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Saturday, November 26th, 2011

Italy paid dearly Friday the stalemate of the crisis in the eurozone borrowing rates that have soared to record levels in a debt issue, following a mini-summit between Berlin, Paris and Rome, which has disappointed the markets.

Italian bond yields to six months jumped to 6.504% against 3.535% in a similar operation on October 26 while rates at two years have soared to 7.814% against 4.628%, unheard of since the creation of the euro area. These levels are considered unsustainable over time to the peninsula awash in a huge debt representing approximately 120% of its GDP.

The Treasury, however, managed to raise as planned EUR 10 billion with a demand remains strong make quick cash.

At the head of the country for less than two weeks, Mario Monti said on Thursday during a mini-summit in Strasbourg to the French President Nicolas Sarkozy and German Chancellor Angela Merkel, that Italy would "do its homework "and take the objective of a balanced budget in 2013. A goal that will require the rapid adoption of new austerity measures.

Tackle pension reform

The draconian austerity plans adopted in July and September will indeed not sufficient when the latest statistics (consumption, industrial production) fuel fears of a recession into the third largest economy in the euro area.

There are lots of pay day loan businesses around now days who offer a no teletrack cash advance to those who need it.

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Wednesday, November 16th, 2011

Above all, he pretended to ask: "Imports do they contribute to the financing of our social model?" A new reference to the social VAT. On October 27, on television, already, the President had made it clear that this tax may be included in his campaign program … if it were to be a candidate to succeed himself.

The idea is to partially fund the social security system with a consumption tax us fast cash. In return, the employer contributions would be reduced, to reduce labor costs. The scenario, long taboo in 2007 as mentioned awkwardly between the two rounds of parliamentary by Borloo, brings together more and more supporters to the right and center, but not unanimous. The reluctance address the risk of inflation, so drop in purchasing power.

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"The Italians can say thank you to the rating agencies'

Wednesday, October 5th, 2011

Lefigaro.fr – Italy can it fail?

Jean-François Jamet – Nobody knows. This is the total blur as both a politically and economically. This will depend on the coming weeks. Today, investors doubted the credibility of the Italian government of Silvio Berlusconi in particular, entangled in scandals about his private life. They do not believe in his ability to find consensus in the short term and implement structural reforms to end a decade of stagnation. Italy is in the situation of a country whose financial situation is very dependent on the psychology of financial markets: the deficit depends on interest rates payable on its debt.

What will happen if Italy does not make structural reforms?

Italian debt will eventually become unsustainable. The risk of panic can not then be excluded.It would then interest rates will soar as investors withdraw massive failure and would become a likely scenario. However, unlike Greece, the risk is lower. First, the country just to pay interest on public debt. Then Italy had a primary surplus, that is to say, it generates a budget surplus, excluding interest payments on public debt. And so if going to Italy the confidence of financial markets – that if the interest rate is not found at high levels (above 6% for bonds to 10 years) – it should not have difficult to stabilize its public debt.Finally, unlike Spain and Ireland, Italy has no problem with private debt.

Just accept the Italian population does a tax increase?

Italy is able to reform itself, it has proved in 1992 and 1993. But if she will be unable Silvio Berlusconi remains in office. The government's failure to carry out structural reforms to boost growth, coupled with the antics of "Il Cavaliere", eventually to exasperate the Italians. As in Spain, early elections must be organized. By this election, a new government must be established: either a national unity government, a government technique, including bureaucrats.This was the case in 1993, a year after the start of the crisis in Italy: the governor of the Italian central bank, no political label, was then elected Chairman and appointed several ministers among its senior officials instant personal loans guaranteed. The choice of a technical government would nevertheless be a sign that politicians have lost the hand and have not lived up issues.

Finally, is not it a blessing in disguise that the note of Italy was worse?

Paradoxically, Italy can probably say thank you to Standard & Poor's and Moody's. The deterioration of the Italian note the merit of the heart of the debate lack of credibility of Silvio Berlusconi and increase pressure for his departure.While it is regrettable that the rating agencies and interfere in the democratic, political pressure has been mounting in recent months with the electoral success of the opposition and critics of the Confindustria (Italian MEDEF) and even its own majority. One can also regret that the rating agencies and the European states have expected the crisis to sound the alarm about the structural problems that have existed for many years.

Europe can sustainably support it Italy?

It is already doing through the interventions of the European Central Bank to calm speculation on the Italian debt. Once the Member States of the euro area have all ratified the agreement reached in July, the European Financial Stability Fund will take over. However, this support to Italy by its European partners can only buy time.Only reforms and the return to growth will allow Italy to escape the trap of debt inherited from the patronage and corruption which had prevailed during the years 1970 and 1980.

* Author of Europe can do without an economic government? (French documentation, to be published October 10, 2011)

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Italy strike against the backdrop of austerity

Wednesday, September 7th, 2011

General strike, plunging polls and growing skepticism of the markets. It is in this context that the Italian Senate Tuesday began a crucial discussion on the budget bill.

Silvio Berlusconi wants the recovery plan accounts, announced on August 12 but already relaxed, be adopted urgently by senators to advance to the European Central Bank (ECB), which meets on Thursday that the commitments requested by the 'Europe "were held." But the only way to meet this deadline is likely to engage the confidence of his government, he has not yet decided to do. Some in his party, invite him to seek dialogue with the opposition.

ECB and Bank of Italy, however, urged governments to take responsibility for reducing the public debt.Saturday, Cernobbio (northern Italy), Jean-Claude Trichet has urged Italy not to "waste time" to adopt structural reforms "strong and decisive." Monday, his designated successor, the head of the Bank of Italy Mario Draghi, has called on Europeans to "not assume" that the ECB will continue to buy "temporary" sovereign debt. Hans-Werner Sinn, president of the German Institute for Economic Research (IFO), the ECB made a mistake by buying Treasury bills Italian: "Only she started doing that the government of this country backtracked on its policy rigorously, "he lamented in the daily La Stampa.

The assumption that the ECB will reduce or cease its purchases of government securities alarm the Italian political and economic circles of the peninsula. On Monday, the short rate differential between Italy and Germany has set a new record to 327 basis points (3.27%).It was 160 basis points in late May. This means that investors demand a risk premium higher and higher to accept to lend to Italy.

This first day of examination of the text will be marked by a general strike launched by the CGIL. The main union in the country – 5.8 million members – calls for a tax on wealth which the government objected. He denounces a rigor that the popular classes are the costs, while the highest incomes are relatively spared. The abandonment of a levy "solidarity" of 5% on incomes over 90,000 euros and 10% in excess of 150,000 euros adds water to his mill.

Possibility of waiving the rules for dismissal

But most importantly, credible reforms, the government promised to amend the Labour Code a very rigid dating from 1970.Sunday, the Senate Budget Committee gave substance to this commitment by adopting an amendment that relaxes the conditions for termination. If he were finally voted, it would be possible to derogate from labor law, by agreement or even industry company, signed with the unions. Welcomes the employers, but for the CGIL, it is a "diktat intolerable." Other confederations welcome the amendment with more philosophy. For the ICFTU, Catholic, the measure is "inappropriate", but should not overly concerned, "What the union allow a dismissal?" Asks she.

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Wauquiez will help students to stay

Wednesday, August 31st, 2011

Laurent Wauquiez said Tuesday the establishment of a guarantee fund to facilitate student housing. Goal? Avoid default and the requirement for students to produce a surety. The guarantee fund as surety in place of the new residence hall occupants.

Initiated by Valérie Pécresse, it has been refined over the summer by the services of Laurent Wauquiez. Main innovation: This fund was set up in collaboration with private banks to replace the young who can not provide security for accommodation in university residences. The project is also to extend this funding to candidates for private dwellings.

A quest that may turn the galley

The announcement comes just a few days or weeks of their return, many students are actively looking for a roof.To facilitate a search that may turn into a hassle, avoid pitfalls and surprises, the CNOUS (National Center for University and school), umbrella Crous, opens a portal to a comprehensive supply Housing in Ile-de-France. In this site are not only offers university residences, but also offers private landlords benefiting from new label CNOUS. For this new label, the organization set up with professionals and students, a questionnaire containing the prerequisites for inclusion in the list of homes approved by the regional Crous (heating, sanitary facilities or a network electrical standards …).The questionnaire four themes: the quality of housing, proximity to centers of education, respect of good practice in relations between the landlord and the tenant and the student price. Indeed, a report by the DGCCRF of August 2010 complained scams that students are the most frequent targets: unfair, inadequate housing, debit authorization of maintenance and repair of the deposit, ban to host friends …

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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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Fillon is launching a comprehensive plan "anti-deficit" for France

Thursday, August 25th, 2011

"A strict policy to allow France to remain sovereign in the economic and social development." François Fillon Thus he justifies the battery of measures, presented Wednesday to prevent any slippage in the deficit in late 2011 and 2012. In the context of extreme nervousness of the markets and growing concern about the European debts, the government has a goal of "intangible" reduce the public deficit of France 5.7% of GDP this year to 4.6% in 2012 (4.5%, in fact, said the Prime Minister to keep a "margin").

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market paydayloan.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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Greece threatens to set aside at Air France

Sunday, July 24th, 2011

Much bagaille should be avoided. While seven union stewards and hostesses of Air France had filed a strike notice for the next weekend (July 29 to August 1), the airline has come this Saturday morning to sign the minutes of end of conflict with union representatives. What not to many flight cancellations in the great cross-driven summer from July to August, and escape the nightmare scenario met in mid-July by the customers of Air Algeria. The Algerian company was also affected by a strike of its crews, resulting in the virtual paralysis of European flights to the country.

Whereas yesterday, the agreement has been finally found Saturday afternoon between the airline and the Inter (CGT, CFDT, CFTC, Unac, NPNC and UNSA), resulting in the lifting of the strike notice filed Monday.Only Southern Air has so far not given its approval. The seven organizations representing the commercial crews (PNC) called for the opening of negotiations on the organization of work, especially in the bases in the provinces, but also the medium-haul and long haul. This is now done, the group of Pierre-Henri Gourgeon has agreed to reopen discussions on the new rules of work (rest, compensation) provided to counter competition from low cost carriers.

Reopen negotiations next week

On this point, the flight attendants are opposed to such requirements in the new provincial bases (Marseille and Nice, Toulouse and Bordeaux) and denounce the proposed removal of a sailing aboard the Airbus A319.They are supported in their claims by two minority unions of pilots (SPAF and Alter) who in turn refused to lift their notice for the next weekend. "The company has agreed to supply four A319 in the PNC until September 15," said Philippe Sport at UNSA. If it is impossible to have this number, the flight attendants should receive compensation (rest or premium). For its part, Air France said that the continuation of strike notice SPAF and Alter would have no significant impact on traffic. The reopening of negotiations with the flight crew should take place in the course of next week.

Still, the difficulties are not entirely discarded the French company, far from it. Management must also deal with Algeria-leAir SNPL resumption of talks, the union super majority in pilots.While the SNPL signed to 54% the proposed new work organization. But this time, the battle moves to the front of pensions. The powerful union remains opposed to the proposed reform of the pension fund additional pilots. Where a notice of strike filed this time from August 5 to 8, another busy weekend on the front of air traffic and going on holiday.

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Beware of counterfeit notes of 20 and 50 euros

Wednesday, July 20th, 2011

In the first six months of the year, the European Central Bank, through the 17 national central banks in the euro area, has withdrawn from circulation approximately 296,000 counterfeit euro banknotes. A figure down 18.8%. As usual, these are the breaks of 20 and 50 euros that have been copied the most, with respectively 43 and 36% of counterfeit notes detected. Thus, the probability of having one day turn a fake is minimal, since currently, 15 billion euro banknotes circulating in the world with 13 billion in the hands of 330 million Europeans.

How to recognize a counterfeit bill? "First is the button: the ticket must be firm and crack when it is bent, and some inscriptions in relief is palpable. Then you look at it: we mark the traditional watermark, the black security, we detect signs of security by transparency, etc..And then tilts: the band or disc holographic silver toggles the face value and the € symbol, "said Francis Coustin, communications director of the Bank of France, stating that there are eight recognizable security features of immediately, then another series of signs visible with ultraviolet light, which traders often have, and finally other signs that only the European Central Bank and national central banks can detect. In all, there are 63! (See the interactive presentation of the security features of the ECB)

The ECB shall ensure consistently maintain its technological edge on the counterfeiters, who face risks thirty years' imprisonment and 450,000 euros fine. The Bank of France, also a civil party, does not claim a symbolic euro in damages.Within the Eurosystem, work is underway to develop a second series of euro banknotes, the theme will look like the current (see box).

A ticket is damaged, torn, not calcined is not lost

Think again if you think the ticket you just go to the machine, or your child has torn, is worthless. While it may legitimately be refused by your merchant, but the Bank of France, she will be able to replace them. In extreme cases – ticket sales, burned, burned, mutilated, wet, soft, bonded, etc.. – It is always possible to be "paid" but for a fee of 20%.

Francis Coustin the occasion of the exhibition Euro: the exhibition at the Cité des Sciences and Industry at La Villette (Paris XX) until September 4 – which comes in a fun way about the history of the euro, its manufacture, the security features of tickets, etc..- Chronicles the misadventures of people who burned their tickets, ensuring that parts of the Vatican, Monaco or San Marino (Italy) should be retained as they are rare … and therefore valuable, but warns, however, that collecting tickets francs (date of exchange limit, February 17, 2012) does not promise any profit, "they will be worth nothing then strictly."

Euro: the exhibition, organized for the first time in France, the European Central Bank and the Bank of France, has already attracted over 100,000 visitors in recent months in Europe, from Barcelona to Tallinn via Rome or Berlin.

Cotton in the mass circulation

• How does one manufacture a ticket?

To make the paper is bleached cotton fibers (only one note is made of cotton) in a water bath at high pressure and high temperature.The resulting pulp is then passed through a paper machine. To obtain the special paper, called Paper Trust, own bank notes, are incorporated in the paper some security features such as watermarks and security thread.

• Where do we manufacture the tickets?

In Europe, paper is supplied banknote paper to the fourteen high-security printers who print the euro banknotes in the European Union. In France, since 1915, tickets are no longer manufactured at Bercy, in Seine-et-Marne, but Chamalières (print) Auvergne – nothing to do with Valerie Giscard d'Estaing, who became finance minister from 1962 to 1966 -, and Vic-le-Comte (stationery). A year earlier, the Paris site was briefly occupied by the Germans, hence the decision to relocate the "safe" to an area less exposed.

• How many tickets are made in France?

In 2010, 2.45 billion tickets were delivered by the Manufacturing billest which 1738 billion euro, central banks outside the euro zone commander in France tickets. Every day, these are some 6.7 million tickets that are born in Auvergne.

• Where do the tickets then?

Once made, the tickets are sent to branches of the Banque de France equipped with crates. Then carriers (Brinks, etc.). Come back to supply banks, which themselves carry out their distributors, or retail, which brews each day astronomical amounts of cash, and merchants.

• How long does a ticket?

Tickets and circulate from hand to hand, and come back regularly and the Bank of France, which sorts all tickets at once, to put back into circulation as tickets safe and in good condition. To do this, sorting machines at high speed are used to check in a split second the authenticity of tickets. Notes unfit for circulation are destroyed and replaced.Finally, an average, the average life span of a 5 euro note is fourteen months and that of a ticket 50 euros for three and a half years.

• Some rules to know:

– A merchant has the right to deny him a ticket that looks suspicious, a merchant can refuse to cash more than 50 pieces in a single payment, a merchant has the right to refuse a big ticket for a small purchase: the customer must to the extra-A trader does not have the right to refuse display notes 100, 200 and 500 euros denying a legal tender banknotes is punishable under the Penal Code-If I a ticket printer or scanner, I am off-the-law.

The design of banknotes and coins

• Tickets continennent all a European monument and a bridge. But if some drawings look fiercely at a known site, none really exists.In December 1996 that ended the contest European models of the euro banknotes, which was won by Robert Kalina, designer of the National Bank of Austria. Gaphisme inspired by the architectural styles of seven periods in the history of European culture: the classic notes of € 5, the novel for those 10 euros, Gothic for 20euros, the Renaissance for 50 euros Baroque and Rococo for 100 euros, glass and steel to 200 euros, and the architecture of the twentieth century for 500 euros.

• As for parts, the idea was that they have a common European side (battery) and the national side (face). A European competition was then held to select the number of common sides. The winner was Luc Luycx, graphic designer at the Royal Belgian Mint. And in the end, the 17 countries of the euro area are some 136 different pieces move.The choice of the national side has done differently in each country. In Italy, the themes were selected by viewers of the Italian channel RAI. In monarchies, the effigies of kings were most often represented.

"Join the game" Rally France Euro 2011 for children aged 9 to 12 on www.euro.ecb.eu

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Japan plans to phase out nuclear

Thursday, July 14th, 2011

Naoto Kan had given up the plan for the increase this share to 50% in 2030. If the engines stopped slow to restart, power cuts and rationing of electricity in Japan is already feeling the heat of summer will increase guaranteed pay day loans.

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