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Former Vice President of the ECB Lucas Papademos on Thursday arrived at the presidential residence where met party leaders charged with finding a new prime minister after the resignation of George Papandreou. It may be designated in the day. Lucas Papademos.

The former vice president of the European Central Bank Lucas Papademos, tipped to become the next Prime Minister of Greece, arrived Thursday at the presidential residence, where were gathered the leaders of parties responsible for appointing a successor to George Papandreou. The grand bargain between the Greek parties to designate a consensus prime minister who is the patience of the country's creditors to end, resumed Thursday morning, when right, and right-wing socialists found themselves trying to get out of a political imbroglio .

After a series of twists, the former vice president of the ECB and former Governor of the Bank of Greece Lucas Papademos, 64, was again the favorite in the press Thursday to succeed the Socialist Georges Papandreou resigned. The Orthodox archbishop of Athens Archbishop Ieronymos, head of the Church of Greece, has canceled a trip and was prepared to answer a summons to any oath as president, has also said the Greek news agency Ana, semi-formal. The leaders of three parties, George Papandreou's PASOK (Socialist), Antonis Samaras of New Democracy (right) and George Karatzaferis (far right) met again for the presidency of the Republic at 8 am, after the failure of a first meeting Wednesday night.

Mr. Papandreou spoke by telephone Wednesday with Mr. Papademos, 64, it was said a source close to PASOK.

Since same day cash advance is a high risk loan for the lender, the interest rates charged are high. The lender has no security and does not even conduct a credit check.

The European Commission gave on Thursday, with the revision of the Markets in Financial Instruments Directive (MiFID) and market abuse (MAD), launched a very heavy fall in the regulation of the finance sector .

Other texts to be published in the coming weeks include the third draft of the regulation of rating agencies, a European framework for the management of bank failures or closer supervision of the audit activity, not to mention ongoing negotiations on derivatives and the transposition of European agreements known as Basel III on bank capital.

The new rules on markets in financial instruments cover both the activities of banks in terms of brokerage, consulting, trading, portfolio management and underwriting services.

They also regulate the operation of traditional exchanges and other trading platforms – also called "multilateral trading facilities."

The rules on market abuse for their prey to cases of insider trading and market manipulation.

Eager to get tough practices, the Commission proposes a non-binding framework calling on member states to integrate criminal sanctions in their national legislation for people found guilty of such abuses.

In a statement, the Commissioner for the Internal Market, Michel Barnier, has insisted that the legislation met the market developments in recent years.

"The financial markets have to work to the real economy and not the other way (…) The crisis has shown that certain activities and financial products reached a degree of complexity and opacity changes as have become indispensable" , he said.

MARKET DEVELOPMENTS

Here is a list of the main proposals contained in these texts:

* Outside the MTFs and regulated markets, "organized systems of negotiation," in which particular exchange traded derivatives contracts will now be covered by European regulations.

* Algorithmic trading and the high frequency will be better framed to take into account the systemic risk they represent.

* The text on markets in financial instruments will also seek to increase the transparency of trading on equity markets, including the "dark pools".Bond markets and derivatives too should meet the rules of transparency.

* Supervision and oversight of derivatives markets on commodities will be increased. In coordination with the new supervisor European markets, national supervisors may prohibit certain products when they undermine investor protection, financial stability or proper functioning of markets.Operators have an obligation to report their positions and position limits will be introduced in case of market disruption.

* The rules for portfolio management, investment advice and offers of complex financial products are also strengthened.

* In terms of market abuse, the new regulation also seeks to adapt itself to the recent market now covering instruments traded on alternative platforms and OTC.

* Regulators will have increased access to information needed to detect and punish market abuse.The latter will be able to require disclosure of data from the telcos and access to buildings or private documents when a suspected market abuse.

* Finally, the range of sanctions is itself also revised upwards. Fines will not be less than the benefit obtained from the market abuse and may be up to twice that amount. The Commission also proposes to harmonize the national sanctions in this matter by criminalizing the countries where they are not considered as such.

European shares fell back Wednesday morning, after surging the previous day as investors await details of the measures under consideration to address the crisis of debt in the euro area.

At 10:27, the CAC 40 was down 1.24%, passing below 3,000 points to 2,985.96, having surged 5.75% Tuesday and 8.7% over the last three sessions.

"The market was excited about the ongoing discussions on the European financial stability," said Andrea Williams, at Royal London Asset Management. "But we are still far from agreement (…) We are underweight the banks for three months and we will not change our position."

Other major European markets, London and Frankfurt yield 0.8% 1.2%.Milan lost 0.99%.

The index of pan-European Euro Stoxx 50 was down 1.25%.

Chancellor Angela Merkel suggested Tuesday that the donors of Greece could change the second part rescue plan reached in July.

According to the Financial Times, differences have emerged regarding the agreement. Citing European officials, the newspaper understands that seven countries would like the private holders of Greek bonds spend more provisions.

Cyclical stocks and banks weigh on the trend, after leading the rebound yesterday. The banking index lost 3% in Europe and the auto index 1.9%.

In Paris, BNP Paribas dropped 4% and Societe Generale 4.8%.Credit Agricole sells 3.3% against a backdrop of speculation of imminent announcement.

Analysts expect a reduction in the bank's balance sheet.

The performance of the German government bond (Bund) and 10 years down to 1.93% and the euro is recovering slightly to 1.3610 dollars around.

According to a "government source" quoted by AFP, the French government is considering "tough decisions" on aid to Greece and banks … but after the passage of the bailout by Germany. An encrypted connection that will boost the rumors.

There is something to speculate. While the French government Monday strongly denied any plan to bail out banks hexagonal, a government source quoted by AFP said Tuesday that the executive intends to take "tough decisions" for banks and assistance to Greece. Remains to be seen what these "tough decisions" and what the banks concerned.

"We must make tough decisions on Greece and the banks but we can not do it before that Germany has adopted Thursday the rescue plan," sources said the same source.The German parliament is to decide Thursday on expanding the envelope and skills of EFSF, the support fund for the euro area set up last year. German lawmakers should give the green light. Remains to be seen what would those "tough decisions" that can not be formally discussed before the decisive vote.

The vote of Germany, Europe's largest economy and biggest contributor to the fund with 200 billion euros of guarantees, should give a decisive impetus. While the implementation of this mechanism requires the approval of the rescue 17 members of the euro area and that some countries, like Slovakia, are still praying.

The deficit in Social Security should be reduced to 14 billion euros in 2012 due to the impact of pension reform and new conservation measures planned for the health branch, said Thursday Valérie Pécresse, the Minister of Budget .

The government on Thursday to present the draft law on financing of Social Security (PLFSS) 2012.

In June, the Commission on Social Security accounts were reduced to 19.5 billion euros deficit in its forecast for this year.

"Our forecast for 2012 is 14 billion deficit.Fourteen billion euros when it was scheduled for 2015, so we have two years ahead, more than two years ahead, "said Valerie Pécresse on France 2.

"For the health sector, the deficit will be less than six billion euros, while we were at 12 billion in 2010," she said.

She said the announced reduction of the deficit by increased revenues related to pension reform and a halving of the deficit of sickness, thanks in part to new savings measures.

This savings plan should include new delisting for about 40 million euros and 600 million in savings on drug prices through price reductions negotiated with pharmaceutical companies.

Wall Street was seized Wednesday by concerns related to the exposure of French banks to the most indebted countries in Europe and possible contagion in the U.S. banking sector.

Like the European markets, the U.S. indices fell sharply on losses to finish higher than 4%.

The Dow has plunged 4.62% or 519.83 points at 10,719.94 points, while the S & P 500 lost 4.42% or 51.77 points to 1120.76 points.

The Nasdaq meanwhile sold 4.09% (101.47 points) to 2381.05 points.

Wall Street has been greatly disturbed by the rumors of the day on the French banking sector in general and in particular, Societe Generale, which was heavily penalized in the CAC 40.

Despite the denials made by Societe Generale, the stock closed down 14.74%.

"People who did not sell fast enough during the last financial crisis stand ready for the next time to sell quickly before asking question. And they think that the next time, it is now," said Ed Crotty, chief investment officer at Davidson Investment Advisors.

Financial stocks have been severely punished.The KBW index of U.S. banks sector was unscrewed from 8.21%.

Including Bank of America lost 6.77% to 10.92 dollars.

U.S. stocks opened higher Thursday, JPMorgan considered the results of positive compensating the warning on Wednesday by Moody's sovereign rating of the United States.

In early trade, the Dow Jones gained 0.1% to 12,512 points, while the Standard & Poor's 500, the benchmark for fund managers, is 0.3% to 1321 points and the composite Nasdaq ahead by 0.2% to 2803 points.

JPMorgan gained 3.2% to 40.91 dollars.The bank reported earnings better than expected, reflecting a decline in impairments on mortgage-and credit cards.

The rating agency Moody's placed the sovereign rating on Wednesday night the United States under review with the risk of downgrading, if an agreement is not reached in Congress on raising the debt ceiling.

Google, which must publish its results after the close, taking 0.5% to 540.8 million.

Wall Street finished up on Wednesday after what the Federal Reserve chairman Ben Bernanke suggesting that further monetary easing was not excluded if the economic situation warranted

Yum! Brands earns 2% to 56.60 dollars.The fast food company raised its annual profit forecast on Wednesday night.

In contrast, Marriott International was down 5.4% to 35.12 dollars. The landlord gave a forecast for the fiscal year that displeased the market.

Eric Chaney, chief economist of AXA IM, rising 25 basis points to 1.50% of the rate of the ECB is totally unwarranted and will only exacerbate the current slowdown in European economies. Jean-Claude Trichet, president of the European Central Bank during his monthly press conference in Frankfurt, March 4, 2010

The European Central Bank has just increased its interest rate by 25 basis points. Is this justified?

Not at all. Again, the ECB has shown itself completely impervious to surveys that have turned from green to orange in the spring. Whether in France, Italy and even in Germany, business leaders all expect a slowdown in activity in the coming months. In fact, the ECB is doing the same mistake as in 2008.At the time, investigations were in deteriorating and yet the ECB still had raised interest rates in July, saying it was better to guard against possible second-round effects on wages and demand – both internal and external – would support growth. The rest is history.

But the difference today is that the slowdown seems to provisional …

Exactly! The ECB would do well to ride out the storm, to wait until September before raising interest rates again. By tightening its monetary policy today, what is more Greek in crisis, it only amplifies the magnitude of the slowdown and complicate the rebound.

Can we say that the ECB has remained true to its mandate only interested in inflation, which has pressed the 2% in most European countries?

Not even.This movement of prices is only temporary, linked to rising commodity prices. In the medium term, it is more deflation, which threatens the economies of the euro area. Contrary to the speech of Jean-Claude Trichet, there is no excess liquidity that fuels the rise in prices in the euro area. Instead, the money in circulation is now dropped 9% below its pre-crisis average. It grew by only 2% in April, twice as fast as GDP in current euros. Second signal deflation: the evolution of credit. Over the last six months, new business loans were barely higher than the previous trough of the cycle … in 2002. Suffice to say that nothing justifies this increase in interest rates.

European banking stocks are divided down Friday in the wake of the collapse of Italian and Spanish banks, affected by the statements of Jose Manuel Gonzalez-Paramo, Board Member of the European Central Bank, on the crisis.

Jose Manuel Gonzalez-Paramo said that the debt crisis in the euro area was far from over and that the difficulties associated with the debt continued to impede the rebound in growth in major economies of the European Union.

Around 1:35 p.m., the sector index Stoxx 600 European banks fell by more than 1% after yet opened up following the agreement on the Greek austerity plan.

In Milan, Unicredit and Intesa Sanpaolo shares lose respectively 3.67% and 2.36% after plunging a time of nearly 8%. Unicredit is further affected by rumors of a capital increase.

In Madrid, Santander and BBVA yield 1.19% and 1.14%.

"Gonzalez-Paramo said that the crisis was not over and that she was far from over.This has hit banks in Italy and Spain because the market is very fragile and that panic can arise very easily, "said a trader based in Milan.

"We had a little bit of panic in markets with statements from each other on Greece," says yet another trader in Paris.

In Paris, Natixis shows the largest drop in the CAC 40, with a decline of 3.81% to 3.25 euros while BNP Paribas and Credit Agricole dropping 1.5% and 1.35%.Societe Generale yield 1.29%.

"The movement of French banks began with the attack on Italian banks related to the Moody's warning last night," said a stock dealer in Paris.

Moody's also threatened Thursday to lower the score of 16 Italian banks and two national financial institutions in the coming weeks.

This warning follows the launch last week of Italian sovereign rating "Aa2", Moody's said review to possibly lower it later, saying the economy ill-prepared transalpine an increase in interest rates by the Central Bank European.

Intense negotiations are underway to find a solution for involving private creditors in a new plan of aid to Greece without triggering a default, said Monday Jean-Claude Juncker.

The chairman of the Eurogroup, speaking before the Committee on Economic and Monetary Affairs of the European Parliament in Strasbourg has also warned that privatization does not solve all the problems of Greece and a political consensus was more necessary than ever in the country.

"With the ECB, we are working on a formula that does not involve a final determination and negative by the rating agencies and that does not involve the finding of a defect," said Luxembourg Prime Minister.

"These solutions are under consideration.The negotiations are difficult and burning, "he continued.

The European Commissioner for Economic and Monetary Affairs, Olli Rehn, said that this solution would be found in time to June 20

The rating agency Fitch said Monday it would consider an exchange of debt, even voluntary, as a credit event.

A credit event could enforce payment of insurance instruments such as CDSs, an event potentially serious consequences that oppose the European Central Bank and many countries.

Greece will probably in July a new tranche of aid from its international donors, enabling it to avoid default, in exchange for a new package of austerity measures.

ATHENS BUDGET ON TRACK

After considering for a whole month implementation by Greece of the first rescue plan 110 billion euros decided in May 2010, inspectors for the Commission, the International Monetary Fund and the European Central Bank said Friday that Greece had made considerable progress but need to accelerate structural reforms.

The Greek Finance Minister George Papaconstantinou said that Athens would be unable to meet its obligations from mid-July if the government did not get the next tranche of 12 billion euros as part of bailout EU and IMF, which was originally scheduled to be released June 29

According to the Greek newspaper Kathimerini, the new rescue plan for three years for Greece, which will therefore go up to 2014 will amount to 85 billion euros, slightly less than half will be provided by the EU and IMF.

As Jean-Claude Trichet, president of the European Central Bank (ECB) Jean-Claude Juncker said Monday that Athens had made progress in implementing its program of fiscal adjustment.

"The Greek government is on track to meet its budgetary targets for 2011," he told MEPs, while preventing the privatization program of 50 billion advanced by the Greek authorities would not solve all the problems of countries.

Jean-Claude Trichet said that the use of a debt restructuring Greek – solution that many analysts consider inevitable – is not appropriate as the country maintains its reform program announced, including urging Athens to conduct a privatization process credible and rigorous.

Jean-Claude Juncker and Olli Rehn also again called on the Greek political forces to reach a broad consensus on new austerity measures.

"If this is possible in Ireland or Portugal, why it would not be in Greece?" Asked Olli Rehn.

Prime Minister George Papandreou said he would not rule to consider holding a referendum on those measures.