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Wall Street opened lower Monday as investors feared a disorderly failure of Greece in the absence of early agreement on the terms of its bailout.

Monday, Greece had not yet given its response to the drastic conditions imposed by the European Union and the International Monetary Fund in return for a second plan help, and the meeting on that leaders of the major Greek political parties has been postponed until Tuesday.

In early trade, the Dow Jones lost 0.5% (64 points) at 12,798 points. The Standard & Poor's, wider, yielded 0.5% (7 points) at 1,338 points while the Nasdaq composite fell by 0.59% (17 points) to 2888 points.

"After a robust start to the year, investors take a break to reassess the drivers of the market," said Andre Bakhos to Lek Securities.

Values, Hasbro drops 2.7% after posting a fourth quarter earnings just above the expectations of analysts, who themselves had been lowered .

Lazard loose more than 7%. The investment bank posted a quarterly profit below expectations, hurt by lower commissions received as a financial advisory segment, which has not prevented ; to raise its dividend.

The automatic assignment of social tariffs for electricity is still not effective. And yet, promised by Eric Besson, it should be applied on that January 1. More than one million people could benefit.

While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet, the measure should come into force on 1 January. This had been announced in the autumn Eric Besson, Minister of Energy. Indeed, he had promised for this winter complete automation of the procedure for awarding the tariff of primary necessity (TPN), commonly called the social rate of electricity

This delay, which should continue for several more weeks, is because the "last formal consultations" between government and industry must always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of the Parisian …

These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is below 634 euros a month (for a single person). Entered into force in 2005 for electricity and for gas in 2008, social tariffs were previously allocated on demand to beneficiaries (the limit is 7800 annual revenues of approximately EUR for a single person and 11,700 for a childless couple, ed), but by lack of information or administrative complexity, many do not demand.

Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.

"The decree is under review by the State Council, it should be able to give its opinion in the coming weeks, as he will have the last formal consultations that are normally involved in early (February Ed.) . The decree will be published in the coming days, "the ministry said in a

. commmuniqué, president of the Syndicat Intercommunal the Outskirts of Paris for Electricity and Communication Networks (Sipperec) Catherine Peyge noted that there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, c 'ie they spend more than 10% of their budget for their energy bills, says she. "What do the government to publish the decree and to end this anomaly is that a tariff, decided in 2000, implemented in 2005, still unable to protect families who need it? Meanwhile the electricity prices rose 6% in two years, and the bill could rise by 30% by 2016 ", criticized Ms. Peyge

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Gazprom said Wednesday that its net income had declined to 151.98 billion rubles (5.02 billion dollars) in the third quarter due to losses. </ P> <p > This balance, however, slightly exceeding the consensus of Reuters which gave 149.6 billion rubles. </ p> The quarterly revenue totaled 949.59 billion rubles against 779, 28 billion a year earlier and a consensus giving 950 740 000 000. </ p> Over nine months, net income was 923.6 billion rubles. </ p>

European shares closed sharply down, the uncertainties surrounding the announced departure of Silvio Berlusconi has pushed the Italian rate of the loan to 10 years in excess of 7%.

The CAC 40 index ended down 2.17% to 3075.16 points in the wake of the fall in Milan instead of 3.78%.

The London Stock Exchange was down 1.92%, the Frankfurt 2.21% and the Eurostoxx 50 index of 2.34%.

The Stoxx European banks index (-3.67%) and insurers (-4.38%) signed the two largest declines sector in Europe.

Silvio Berlusconi said Wednesday he would resign the Presidency of the Italian Council once approved emergency economic reforms demanded by the European Union.In recent years, Greece, Ireland and Portugal have each in turn been forced to call for international help after seeing the cost of their debt to cross that threshold.

Most European stock markets had yet opened in the green, in the wake of positive fences in New York and Tokyo after the announcement Tuesday night, next to the resignation of Prime Minister Silvio Berlusconi.

But doubts about the timing of his departure, the identity of the successor and the risk of political instability continue in the third-largest economy in Europe have quickly gained the upper hand, replacing Italy Greece at the forefront of topics concern.

The Swiss pharmaceutical group Novartis announced Tuesday the elimination of 2,000 jobs at the group level and a series of measures designed to absorb the price pressure.

These reductions, announced in conjunction with the release of third quarter results will speak mainly in Switzerland and the United States, and will be offset by the creation of 700 jobs in low cost countries and other countries, Novartis said in a statement.

The group also plans to close two locations in Switzerland and Italy. Part of the research will also be transferred from Switzerland to the United States.

For the third quarter, Novartis presented figures in line with market expectations.Revenues totaled $ 14.8 billion, up 18% in dollars and 12% at constant exchange rates.

Net income reached 2.49 billion dollars, an increase of 7% a year in dollars and 15% at constant exchange rates.

Analysts polled by Reuters on average expected a turnover of 14.86 billion and a net profit of 2.84 billion.

At 9:25, the title yielded 1.64% to 50.95 francs, while the European Health Index fell back 0.4%.

At the summit on Sunday, the leaders of the euro area have asked for more rigor to Silvio Berlusconi. An agreement is drawn further on how to stop the contagion of the debt crisis … but it will be a new record Wednesday for details. Angela Merkel and Nicolas Sarkozy leave a press conference at the summit in Brussels, October 23, 2011.

European leaders Sunday traced the outline of a plan to end the debt crisis that threatens the euro area, despite disagreements, and pressured the Italian leader Silvio Berlusconi seemed to hear their calls in a pinch.

A summit in Brussels has apparently helped a little closer Franco-German couple, who previously showed strong differences on how to strengthen the clout of the Fund to support the euro area (EFSF), a financial need to stop the contagion of debt.

A "broad agreement" is emerging on this issue, assured French President Nicolas Sarkozy, while this issue poisoned relations between Paris and Berlin for several days."Discussions are progressing well, there is no blockage," he said.

Careful, however, the French president warned that he would "still many hours of discussions" to reach a final solution Wednesday, during a new European summit which aims this time decisive.

After a standoff, Paris was forced to abandon his idea of ​​involving the European Central Bank (ECB) in strengthening the firewall in the euro area. German Chancellor Angela Merkel adamantly opposed on the grounds that it would have violated the legal prohibition against the European Central Bank (ECB) to help governments fiscally.

Two scenarios for the EFSF

Now, two scenarios, but matching multiple variants are still under consideration to give the EFSF firepower of at least 1000 billion euros, according to figures circulating.One proposes to act as an insurance system of partial public debt of countries in difficulty, the other is considering creating a kind of special fund to accept contributions from outside investors, which could be backed by the International Monetary Fund.

The President of the European Union, Herman Van Rompuy said after meetings on Sunday that "combined, these two models could have a cumulative effect." Executive Director of the IMF, Christine Lagarde, has expressed his satisfaction as he left the meeting Sunday evening. "We made very good progress, it was really an effective meeting, and I hope it is really in the right direction for Wednesday," she said.

The model involving the IMF, however, cause controversy, because countries such as China could invest."The Chinese said they were interested, but some member states are skeptical about the idea of ​​integrating a Chinese contribution to the EFSF," said one diplomat.

In addition to the EFSF, the answer to the crisis is to stabilize the over-indebted Greece, creditor banks impose on the country's heavy losses, recapitalize them for the shock and therefore more arming the EFSF.

In detail, the countries of the euro area have agreed to require banks losses of at least 50%. Greece is currently stifled by a huge debt of some 350 billion euros. Negotiations are ongoing with the financial sector.

Concerning the recapitalization of banks, the amount proposed is approximately 108 billion euros, according to a European source. The Europeans have yet to define the terms of the plan.Announcements should be made Wednesday on this.

"There will be no solution to this crisis pan-European if Europe does not take a global decision," stressed the Prime Minister of Greece, George Papandreou.

The Australian Minister of Finance, Wayne Swan, on Monday accused European leaders of having "lost time" past 18 months and urged them to present a serious plan, otherwise endanger world growth.

Worried about a contagion of the crisis, European leaders have also shown severe Sunday against Italy awash in a debt of 1,900 billion euros. Rome is accused of failing to meet its commitments to fiscal restraint and not enough to reform its economy.

Berlusconi will pension reform

"We have made it clear to Berlusconi that Italy must do everything to be up to its responsibilities," said German Chancellor. "This is not to appeal to the solidarity of partners if we do not have the necessary efforts," warned Mr Sarkozy for his part.

These stern warnings seem to have been heard by the Italian head of government: the latter announced his intention to convene an extraordinary cabinet meeting Monday to reform the pension system. Rome causes irritation of its partners who fear a major crisis in the euro area if the public accounts are not firmly held.

Last project: the reform of the governance of the euro area. EU leaders appointed Van Rompuy at the head of the summit meetings of the euro area alone, in addition to his cap pattern of the EU.The EU countries not members of the euro area, such as Sweden, do not like this two-speed Europe that is taking shape. They got a top-27 Sunday to take place Wednesday, one hour before that of the single euro area. British Prime Minister David Cameron has postponed the official visits he had made in New Zealand and Japan to attend this crucial meeting.

The German Finance Minister Wolfgang Schäuble discusses an agreement between France and Germany to resolve the crisis of the euro. But he said the remaining oppositions with other members of the euro area. Wolfgang Schäuble, the German Minister of Finance, by the Bundestag in Berlin September 14, 2010.

The German Finance Minister Wolfgang Schaeuble said Thursday a "total agreement" between France and Germany on measures to resolve the crisis in the euro area, but warned that this did "not yet a European solution. " Asked about the outcome of consultations on Wednesday with Chancellor Angela Merkel, French President Nicolas Sarkozy and other senior EU officials, the minister said that the positions of France and Germany were "total agreement" but suggested that differences remained with other members of the euro area.

Earlier in the day, the Secretary of State for Finance Steffen Kampeter had, in a letter to German MPs, acknowledged the persistence of differences on certain issues, including the exact definition of the skills fund to support the euro area The EFSF. These differences do not seem to be the result of the two largest economies in the euro area. They "have a responsibility to control Europe, but it does not replace the negotiations of the 17 countries" in the euro area, found Mr. Schäuble.

European leaders have promised solutions to the debt crisis at the latest at the EU summit scheduled for Sunday, and negotiations for this purpose are underway. On the issue of a "lever" that would allow the EFSF to help European countries to the penalty beyond a volume of 440 billion euros, "we have no joint proposal" for the moment, a recognized the

The European Financial Stability Fund (EFSF) could provide guarantees to investors who buy sovereign debt issued by a Member State, on Friday said a European source.

The initiative would encourage investors to buy sovereign debt otherwise considered too risky by providing a form of insurance against potential losses and in fact increase the firepower of the EFSF.

"Instead of buying 100% (of bonds), the EFSF could ensure, for example, 20% of the amount of debt issued to private investors," said the source.

Financial markets are worried that the size of EFSF, currently has 440 billion euros, sufficient to enable both to help a large country in the euro area while bailing out the banks vulnerable to the region.

European leaders are advocating a recapitalization of the continent by some estimates could cost between 100 and 200 billion or more.

Chief Financial Officer EFSF has in turn said Friday that applications to the rescue fund for recapitalization may be limited, the private sector and governments to be asked first.

"You must also take into account the fact that Ireland, Portugal and Greece have already set aside money for recapitalization of banks as part of their programs," he told reporters Christophe Frankel.

He added that the EFSF also looks to the money market, making funding more flexible and diversified.

"We will implement a strategy of short-term financing could be structured around a good program," said Christophe Frankel.

Inflation in the euro area in September rose abruptly and unexpectedly to 3.0%, its highest level in nearly three years, greatly undermining the chances of the European Central Bank cut rates in October .

Inflation reached 2.5% in August, is already well above the objective of the ECB, whose primary mission is to maintain price inflation slightly below 2%.

Economists polled by Reuters were expecting a figure of 2.5% in September as in August. However, they believe that inflation will fall soon because of the economic downturn.

"It's not a good figure, but I do not panic.That said, I think these figures imply that the ECB will not lower interest rates next week, "he tempered Martin Van Vliet, economist at ING, who said that inflation will decline in coming months because of lower oil prices and supply.

Markets anticipated more rate cuts key ECB, in support of the European economy and to offset the fiscal restraint measures introduced by most European countries.

The investment bank JPMorgan said last week anticipating a 50 basis point ECB rate to 1.0%.

According to a survey this week by Reuters, 56 of 76 economists surveyed felt that the rates will be unchanged at the monetary policy meeting in October, which will be the last of the ECB President Jean-Claude Trichet.

However they planned a rate cut in early 2012.

THAT WILL LOWER RATES?

After raising rates twice this year, the ECB changed its attitude at the September meeting and opened the door to future cuts.

According to many economists, it would be the next President of the ECB, Italian, Mario Draghi, Jean-Claude Trichet decides to lower the house money before taking office.

They argue that if Mario Draghi had to take such action in its first monetary policy meeting in November, it might then be portrayed as a supporter of lower rates.

This would imply, however, that Jean-Claude Trichet left as the last measure of his eight-year term rate cuts in a context of high inflation: such a decision contrary to fundamental principles of the ECB, would be enough to ruffle the supporters of the 'budgetary orthodoxy.

The euro area may therefore have to await further signs of a slowdown, or a decline in inflation, to get a breath of fresh air in the form of lower rates. However, such signals may soon appear.

"The slowdown has driven down commodity prices.Therefore, we should observe a slowing of inflation in energy prices, which was the main driver of core inflation in recent months, "warned Clemente De Lucia, an economist at BNP Paribas.

Discussions on expanding the bailout of the euro area began this morning in the Bundestag. The plan should be adopted this afternoon. The German Chancellor Angela Merkel

German MPs began at 9 am Thursday to discuss the expansion of the bailout funds in the euro area, where they must decide by late morning. The Bundestag (lower house) has to decide on expanding the envelope and skills of European relief fund created in 2010 (EFSF) to assist countries in the euro area in need.

The relevant law should be approved by a large majority. "One or the other friend has a different conception of things," conceded the first speaker, the leader of the Conservative caucus (CDU / CSU) Volker Kauder, referring to the reluctance of a number of members of the majority to engage in Germany even before the rescue of its partners."But we will show that this coalition is able to act: the future of Europe is in good hands with the government," he said.

The vote on Thursday will be "an important contribution to our country for the future of Europe," he promised. Tuesday after Slovenia and Finland Wednesday, Germany will be the eleventh country to approve the mechanism. Six other countries will be asked, including Estonia, which must also discuss the issue Thursday, and Slovakia, still reluctant. The implementation of the mechanism requires the approval of 17 members of the euro area. But the green light from Germany, Europe's largest economy and biggest contributor to the bailout fund with 200 billion euros of guarantees, should give a decisive impetus.

After the vote registered, the number of dissident liberals and conservatives will be scrutinized carefully as an indicator of the flexibility of Merkel to confirm the next steps of European rescue plan. The exact number should be known only in the afternoon. The Bundestag is to vote this fall on a second plan of aid to Greece and early 2012 on the permanent mechanism MES, to succeed the EFSF. European leaders hope to have finished the EFSF expanded by the end of October, even though the discussions are already raging over a new building that would, if necessary, assist Italy or Spain.