Tens of thousands of demonstrators gathered outside the Greek parliament as MPs must vote in the late afternoon a bill consisting of austerity measures demanded such drastic and unpopular es by the EU and the IMF in exchange for a new rescue plan.

Greek Prime Minister of Greece Lucas Papademos warned against the "economic chaos" in case of rejection, while Germany has warned that Greece should stop being a "well bottomless "`.

After three days of tension and political threats, Parliament began shortly after 14:00 (12:00 GMT) to examine the bill to save 3.3 billion euros thanks to lower wages, pensions and job cuts public. 

The vote must take place before midnight (2200 GMT), said the finance minister, Evangelos Venizelos, "because on Monday morning, the banking and financial markets should have received the message that Greece can and will survive. "

"If the law is not adopted, the country will go bankrupt," warned the Minister that a Communist deputy threw the pages of the bill on the floor of the Assembly.

About twenty members of the coalition of Lucas Papademos have threatened in recent days to vote against the text and six government members submitted their resignations, but the Prime Minister will still theoretically supported by a large majority. 

Outside the parliament, police fired tear gas to try to disperse demonstrators who threw stones and Molotov cocktail at Syntagma Square.

This is the largest mobilization since the month of demonstrations against the security measures. Most protesters retreated but clashes continued in the middle of the afternoon.

"There is tear gas into the interior of the Assembly," said one Communist deputy, Panagiotis Lafazanis.

"Bottomless well"

The new austerity plan is the price to pay for the release of an aid program of 130 billion euros from the EU and the IMF – the second since 2010.

Greece has to touch the money before March 20 to repay a state loan of 14.5 billion euros.

Germany has turned up the heat a notch Sunday warning that Europe expected actions and not words.

"The promises of Greece are no longer sufficient for us," warned the German finance minister, Wolfgang Schäuble. 

Referring to the new austerity plan in which the Greek deputies must vote this Sunday, the minister said in an interview published by the Welt am Sonntag that the previous did not e ; tee implemented in their entirety.

Wolfgang Schäuble said that the Germans are largely in favor of an international aid to Greece. "But it's important to say that it can be a bottomless pit. This is why the Greeks will finally have to clog the well. Then we can put something. At least people are now beginning to realize that it will not work with a bottomless pit.

"Greece must do its homework to become competitive, it requires a new rescue plan or some other way that we do not want to (…)" he says referring to an output the euro area.

Asked if such an outcome is possible, Wolfgang Schäuble responds: "Everything is in the hands of the Greeks themselves. But even in that event, on which no table, they remain an integral part of Europe ".

"We are pleased to offer our assistance, but we should not give others the impression that they have not done enough. Each state is responsible for itself," explains he said.

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The Tokyo Stock Exchange ended slightly lower, from 0.15% Thursday, after announcing an acceleration greater than expected rate of inflation in China and continuing uncertainty about the bailout of Greece.

The Nikkei lost 13.35 points to 9002.24 points while the Topix broader took 2.15 points (0.27%) to 784.49 points.

Nissan Motor has lost more than 1%, a victim of profit taking after its results.

The Finnish group Outokumpu will acquire the division of ThyssenKrupp Stainless, Inoxum for 2.7 billion euros to develop synergies and to defend against competition from Asia. </ P> The agreement will be partly financed by the issuance of one billion euros of new shares and Outokumpu will result in the closure of two smelters and the elimination of 850 jobs in Germany. </ p> Analysts said the merger would enable all European producers of stainless steel to increase their room for maneuver on pricing as the industry is weakened by excess capacity. " / p> Outokumpu will pay one billion euros in cash to ThyssenKrupp and resume at the last 422 million euros of debt.</ P> The German group, whose market share in Europe is estimated between 35 and 40% ceded to pressure from its unions by agreeing to remain a shareholder of discontinued operations ; are: it will hold 29.9% of Outokumpu after the operation. </ p> Action ThyssenKrupp gained 2.4% to 21.6150 euros at 3:40 p.m. GMT the Frankfurt Stock Exchange while the Stoxx European basic resources progressed by 0.2%. In Helsinki, Outokumpu fell at the same time from 11.4% to 6.525 euros. </ P> The IG Metall union, which gave the green light to the operation, a pre specifies that Inoxum plant in Krefeld in North Rhine-Westphalia would be closed by December 31, 2013 and the site of Bochum, located in the same Land, would close the end of 2016. </ p> He said the two groups have obtained the guarantee that no other German production site would be closed before the end of 2015 and that the integration of Inoxum would be no forced departure. </ p> While five years ago in Europe exporting of stainless steel, the increase in production capacity and global competition from Asia and Asia now covers 20% of the needs of the old continent. </ p>

Italy has had to make Friday a record yield of 6.5% at six months in an auction of 10 billion euros in short-term paper, increasing the pressure on the third euro zone economy and new government address the perception in the markets.

The average yield has almost doubled compared to the previous issue of this type in late October (3.5%), indicating that the establishment of a technical executive led by Mario Monti to restore order in the accounts public of the country has not yet stopped the outbreak of its financing costs.

His heart attack until the financial markets, the euro area plays its future in the coming weeks in an economic, budgetary and fiscal conducted forced march under the leadership of Germany.

The countdown to this year has accelerated last week when France, but also Austria, Finland and the Netherlands, saw arrive at their door pressure from investors, which they thought up until there is little protection because of their maximum rating AAA.

Faced with this new situation, the debate on increased intervention of the European Central Bank to support countries in difficulty – to which Germany is now the only one to oppose – has flared up.Angela Merkel's advisors are on the phone at all hours with European capitals, "said she.

"But if they would not get successful, unorthodox solutions are being considered," she said again.

MINI-TREATY?

Several European leaders, France and Germany in particular to reflect the possibility of a mini-intergovernmental treaty outside the community and to circumvent British requests for repatriation of skills in London and, ultimately, unanimously required a revision in formal treaties.

The German government Saturday denied press reports saying that the reserves of the Bundesbank would be used to replenish the European Financial Stability Fund (EFSF), the emergency fund in the euro area.

The Frankfurter Allgemeine Sonntagszeitung reported that the reserves of the German central bank – made of gold and foreign exchange – will be used to increase the contribution of Germany to EFSF over 15 billion euros.

The Welt am Sonntag said the same thing in its columns.

"The foreign exchange reserves and gold in Germany, managed by the Bundesbank, have never been in discussions at the G20 summit in Cannes," said the spokesman of the German government.

The Vatican on Monday called for the creation of a "universal public authority" and a "global central bank" to regulate financial institutions in the current period of turmoil and uncertainty.

The 18-page document, entitled "To reform the international financial system from the perspective of a public authority to universal jurisdiction," should strike a chord with "outraged" over the world protesting against the excesses of the current economic system .

"The economic and financial crisis through which the country calls everyone – people like people – to conduct a thorough discernment of the principles and cultural and moral values ​​that form the basis of social life in common," the Council Pontifical Justice and Peace in a note.

The Vatican warns against "idolatry of the market" and "neo-liberal ideology" that the current problems are only technical.

"The crisis revealed the attitudes of selfishness, greed and hoarding collective goods on a large scale," he says, adding that the world economies were to take an ethics of solidarity between rich and poor countries.

"If no remedy is given to various forms of injustice, the negative effects that will follow in the social, political and economic will be likely to generate a climate of growing hostility and even violence, to undermine the very foundations of democratic institutions, those that are also considered the strongest and safest, "reads the document.

The Holy See called for the establishment of a supranational authority in global dimension and universal jurisdiction responsible for guiding policy and economic decisions.

Such authority should be taken as reference the United Nations to gain independence then.

EFFICIENT STRUCTURES

When asked whether this document could become the manifesto of the "outraged", Cardinal Peter Turkson, president of the Pontifical Council for Justice and Peace, said: "People on Wall Street have to sit and think wisely about whether their current management of global finance is in the interests of humanity and the public interest. "

"We call on all groups and organizations to sit down and rethink the situation," he said at a news conference Monday.

The International Monetary Fund (IMF) has lost its ability to regulate the global creation of money and watch over the amount of credit risk that the system assumes, believes the Pontifical Council.

"In economic and financial matters, the greater difficulties come from the absence of an effective set of structures that can guarantee, in addition to a system of governance, a system of government in the economy and international finance. "

The world needs "a minimum corpus, shared rules to manage the global financial market."

"We see on the bottom, to draw in perspective the need for a body performing the functions of a sort of 'World Central Bank' regulating the flow and the system of monetary exchange, like the national central banks" , says the document.

The Pontifical Council recognizes that the establishment of both bodies will take years and will face resistance from the global players.

"This transformation will take place at the cost of transfer, gradual and balanced within the remit of a national authority in a global and regional authorities, which is necessary at a time when the dynamics of human society and of the economy and the advances in technology, transcend borders that are in fact already eroded in the globalized world. "

The Rugby World Cup ends, after six weeks of competition, during which 20 nations competed in 13 stages. Key figures in images, the economic record of the competition.

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The Ministry of Economy announced Tuesday measures to support SMEs present French export in an attempt to reduce a trade deficit that is moving towards a new record this year.

The government hopes to densify the fabric of small and medium enterprises in the image of what has been practiced in Germany, which has about 400,000 exporting companies, four times more than in France.

"The trade deficit is as bad, perhaps even more importantly, the budget deficit.This is, in fact, the sovereignty of France, "said Pierre Lellouche, Secretary of State for Foreign Trade, during a discussion with business leaders gathered at a trade show of Defense ( Hauts-de-Seine).

"At a time when we speak of 'de-me-dia-li-sa-tion' I see you are the lifeblood of our country, it is you who create jobs," he added a reference to the political program of Arnaud Montebourg, a candidate for the first round of the primary nomination for the 2012 presidential election organized by the Socialist Party.

Pierre Lellouche said that France would support increased financial support to SMEs that have a foreign operation, including a partnership with four French banks and lower warranty costs of Coface, the insurance subsidiary credit of the bank Natixis, offset by an increase for larger groups.

"These banks will commit to increasing their financing needs, a charter to this effect will be signed before the end of the year," said Secretary of State without giving further details.

RECORD

Pierre Lellouche also announced the appointment "in the coming days" of a Commissioner General for the internationalization of SMEs and the so-called intermediate size (ETI) to help them know the existing public.

Industrial sectors for the players together in the same sector will emerge in the field of solar energy, sport and peace, he further said.

Ubifrance, the public agency responsible for international business development, will open new missions in Côte d'Ivoire, Kenya and Libya.

The trade deficit of France totaled 48.6 billion euros in the first eight months of 2011, against 33.1 billion over the same period last year.

According to experts, this aggravation is the result of rising energy bills, the overvaluation of the euro – notably vis-à-vis the Chinese yuan – and the dependence of France to sectors become more competitive such as rail or nuclear.

The trade balance in 2010 showed a deficit of 51.7 billion euros while Germany reported a surplus of over $ 150 billion.

According to a report of the Committee on Finance of the National Assembly, the global market share by value of France in international trade has deteriorated sharply over the past decade, from 5.1% in 2000 to 3 , 4% in 2010.

The French government expects a record deficit of 73.1 billion euros this year, nearly 20 billion more than the previous record set in 2008 to 56 billion.

From June to August, the number of housing starts rose by 8%, while the increase was still 35.5% in the first half. But the outlook is not good. An employee on a construction site offices and housing in Marseille.

The rebound Summer housing will be nine-lived. Indeed, despite a better than in August 2010, the pace of recovery in new residential construction is slowing, according to official figures for the first eight months of the year. "The sky darkened on the sector as the recovery is in the process of disappearing," says to AFP Mouillart Michel, professor of economics at the University of Paris West.

From June to August, the number of housing starts amounted to only 74,646, an increase of only 8.1% over the same period a year earlier. While the growth rate was still 35.5% in the first quarter.Over the last twelve me, the number of starts, with 350,991 housing starts, an increase of 19.2% over the previous twelve months. Result: The year 2011 should be completed below 360,000 housing starts that were previously hoped for, still far from strong year in 2007 (415,000), the last before the crisis, Mr. Mouillart prognosis.

Yet in August, with 24,002 housing starts rose by 17.9% over last year. "But apart in 2010, we must return to 2002 to find a low in August as" notes Mr. Mouillart.

Corsica, Normandy and Poitou-Charentes in the "red"

By region, the situation is very mixed.While housing starts rose sharply over 12 months in Rhone-Alpes (30.0%), Aquitaine (26.2%), Champagne-Ardenne (24.2%) and Midi-Pyrenees ( 20.7%), some others have already slipped into the "red" as the Corsica (-5.8%), Basse-Normandie (-1.7%), Haute-Normandie (-0.5%) and Poitou-Charentes (-0.3%).

Concern also for building permits that have reached 116,397 units from June to August, an increase over one year of only 9.8% to 427,456. Again in August, with 36,650 permits filed, 14.4% is higher than in 2010. But it is the area of ​​house, the middle classes that often become homeowners for the first time, that worries the most. With 10,689 permits, it is even decreased by 6.4% over August 2010. "Except in 2008, we must go back to 1998 to find such a bad August for building permits for individual homes pure," said Mr.Mouillart.

"INSEE showed the concern of households on employment and purchasing power. In addition, part of the wealth of these households took off in the stock market crisis," said the expert. Announcements of the increase in the taxation of real estate capital gains on second homes and rental investments (the device says "Scellier") may also contribute to a possible trend reversal. These will inflict the same next year a new look in "plane" on the rate of tax reduction.

Another fear: a shortage of mortgages from the banks affected by the debt crisis of the states. The Secretary of State for Housing, Benoist Appeared, yet remains optimistic.He says that the numbers of housing starts this summer, "a result of market recovery which began at the end of 2009 after the crisis," lie "to the middle level of the previous decade." "Anything can happen after the announcements on Wednesday when presenting the budget 2012: a consolidation of the sector or a decrease," said Mr. Mouillart.