Greece needs to provide more guarantees for the implementation of fiscal consolidation and reform of law to return to normal. This was stated by Georg Strayter – deputy spokesman of Chancellor Angela Merkel earlier today. Strayter declined to comment on the possibility of failure of Greece or of potential output in the euro zone.
“The key to return to Greece in the normal way is adherence and strict enforcement of rate consolidation reforms”, ​​said Strayter a regular press conference. “The basis for making specific decisions are as before the recommendations of the so-called” troika “- the ECB, IMF and European Commission,” he added.
Angela Merkel and Nicolas Sarkozy will discuss at a meeting in Paris, Franco-German relations, but will also be affected and Greece, said Strayter. The Greek political leaders resumed talks on Monday, as major differences in the reforms that were not aired yet, must be overcome in order to provide international assistance. While Greece continued their struggle to obtain a second bailout, the finance minister of Bavaria, said in a radio interview earlier today that Greece was unable to implement necessary reforms and will not be able to avoid bankruptcy.

The struggle to achieve a comprehensive package of aid to Greece is followed by severe tensions and the U.S. stock market. Hopes of a rapid conclusion of negotiations for a massive debt write-off by private lenders went out.
“This is the old game of ping pong. USA Today, Tomorrow – Europe again”, said Joe Saluzzo from Thamis Trading in New Jersey. “Usually in this situation, if no economic news, the trend is upward”. But possible developments in Europe, such as raising interest rates for government bonds, will pose a potential risk even for the U.S. market. The season reports for U.S. companies will reach a peak point after the results and will present Walt Disney, Cisco and Coca Cola. Exchange operator Nyse Euronext will also present its financial data after Wednesday billion merger with Deutsche Borse fails. The European Commission refused to give permission for the merger of the two largest stock exchange operator in the world. So far 283 companies in the S & P 500 have submitted their quarterly reports. About 60% of them managed to exceed analysts’ expectations of earnings. This share is below the values ​​in previous quarters so far. The recovery of the labor market in the U.S. surprise at the end of last week, Wall Street and positively reinforce hopes to strengthen the largest economy in the world. Nasdaq index rose to its highest level in eleven years. The increase in job creation is highest in nine months.
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Continuing yesterday 6-hour continuous negotiations between the Greek government and representatives of international creditors in the face of the European Commission, IMF and European Central Bank led to a compromise for the second financial bailout package, said officials of the European Commission.
“The consultations continue, but hardly in the coming hours will be progress”, they said. It became clear that creditors have set conditions before the Greek government to “respond positively to any requests today to 11.00 hours CET”.
According to the conditions imposed Greek government must assume additional obligations on austerity budgets, including reducing the salaries of public sector pensions. Late yesterday did RIA Novosti, citing the press service of the Greek government, said Prime Minister Lucas Papadimos country and leaders of political parties have agreed to further reduce government spending.
“The prime minister and political leaders agreed on major issues, which include among others and taking steps in 2012 to cut government spending by 1.5% of gross domestic product”, the statement said. Leaders of political parties have also agreed to “ensure the viability” of the pension funds that control the payment of that portion of pensions, which is collected by pension insurance. The communication also says that it was decided to be done to recapitalize the banks. From the press stated that the consultations will continue today.
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Bulgaria was second in the European Union’s lowest government debt in the third quarter of last year, according to the European statistical office Eurostat. For the period July-September 2011 our government debt was 15% of gross domestic product (GDP). Estonia is ahead of us only by 6.1%, and after us is Luxembourg with 18.5%. In the third quarter of 2011, Greece was the country with the highest debt – 159.1% of GDP. It is followed by Italy (119.6%), Portugal (110.1%) and Ireland (104.9%). Top ten is completed by Belgium, France, Britain, Hungary, Germany and Austria. Bulgaria is among the countries most severely reduced the public debt in the third quarter of last year compared to the same period of 2010 according to Eurostat, Bulgaria’s public debt has registered an annual decrease of 0.9 percentage points. Only Luxembourg and Sweden have reduced public debt over rate. The most significant annual increase in debt for the period was registered in Greece (20.3 pp), Portugal (18.9 pp) and Ireland (16.5 percentage points). In the third quarter of last year compared with the second highest increase in debt was recorded in Hungary (4.8 percentage points), followed by Greece (4.4 percentage points) and Portugal (3.6 percentage points), and the a decrease in Italy (1.6 percentage points), Malta (1.6 percentage points) and Romania (1 pp). In the third quarter of last year, the average amount of debt in the euro area was 87.4 percent of GDP, almost unchanged from the previous three months. In comparison with the amount of debt from the third quarter of 2010, however, government debt in the euro area rose by over 4 per cent.
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The mortgage market is very varied and irrespective of what you are buying, there is something that suits you perfectly and all you have to do is to look around. Let’s look at some of the common plans in the mortgage market so you can narrow down your search and find the best mortgages for you.
The first one is the simple mortgage where you borrow money from the bank for your house and make monthly payments at an interest, failing which there will either be a penalty or after repeated cases, your house will be foreclosed. Each lender offers various plans so you should calculate yourself before making a decision. This option is valid for both homes and commercial spaces and each has its own minimum loan value.
The next is the remortgaging option for those already with a mortgage looking for something to lower their monthly payments or consolidate everything into one. These can cost you some extra money but are usually beneficial in the long run but it is better to seek the advice of a professional service first.
The last option is an offset mortgage where you can reduce your interest with the help of your savings by forfeiting your interest earnings on the savings account. This is relatively new and the finer details vary from bank to bank.

The main European indexes registered declines in the first December session, interrupting a series of 4 successful sessions in the presence of the impetus for the sale of shares after the key index failed to break significant level of protection and investors gathered the profits from the rally in yesterday’s session. Volumes were small and the initial upward movement caused by stable demand at the auctions of Spanish and French government bonds, as well as hopes that the European Central Bank may take further action to overcome the debt crisis in the region, soon lost momentum. The Pan-European FTSEurofirst 300 index fell 0.6% to 976.38 points, failed to overcome the resistance level of 987.07 points. In Germany, the DAX slid 0.9 percent to 6 035.88 points, such as Bayer AG’s shares lost 2.4% of its value to 47.51 EUR, while those of Commerzbank AG fell 1.1 percent to 1.36 EUR. The French CAC 40 index lost 0.8 percent to 3 129.95 points, as shares of financial companies have a major contribution to the negative result. The shares of Credit Agricole SA fell 3.8 percent to 4.57 EUR, while those of Societe Generale SA fell 3.2 percent to 17.50 EUR.
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In the heavy financial crisis and cut working places, many people were brought to the unpleasant situation to have a bad credit history. The loans for bad credit are created by some institutions to give money of risky persons. Because of the high regulations of the banks, they are treating such persons highly negative, and some financial companies prefer to get such persons as customers. With filling a simple application form you can get a list of loan providers, who will give you the best rates and low charges. Usually the APR for covering your loan will be higher, than the standard bank loan, but the approval and the transfer are really faster. In doesn’t matter of the purpose of your loan, but everyone needs money in certain time of his life. If you want to buy new car, you should either save money for years or apply for guaranteed auto loans. The main idea of the loans is that you are paying for something, during the time of using it. This is the most fair way to receive some goods. The modern financial instruments are providing easy way to get loans on time.

The European indexes rose on Tuesday after the publication of good corporate results. The Pan-European Stoxx Europe 600 rose 0.86 percent to 240.5 points, after closing with a decline of 0.6% on Monday. In Italy, Premier Silvio Berlusconi won the vote for the government’s budget, but lost its majority in parliament, which remains pending whether he can retain his post. On Monday Prime Minister said that he intends to resign. On Tuesday, the yield on ten year-old Italian bonds fell to 6.55 percent after the morning reached a record low. Vodafone Group PLC gained 1.82% after announcing 11% drop in profit for the first half of the year due to higher selling prices and taxes. The telecommunications giant also announced that raises expectations for its annual profit to the upper limit of the forecast made in May.
Several financial institutions have also announced positive results. Shares of the French Societe Generale rose over 7%. Once wrote off its Greek bond bank announced that its first quarter profit fell by 31%. The institution announced that in 2011 not to pay dividends. Also in Paris, shares of BNP Paribas SA rose by 1.7% while those of Credit Agricole won over 0.8%. The French CAC 40 rose 1.28 points to 3143.
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Increasingly likely that the Spanish economy to slip back into recession at the end of the year as its weakest growth is now threatened by the slowdown in the global economy.
“Over the last three months increased economic uncertainty regarding the outlook for the global economy, which impacted negatively on the expected recovery of the Spanish economy”, said Institute the second largest Spanish bank in its economic review. So far, though weak (0.4 per cent in the first quarter and 0.2 percent in the second), the growth of Spanish economy remained in the green zone thanks to exports, amid weak household consumption in the context of record high unemployment. This picture, however, is threatened by the economic slowdown worldwide.
“The contribution of external demand continues to explain that the pace of growth is not negative, but the data suggest stagnation in the third quarter or in other words zero growth, experts predict.”
The Spanish Central Bank also provides zero growth in the third quarter. The first official details will be announced on 11th November. For the fourth quarter institute expects negative growth, keeping the signs in October.
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The shares of the European continent ended Friday’s session with an increased, reaching a 5-week high after better-than-expected employment figures in the U.S. in September supported hopes that the US economy is recovering. The Pan-European FTSEurofirst 300 ended with a growth of 0.7 percent at 946.98 points from – the highest of five weeks. The index, which jumped by 9% from the bottom on Tuesday, today rose above 50-day average for the first time since last July. The British FTSE 100 added 0.2 percent to 5303 points, the German DAX rose 0.5% to 5676 points, and France’s CAC 40 rose 0.7 percent to 3096 points. The investors’ moods were acknowledgments of data showing the U.S. economy has opened new 103 thousand jobs outside the agricultural sector in September, exceeding economists’ expectations of around 60 thousand and giving a signal that the world’s leading economy could avoid recession.
“We saw a major turnaround after the employment data. This is encouraging news for the U.S. economy and supports the notion that things are improving”, said Colin McLean, CEO of SVM Asset Management.