "required"

In a statement, the Inditex Group requires that "the supplier responsible for the unauthorized subcontracting regulates the situation immediately," accusing him of "externalizing the information" which must remain secret in the name of the contract that binds him to Zara . Inditex has also clarified that the Brazilian Ministry of Labour is doing what is necessary to legalize the situation of illegal workers. Brazil has granted visas to some of them until they receive compensation, say some government sources.

Brazilian products represent just 1% of world production of Zara. Much of clothing is provided by Spain, where the company owns its own factories, and Portugal. According to the estimation of the group, by "illegal" production represents only 0.03% segment in Brazil."Brazil is the third largest American market after the United States and Mexico," says Spanish producer, which owned 30 stores in 2010 ennviron in the country. "We plan to open more stores in Brazil in the future."

This is not the first time, the Inditex group is accused of mistreating its employees in emerging countries. Earlier this year, one hundred workers of a textile factory in Cambodia have vanished because of difficult working conditions, exposure to chemicals and stifling heat in the premises. The plant manufactured garments for major global retailers, including H & M, Marks & Spencer and Inditex. According to the International Labor Organization, at least 12.3 million people are victims of forced labor in the world.

Wall Street is on track to continue the rally that started in last weekend. After opening up 0.48% to 11,323.44 points, the Dow Jones continues to grow: to 5:20 p.m., it gains 0.90% to 11,371.80 points. The Nasdaq index gained 0.51% to 2520.82 points.

As in Asia, the U.S. markets should react positively to the announcement of a contraction much weaker than expected Japanese GDP in the second quarter. But as in Europe, they should remain cautious on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular". "It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism against German Eurobonds solution yet desired by many investors. "The Euro-bonds are not an option," ruled the spokesman. These ads have already resulted in demoralizing the European investors.

Morale builders stable

Until the final conclusions of the meeting, U.S. investors are learning that manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than July .

In real estate, the NAHB index released on Monday shows that the morale of the manufacturers was unchanged in August, close to its lowest historical levels.

Note that the currency market, the Euro rises slightly against the greenback at 1.4287 dollar. Oil markets, oil prices opened up on Monday in New York. A barrel of "light sweet crude" for September delivery was trading at 86.13 dollars, up 75 cents.Prices were down during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Sysco is expected to release its results on Monday.

Estee Lauder drop 9.18% to 91.58 dollars.Despite the publication of a net income group share record of $ 700.8 million, up 46.5%, the cosmetics group announced its annual results would be below Wall Street expectations.

Lowe (-0.27% to 19.37 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Google (-0.88% to 558.94 dollars) will buy the mobile phone manufacturer Motorola Mobility (56.15% to 38.21 dollars) to $ 12.5 billion in cash.

Time Warner (-0.43% to 65.25 dollars) has reached an agreement to buy the cable operator Insight Communications to Carlyle for three billion dollars in cash.

Bank of America (3.20% to 7.42 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

Boeing (0.16% to 61.84 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.41% to 18.29 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.15% to 56.81 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.12% to 138.72 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

The world's leading consumer is again in top form. The annual accounts ended June should show an increase in turnover of 5% over last year, when sales reached 78.9 billion dollars. Bob McDonald, who took over the group in the middle of the crisis in July 2009, was last week in France for his first visit since taking office. This former military academy at West Point, who spent five years in the U.S. Army before joining Procter in 1980, his book Figaro battle plan to win every year 200 million new consumers.

Click the preview to enlarge the graphic

This is the axis of the policies of Nicolas Sarkozy: officials fewer but better paid. In principle, state officials are granted wage increases in half of the savings generated by the non-replacement of retiring in two in their own departments. Problem: once again, this rule was not followed in 2010.

According to the rapporteur UMP budget to the Assembly, Gilles Carrez, it is actually two-thirds (67.3%) of savings were spent on categorical measures. Specifically, the 31,013 job cuts in 2010 were 808 million savings to the state. But 544 million is left up wages.

Results vary from one department to another. The rate of return to public officials is low for Foreign Affairs (42%), Agriculture (41%), Education (37%) and consistent with the defense (54%).However, it exceeds the target for the Budget, the Economy (64%) or culture (68%). Worse, wage increases were higher than the economies of Ecology (24.7 million against 21.9 million), Labour (16.3 million against 13.9 million) and especially the Interior (149 million against 116 million)! Gilles Carrez even noted that the departments that make the least effort on their staff are often those where economies are most reassigned officers cash advance no faxing.

Good and bad students

Example: "Culture is the department in which the application of the rule of one in two is less strict, while the cost of measures categorical 68% savings." Conversely, "the ministries for which the rule is stricter, such as Foreign Affairs, Agriculture and Health, are those for which the categorical measures are less than 50%. "In short, there are good and bad students. These slips will pay dearly as they explain the fact that retirements have been less than expected, the increase in the payroll of the state in 2010. The latter (82 billion) grew by 0.7%. To achieve its goal of reducing by 2012 the state will give less to their agents …

The Court of Auditors in a report that pointed the slippage of the wage bill, advocated a strict framework for categorical measures and a freeze of the index point (which is the basis for the remuneration of officials) until 2013 included.

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The euro has dropped by nearly 5% in a week. Such depreciation on the foreign exchange market in such a short time is rare. If some investors have been illuminated reap gains from the sacred, others had to lose a lot!

The euro rose against the dollar over from 1.49 to 1.42 in one week. (Chart from the trading platform of Saxo Bank)