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Barack Obama knew last night that he should seize the last opportunity to pass stimulus measures. For 32 minutes he has compiled the list of measures characterized as "urgent", intended to support consumption and encourage the hiring in 2012. With a little luck and cooperation from the Republican majority in the House of Representatives, some of these measures will be adopted in early 2012.

In fact, the time is right. The presidential campaign in full swing as early as January. Common ground between Democrats and Republicans are thus virtually impossible to find in March.

To appeal to conservatives, Barack Obama is wearing more than half of its plan to 447 billion dollars of reductions in charges paid by employees and businesses.By halving the payroll tax that finances the retirement program, Social Security, the President went even further than previously thought.

The issue of funding on hold

In the minutes after the speech, John Boehner and Eric Cantor, the two leading House Republicans, said they wanted to do that such measures are discussed. They do not want to obstruct all types of measures: their constituents are just as concerned about the risk of relapse into recession as the Democratic voters low rates payday advance. Other reaching out to Republicans: the promise to submit to Congress on free trade agreements negotiated for a long time with Korea, Colombia and Panama.

Finally, the issue of infrastructure spending, Republicans should also be attracted, even if the chances that they align themselves to finance projects rail transit are slim. Moreover, the proposed transfer of funds to States to preserve the jobs of civil servants might not pass Congress.

Then there is the crucial issue of financing of these measures. Barack Obama has stated repeatedly that they would all be funded. But he did not say how.

It should not provide details until next week, when finally published its plan for debt reduction over the medium term. The White House makes plans to finance these stimulus measures need to be involved in 2012, by savings in the longer term.Republicans, eager to reduce public debt now, will try to find savings elsewhere in 2012, to finance what they will accept the plan Obama.

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Free for now will accept cash, or take away from the call for applications for licenses 4G. Wednesday, the Council of State rejected the application for an interim operator to obtain a spreading of the payment. The sages have ruled that Free was justified "or a breach sufficiently serious and immediate interests, or consequences that may affect sustainable competitive market structure that would be likely to constitute an emergency." In other words, not Free convinced that the call for candidates favored the larger operators, who have the means to immediately implement the fixed portion of the license.

Free for all is not over. The State Council will consider the application for annulment of the procedure "in the coming months." Meanwhile, the call for applications for these frequencies will take its course. And the timing is tight.The operators concerned must submit an application before September 15 for the 2.6 GHz band and before December 15 for the 800 MHz band, which relate to the state at least 2 low fee payday advance.5 billion euros and accelerate access mobile Internet. "We were as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, "explained the Minister of Industry Éric Besson Le Figaro on Monday.

Two other cases against the call for applications for licenses 4G remain. Several unions require the licensing to be accompanied by a clause of "location of jobs in France." Bouygues Telecom, for its part, denies that the operators have to bear the costs associated with the 4G frequency interference by the signals of TNT."We assess that risk to less than 2% of homes," said Eric Besson minimized Monday in Le Figaro. In response, however, the government will establish "a single phone number with a small call center, so that individuals can report any such interference on their TV and get the linkage with the responsible operator."

New blow for SocGen. While the second French bank is particularly turbulent stock market since the beginning of the summer, with a share price halved in three months, she has to face new suspicions. After the unfounded rumors about the supposed risks of bankruptcy, after questioning by U.S. authorities in a fraud complaint on subprime, Societe Generale now sees its relationship with the Gaddafi regime scrutinized. The new Libyan authorities are looking into effect on the investment made by the French bank with the Libyan sovereign fund, the Libyan Investment Authority, reports the Wall Street Journal. Some of these funds would have landed in the hands of people close to the government in place, the paper said.Societe Generale would have paid a certain amount to a Panamanian company, Leinad, to help organize and advise an investment of one billion dollars in 2008. If the exact mission of Leinad is not yet clear, its role has at least been criticized by members of the Libyan sovereign fund, before the start of the Libyan revolt, the newspaper said payday lenders.

For now, the bank declined to comment on its relations with the sovereign fund Leinad or Libya, says the Wall Street Journal. Societe Generale, however, said she has "worked occasionally with financial intermediaries in countries where it is not directly present."And these consultants are "fully selected and monitored in accordance with our procedures and ethics with the law and in full transparency with the customer," said the group, some have "acted in full accordance with the laws and regulations the sovereign ".

Throughout the reign of Colonel Gaddafi, it was indeed common for large groups pay foreign intermediaries, advisors and consultants to do business with Libya.

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The debt crisis turns to Greek tragedy and psychodrama. Tuesday night, a committee of experts of Parliament in an official report revealed that the country's debt was "out of control." The next day, denial and criticism rang out, Evangelos Venizelos, the Finance Minister did not mince words, stating that these auditors did not have "neither the knowledge nor the experience nor the necessary responsibility to judge the debt ", a few hours later, the director of the parliamentary commission complained resigned.

Stock market crash

Friday, an additional layer was taken with the surprise announcement of the suspension for ten days, the mission started in Athens earlier this week by experts from the troika (EU, ECB and International Monetary Fund).This sudden departure caused an outcry in the country and the stock market plummeted at the opening, causing the European financial centers in its wake. The finance minister has tried to downplay the event: "There was no rupture of discussions between the country and the Troika," he said. But Evangelos Venizelos has failed to convince, especially as he admitted, following that "Greece will not hold its goals of reducing the public deficit in 2011 due to the deepening recession in the country. " GDP is forecast to decline by at least 5% this year, the government now provides, which leads mechanically to predict a deficit of 8.8% of GDP at end 2011, against a previous estimate of 7.4%.

It is a fact, almost a year and a half after the introduction of the first austerity plan, Greece is again up against the wall.The austerity measures have led to a sharp recession and sealed growth, competitiveness and production. The unemployment rate reached 16.6% last month. "The committee was right. The debt is really out of control because it is growing and will continue to grow, "Analysis Stefanos Manos, a former finance minister credit reports free. "It is sad to see that the government did nothing for months. No reform of the state system, not privatization, but only the imposition of taxes and cuts in wages! There are more public spending in 2009, before the crisis, he said. This time, it is urgent, bankruptcy is just around the nose. International leaders must tap your feet.They should refuse to grant the sixth installment of the loan of 110 billion euros granted to Greece if these measures are not implemented. "This is probably the direction of the departure of the troika, which means by this dramatic move to the pressure on the government.

But this game of poker liar weary Greeks who bear the brunt of austerity. Last significant extent, the increase in VAT in catering from 13 to 23%. "A step too far, according to Giorgos Delastik, a political analyst. The Greeks are exhausted. They think that especially in terms of rigor is not applied the right way to save their country from the crisis, just as Ireland and Portugal. "

Strikes and demonstrations were not long in coming. After the Athens metro and teachers, the outraged calls for a mobilization in Parliament tonight.Ilias Iliopoulos for general secretary of the union officials, the Greeks played their all. "We are on the verge of a social explosion," said he. "In 2010, when the deficit would be reduced by five points, the Greeks had to make huge sacrifices. Today, they can not accept other measures or new cuts on wages. " However, the troika request 2.5 billion savings by the end of the year. The authorities now fear having barely contain the anger of the Greeks, who was radicalized after the summer break.

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New tough session in Paris. After opening close to balance (-0.11%), ACC widened its losses in the afternoon, in response to the speech from Fed chairman Ben Bernanke. The index rose from 3045 to 3015 points in minutes. But investors quickly resumed: a comprehensive plan was not finally ends probable.Le CAC down 1% to 3087.64 points.

Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter. It rose 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In Frankfurt, the Dax-30, very bumpy this week limit case and ends with a drop of 0.84% ​​to 5584.14 points after losing more than 3% in séance.À the London Stock Exchange, the FTSE- 100 finished virtually unchanged: it loses 0.02% to 5129.92 points.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours. As for the oil markets, I Brent North Sea for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

In the euro area, regardless of major macroeconomic news.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.30% to 52.97 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.82% to 21.33 euros, BNP Paribas was down 2.33% at 33, 56 euros, Credit Agricole down 1.41% to 6.419 euros while Natixis closed the show the worst performance (-4.51% to 2.686 euros).

In an interview with Le Figaro, the CEO of Crédit Agricole (-1.41% to 6.419 euros) said the group had "significant cash reserves" and "has no difficulty in financing" .

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot (-0.62% to 19.36 euros) which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, folds to 2.03 %, to 19.01 euros. Renault wins its 0.46% to 26.32 euros.

Total: -0.73% to 32.5 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

The race against time for Christmas toys began. The year 2011 is not easy. In addition to the rising price of raw materials, manufacturers and distributors must manage an additional constraint: the implementation, since July 20, the new European directive on toy safety. This significantly strengthens the requirements. So, in laboratories and offices, the list of requests made to the standards continues to grow … "The timing is not ideal compared to year-end holidays," says Stéphane Azoulai , Vice President Lansay.

The new directive, which replaces a text dating from 1988, strengthens the regulation, including through improved product traceability. Each toy must now be accompanied by his "identity card".Which identifies the entire production chain, from raw material origin to the name of the toy factory where it was manufactured. As for the 'CE' (European Community), it must be printed directly on the product or its label and not only on its packaging.

"The goal is to enable consumers to find out where the toy," says Serge Milon, toy expert at SGS, the world leader in inspection and certification. Mistrust has indeed increased in recent years, the list of suspect products (cadmium, phthalates …) have ceased to grow.

The Directive also takes into account the changing attitudes of children. The markings were made more accessible by using shorter sentences and more punchy ("choking," for example).The new text drummed cards especially among manufacturers, distributors and importers in an area where more than three quarters of the products are manufactured in China. The responsibility for quality and safety, is now shared paydayloan. It no longer lies only to manufacturers.

An implementation guide accompanies the 150-page directive to allow decoding risk analysis, monitoring records … If some importers or distributors may prefer a blind eye to the origin of a particular toy, they could now show zeal. Some will have to conduct additional inspections. "This is monstrous files to provide our clients, Stéphane Azoulai sorry.Some signs are up again test the toys in the laboratory. "

Advantage given to European manufacturers

The cost of the new standards, up from 10% to 20%, also changes the game. It takes 1,000 to 4,000 euros per product, depending on its level of sophistication. Products stored for more than three years must also board safety tests. "When 150 references, it starts to do a lot!" Stéphane Azoulai plague. "These high costs lead us to limit the depth of our range, adds Thierry Bertoux, CEO of Jemini, the French soft toys and furniture for children. It is easier for a multinational company to amortize these costs over several million pieces. "

Some companies have chosen to transform their organization to adapt to the regulations.At Lansay, one person was previously in charge of standards and procurement. A team will soon be established.

If it is more restrictive, the new regulations, however, gives a competitive advantage to European companies, "insofar as it creates barriers to entry," said Thierry Bertoux. "Making cost could lead to compromise at the expense of safety, says Serge Milon. It is a way to make quality and safety of products up by applying best practices. "

The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei 225 is again in the red, falling 1.04% to 8945.12 points after finishing up 1.05% yesterday.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone payday loan lenders. The gold and reached new records, crossing first the maximum 1800 dollars.It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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Twenty products absent from the shelves of the pharmacy on the first day of the week. This is the situation that a small pharmacy owner in the fifteenth arrondissement of Paris, a few days of the summer closure of his pharmacy. An almost normal, and shared by many of his colleagues. These problems of supply disruptions, the pharmaceutical companies (LEEM) have also identified a few months. Front-line antiretroviral drugs (treatments against AIDS), insulin, or steroids. In some small pharmacies, such as supply disruptions related antidepressants and vaccines.

"The mountain of pharmacies in these areas have alerted us, says we in the trade association of the drug industry, because in general, breaks off and still found the result of bad weather, or social movements. " This was not necessarily the case in recent months."For some specific drugs, including antiretrovirals, there is a significant difference between the amounts made available to the distribution channel for businesses, and far below the number of units dispensed by pharmacies in town," confirms the organization.

In this case, then those products which go missing? According to Leem, some drugs would be captured by "short liners," the new intermediate appeared recently (4-5 years), whose intervention "aims to capture the margins, and do not have to Unlike the traditional players, a culture of health professionals ", warns Leem.And the controversy grew about the possible disruptive effect that these new players would result in the drug market.

Introduction of quotas

These new entrants are currently only 2.5% of the market for thirty entities in competition with wholesale distributors, who are the traditional intermediaries between laboratories and the approximately 23,000 French owners of pharmacies. "This is especially true for drugs produced and distributed in small quantities, such as antiretroviral (ARV) where their intervention significantly affects the fluidity of the market, says Emmanuel Déchin, general secretary of the Chambre Syndicale in the pharmaceutical distribution (CSRP) , which comprises seven members, representing 97% of the French market."We know that none of these ARV box which is sold is intended for the French market.".

In addition, since the early 2000s in France, every distribution is given by pharmaceutical companies, quotas based on national market share. "We understand the concern of an economic actor such as a laboratory to better control the flow of production, Emmanuel Déchin tempers. But it also induces more rigid and can penalize us and expose us to break. " Today, about 600 drugs on the 5300 allowed the French market are subject to these quotas. And strong demand in France for some products, lead to regular stock-outs on nearly 270 specialties, according to the Union of pharmacists (USPO).

Also, some advance to explain that the pharmaceutical giants, or even distributors, do not hesitate to reserve a portion of their stocks of the more "lucrative". Indeed, patented products still sell for an average of three to five times more expensive in the U.S. than in France. And even within the European Union, large disparities persist. On average, the products can be sold 20% more expensive in Germany than in France, while in Spain, prices are generally lower than 10%. "I do not honestly believe that a laboratory, despite its economic imperatives, can do this type of arbitrage to the detriment of the health of patients' tempers Déchin Emmanuel.

The health minister is prepared to legislate

For his part, and face these charges, the Health Minister Xavier Bertrand was firm: "These systems are known to parallel importation, but I do not want that.What is planned for France should be consumed in France, "he said on Europe 1 radio on Tuesday. He was prepared to legislate if laboratories and wholesalers did not meet their obligations, "or you meet your quota, or I will oblige with a new text, he said. It's a shame to come here but I will not hesitate one second to do so. "

Therefore, to overcome these difficulties, some small pharmacists have no choice but to defeat the usual, explains that another pharmacist in a small pharmacy (800,000 euros of annual turnover): "either we manage with co-major pharmacies that are generally better off than us, or we go directly to the laboratory control. But this can only be temporary, because of course we pay more than the wholesaler! ".For two or three years, the pharmacist admitted being increasingly confronted with such situations, including antiretrovirals and cancer. Clearly, treatments that can not wait. Troubleshooting

Faced with this shortage, Leem and the French Agency for Safety of Health Products (AFSSAPS) have set up emergency solutions (stocks troubleshooting, short circuit …) and special issues to avoid the maximum out-of treatment for patients. A temporary workaround, which can not do without an in-depth study of the new challenges of the French system of drug distribution. What the Department of Competition and Fraud (DGCCRF) seems to be addressing.

In turn, dispatchers did not call for the abolition of quotas, nor to that of intra-EU trade, but felt that the resolution of this issue "very complex" pass through "pragmatism and a sense of responsibility on the part of all actors in the chain, given the economic pressure to which they are subjected. "

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Relief. Is the word that should prevail today on all global exchanges, after U.S. lawmakers passed this night finally put to agree on raising the debt ceiling. At 8:15, future contracts on the CAC 40 advanced sharply from 1.39% to 3724.50 points.

Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, the calm would return to the Paris financial center.After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is in default of payment in the coming days. According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars, which breathe new life in the United States on the forehead of the debt until 2013, after the presidential elections. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism are to be expected in the financial markets today, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day.Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will then be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years. From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely followed by the markets.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement.At 8 am, the euro fell slightly (-0.13%) against the greenback at 1.4385 dollar, while it bounces against the yen. Around 6:00, the dollar stood at 76.73 yen 77.58 yen against Friday night cash advance in one hour.

In terms of oil prices were up Monday morning in electronic trading in Asia, where the market relieved by this agreement in extremis. In morning trading, a barrel of "light sweet crude" for September delivery gained 1.53 dollars to 97.23 dollars. That of Brent North Sea crude for September delivery was appreciating $ 1.25 dollar to 117.99.

Macroeconomic side, investors should look carefully at the unemployment figures for the month of June Overseas are also expected to 4:00 p.m. construction spending for the month of June, the ISM manufacturing index for July.

As for values ​​to follow

Last week, the many semi-annual publications were rather disappointing, adding to the nervousness of investors. The pace slows publications this week, though are expected in the next three days the details of the interim bank values ​​(Tuesday BNP Paribas, Societe Generale on Wednesday and Thursday Axa and Natixis).

Eiffage reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered a decrease over the period.

Outremer Telecom. A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (EDF ENR) has entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process.

General Health issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher acute care stays.

Recylex published Friday sales for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its business in recycling lead thanks to rising 16 % of lead prices and increased sales volumes.

Air Liquide. The gas giant reported Monday a 11% increase in net profit in the first half, to 750 million euros.It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period. The British bank HSBC, which is listed in Paris, finally published its results for the first six months of the year.

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A lifeline to 158 billion euros. The Greek Government did not hide his relief on Friday. He said that local banks were now able to overcome the crisis and promised to accelerate reforms, fight against tax evasion and privatization in mind. The entourage of the Prime Minister insists that the country now has an obligation of result and ensures that it will manage to escape the nightmare of debt.

A view that is far from sharing all the Greeks. A good part of them remains in an attitude of rejection of "the dictatorship of the markets." For Giorgos Delastik, political analyst, "Europe has saved Greece and its banks but not the Greeks. The country is under the supervision of the EU budget and the IMF for many years. It is humiliating that Greece is so singled out. And Greece is a kind of European laboratory.Wage cuts and new taxes imposed, will be too soon in all countries without exception. "

The hope of a recovery

Point of the Brussels agreement, however, found favor in his eyes: "The most positive is that Europe keeps its promises to implement an economic recovery strategy." The compromise provides that Greece has a largest share of EU funding for development (the so-called "structural funds"). For the economist Alexandros Paparsenos, "is the best announcement of the summit. By reducing debt and injecting money into the development, financing of infrastructure and major projects, it gives people hope for a recovery.The rigor was not an option and now hopefully return to a positive growth rate early 2012, "said he.

As part of the compromise on Thursday night, the banks had to make sacrifices. In the Greek banking sector, the tone is at the discretion. "This decision removes the pressure on Greece and will allow him to return to the market in three years to borrow large sums," hopes the president of a major Greek bank, on condition of anonymity. "Instead of paying 14 billion euros in interest rates, or 6% of GDP, the country will pay 11.5 billion. By cons, now the government has no excuses, he says. The Europeans, creditors, the people, everyone made an effort. This requires that led George Papandreou promised reforms in a fair and especially the privatization program.He has to channel the discontent of the Greeks, some want to boycott the system, and it encourages us to lend to entrepreneurs to boost the economy. "

The risk of a new social explosion will be part of the challenge of the Papandreou government. After the indefinite strike of taxi drivers, other sectors such as marine and port workers, announced that they observe similar movements. The game will be tight.