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Evangelos Venizelos, Greek Minister of Finance, believes his country will be the sixth installment of the aid package agreed by the European Union and the International Monetary Fund because, he says the weekly To Vima, Athens takes austerity measures required.

"As we make decisions as difficult and because the Greek people assume sacrifices as important, the sixth installment (aid) is provided," he said, dismissing the prospect of a default of Greece on its debt.

"Any discussion of a default (of payment) is either naive, (…) is dangerous," said the great financier whose remarks were published Saturday.

The Head of State wishes to include social issues such as employment and social protection in the heart of the G20 which is chaired by France. Nicolas Sarkozy called on Monday, September 26, 2011 the G20 to set up a "social regulation" world before the G20 Labour Ministers meeting in Paris.

Nicolas Sarkozy has urged its partners in the G20 to set up a "social regulation" world which he defined as a "base for minimum protection in all countries" to the G20 Ministers of Labour held Monday, September 26 in Paris.Labour Ministers of the G20 and international institutions met for two days to put social issues such as employment or social protection in the heart of the G20, even though two international organizations, the International Labour Organisation ( ILO) and the Organisation for Cooperation and Development (OECD) fear a serious deterioration in the labor market.

Speaking on the first day of the meeting, Nicolas Sarkozy said that "the crisis has caused a devastating effect on the labor market, 30 million unemployed in less than two years." "The G20 will retain its legitimacy if it can demonstrate its effectiveness in promoting growth and employment," he said. "A financial regulation, economic regulation, add social regulation," the head of state.The G20 meeting of Ministers of Labour is in line with the G20 summit in Pittsburgh in 2009 had called for a "model for global growth more balanced" to avoid another global crisis and promised to promote employment.

The first work session Monday, behind closed doors like the rest of the work was devoted to employment, based on a joint analysis of the OECD and ILO, very alarming for employment in the years come. For both organizations, the global economic downturn could lead to a massive shortage of jobs in the G20 countries in 2012. "We need to stem the slowdown in employment growth and fill the jobs lost. Now is the time to act," warned in a statement the Director General of the International Labour Organization (ILO), Juan Somavia.

40 million jobs could be missed in 2012

"It would have employment grow by 1.3% a year to regain its pre-crisis level by 2015. This would get around 20 million jobs per year in the G20 countries and absorb new entrants, "said the press in Paris at the OECD Employment expert Stefano Scarpetta. "But with the slowdown in economic growth, employment growth, only 1% in recent years, may slow to 0.8% and then it would be 40 million jobs that fail by the end of 2012" , added the economist. He expressed the hope that the upcoming G20 summit leads to "a strong commitment of the G20 countries for employment."

The summit to be held on November 3 and 4 in Cannes (Alpes-Maritimes), after a series of preparatory ministerial meetings as the "G20 social".It brings together the Ministers of Labour and Social Affairs of the 19 largest economies in the world and representatives of the European Commission and international institutions (World Bank, IMF …). Six other countries were invited: Spain, the United Arab Emirates, which govern the Gulf Cooperation Council, Ethiopia, the head of the New Partnership for Africa's Development (Nepad), Equatorial Guinea, on behalf of the African Union, Poland, current President of the European Union, and Singapore.

The Franco-Belgian bank Dexia will not split, it will retain the same ownership structure and does not leave the job of local government financing, said its director general in the Belgian financial daily L'Echo.

According to Le Figaro in its Saturday edition, the Deposit, the Postal Bank and Dexia negotiate the creation of a new public to fund local governments, which would allow Dexia to reduce its balance sheet.

"There is no plan on the table to split Dexia. I remind you also that the ownership structure is the Franco-Belgian.No modification of this is planned, "said Pierre Mariani in The Echo.

"Finally, I wish to emphasize that we have no intention of leaving the job of local government funding," he said.

He confirmed that the Board would take place Tuesday but warned that no announcement was expected the outcome.

The French daily Les Echos wrote Monday that Dexia would be willing to sell 20 billion euros of assets to restore its finances.

Like the rest of the banking sector, Dexia shares rose sharply Monday at noon.At 13:20, she progressed from 7% to 1.40 euros while the European sector index. SX7P> took 4.8%.

Bank stocks have statements by monetary authorities and governments that have reported this weekend that they were ready to support them if necessary.

The possibility of a default on its debt Greece has gained momentum Friday, and even the G20 commitment to take steps to prevent the crisis in the euro area would undermine the banks and the economy n ' has failed to soothe the global financial markets.

Athens has denied reports in the Greek press saying that the one scenario out of the crisis was a default ordered at a discount of 50% for holders of sovereign debt.

The Greek Ministry of Finance has responded to these items by ensuring that the country was determined to implement the second international aid plan, 109 billion, set July 21."All other discussions, rumors, reviews, scenarios divert our attention from this central objective," said Minister Evangelos Venizelos said in a statement.

For its part, Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB), said the scenario of a Greek default could not be ruled out, becoming the first central banker in the euro area to accept the prospect of such an outcome, long ruled by European leaders.

"This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad."All efforts are aimed at preventing this, but I am now less certain that it failed to exclude a few months ago," he said, wondering "if the Greeks realize the gravity of the situation" .

THE GREEK BANK TO PENALTY

Risk aversion increased further after Deutsche Bank said the discounts that private investors have agreed to take on Greek sovereign debt in the second bailout of Athens could be greater than 21 % retained in the definition of the program.

European shares erased their losses in late afternoon but still in a very nervous market, investors are increasingly skeptical about the ability of governments to overcome the crisis of sovereign debt and economic stagnation.

The euro remained under pressure, while returning to the land above $ 1.35 after his eight-month low hit the previous day against the U.S. dollar.

In particular, investors appear disappointed by the fact that no specific action accompanies the commitment of finance ministers and central bankers from the G20 to take action to stem the crisis.

In a market still very volatile, banking stocks have turned upward in the afternoon, it seems after about Ewald Nowotny, a member of the Governing Council of the ECB, saying it would be may be desirable to reintroduce the tender to one year.

But Greek banks fell by 8% after lowering the credit rating agency Moody's notes of eight institutions in the country.

The recapitalization center stage

In this context, the question of recapitalizing European banks most vulnerable appears increasingly urgent in the eyes of investors.

Greek banks do not need to be nationalized, but should receive direct support of rescue funds in the euro area, called the head of a delegation of the European Union responsible for helping Athens to develop its reform program.

According to the President of the French financial markets authority (AMF), 15 to 20 European banks need recapitalization.Jean-Pierre Jouyet has also called for "find private investors who come to increase the capital of these banks."

But the European Commission has ensured that there was no plan to recapitalize banks under the European level, judging schools on the continent much more solid than three years ago.

Some 420 billion euros of capital was invested in European banks since the financial crisis of 2008 and the recapitalization is continuing, said at a press conference Olivier Bailly, spokesman for the EU executive.

The Italian government has denounced the "political considerations" after the fall of his sovereign rating by Standard and Poor's. The agency refers to "independent analysis".

The Standard and Poor's (S & P), which downgraded the sovereign rating of Italy, on Tuesday rejected accusations by the Italian Government and was told that his assessment was "apolitical". "The sovereign ratings by S & P ratings are apolitical," based on the evolution of "credit risk, provided to investors," insisted the agency in a statement released in Italy.

S & P ensures that its evaluation is based "on independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt (as has been amply illustrated in published reports).""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," he told the agency.

On the night of Monday to Tuesday, Standard and Poor's downgraded by one notch to A + against A note of Italy due to low growth prospects and the "fragility of the ruling coalition." And pinned, the government has denounced a decision in a statement "more driven" by media reports as "the reality of things" and "distorted by political considerations."

The Tokyo Stock Exchange ended up 1.76% Thursday, away from a lower-end two and a half hit the previous day as investors to buy back the securities after reassurances from France and Germany, who felt that the place of Greece is well within the euro area.

The Nikkei gained 150.29 points to 8,668.86 points and the Topix, broader, took 10.07 points (1.36%) to 751.76 points.

The support shown to Greece was interpreted by investors as a positive sign for a resolution of the debt crisis in the euro area.

The market participants also welcomed the statements by the European Commission said it would shortly put forward proposals for the introduction of euro bonds.

Values, title Elpida Memory has closed up 5.03%. The third global manufacturer of memory chips has announced the relocation of part of its production in Taiwan and production of new generations of chips.

France and Germany were preparing Wednesday to ask the Greek insurance on relief it has pledged to implement in the context of the new European aid plan adopted in late July.

Athens then struggling to meet the fiscal targets set as part of an initial plan in May 2010, as to raise doubts growing about its solvency, the spokesman for the French government, Valérie Pécresse said no Another solution was to the agenda.

"Today we are in the implementation of the agreement," she said during the proceedings of the Council of Ministers.

"There is one hand the commitment of lenders to be expressed through the votes of parliament and then the commitment of the Greek government and parliament to implement a range of remedies," she said, adding: "We want to guarantee the implementation of the recovery plan."

"I think we should be very firm on the commitments that were made," she said stressing that the issue would be on the agenda of the conference call scheduled for late afternoon Wednesday between Nicolas Sarkozy, Chancellor Angela Merkel and Prime Minister of Greece George Papandreou.

The results of the latter does give rise to any communication, she said.

The situation in Greece was discussed in cabinet by the French President and Prime Minister Francois Fillon, who "reaffirmed with one voice the determination of France to do everything possible to save Greece," he Valérie Pécresse said.

"Strength of Franco-German couple"

The two men also insisted on the "strength of the Franco-German defense in the euro area" and the need for "concerted quickly and the whole plan of July 21, just in terms of 21 July. "

Some European countries like Finland Greece mobilizes require assets as collateral for the cost of their participation in the new plan adopted in July in Brussels, an amount of about 110 billion euros.

Other voices, saying Greece unable to get out of business, call for a pooling of debt in the euro area, the only solution for them to save his weakest countries.

Valérie Pécresse argued that the final plan of aid to Greece was approved by the International Monetary Fund and that it appeared "credible" to get the country straight.

It referred to a European aid to Ireland, which "was considered hard and difficult to implement" but when it was presented that allowed it believes to be in Dublin "shot of business today. "

Regarding the possible creation of Eurobonds, a project under consideration by the European Commission, the budget minister reiterated France's position, namely that they could only be "the culmination of a process of consolidation in the euro area "and a convergence of fiscal policies.

"This fiscal convergence is obviously a prerequisite for any other matter, including the issue of debt pooling. It can be an end point, certainly not a starting point."

The bankruptcy of Greece is now openly considered by the Minister of Economy and the finance. Wolfgang Schäuble, the German finance minister, by the Bundestag in Berlin September 14, 2010.

The German Minister of Economy Philipp Rösler n'exlut more orderly bankruptcy of Greece to save the euro, in a commentary published Monday in the German daily Die Welt. "To stabilize the euro, it should no longer be short-term no-think about some options. Among them, there is an emergency orderly insolvency of Greece, if one has available the instruments necessary, "he wrote, according to a statement. The Finance Minister also proposed this scenario the newspaper Der Spiegel. Wolfgang Schäuble would have referred to two solutions for the future of Greece. The first is when the country in the euro area and the second when he returns to the local currency, the drachma.

Mr.Rösler is the Vice-Chancellor of Germany, as chairman of the Liberals, small partner in the governing coalition with the Christian Democrats of Angela Merkel. But he that really gives the tone in the economic in the country is the finance minister, Wolfgang Schäuble, a member of the Conservative Party.

According to M. Rösler, austerity measures are in some countries, like Greece, still insufficient. "The Greek government must know that the aid provided depends on the commitment by Greece to reform," he adds.

And call for the establishment of an automatic sanctions "in case of breach of the rule, there must be consequences for such a payment subject to approval of the aid from structural funds of the EU.In case of persistent breaches, an early termination of voting in the Council of Ministers of the EU should no longer be a taboo. "

Ultimately, bankruptcy ordered state should be possible with the aim of "restoring the ability to operate in the State concerned, if necessary by temporarily limiting its rights of sovereignty," he adds.

It also calls for substantial involvement of private creditors. Europe needs a "code of stability that Member States would apply in accordance with their national and their own economic and financial policy," continues M. Rösler.

HSBC said Tuesday it had revised down its forecast for global growth for 2011, reducing it from 3.0% to 2.6%, and its estimate for 2012, now at 2.8% against 3.4% previously.

"The message is simple: despite significant support measures, a healthy economic recovery is no longer a distant dream," said Stephen King, chief economist of the bank, said in a statement.

HSBC is the first major bank to be more pessimistic about the global outlook.

She sees the United States to grow by 1.6% in 2011 and 1.7% in 2012 against previous projections of 2.5% and 2.9%.

Growth in the euro area is estimated at 1.6% this year and 0.7% respectively in 2012 against 2.0% and 1.4% previously.

HSBC has confirmed its forecast of a 0.6% contraction of the Japanese economy this year and then a rebound of 2.4% in 2012. According to the bank, China will this year show a gross domestic product (GDP) up 8.9% in 2011 by 8.6% in 2012.

U.S. exchanges were down Thursday as investors sought to raise funds before the speech of Ben Bernanke on Friday, they hope to gain a better picture of the intentions of the Fed about the economy.

The Fed chairman must speak Friday at 14:00 GMT in Jackson Hole (Wyoming), as part of the 35th annual economic symposium of central banks.

The Dow Jones broader yielded 1.56%, or 18.33 points at 1159.27.

The Nasdaq meanwhile lost 1.95% (48.06 points) to 2419.63.

The markets had opened in an atmosphere of optimism related to the entry of the investor Warren Buffett to the capital of Bank of America.

They then tilted to the downside after a fall of European values, which launched the rumor of a possible ban on short sales in Germany, denied by Berlin.

U.S. markets are increasingly sensitive to events in the euro area due to the debt crisis.Four countries have suspended short selling this month and said Thursday that the measure would be effective until September 30.

Bank of America, whose title was dropped this week to a low of two years, jumped 9.44% to 7.65 dollars after the announcement that Berkshire Hathaway investment fund to its capital came up to five billion dollars.

About 854 million shares Bank of America changed hands on Thursday, the session is the most active for the title since December 2009.

The way Apple has certainly ended down after the announcement the day before the removal of its chief executive Steve Jobs, but its decline is limited to 0.65% (373.72 dollars), it still outperformed the Nasdaq.

The day also saw an unexpected rise in weekly jobless claims, emerged to 417,000 during the week to August 20, against an average of 405,000 expected by economists.