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The Director General of the World Trade Organization, Pascal Lamy, on Wednesday approved the holding of a referendum in Greece on the rescue plan passed by the Europeans. All the latest news. Greek Prime Minister George Papandreou announced the holding of a referendum in January in Greece, to check the public support for austerity plans adopted by the country.

9:56: "The Greek referendum can be won" according to Pascal Lamy.Interrogé France Inter on Wednesday morning, the Director General of the World Trade Organization has justified the holding of a referendum in Greece. On the one hand, it "is normal that the people decide." On the other hand, argues that it is not in "the interest of creditors dealer with a government" which may be weakened and not reversed its commitments. "Finally, he believes that" from what my friends tell me Greek, the referendum can be won.The Greeks are probably able to appreciate that this or something even worse. "He admits, however, that the collapse of the euro area is" not totally ruled out a possibility today. "

9:34: "China sincerely hopes the stability of the euro area and the euro," said Hu in an interview with Le Figaro on the eve of the opening in Cannes for a G20 summit, to be dominated by the issue of European sovereign debt. The Chinese president is silent, however, on specific measures that China could hang in helping Europe to solve this crisis, in particular its proposed participation in a relief fund for highly indebted countries.

European shares opened sharply higher Tuesday, extending their rally started Friday afternoon, still supported by expectations of further measures to stem the debt crisis in the euro area.

At 9:36, the CAC 40 index advances 2.79% at 2939.25 points after taking 1.75% Monday, with a volatility index down 4.31% to 47.81 points.

According to the U.S. television network CNBC, which cited a European financial responsibility, a special fund could be created through the European Investment Bank to issue bonds and purchase of European sovereign debt.Bonds could also serve as collateral for the ECB, CNBC added.

Austria's Ewald Nowotny, a member of the Governing Council of the ECB, for its part, said at a conference at Harvard University, an increase in the size of the European Financial Stability Fund (EFSF) was likely but would probably not as important as what some people expect, "not the order of a thousand billion" euros.

The "rally" bear markets are more violent, says Frederic Buzare, head of equity management at Dexia Asset Management, which has 85 billion euros of assets under management.The rebound will not last if investors do not get clear action plan to resolve the crisis, he added.

In this type of policy-driven market, it's all about the risk premium. The valuation ratios are no longer relevant, adds the manager.We spend more time reading the statements of leaders (political) to study the balance sheets of companies, he says.

For his part, U.S. President Barack Obama said Monday night that the crisis of European debt was "afraid the world" and that European leaders attacked the problem but not as quickly as needed.

Other major European markets, the London Stock Exchange gained 2.1%, the Frankfurt 3.2% and 2.6% in Milan, while the pan-European index STOXX 50 wins almost 3%.

Bank stocks are still at the top of increases in the CAC 40, with a gain of more than 9% for BNP Paribas, over 8% for Societe Generale and more than 7% for Credit Agricole. Axa takes 7.8%.The index of banks in Europe advance 3.5% /

But all sectors benefiting from the rebound on Tuesday, including cyclic, with a rebound of 4.5% of the index motor and 4.1% of commodities that had posted the weakest performance yesterday.

A barrel of U.S. light crude rose 2.6% to 82.29 dollars and Brent from 1.2% to 105.22 dollars, causing the oil companies and related industries in its wake.

The performance of the German government bond (Bund) and 10 years is around 1.9% against 1.8% the day before closing, while the euro is stable against the greenback around 1.3530 dollar.

European shares closed higher Friday on hopes of Action of the European Central Bank and government to mitigate the effects of the crisis of sovereign debt in the euro zone and support banks.

However, caution remains the watchword.

Bank stocks recorded the highest increase in Europe with a sectoral Stoxx index which gained 3.53%.

In Paris, BNP Paribas (9.78%), Societe Generale (8.76%) and Credit Agricole (4.78%), which was this week in the eye of the storm because of their exposure to Greek and Italian debt, eventually leading to increases in the CAC 40 on market rumors paying for the government to carry out some form of recapitalization.SocGen and BNP did not wish to comment on these rumors.

The gains, however, show small-scale loss of investor confidence in the ability of governments to quickly implement practical solutions to the crisis of sovereign debt and boost savings on the brink of recession on both sides Atlantic.

This cocktail of strong concerns about the banks is causing serious losses in stock market indices.For the week, the CAC 40 dropped 7.29% in Paris and at European level the EuroStoxx 50 index dropped 6.17%.

"RAMPANT FAILURE OF GREECE"

The CAC 40 gained 1.02% Friday to 2810.111 points after touching a session in new low of 2693.21 points in the year, returning to its level in March 2009.

Risk aversion has stalled late in the session, the performance of the German government bond (Bund) and 10 years, fell in the day to a new record low at 1.64%, found its level Thursday (1.75%) at the close of stock markets.

The euro meanwhile pondered over $ 1.35 and was trading around 1.3508 dollar.

Other major European markets, London

gained 0.5%, 0.63% Frankfurt, Milan 1.36%.The pan-European Euro Stoxx 50 index has been 1.52%.

"Operation Twist (the Fed) has failed to revive stock markets. It is a terrible verdict, a confirmation that governments no longer able to stimulate the economy central banks find themselves faced with the challenge to bring to his aid, "wrote Vincent Chaigneau and Ciaran O'Hagan, rates strategist at Societe Generale in their weekly note.

"They will continue to shoot in the dark, hoping to keep away the ghost of recession.Good luck, "they said, stressing that the stress imposed on the funding of banks is" a great threat to the economy. "

Pichard for Franklin, director of Barclays Bourse France, "markets do not stop to include a default rampant in Greece (although it is true that the 'political' do nothing to speed things up) and the recapitalization of some European banks. "

Cyclical stocks such as Technip (-3.93%) and Alstom (-2.52%) recorded the largest declines the CAC 40.

This increase in tax rates, btisée "Buffett rule", only affect 0.3% of taxpayers, less than 450,000 people. President Barack Obama issued Tuesday, August 2, 2011 text authorizing the raising of the ceiling of U.S. debt.

President Barack Obama will propose Monday to raise taxes on millionaires so that they reach at least the same percentage of their income than that applied to middle-class taxpayers, said Saturday the New York Times.

Citing government officials, the newspaper says Obama will present a draft on this issue during a speech at the White House, he calls the "Rule Buffett", named after the multimillionaire Warren E. Buffet.It was recently pointed out that the richest Americans pay a smaller proportion of their income in federal taxes than middle-income employees.

Profits on investments – such as profits from capital, dividends or premiums paid to investors and holders of risky investments – are taxed less than wages, in fact, explains the New York Times. In addition, those receiving more than 106,800 dollars do not pay Social Security tax.

The newspaper said Obama will not show the tax rate or clear it intends to apply the amount it hoped to achieve through this measure and will not provide further details, these should be included in a program long-term deficit reduction.However, it will call savings of $ 300 billion over ten years of health insurance for the elderly and medical aid to the needy.

A joint committee of Congress is working on a bipartisan agreement on the budget to be presented in late November while the Republican representatives opposed the project of the president to tax the companies in the sectors of oil and gas and individual income above $ 200,000. The tax would only affect 0.3% millonnaires taxpayers, less than 450,000 of the 144 million returns recorded in 2010, according to The New York Times.

European shares regain some ground Tuesday morning, after two sessions of fall in fear of a worsening debt crisis euro and its impact on the banking system.

At 9:13, the CAC 40 index takes 0.54%.

London rose by 0.4% and 0.3% of Milan, Frankfurt rebounds by 0.4% and the EuroStoxx 50 returned 0.46%.

Stoxx index of bank takes 0.53%.

The trade deficit the U.S. has grown against all odds in June to its highest level since October 2008, due to a decline in exports and imports indicate a slowdown in global demand, according to figures released Thursday by Commerce.

The trade balance posted a deficit of 53.07 billion dollars, while the market expected it to be reduced to 48 billion.

In May, the deficit had risen to 50.83 billion (50.23 billion in the first estimate).

Exports fell 2.3% against -0.5% in May, faster than imports (-0.8% after +2.9% in May).

The European Central Bank (ECB) decided on Sunday night if it buys Italian bonds to contain the new onset of fever that gripped the euro area, it was learned from sources close to the institution.

The ECB President Jean-Claude Trichet wants his board of governors to take a final decision on the takeover of Italian paper after the announcements made Friday by the Italian Prime Minister Silvio Berlusconi on accelerating reforms to reduce the public deficit Italian, said a source close to the ECB.

The reaction of the ECB is further expected that the clock may be difficult Monday morning in European markets as investors draw conclusions from the lower by Standard & Poor's rating of U.S. sovereign debt to AA +.

According to one source, the Governing Council will meet from 17:00 GMT to make a decision. If he decides to take over Italian bonds, the ECB and central banks in the euro area will come into action on Monday morning at the opening of the markets.

Another source close to the ECB said that the Governing Council could also consider the implementation of emergency measures.It could, for example, provide liquidity to prevent a freeze in money markets.

A third source, also close to the ECB, said that the meeting was postponed in the evening to allow time for governors to analyze the measures that could be announced by Washington after the S & P lowered the debt rating sovereign.

Thursday the ECB has reactivated its share repurchase program of sovereign debt in order to calm soaring interest rates of some countries in the euro area bond markets but has so far bought only small quantities of Irish debt and Portuguese, while speculation is focused on Italy and Spain.

The European press is reluctant Sunday between disbelief and apocalyptic messages after the decision of S & P.

Germany's Welt Am Sonntag as "Der Crash" (the crash) and writes: "Nobody could have foreseen the spectacular crash, and now we need a healthy dose of gallows humor to handle such a situation."

Der Spiegel asked: "U.S. debt, euro crisis, chaos on the stock exchanges: the world will he go bankrupt?".

Also in France, the abatement is required. Le Journal du Dimanche as "The world on the edge of the crash."

Paris Plages is investing in one month the banks of the Seine, as of July 21. For its 10th edition, the Paris event was put on the excess. Key figures in the images.ate "> 9 / 13

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Europeans demand a new vote that Athens austerity plan before you pay the money to repay its creditors. Otherwise, Greece will default on its debt. With a risk of chain reactions throughout the euro area. Thousands of "outrage" expressed Sunday, June 19 against the austerity of Syntagma Square in Athens.

Pressed to act quickly Friday by Nicolas Sarkozy and Angela Merkel, the finance ministers of the euro zone agreed Sunday night to complete the fifth installment of the loan of 110 billion made a year ago. The payment of this installment of 12 billion euros, financed by the EU and the IMF, however, is strictly conditional on the adoption of a new austerity plan in Greece. By putting the pressure on Athens, the euro area is playing with fire.Persistent fear of a shipwreck Greek also continued to weigh on European stock markets Monday and bank stocks. Here's what could happen in the coming days, ahead crucial for the events.

Greece rigor vote

The Greek Parliament has to decide June 28 on the 2012-2015 multi-year budget plan, which provides further savings measures, to 28.4 billion euros, and a wave of privatizations expected to report 50 billion. The announcement of the new austerity plan and the fear of selling off of many state enterprises have attracted strong popular protest, forcing the Prime Minister George Papandreou to reshuffle his team. The purse strings are now held by the man of experience and a politician Evangelos Venizelos. To lock his fragile majority, George Papandreou will first undergo Tuesday in a vote of confidence from Parliament.Despite some defections within his party, Pasok, he should win both races – the socialist majority in effect holds 155 seats out of 300. Athens also expressed "confidence" in the adoption of the austerity plan in Parliament.

Thus, nothing precludes the payment of EUR 12 billion as expected by Greece to meet its repayment schedule in the short term. In the longer term however, the situation in Greece remains a concern. The country's debt amounted to 340 billion euros, more than 150% of GDP. Despite a reduction of six points of its deficit in 2010, Athens has not regained the confidence of the markets which require it of interest rates long-term record of nearly 17%. This is why the euro area has decided to grant an extension of a hundred billion euros to cover the needs of the country by 2014.The outline of this new financial assistance plan should be finalized at the next meeting of the Eurogroup, on 3 July.

Finally, if European leaders manage to agree on the terms of the loan. Berlin in fact requires banks and other private creditors involved in this new aid. Which may be likened to a default or event of credit rating agencies and thus panic in financial markets. The solution seems to be emerging now is that of a "roll-over" of the Greek debt. In financial jargon, this means that creditors when loans mature, replace them "voluntarily" by others of the same amount. But whatever the solution, the question of the ability of Greece to repay its debt remains. The crisis is far from over.But this is not the austerity measures that will boost domestic demand. On the contrary …

Greece refuses rigor

Even if the government succeeds in passing Papandreou's new austerity plan in Parliament, it is not certain that the population accepts it. The announcement of the budget plan has already led hundreds of thousands of Greeks on the streets for two weeks. And mobilization is unwavering. Thousands of "outraged" have yet shown Sunday on Syntagma Square in Athens. Nearly half of the Greeks want the release of the new Parliament austerity plan developed by the government for a new international aid and avoid a collapse of public accounts, according to a poll published in the Sunday edition of To Vima. For political analyst George Sefertzis Greek, the street will not drop weapons as the government will not be dropped.The country plunged into political chaos serious right-wing opposition with no more favor in the eyes of the Greeks that the socialist majority in power.

In such a scenario, the EU and the IMF have said they therefore would not pay the 12 billion planned, and Athens could not repay 2.4 billion euros owed to its creditors on July 15 this year. This means that Greece will default on its debt. A paradox because the loan refusal would trigger what the Europeans fear most. This raises the question of the reality of the threat. The Belgian Finance Minister Didier Reynders, in fact, compares the failure of Greece to that of Lehman Brothers. "If Greece was the first to default, then the looks would turn to other countries such as Ireland, Portugal, Spain, Italy, Belgium can be but also France," says it in an interview with La Tribune on Monday.

According to the specialist markets Georges Ugeux, a default of Greece would extend to all private and public debt of the country, far in excess of one trillion euros. This would cause the immediate collapse of Greek banks, so depositors and businesses. What would happen then to Greece? An output of the euro area would be inevitable in order to enable the country to devalue its currency and to win quickly in price competitiveness. Except that again, it would not be without consequences for the euro area. AAA-rated countries such as Germany and France, the ECB should recapitalize to the tune of at least 190 billion, injecting massive amounts into money markets and save the German and French banks. But beyond the cost of the event, the very survival of the euro area would be threatened.

The Italian government has asked Lorenzo Bini Smaghi to resign from the Executive Board of the European Central Bank, as part of a tacit agreement reached between Paris and Rome wants to ensure the accession of Mario Draghi as the monetary institution.

Former Governor of the Bank of Italy, is the only candidate to replace Jean-Claude Trichet, whose term ends in late October, but his ambition could face a refusal by Lorenzo Bini Smaghi to resign.

"There is a formal request from the government to resign Bini Smaghi," he said Thursday at the Press Council President Silvio Berlusconi.

MEPs endorsed Wednesday the appointment of Mario Draghi as President of the ECB, and the Heads of State and Government of the EU must validate definitively at a summit in Brussels on 23 and 24 June

Although there are no rules governing the nationality of the Executive Board of the ECB, several countries in the euro area have indicated they would not accept the presence of two Italian members within the monetary institution.

"To get the consent of France to Mario Draghi, our candidate for the ECB, there must be a French seat on the Executive Board of the ECB, this should happen through the resignation of Bini Smaghi," said the head of Italian government.

Lorenzo Bini Smaghi, who sits on the Executive Board since 2005 and whose term expires in 2013, declined to comment on the announcement.

"No comment, I do not answer," he told reporters.

In a speech earlier in the day, Lorenzo Bini Smaghi criticized the attempts of political interference in the functioning of the ECB, insisting on the independence of its members.

Last week, the vice-president of the ECB's Vitor Constancio has also considered that there should be no political pressure for the resignation of board members.