The British public sector employees are on strike on Wednesday against pension reforms, a move that will disrupt schools, airports, hospitals and municipal services, including trade unions and expect that it will be the "most important in a generation." More than a thousand events are planned across the country and the organizers hope that two million people observe this work stoppage, more so than during the previous day's strike in June for the same reason.

The government wants to delay the age of retirement in the public sector to 66 years in 2020 – against 60 for the most current, and increase contributions, as part of its austerity plan. Negotiations taking place for several months are currently at an impasse, the government citing the increase in life expectancy and the need to restore a balance with the private sector. In an attempt to limit the nuisance caused to users – a particularly sensitive subject in the UK – the Conservative Prime Minister David Cameron has asked companies to accommodate employees with exceptional children.

The top of the eurozone, which ended in the night between Wednesday and Thursday led to a series of measures to resolve the crisis, including the deletion of 50% of the Greek debt to private creditors and the strengthening of the Fund stability in the euro area.Here are the details of decisions taken by all European leaders.

The discount of the Greek debt to 50%

Banks and private equity funds that hold Greek debt have agreed to voluntarily relinquish 50% of their claims on the national debt by 2020: specifically, from January 2012, they will exchange their debt obligations Greek against others whose value will be halved. This represents a deletion of 100 billion euros of Greek debt, currently at 350 billion euros. Fund stability in the euro area (EFSF) will bring to these private creditors 30 billion euros in guarantees on these new claims.Among the measures to strengthen fiscal discipline common EU monetary figure "the adoption by each Member State of rules on passing a balanced budget the Stability and Growth in the legislation, preferably at the constitutional level or equivalent end of 2012, "the statement said.

Highs in the euro area twice a year

Highs in the euro area will be held twice a year. They will be chaired, at least initially, by the President of the EU, the Belgian Herman Van Rompuy. A change in the EU treaty is considered.

Europe is the threshold of a decisive week that will culminate with a summit of its leaders on October 23, where they plan to give a blow to a debt crisis that has lasted almost two years and threatens their common currency but also the global economy.Following a meeting Saturday in Paris with his G20 counterparts, the French Minister of Finance Baroin promised the rest of the world, worried about a financial tsunami, the Europeans would make October 23 an answer "decisive "to the debt crisis, both" comprehensive and lasting. "

Since the beginning of the turmoil in late 2009 in Greece, the fire has continued to spread in the euro area. Often divided on how to proceed, European leaders have most often plug the holes that never make a convincing answer. After multiple missed appointments – the decisions taken at a previous summit on July 21 are still not in place – this time they intend to operate a turning point.

The idea is to present a set of steps to the top of the top twenty rich and emerging countries (G20) on 3 and 4 November in Cannes.Objectives: stopgap stabilizing Greece will receive a loan vital to 8 billion euros, strengthening the firewall finance in the euro area to prevent Spain and Italy will follow suit – which would doom the euro – bail out weak banks and improve governance of the monetary union.

The Europeans plan contains "appropriate elements" and "encouraging things," Saturday welcomed the U.S. Treasury Secretary Timothy Geithner, who with President Barack Obama has stepped up pressure in recent weeks. Why Europe must decide on several issues.Prior to the summit of 23 October, preparatory meetings of finance ministers are scheduled Friday and Saturday as the task is immense.

What discount on Greek debt?

Among the key issues: the percentage of Greek debt that creditors will have to give up the degree of recapitalization of banks to absorb the shock or the arrangements to enhance the firepower of the Relief Fund of the euro (EFSF) via a "leverage". In detail, the figure of 21% "haircut" for holders of Greek debt, decided July 21, is now obsolete and considered the percentage may reach up to 50% now, according to a European government. Problem: you have to reach a negotiated solution with the banks at present are praying.To address the risk of default Greek, European Commission President Jose Manuel Barroso, also announced he would propose a recapitalization of banks so that their own funds "hard" reach 9%.

And the leader of the Eurogroup Jean-Claude Juncker even considered to force the banks that do not play the game to contribute more to the debt relief of Athens. It will also expand the capacity of intervention of the EFSF, beyond what was already decided in July and approved this week by Slovakia, the last country the green light was still pending. The option to leverage its efforts by making it grants not loans, but guarantees to holders of debt seems fragile hold the rope, according to European sources.An alternative, favored by France, which would be transformed into the EFSF bank to borrow from the European Central Bank, seems ruled out because it violates the EU treaty.

The euro crisis has also reinforced the urgency of a paradoxically greater integration of driving the euro area. The subject will also be discussed at the summit. Under the anxious eyes of the European Commission which fears being marginalized, Paris and Berlin want to give more backbone in the Monetary Union with peaks at least twice a year of its leaders under the leadership of Herman Van Rompuy, which chairs have those of any European Union.It is also about strengthening fiscal discipline, creating a position of "super-commissioner" European dedicated to this task, or to place trust countries formal budgetary difficulty or to allow the European Court of Justice to punish States too lax.

Both ministers, however, did not disclose the concrete modalities of this cooperation, referring implicitly to announcements by the Meeting of Heads of State and Government of the G20 November 3 and 4, as offered by the French President and German Chancellor Angela Merkel on Sunday.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said Baroin.

"We have made good progress (today) on the path defined by the Chancellor and the President to find the terms of a comprehensive and sustainable package," he added.

The ultimate goal, he said, is to respond to markets on the stabilization of the euro area, the situation in Greece, the "maximization" of the European Financial Stability Fund (EFSF) and a capital contribution the weakest banks.

The hope for an early resolution of the crisis of sovereign debt in Europe has boosted the morale of the financial markets.

Around 3:40 p.m., the pan-European FTSEurofirst 300 index of 1.65% progressed.

In the United States, Wall Street opened up, supported by this perspective, the operators seemed not to worry, for now, a sovereign downgrade of Spain by Standard & Poor's.

"We have never been so close to a solution (the crisis)," responded David Thebault, head of quantitative trading at Global Equities.

"But this is not done yet.There is concern that the market takes it badly if there is no announcement of precise and detailed plan on October 23 (date of the next European Council-Ed) November 3, "he qualified.

PROTECT PRIVATE EURO

Wolfgang Schäuble has in turn ensured that France and Germany had a "common position" and expressed confidence that both countries can "protect the euro area".

Nicolas Sarkozy said Sunday that the compromise between Paris and Berlin on how and where the process was considered "complete", denying the reports of differences over the use of EFSF, now ratified by all member states of the area euro.

While the capital needs of European banks were estimated between 100 and 200 billion dollars by the International Monetary Fund, Angela Merkel stated that the new European Banking Authority and the IMF would be asked to ensure that what is proposed is "durable and strong."

Nicolas Sarkozy also said France and Germany were preparing a number of adaptations of European treaties to strengthen the integration of economic and monetary union.

In early trade, the Dow was stable (0.04%) to 11,406 points.The Standard & Poor's also (-0.01%) to 1204 points while the Nasdaq composite fell by 0.1% to 2610 points.

The Federal Reserve, which meets Tuesday and Wednesday, is expected to announce steps to further lower the long-term rates by changing its own bond portfolio.

Wall Street has little else to move, in the absence of outside major indicator of housing starts, or major corporate earnings.

The housing starts fell more than expected in August, falling 5% to a seasonally adjusted pace of 571,000 units, according to the Commerce Department (consensus: 590,000 units).

Markets on both sides of the Atlantic do not seem overly unsettled by the decline of Italy by rating agency Standard & Poor's, a decision yet unexpectedly revives the specter of a contagion of debt crisis in the eurozone.

Values, Xilinx lost 2.38% at the opening. The programmable chip maker cut its revenue forecast for the second quarter due to the sluggishness of some of its markets.

German Chancellor Angela Merkel said Tuesday that it was necessary "to avoid any uncontrolled process in the euro area", referring to a bankruptcy of Greece as it is discussed with emphasis in Germany these days. "We work with all means at our disposal so that it does not happen," said Merkel in a radio interview Inforadio. "The first priority is to avoid a default unchecked, because it would affect not only Greece, and because the risk that affects us all, or at least many other countries, is very high," at she said.

His economy minister, the Liberal Philipp Rösler, was mentioned in a press box Monday the event of a default of Athens, setting fire to European stock markets. "I think we do a great service to Greece so we speculate as little as possible but encourage Greece to meet its commitments," said Merkel indirectly criticized the release of M. Rösler, who is also vice-chancellor.

Speaking on state television, MEP Elmar Brok, from the ranks of his conservative party CDU, said that "if Greece were to fail, we should always support it financially." "And the German economy would fall into crisis, not only foreign trade but also of its financial sector," he said. The Chancellor also ruled out an out of Greece in the euro area."I said very clearly my position is that everything must be done to maintain the euro area politically intact," she repeated.

"From all I hear from Greece, the Greek government is aware of the situation and does what he must do," said the Chancellor, who had already called a few days ago to be patient in respect of Athens. "The fact that the Troika returns suggests that Greece has initiated a number of things needed," she said.

The Expert Group of the European Commission, the European Central Bank (ECB) and International Monetary Fund (IMF) to evaluate the progress of Athens in the implementation of its reform program had unexpectedly left the country September 2. He must return to Athens in the coming days.

Excluding a $ 10.6 billion paid for the Irish banks, the deficit was reduced by about two billion euros a year, the ministry said.

Tax revenues reached 20.5 billion euros, representing an increase of 8.3% over the previous year and slightly above the target of 20.3 billion set by the Ministry for the end of August.

Expenses amounted to 29.2 billion euros in the first eight months of the year.

This evaluation suggests that the hurricane was downgraded to a tropical storm may have caused less damage than feared by insurance professionals.

According EQECAT, the bulk of the damage in both states was recorded in North Carolina, including unusual waves and flooding.

Added compensable damage suffered in the Caribbean, estimated between 300 and 600 million, now estimated EQECAT Irene has so far caused damage of between 500 million and one billion dollars.

This is less than the estimates of the competitor AIR Worldwide, which refers to 1.1 billion damage in the Caribbean region alone.

Estimates of damage to the rest of the United States are expected in Monday.

The CEO of Volvo Stefan Jacoby announced in February to invest more than $ 11 billion (7.6 billion euros) over five years. They can be used to build new plants and development of new products.

Geely, parent company of Geely Automobile Holdings, acquired Volvo from Ford in August 2010 for $ 1.8 billion (1.4 billion), concluding the largest takeover of a foreign automaker by a Chinese .

11:17: The Greek GDP could shrink by more than 4.5% in 2011 against 3.8% expected, announced Friday the Greek finance minister, Evangelos Venizelos.

11:08: The Paris Bourse reduced its losses to -1.81%. Bank stocks and shares most sensitive to economic conditions remain turbulent backdrop of fears of recession in the U.S. and doubts about the capabilities of bank financing.

10:47: China welcomes the "clear message" on the strength of U.S. Treasuries.Vice President Joe Biden, who is visiting Beijing to reassure his interlocutors on the economic health of the United States, sent a "clear message" on the strength of the U.S. Treasury, welcomed the Chinese premier Friday Wen Jiabao. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt. This will ensure the safety, liquidity and value of good Americans," said M . Wen receiving Biden.

The 10 figures to be taken on the stock market crisis

Stock market crisis: that investors may

10:31: The gold to a new historic high, at over 1,860 dollars an ounce for the first time.In the aftermath of Black Thursday, the yellow metal benefits from its status as a refuge from a new collapse of European stock exchanges.

10:19: The Hong Kong Stock Exchange closed down 3.08%

10:02: The London Stock Exchange fall by 3% and sinks below the symbolic threshold of 5,000 points in early trading, following its biggest fall for 3 years in a market still préoccuppé by fears the global economy and the debt crisis.

On the crisis across the Atlantic, read the survey: United States: the giant entangled

9:59: Banks again heckled.The banking sector, after plummeting yesterday, experiencing a very difficult early trading, BNP Paribas 3.77% drops to 32.95 euros, Societe Generale 3.33% to 20.87 euros and Credit Agricole 2.22 % to 6.09 euros.

9:49: The Paris Bourse widening its losses in early trade, financial stocks are once again very turbulent as fears of a recession in the United States and a drying up of funding for European banks remain high. Around 9:20, the CAC 40 index ceded 2.50% and back below the 3,000 points to 2,999.20 points. Bank stocks are again suffering the largest losses: to 9:30, BNP Paribas 2.37% ceded to 33.43 euros, Natixis 1.21% to 2.85 euros, Crédit Agricole 0.92 to 48%, 01 euros and Societe Generale 0.79% to 21.43 euros in a market down by 1.96%.

9:46: The same trend in other European marketplaces.The Madrid Stock Exchange opened down 1.09% at 8226.8 points on Friday. The Ibex-35 index of blue chips from the Madrid stock market plunged 4.70% to 8317.7 points. The London Stock Exchange retreated again the day after its biggest drop in three years. A few minutes after the opening, the FTSE-100 index lost 43.37 key values ​​points, or 0.85% over the closing Thursday at 5048.86 points, widening its losses soon after yielding 0 , 35% in early trade.

To understand the reasons of falling markets, also read: Banks are plunging stock markets

9:18: Asian stock markets into the red. They have also succumbed to the new wave of concerns about global growth, while gold, a safe haven, set a new record. Sydney closed down 3.51% and Seoul plunged 6.22%. Hong Kong lost 2.62% and 0.98% Shanghai shortly before closing.Oil also changes sharply lower. In trade in Asia, a barrel of "light sweet crude" lost $ 1.05 to 81.33 dollars. Gold continued to cross the records on the rise, playing its full role as a refuge. The yellow metal rose Friday morning at 1,837.50 Hong Kong dollars an ounce, after crossing the threshold on the eve of the unprecedented 1825 dollars.

9:09: The Milan Stock Exchange opened down 0.30% to only 14,926 points, after collapsing the day before closing on a decline of 6.15%. And Swiss stock exchanges fall -2.60% at 9:34 local, half an hour after it opened down slightly from 0.61%.

8:17: The Tokyo Stock Exchange closed down 2.51%, carried by the wave of international concerns about a slowdown in global economic activity and a victim of the subsequent increase in the price of yen.The Nikkei 225 index of blue chips still sold 224.52 points from its closing price on Thursday to appear at 8719.24 points, a level it had not fallen since March 15, at Following the terrible earthquake four days ago in the northeast of the archipelago.