In Paris the CAC 40 index managed to stay above the threshold of 3,400 points, taking 0.14% to 3,409,90 points after spending much of the session negative territory. In Frankfurt the Dax gave 0.16%, while the FTSE in London lost 0.03% Pan-European and Euro Stoxx 50 index has been 0.25%.

A Greek government official reported that Athens was finalizing a document that outlines the reforms demanded by its lenders in exchange for the payment of the second plan bailout of 130 billion euros.

On currency markets, this information has boosted the euro, which reached its highest since mid-December.

The Stoxx Europe 600 bank of erased its losses to finish up 0.47%, with gains between 1.2% and 2.1% for BNP Paribas, Societe Generale and Credit Agricole.

Conversely, UBS fell 1.44% in volume fed. The Swiss bank fears a difficult start after reporting lackluster figures for its fourth quarter 2011.

Swatch has lost nearly 4% after announcing an operating profit of 1.61 billion Swiss francs in 2011, slightly below expectations.

On Wall Street, the Dow, the S & P and the Nasdaq composite earn around 0.2% to 1630 GMT.

Bunds have erased their gains on the information of progress towards a political agreement with Greece on the financial rescue of the country.

The Euribor fell to new lows of 11 months in prospect of another massive injection of liquidity into the banking system by the European Central Bank, at its next auction paper to three years scheduled for late February. 

The euro has climbed more than 1% to 1.32708 to the dollar on the electronic platform EBS, its highest level since mid-December.

"The information from Greece to Athens remove an obstacle to alleviate short-term and massive credit risk, which is positive for the euro," noted Boris Schlossberg director of currency research at GFT.

Brent crude rose around 116 dollars a barrel, still carried by the cold wave in Europe, tensions on Iran's nuclear program and turmoil in Syria.

The Nikkei gained 97.27 points to 8,929.20 points and the Topix broader took 9.16 points (1.2%) to 769.85 points.

"It's pretty good for exporters," said Nicholas Smith, a specialist at CLSA Japan, commenting on the monthly report on employment in the United States that showed Friday that unemployment had fallen ; to its lowest level in nearly three years.

Panasonic has taken the title of the session 6.34% after touching a low of more than 30 years Friday, in response to a forecast of record annual loss amounting to ; eight billion euros.

The case of the Sofitel New York, which marked the end of the presidential ambitions of Dominique Strauss-Kahn, had a new twist Saturday, reviving questions about the possibility of a trap, already mentioned by close to Former IMF chief.In this investigation, the AFP was able to consult, the American journalist argues that the BlackBerry DSK could have been hacked.

Edward Epstein expressed confidence that "tried to derail" the candidacy of Dominique Strauss-Kahn, but declined to talk about "political conspiracy" created from scratch, in an interview with AFP on Saturday. In an interview on Europe 1 audio, it reaffirms that it is a conspiracy: "It is much like a political issue, but I do not have certainty," said he. "If it's a political issue, it's a matter of French politics. I think it came from Paris. It may come from the UMP, it can come from the secret services, that can even come from someone who s 'interested in the activities of the IMF. "

The UMP denies any involvement

On May 14, Dominique Strauss-Kahn called his wife Anne Sinclair told him that "something bad happened."

Benedict heart, which should become the representative of France to the Executive Board of the European Central Bank (ECB), is a senior specialist in international finance, who was previously the number two position of the Treasury. Coeuré Benedict, 42, was appointed Thursday by Paris to serve on the Executive Board of the ECB, which will replace Italy's Lorenzo Bini Smaghi, who resigned.

This brilliant economist and author of numerous articles and a graduate of Japan, has spent most of his career at the French Treasury. He led a parallel career as a teacher and researcher in the circle of economists, an influential economic think-tank. From 1997 to 2002, he holds the office of Chief Economic Adviser to the Treasury.Heart is a graduate of the Ecole Polytechnique and the Ecole National Statistical and Economic Administration (ENSAE).

The return of the French debt to 10 years who had scarcely changed after the publication of this note was then increased to about 3.68% to 16.45, the yield differential with Germany (the "spread") oscillating around 165 basis points. It was over 200 points last week for the first time since the creation of the euro.

"According to Fitch's central scenario, the numbers of French public finances remain consistent with the conservation of its AAA rating," writes the rating agency.

The gross debt of the country in this case could reach the upper limit of the range that Fitch considers consistent with a AAA rating – if this level is temporary and decline thereafter – 90 to 100% of GDP.

"If all of the 158.5 billion euros in France's commitments to the EFSF was disbursed, the gross public debt would reach 98.2% of GDP in 2014, the top of the range compatible with its status as a AAA "Fitch wrote.

"However, based on net debt and if the loans were accounted EFSF (with a discount of 50%) as liquid assets, the debt would peak at just over 80% of GDP in 2014.

The leader of New Democracy, one of three teams who sit in the national unity government led by Lucas Papademos, reiterated that his word was enough and that a written guarantee was unnecessary.

European leaders are concerned that the parties are reluctant to implement unpopular reforms before the elections on February 19.

Antonis Samaras has already announced that it was an absolute majority at the polls to renegotiate the terms of the European aid plan.Creditors are willing to block eight billion euros needed to Athens to avoid default next month.

Representatives of the European Commission, the European Central Bank and the International Monetary Fund (IMF) also met with former Prime Minister George Papandreou, leader of the Socialist Party (PASOK), which had no comment.

They should also meet Sunday with Georgios Katzaféris, leader of the far-right party Laos, the third member of the coalition.

"THERE WILL BE A SOLUTION"

In an interview with the weekly Sunday Real News, the leader of Laos suggests that it will sign a written undertaking.

"Do we need the money or not? If the answer is no, we do not sign.

In the title of his release, the U.S. initially said he found the note of Brazil to BBB-by the prompt correction. And for good reason, the note of Brazil was already at BBB-and the agency has in fact raised by one notch to BBB.

Japan purchased 10% of 3 billion euros of bonds to ten years raised Monday by the Relief Fund of the euro area (EFSF), a smaller proportion than the 20% invested in the previous issues, officials said Tuesday at the Ministry of Finance. "We took into account the state of our liquidity in euros, the conditions of issue and the market environment" for deciding the level of Japanese investment, set at 300 million euros this time, said a ministry official.This surge in the yen higher costs of products made in Japan and reduced the value of income from abroad by Japanese exporters group, which ultimately weigh on the recovery of the country recovering from earthquake, tsunami and accident nuclear March 11. The third largest economy is in recession since late 2010 and in particular on exports out of the rut, but the rising yen, combined with slowing global growth could stall restart.

The proceeds of the issue of Monday, the fourth conducted by the EFSF, must be used to finance a portion of the aid to Ireland, which has, like Greece and Portugal, an international aid program. The request was only slightly greater than the amount of three billion euros and the rate stood at 104 basis points above the risk free rate of the same maturity, or 3.59%.

Saturday, more than ten hours of meetings were needed to reach an agreement on a recapitalization of the banking sector to the tune of 100 billion euros, which was yet largely gained at the technical level this week.

The work, however, little or no progress on the form that is chosen to leverage the fund to support the euro and to reduce the Greek mountain of debt, even if a discount up to 60% of the shares held by investors Private is under discussion.

These discussions are held with their eyes on the economic situation in Italy which puts the Europeans against the wall because the current instruments to support the single currency are not powerful enough to rescue a country of this size .

As a prelude to the European Council, Nicolas Sarkozy and Angela Merkel met with Italian Prime Minister Silvio Berlusconi for half an hour Sunday morning.

Diplomats said the meeting was organized to increase the pressure on it so that it implements a more resolute reforms announced in September and reassures markets on its ability to maintain control in the Italian debt, which exceeds 120% of GDP.

A German government source said the head of the French state and the German chancellor had stressed "the urgent need for concrete and credible actions in the countries of the euro area", otherwise the decisions taken in the coming days n ' will have no effect.

Angela Merkel had insisted on Saturday that Italy would reduce its debt so as not to jeopardize the support mechanisms for the euro, "regardless of the height of these walls of protection."

BANKS

On his arrival in Brussels, the Chancellor warned that one should not expect final decisions at the EU summit and the euro area held Sunday.

It must now rely on the consent of the German parliamentarians to any reform of the fund to support the euro, making it difficult European negotiations.

Following an agreement reached Saturday, about sixty of the largest European banks need to recapitalize by 30 June 2012 at 100 billion euros to hold at least 9% of equity "hard" core tier one .

Some 38% of this amount, which may not be officially published, should return to the three countries already under the aid program: Greece, Portugal and Ireland.

Banks will also mark their sovereign debt to market value and the institutions that will not comply with this set of rules will be banned from paying dividends to their shareholders and bonuses to their executives.

The bloc have also talked Saturday reactivation of the guarantees offered to banks in the fall of 2008 at the height of the crisis, enabling them to find financing in the medium and long term, said on the same source.

According to this, three models are being studied, with varying degrees of coordination between European security mechanisms.

GREECE

Ministers are also extensively revenues Saturday on the back Greek and how to make Greek debt sustainable in the long term.

According to a report that will serve as the basis for decisions of the leaders of the euro area, private creditors of Athens may have to accept a loss of up to 60% on their sovereign debt.

The EU finance ministers, however, remain divided on the voluntariness or otherwise of the private sector to the new rescue plan for Greece.

Fearing to trigger a credit event with unforeseeable consequences, France and several other countries are reluctant to go beyond the envelope of 50 billion euros negotiated last July 21 with the banks, as called for Berlin if necessary by forcing them to go the extra mile.

Friday night, Athens received a shot in the arm with the provisional go-ahead European payment by mid-November of the next tranche of international assistance by 8 billion euros, without which Greece would default on its sovereign debt in the coming weeks.

The IMF still has to validate itself as such payment, subject to his ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of debt indefinitely.

EFSF

The last part of the discussions – the multiplication of the European Financial Stability Fund (EFSF) – has so far been barely touched by the ministers, that would leave it to decide this question and leaders.

Friday night, Minister of Economy, Baroin, confirmed that France continued to believe that change the cash in bank was the best solution even if Paris does not make a red line.

According to several sources, Nicolas Sarkozy hopes to build on a broad international support to try to convince Angela Merkel, less than two weeks of the G20 summit in Cannes where international partners in Europe hold them accountable.

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties since the creation of the euro.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

European leaders are under intense pressure by their international partners to take decisive action against the crisis.

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