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Recapitalization of banks: difficult negotiations in Brussels

Sunday, October 23rd, 2011

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had "agreed to say that we had to have a substantial increase in the contribution of banks" in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Banks recapitalized to the tune of 100 billion euros

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan Greek, there is an effort of European countries [to, ed] and will also require an effort of the private sector," said his Belgian counterpart Didier Reynders.

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.

In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting.According to sources cited by Reuters, an agreement in principle was reached by European finance ministers on the recapitalization faxless pay day loans. European diplomats interviewed by AFP were less categorical in the late afternoon. "There is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF). " On the other hand, "the ministers are trying to agree on the minimum capital."

The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012.A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday. These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source.But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe. France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain.She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies. European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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The long wandering unemployed California

Monday, September 26th, 2011

For three years she is unemployed, Sheila Magsby short job center job center in the wheel of his battered car in the hope of becoming thinner, to find a job. The point where it is, after thirty-six months of fruitless searches and applications without response, the forties would be satisfied with a minimum wage, although it has twenty years experience as secretary to the prosecutor in Los Angeles. Over the past year, Sheila no longer receives any unemployment benefits. It is therefore no income. "Luckily I live with my father. How else am I get out? "She asks.

Sheila lives in Los Angeles, but that it is today came Torrance consult the job offers. "I might have better luck here," she sighed half-heartedly.At about twenty miles west of downtown, Torrance is home to the headquarters of U.S. automakers Toyota and Honda, companies that only hire certainly not now, but around which created an economy of small merchants , restaurants, etc..

Degreasing the chain

Eighth global economy, California stands today especially the second worst unemployment rate in the country (12.1%) after the Nevada (13.4%). Only the San Francisco area, the heart of high-tech industries and the Internet is more or less spared thanks to companies like Twitter and Facebook continue to recruit qualified personnel. The rest of the state bogged down. Building on education, the downsizing continues as roads and school performance deteriorated.In the center, in the San Joaquin Valley, the unemployment rate reached 40% in some towns. To the south, near the Mexican border, it rises to 26% in the Greater El Centro.

Alarmed by stagnant growth, stock market rout and a nagging housing crisis, employers in California have eliminated 8,400 jobs in August (after having created 98,500 since the beginning of the year). 3600 of them were eliminated in the public sector. The teacher Cindy Cheritan is one of the many victims of these cuts. She found herself obliged to accept a job as a nurse throughout the summer, paid $ 50 per day, because the City of Downey, where she works, can no longer afford to offer the remedial courses that summer allow teachers to make ends meet during their two months of unpaid leave."I've mostly replacements, says Cindy, because it is currently impossible to get tenure."

Three hundred applicants for every job

Cindy's case is emblematic. She returned several times the path to college for a career change. Having obtained a real estate license at the beginning of the real estate crisis of 1997, she was forced to abandon this activity almost immediately. "At the time, there was a shortage of teachers. So I opted for this profession. "Struck by bad luck, she became a teacher at age 45, after five years of study, just when education authorities began to fire teachers. Cindy is now for the group 16.3% of Californians living below the poverty line.At 50, she returned also live with her parents.

"We see a lot of engineers, says Christina Haggins, the job center of Redondo Beach as the aerospace industry, a strong presence here, has eliminated thousands of jobs. Recently we even had a judge have been unemployed for several months. We tried to help him, but he still has not found anything. "

According to the California Labor Department, about 300 candidates apply for each job. As was recently the case in a holistic care center for pets. "They were looking for a receptionist. We were 250 to introduce ourselves, "said Julie, unemployed for two years.

California and have any interest in adopting the employment plan recently presented by Barack Obama.The $ 3.9 billion allocated to infrastructure renewal of the state could create 51,500 jobs, 37,000 teachers could find the way to school. Finally, about 710,000 SMEs would receive tax cuts and social security. "We absolutely must get out of the economic hole we have fallen," calls the director of the Institute for Research and Development of the use of UCLA, Chris Tilly. "People need to get back on their spending and businesses to hire."

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Mutual: the debate over the tax goes up a tone

Monday, September 26th, 2011

The tax increase mutual health has not finished making waves. The plan of the government plans to increase from 3.5% to 7% tax on contracts and supportive health officials said, 95% of the market for complementary health, has been much debated since it was finally adopted by parliament on 8 September.

Last response date, two UMP announced Friday their intention to table an amendment to Bill Financing Social Security (PLFSS) reserves to tax "excessive" for certain health insurance schemes. Their goal: to prevent a sharp rise in contract prices by encouraging individuals to use their mutual financial reserves rather than pass on the increase in the tax on membership fees.

Sébastien Huyghe, MP North, and Valérie Rosso-Debord, Meurthe-et-Moselle, advocated to establish "what could amount to a wealth tax" on the margins of solvency of each other located far beyond the legal limit. "The law requires unions to hold minimum reserves called legal reserves or solvency margins, which now account for 17% of the amount of annual dues. When this level is set aside, it is said that the solvency of the mutual is 100%, "they recall. In their amendments, MEPs are the players that has a line "located beyond 300%", a rate considered sufficient to ensure their development or deal with contingencies.

According Valérie Rosso-Debord, the reserves of each other is "five to six times beyond the level required."These organizations "a way of managing heritage, which is not in the interest of their contributors," lamented the member quoted by Reuters. For his part, Labour Minister, Xavier Bertrand, argued that no insurance company or mutual was in financial difficulties and were "not required to fully pass this increase" on their customers .

"No secret reserves"

These arguments will probably jump Caniard Etienne, the president of the National Federation of French Mutual, which represents 600 health insurance schemes. He said the tax increases will be reflected automatically on membership fees, mutuals have already seen their margins decline in recent years. In this context, it amounts to 3.5% increase "mechanical" contribution for 2012. "It is no secret reserves" into the coffers of these organizations, he assures.A view shared by Gerard Andreck, Chairman of mutual insurance companies (Gema), a trade association. "Maybe there are a number of which are in mutual capacity to absorb this increase, but not the general market," he said after the vote by the parliament of the text .

Yet, according to Le Parisien, the market would not be so tense. Based on the balance sheets and income sector, the paper shows that mutual health organizations are seated on a "gold mine hidden" gigantic. MGEN (Mutual of Education) would be the best endowed. In 2009, its reserves "excessive" reached 1 billion euros, representing a solvency margin of 667%, well above the standards. With reserves of 262 million euros, Malakoff Médéric benefit from a solvency margin of 779%.These financial reserves "would easily (these mutual, Ed) to support the additional tax under the government without making their customers suffer," the paper concludes.

According to a study released Wednesday by UFC-Que Choisir, the French spent 25.4 billion euros in additional contributions to health in 2010, an increase of 16.6% in five years, two times higher than the increase income. And raising taxes will bring to the state 100 million euros in 2011 and $ 1.1 billion in 2012, according to government calculations.

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U.S. bonds are resistant to the loss of triple A

Saturday, August 27th, 2011

Contrary to expectations, yields on government bonds to ten years U.S., the famous "T-Bonds," have not suffered the loss by the United States of their "triple A", which gave investors the best repayment guarantees available. Since the deterioration of the financial rating of Uncle Sat, August 6, the rating agency Standard & Poor's, the rate of return on government bonds ten years has even relaxed. It went from 2.58% the day before the announcement to 2.19% yesterday in New York.

"Common sense would that loss of the triple A, synonymous with degradation of the repayment capacity of borrowers, resulting in a tension on the rate of pay required by lenders, said Jean-Louis Mourier, economist at Aurel BGC. But the United States are in a particular position.In a world facing many economic uncertainties, bonds issued by the U.S. state are still considered a less risky than most other investments. "

Experts call this the "fly to quality", that is to say the postponement of international investors on asset quality at the expense of investment risk. "On the merits, there is no big difference between a AAA and AA +, said Philippe d'Arvisenet, chief economist of BNP Paribas. Everyone knows that the U.S. is heavily indebted, but nobody doubts their ability to repay their debts. However, there are concerns about the viability of the euro area, especially on signs of a slowdown in the global economy.These weigh on the shares, since one can fear a deterioration of business results. "

The shares were most affected

Since August 6, the Dow Jones, which includes the thirty largest U.S. companies, has in fact lost more than 3%, bringing in its wake all the global indices including the CAC 40 index, down 7.6% on the same period. Jean-Marie Mercadal, director of management at OFI AM, states that "analysts are still waiting for an increase of 14% of the profits of U.S. companies in 2012, but this estimate could be up to a 5% drop in a recession" . That's exactly what operators fear most.

In this context, the loans issued by the United States appears more secure.The U.S. bond market is mainly the most liquid and deepest in the world, ensuring that investors can sell their shares at any time, even in case of crisis. An advantage not available to France, which would it heavily penalized in the event of deterioration in its financial rating.

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Tour operators rely on "all-inclusive"

Friday, August 19th, 2011

Buffets and unlimited sports, entertainment for adults, kids club for children … A holiday in the card, no surprises. Everything is organized and paid for before reaching the full support from the airport.

In times of crisis more than ever, all inclusive, hallmark of Club Med, like and secure. Most tour operators would be more or less inspired to develop offers "house" all inclusive stays in hotels with different price points.

"The" all inclusive "is part of the DNA of Club Med. It is the heart of our product, said Anne Yannic, executive director of markets France, Belgium and Switzerland at Club Med. In a difficult economic environment, it is a reassuring promise. The formula has developed significantly since the financial crisis of 2008.All tour operators now offer all-inclusive club package. But the positioning high-end all-inclusive Club Med is unique. No one offers such a quality of service, except perhaps a few luxury hotels, but offer user-friendly that is also a hallmark of the Club. "

According to Patrice Caradec, CEO of Transat France (Look Voyages), the number of hotels clubs offered for French customers from 200 to 400 in five years. "Ten years ago, when ten French went in with a beach holiday tour operator, five opted for a formula club hotel, all inclusive, he says. Today is September Eventually, we will not sell more than that! "

Look Voyages already carries 75% of its sales in its 34 clubs Lookéa. These clubs are independent hotels from 150 to 200 rooms.Look Voyages ensures the filling of 80%, by signing contracts with their owners at least three years. Its own teams (10 to 20 people per club) make the animation.

Higher margins for tour operators

"With the Internet, which causes them to spend more and more tour operator, the formula is the most relevant, offering the best quality / price ratio, ensures Laurent Laforest, director of marketing for Look Voyages online cash advance. Club Med, which was once the preserve of the product club (animations, user-friendly, sports, child care), was copied by tour operators and hoteliers themselves. But the concept of club is not regulated, you can find everything and anything.The challenge is how to make its mark as a guarantee. "

This summer, for example, Thomas Cook France sells 72 hotels clubs (27 clubs Eldorador, the brand more upscale, 15 Villages Thomas Cook, 20 Aquatour clubs for customers in northern France, 10 Jumbo clubs, positioned entry ). "In deciding to go on the high end, Club Med has left a very important market segment. We have a lot of customers who come to us because Club Med has become too expensive for them, says Denis Wathier, Chairman of Thomas Cook France. The goal is a hundred clubs in two years. With the emergence of the Internet, tour operators must have something unique to offer. "

Another advantage is that the profitability of the formula."From the moment you sell a concept where you put the value added (animations, buffets, a specific decoration …) you can afford to sell the service more expensive, with higher margins," Wathier says Denis.

According to Laurent Laforest, clubs attract mainly couples (70% of customers) and families with children. "In a travel market in crisis, it is the segment that is resistant to the best tailor-made high-end", says he. "The demand increases and supply the following at the expense of traditional hotels, which are easily found on the Internet without going through tour operators," said Denis Wathier.

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Wall Street should remain on guard

Thursday, August 18th, 2011

The session promises to be volatile on Wall Street on Wednesday, a day after closing in the red. In just over two hours of opening, the futures contract on the Dow is at equilibrium (0.02% at 11,389 points), as did the S & P 500 (0.03% to 1192 points). One on the Nasdaq was down 0.20% to 2195 points.

The markets seem to be torn between the desire to focus on quarterly results released last night or expected, and the wrong signals sent by the European and Asian markets. They are disappointed with the proposals of President Nicolas Sarkozy and German Chancellor Angela Merkel. The two leaders, who gathered to discuss the governance of the euro area, have not provided a response to the concerns of investors about the debt crisis in the euro area.Of course, a battery of measures was announced: economic government of the euro area, "golden rule" budget, tax on financial transactions, fiscal convergence. But Germany and France have ruled out a strengthening of the European emergency fund (EFSF) and the creation of Eurobonds, measures eagerly awaited by the markets.

"The concerns of investors are unlikely to dissipate anytime soon and could increase the pressure against the European leaders' strategists warn of Crédit Agricole CIB. "We are concerned that investors not only in the short term this framework must also be approved by all other countries and which offers no short-term response to the problems that worry the markets," added the manager of Barclays scholarship.

Oil up

In this context, operators will try to focus on indicators of the day.Before the opening, the Labor Department will release the index of producer prices. Weekly oil inventories will follow. Investors expect a decline in reserves, which pushed the futures contract on a barrel of "light sweet crude" for delivery in September rose 1.19% to 87.68 dollars.

Note the side of the currency, the attempt to rebound in the euro against the dollar. After being battered in the Asian trade, the single European currency recovers. Around 11:30 in Paris, the euro bought 1.4450 dollars against 1.4406 dollars late Tuesday.

The values ​​of the day

News companies are also responsible for:

The Dell IT group has published Tuesday profit up 63% in the second quarter to $ 890 million, or earnings per share of 54 cents higher than expected. But the group has revised its annual sales targets downward.

Analog Devices reported last night for its third fiscal quarter, net earnings rose to 219.9 million dollars. But the group has disappointed analysts by saying that he expected an exaggerated caution of customers in a context of growing global economic uncertainty.

Abercrombie must report before the market opens its second quarter results. Ls forecasts indicate a profit of 29 cents per share and a turnover of 916.8 million dollars.

Deere also has pre-market release the results of its third fiscal quarter. The benefit should be 1.66% per share, according to economists.

Staples will announce its second quarter results, as Hot Topic, Limited Brands and Petsmart.

The banking sector battered yesterday after the European project for the taxation of financial transactions, will also be monitored.

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Sponsors: "Lacourt can thank Manaudou"

Wednesday, July 27th, 2011

Lefigaro.fr – Since his triple gold medal at the European Championships in Budapest in 2010, Camille Lacourt has increased its advertising contracts. How does the commercial success he started?

Jean-François-Salessy After his success in Budapest in August 2010, Camille has indeed come to me with Fabien Gilot Ménart and William, all three members of the Swimming Club of Marseilles, so we work together. In less than 24 hours in September 2010, and even if I was going to take a year off, it was decided. Camille's situation was a bit special because it suddenly goes from darkness to light, and was approached by many brands, especially in the beauty and cosmetics.We are closer to Clarins and their way of approaching things convinced us to work with them, rather than with other brands, less respectful of the requirements for driving a top athlete. The first six-year contract (to 200,000 euros per year, ie), indexed on the results of Camille and with a conversion clause, was based on what competitors offered. It was a beautiful first contract. We have also partnered with the OEM Tyre, which is unusual since Camille involved in the development and technical improvement of products it uses. He is also interested in the sale of these products, between 10 and 15% of sales according to the ranges.

French swimmers are they becoming future footballers?

I do not believe, and I do not want to turn into Camille Lacourt Christmas tree.We will announce in September a new partnership with a ready-to-wear, but it should be the last. He is now fine partnerships should not be wasted by "selling" in all directions. When talking about total earnings of Camille Lacourt (estimated this year to 700,000 euros ed), we forget that it is barely a month's salary football star. On the other hand, it is undeniable that the French swimming much more interested in brands and sponsors that there are six or seven years. I think Camille can say thank you to Laure Manaudou, who opened a gap, taking the very strong public support. It is no secret: it has made this popular sport, which attracted the public, media and sponsors. Today these brands look like a real sport discipline of competition, with major events and boys and girls out of the ordinary …who is a potential advertising. In a few months, these boys and girls who emerge may tell themselves, thank you to Camille Lacourt!

Jeremy just Stravius, who also athletic Tuesday, he may steal the show with brands?

It is a bit simplistic to look at it that way. Each swimmer to his personality. Camille Lacourt someone is authentic, casual and simple, has a rather glamorous image. This is not a scoop. But by winning yesterday with Jeremy Stravius ​​his world title in 100 meter backstroke, he also confirmed that he had not physically beautiful, he had another dimension. Which was very important to us because being European champion was not enough.If that fails, many would have indeed been delighted to say that he had lost in the advertising contracts and partnerships! The next objective is to confirm the sporting dimension to the London Olympics in 2012 (which would also provide the swimmer performance related bonuses as part of its contracts with Clarins and Tyre, ed.) For his part, Jeremy Stravius ​​has the best performance of his career. I am not his agent but I think its position corresponds to a different segment than Camille. His image more reassuring, more associated with strength, may be of interest to companies in the energy sector, banking or insurance. Like Alain Bernard for example, and partnerships with EDF Assurances or April.

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Bourget: the ongoing battle between Boeing and Airbus

Tuesday, June 21st, 2011

Day Two at Paris Air Show. Orders continue to rain, sometimes for the European Airbus, Boeing now for … and then the other aircraft manufacturers such as Embraer and Canadian Bombardier. Yesterday, for its opening day, is Qatar Airways has started the ball rolling by signing orders for six Boeing 777-300 long-haul ER for a list price of $ 1.7 billion.

In all, more than 200 aircraft were sold for a total of about $ 26 billion. By late afternoon, Airbus was able to engrager firm orders for 142 aircraft, for a total of $ 15 billion (10.4 billion euros) on the paper.His great rival Boeing for its part showed orders for nearly 40 aircraft and nearly $ 11 billion.

On Tuesday, John Leahy, commercial director of the European aircraft manufacturer, is pleased to have received 544 commitments for the A320neo which should enter service in 2015: "We said earlier this year that we would get 500 orders (for A320neo) by the end of the Paris Air Show. We achieved this goal with three days in advance, "he said.

• Airbus (EADS)

– The low-cost airline IndiGo Indian could confirm an order Wednesday's historic $ 16 billion on Airbus 180 aircraft, according to Reuters.

– CIT Leasing has signed a memorandum of understanding to buy 50 Airbus family A320neo.This command, which has yet to be confirmed, reached $ 4.6 billion at list prices only.

– The U.S. airline JetBlue Airways is about to buy 40 Airbus family A320neo, told Reuters in an industrial source. "An announcement will be made during the day," she said.

– Garuda Indonesia has signed Tuesday a memorandum of agreement to purchase 25 Airbus A320 Family aircraft, including 10 A320neo.

– The Taiwanese company Transasia Airways has ordered six Airbus A320neo. This order represents $ 600 million based on list prices.

• Boeing

– Aeroflot has ordered eight 777-300ER personal loans for bad credit. Based on list price, this order represents $ 2.3 billion.

– The low-cost airline Norwegian, major competitor of the Scandinavian airline SAS, has ordered 15 medium-haul Boeing 737-800 aircraft for $ 1.2 billion at list prices. Norwegian has also finalized the purchase of three long-range 787 "Dreamliner" in response to an intent to purchase that was announced in May.

– Malaysian Airline System (MAS) announced Tuesday it had exercised its purchase option on 10 Boeing 737-800. Malaysian airline said that this command was more than $ 800 million based on list prices. So far Boeing has awarded this order to a customer not identified in its list of 2011 contracts.

– The Mongolian airline MIAT Mongolian Airlines has ordered two aircraft the Boeing 737-800 Next Generation aircraft and 767-300ER for a comprehensive list price of $ 245 million.

• Bombardier

– The Swiss company VistaJet, which specializes in business aircraft, has ordered 10 units of Global 8000 for a list price of $ 650 million.

– The South Korean airline Korean Air has signed a letter of intent to acquire up to 30 Bombardier CS300, including the outright purchase of 10 aircraft.

• ATR

– ATR, a joint venture between EADS and Finmeccanica, announced Tuesday it had garnered 78 firm orders and 32 options from the beginning of the year, for a total of $ 2.4 billion.Turboprop aircraft manufacturer has unveiled its second control room, from the Brazilian airline Azul Linhas Aéreas ATR 72-600 for 10 to nearly $ 227 million.

• Comac

– The Irish company Ryanair low cost will help the Chinese manufacturer Comac to develop its medium-haul C919, to be marketed in 2016, when she was broken in late 2009 negotiations to purchase medium-haul Boeing.

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United States and Europe to equality before the financial crisis

Thursday, June 9th, 2011

The postman always strikes thrice. After Standard & Poors, which last April, had deteriorated from "stable" to "negative" view of U.S. Treasury debt and Moody's last week, it was the turn of the rating agency Fitch 's worry about the state of public finances. This new warning shot has been received with a certain coolness in the financial markets. Neither the dollar nor the yields of Treasury bonds have really responded. The greenback has recovered even vis-à-vis the euro, while flexing against the Japanese yen and Swiss franc, which are now designated as safe havens.

The reason is that the warning of the three rating agencies is aimed mainly at American politicians."There is an increased risk that the White House and Congress fail to agree to raise the debt ceiling," Standard & Poor's had estimated a month ago and a half. Fitch takes this same vein, fearing a "governance crisis" in America.

Somehow the Old Continent and the United States now find themselves tied. On the European side as they felt the injustice of sovereign debt crisis that has raged for over a year now.

For the euro area figures are "much better" than the U.S. federal government, continue to remind Christine Lagarde and Jean-Claude Trichet, whether deficits (respectively 4.4% and 10 , 8% of GDP in 2011) or the importance of debt (87.3% of GDP and 99.5% by the other side of the Atlantic).

The argument was certainly largely specious, since the European Monetary Union is not a political federation Low fee payday loans. It is therefore appropriate that the financial markets address the weak links in the club (Greece, Portugal or Ireland). And here is the political will of member countries of the euro area, their solidarity, which is on the spot.

A recovery "desperately slow"

In a different institutional context, the cohesion of the United States is, too, on the grill.Not the Federation itself, but the coexistence of a democratic government and a Republican majority in Congress, even less inclined to make reciprocal concessions that 2012 will be a presidential election year. "There is a risk that the electoral timetable in the United States, France and Japan and possibly elsewhere, may complicate the implementation of policies (fiscal consolidation), had also warned the IMF in its meeting in April.

The political equation of American public finance is even more delicate than the economic, monetary and financial seems more uncertain than ever. Ben Bernanke, the Fed chairman, the Central Bank, acknowledged Tuesday that the takeover was "desperately slow", arguing for a "monetary policy accommodative." This means keeping interest rates low.

But the extension of quantitative measures and Others sing beyond June 30 this seems to be excluded. In other words, the Fed will stop its purchases of Treasury bills, while last fall she has covered 70% to 80% of paper issued by the federal government to finance its deficit. This means if the injunction of credit ratings agencies must be taken seriously.

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Microcredit is a public increasingly wide

Monday, June 6th, 2011

For Adie (Association for the Right to Economic Initiative), this week is crucial. From June 7 to 11, during the 7th week of Microcredit it organizes, the association collects more than 7,000 applications for funding so that it provides almost 12,000 per year. It is also an opportunity for this structure, a pioneer of microcredit in France and Europe, to remind the public that this formula is not restricted to developing countries and is effective in supporting microenterprises. "This formula is one way of returning to work essential in today's society," says Catherine Barbaroux, new president of Adie.She succeeds Maria Nowak, creator and executive structure for more than twenty years.

To date, over 100,000 microloans (the original financing plan must be less than 8000 euros) have already been granted to entrepreneurs or unemployed recipients of social minima. Catherine Barbaroux estimated that the 12,000 annual cases followed today could be doubled by 2015. It has to be founded on the 130 and 190 antennas permanence of the association spread over the territory. "Our statistics show that the entrepreneurs that we support have the same success rate as other entrepreneurs," she says.

Forums in France

These microentrepreneurs also create jobs other than their own, since the average is 1.38 jobs per company, says she.Finally, if the major projects on trade and personal services, Catherine Barbaroux believes that microenterprise is perfectly suited to innovative services such as on sustainable development.

To popularize microcredit, the forums will be held in Paris, Bordeaux, Lille, Lyon, Nantes and Marseille. But it is especially the testimony of microentrepreneurs that mark the minds about the effectiveness of this boost. "I needed 3,000 euros to complete my file and start my cycle shop in Paris, remembers Jean-Pierre Gestin, the RMI at the time, with two dependent children. Impossible in a traditional bank. In Adie, I was just received, warmly, and it was resolved in a fortnight. And since I work. "As for Dominique Voisin, she was able to launch its activity nursery collection in the Nantes region thanks to the credit that's nearly seven years."It's difficult to be supported by a traditional bank when we launched over 40 years and that there is no regular income," she admits. Today she put on her new website to market more widely rare plants they have.

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