Run for your lives! This is the response of the Greek youth graduated from the crisis and the stacking of austerity since early 2010. Examples abound. The Goethe Institute in Athens is facing a 70% increase in enrollment in German courses. A recruiting office in Northern Ireland offers young Greek, says Athens News, collect mushrooms or work in aquatic farms. A conference on migration to Australia by invitation only-recently gathered 1000 graduates (even though only 100 Greeks settled in the island-continent in 2010).
The Greeks want to leave their countries in crisis, but it is not seen in official statistics."Based on preliminary figures available, we observe no increase in emigration in Greece in 2010," notes Jonathan Chaloff, migration expert at the OECD, based on information provided by the U.S., Australian, Canadian or Swedish. "There is indeed a great desire to emigrate, but the obstacles are real: the language barrier, recognition of qualifications, etc..," Said he.
More border, more control
This is not the only reason why migration flows are difficult to perceive. "Young Greeks are mainly the countries of the European Union," Lois Labrianidis point, Professor of Economics at the University of Thessaloniki."But as there is no boundary or control, you can not count these departures." The researcher is a hint: the Greeks entered in the European Internet portal EURES CV exploded in 2011, reaching 15,500, two times the total recorded since its inception in 1993.
Young people fleeing a country they consider no future. "The dynamics of the labor market is worrying. The unemployment rate reached 16%, up 50% from 2010. And for young people is twice (30%), "notes Manon Domingues Dos Santos, migration specialist at the University Paris-Est Marne-La-Vallée. "In this context, the most qualified are the most mobile: they speak foreign languages and better meet the needs of labor in host countries."
The crisis accelerates a phenomenon of brain drain that affects Greece for at least 10 years.At the edge of recession, in 2007, already 12.2% of the most educated Greeks living abroad, or at least 876,000 people. This figure is just swell: already during this period, more than 4.5% of graduates were leaving Greece every year, according to figures compiled by Frédéric Docquier, a professor at the University of Louvain. This is much less than Portugal (over 12%) but almost twice as Spain, also in crisis countries. In comparison, only 1.31% of French graduates leave the country.
Herding phenomenon
View from the best-trained its elites to broader horizons, such is the fate of small countries like Ireland or Lithuania. "Greece, however, could prove to be a special case, said Frédéric Docquier. It is in near-bankruptcy.They may therefore develops a herd phenomenon: if the elites and the most qualified anticipate the crisis and with rigor, everyone will leave the country when you leave you too. "
Problem: well-trained elites are among the taxpayers most likely to pay high taxes. Leaving their country, they will not settle the affairs of the state. In the longer term, "the departure of more skilled threatens growth by detracting from the production of research and innovation," Manon Domingues Dos Santos is concerned.
Greece, which was over twenty years, between 50 and 70 years, a land of emigration, however, tries to take advantage of its diaspora. The government has proposed this year to Greeks abroad to finance its debt to the tune of 3 billion euros.
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"They say goodbye to Greece in crisis
"The number of suicides has doubled in Greece since the beginning of the crisis
"SPECIAL – Depression, fear of debt
If you have the right amount of money and can lay out a budget that adequately reduces your personal expenses, you can either reduce the amount of your
fast loan or drop it altogether.
A debt crisis could lead to another. The Greek fire is not yet off the government needs to rush to the bedside of local authorities and their bank moribund, the sulfur Dexia. Not a week goes by without a large community calls upon the State to the rescue. At least 200 cities, councils, hospitals and housing associations are home loans on their books "toxic" with huge interest rates have put their finances at risk. Listed, some heavyweights as Saint-Etienne, Marseille, Grenoble, but also the urban community of Lille and the General Council of Seine-Saint-Denis. To reopen the tap credit to communities that provide 75% of the investment in the country, the government had to address the problem urgently Dexia.Will this be enough there?
Last month, the government has activated for the first time a special support fund created in late 2010 for the departments in need. The beneficiaries are seven departments (six rural) whose debt is massive, and revenues, almost entirely absorbed by the distribution of welfare. Hitherto considered the spoiled children of decentralization, regions require the State to review the financing of rail, now they consider "untenable" for their budgets low interest rate personal loans.
The alarm level is reached. In ten years, spending communities have increased by 60%, and local taxes, 45%! These figures are staggering.Whose fault? A lax politicians and poor managers who prefer to treat their customers (36,000 hiring officials last year when the state removed 34,000 positions)? The lack of political will of the state, hostage to local barons? Bankers incendiary? To have the heart net, Le Figaro Magazine has plunged into the accounts of local authorities, was shelled and analyzed partnered with the Thomas More Institute and Public Evaluation System.Inspiring!
"Cities: heat stroke on taxes (pdf)
"Departments: the weight of social spending (the Ain to the Haute-Garonne)
"Departments: the weight of social spending (the Gers in Puy-de-Dôme)
"Departments: the weight of social spending (in the Pyrenees-Atlantique to Val d'Oise)
"Region: always a sacred way of life
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"In the trap of toxic loans
The Paris Bourse after opening down slightly, trying to make a step forward after a session that saw the CAC 40 fly over 2%. In the morning, the CAC 40 in advance of 0.62% to 3249 points in early trade. Investors do not follow the mood on Wall Street yesterday and Asian markets this morning. The latter found confidence to the rhythm of advertisements European leaders on a plan to end the crisis. They particularly appreciate the position of the European Commission yesterday called for an urgent recapitalization of the banks deal with the debt crisis. Remarks relayed by the Minister of Budget Précresse Valerie, who, like Berlin, says it is "a necessity". France is willing to inject even said herself of public money to support its banks if necessary.
This commitment reflects a shift in the euro area on the Greek case.The taboo of failure is no longer excluded. The President of the European Commission Jose Manuel Barroso called for "decisive action on Greece" while German Finance Minister Wolfgang Schäuble said yesterday that the overall level of indebtedness of Greece should be reduced s' it reaches an unbearable level, "to provide better opportunities" in the country. The discount will have to accept that private investors in the second aid package to Greece adopted in July would be 39% if we used the current market prices to assess the risk profile of the country, instead of 21% estimated at the time, said yesterday an official of the Institute of International Finance (IIF).
New vote in Slovakia, the euro rises
Concerning the Relief Fund in the euro area (EFSF), which must be expanded to support the plan to end the crisis, Slovakia has promised another vote tonight or tomorrow.It should be positive this time because four opposition parties agreed to support the government in place, in exchange for early elections. These data give back to the euro insurance. The European currency found the threshold of $ 1.38 in morning trading.
Oil, however, is small decline: a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline. The operators claim to be concerned before the publication of figures on weekly petroleum reserves in the United States.Another indicator to the American agenda: the weekly jobless claims, trade balance and budget.
Values to follow Banks and cyclic form
The cyclical stocks such as Alcatel (9.9% to 2.2 euros) and Vallourec (3.32% to 48.90 euros) and the banks in the image of Societe Generale (2.92% at 23 , 84 euros), Credit Agricole (2.61% to 7.75 euros) or BNP Paribas (2.50% to 36.23 euros) always lead upward.
Total (-0.98% to 36.20 euros)
The oil company has discovered gas and oil off the coast of Norway, announced this morning the Norwegian Petroleum Directorate. According to preliminary estimates, this discovery is to be between 19 million and 101 million barrels.To dig the well that led to this discovery, Total was allied with Norway's Statoil, authorities said.
Carrefour plunged 4.16% to 17.17 euros
The group launched Thursday a new warning on its results in 2011, relying now on a decline in operating income between 15% and 20%, 15% instead of the planned end of August.
Lafarge (2.28% to 29.62 euros)
The French cement company announced an asset swap with the U.S. Martin Marietta, which it will transfer the aggregates quarries and concrete plants ready and asphalt, in exchange for aggregate quarries and distribution sites .
Casino (1.98% to 62.71 euros)
The retailer saw its organic growth slowed in the third quarter with declining sales of its hypermarkets in France, but the group has confirmed its objectives for 2011 include the strengthening of its market share in the Hexagon and improving margins at Franprix-Leader Price.
Areva (0.72% 22.49 euros)
The consortium of the French group and Germany's Siemens called the Finnish operator Teollisuuden Voima (TVO) to engage in the path of cooperation with the approach the final stages of construction of the EPR reactor Olkiluoto 3 (OL3). The final cost of the EPR should be 6.6 billion euros, according to the member Marc Goua responsible for a report on the accounts of the group. Areva has also been licensed by the U.S. authorities to enable it to construct and operate an enrichment plant in Idaho.Finally, the boss of the group, Luc Oursel, raised the possibility "to smooth or to shift some investments to reduce risk and improve (the) financial situation"
ArcelorMittal (-0.38% to 14.47 euros)
The group decided to shut down two blast furnaces located near Liège in particular because of the deteriorating global economic situation, the financial daily reported on Wednesday Belgian L'Echo, information later confirmed by the unions.
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New stage in the European debt crisis, and new Franco-German opposition. While European banks are under attack by the markets, in turn infected by the debt crisis, the solutions to help them divide France and Germany. To resolve this dispute, the German Chancellor Angela Merkel in Berlin on Sunday invited French President Nicolas Sarkozy.
Paris wants the relief mechanism of the European Union, the European Financial Stability (EFSF) to recapitalize banks. Powered by the 17 countries of the euro area (except those receiving assistance such as Greece, Portugal and Ireland), the EFSF will see its powers expanded by the end of October.
According to Handelsblatt, Paris calls for the widest possible interpretation of the new European instruments: the buyback of indebted countries, designed to calm the markets, and the granting of funds to states to recapitalize banks. The German government, whose latitude is narrower because of the great power of Parliament, fiercely opposed to this "laissez-faire," according to the German newspaper. First contributor to EFSF, Germany would find itself more to the de facto finance a large part of the recapitalization of French banks …
Roles reversed
For this new act of the debt crisis, the roles are reversed this time. France has always, until now, prompted Germany to act. But now, if Paris believes that the recapitalization of banks is not a priority, we think differently in Berlin paydayloans.Thursday, Angela Merkel has stated that it "should not hesitate" to bail out institutions. However, she said, public support should be used rarely if institutions fail to build on their own, for example by increasing their capital. The European Central Bank has sent the same message.
France, it has recognized the need to help the sector than lip service in recent days. "It will take more capital for banks," says one source close to the now government. It's the only concession made by France: it will take ultimately recapitalize institutions, not because they need is to restore investor confidence.French banks are most exposed in Europe to default risk in Greece or Italy.
Pre-aid to Greece
In this context, urges Germany, a strengthening of European banks is a preliminary step to a new rescue Greece, which should go through a deep discount debt securities of the country (advocated by Berlin). Clearly, the eurozone banks should agree to relieve Athens by abandoning much of their claims. Result, they should wipe heavy losses. Not to sink the stock market, they can not solve it without having increased their capital.
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Wall Street earnings increases, on Thursday. After opening slightly higher, U.S. financial markets concluded the session by increases above 1% for the third consecutive time. The Dow Jones took 1.68% to 11,123.33 points, the Nasdaq rose 1.88% to 2506.82 points and the S & P 500 gained 1.83% to 1164.97 points.
After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.
On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.
Meanwhile official figures of employment for the month of September in the United States to be published Friday, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday in Washington by the Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.
On the foreign exchange market, the euro reached 1.3435 dollars (0.65%). On the New York Mercantile Exchange, a barrel of "light sweet crude" for November delivery ended at 82 personal loans for bad credit.59 dollars, up 2.91 dollars compared to the previous day.
Apple has resisted despite the death of Steve Jobs
As for values, investors will have their eyes on the technology sector.
• Apple (-0.23% to 377.37 dollars) will remain particularly observed after the announcement of the demise of the group's founder Steve Jobs.
• Yahoo (-1.70% to 15.65 dollars) is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had already in 2008 attempted to seize the group's internet America.
• Hewlett-Packard (4.99% to 25.05 dollars) should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman cited by Reuters.
• Boeing (2.54% to 61.48 dollars) has received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.
• Gilead Sciences (1.28% to 39.65 dollars) has obtained a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.
• Marriott International (2.13% to 28.78 dollars) issued for the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.
The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain. According to AFP, German Chancellor Angela Merkel has won the support of its majority.
The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd. "The German MPs have overwhelmingly demonstrated their sense of responsibility," responded the French Minister for European Affairs, Jean Leonetti, in a statement.
Of 611 votes cast, 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Only 85 deputies voted against and three abstaining.As expected, two of the three opposition parties, the Social Democrats (SPD) and Greens, have made their voices.
More importantly, 315 members of the coalition voted for the building according to the AFP and a Conservative MP quoted by Reuters. Clearly, Merkel would not have needed the votes of the opposition guaranteed high risk personal loans. This was not a foregone conclusion, the majority having spread its divisions, the previous weeks on this subject.
If the Chancellor had failed to gather his troops, the German government would have been seriously destabilized, fueling doubts about the survival of the coalition. Angela Merkel would have indeed been "made in Germany as a loser," said Holger Schmieding, of Berenberg Bank.
Germany is the eleventh country to approve the reform of the rescue plan initially set up in 2010 to assist countries in the euro area in need.Berlin, because of its predominant economic weight in Europe, will be the first contributor.
The vote of the Bundestag is the first in a series of three crucial. In the coming weeks, he will speak on a second plan of aid to Greece and early 2012, on a permanent rescue mechanism (MES) to succeed the EFSF.
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"SPECIAL – Depression, fear of debt
Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. The CAC 40 jumped 5.74% on Tuesday to finish the session at 3023.38 points, aligning a third straight session rebound. Another encouraging sign is the trading volumes are recovering. Yesterday more than 4 billion changed hands on the great values of the Paris stock exchange.
Other major European markets rose in unison. The Dax in Frankfurt Stock Exchange gained 5.29% and 4.02% London FTSE. And the European indices, the Eurostoxx 50 was up 5.06%. "The anguish of Greece, who were greatly exaggerated, have finally subsided a bit," said one operator.A Wall Street as investors watch with great attention the developments of the rise of public finances in Europe, the relief was also needed. Sitting in the Dow Jones advanced 2.27% and the Nasdaq 2.18%.
"Investors have decided to give credit to European and international policy makers in their efforts to find ways to resolve the crisis of sovereign debt," explained economists broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," agreed analysts at LBBW in Frankfurt. Other analysts, however, want to caution, as the strategists of the Crédit Mutuel-CIC who believe that the upturn may not last and that the rumors that stir the markets are certainly still "exaggerated."For them, the hypothesis of the expansion means the European support fund for countries in trouble (EFSF), which propels the securities of banks for several days, "does not solve the structural problems in Europe."
According to the spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF and called the hypothesis of totally "stupid."
Absent for several weeks, the good news poured in yesterday from Europe and the United States.
On the Old Continent, first. Jean-Claude Juncker, the leader of the finance ministers of the euro area has confirmed the return of the troika, bringing the European Union, the ECB and the IMF, major donors of Greece, by Thursday Athens, which could allow the release of a new tranche of EUR 8 billion, which is vital for the country. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.
Good news also in the United States, in the still under close surveillance of the property.House prices in the twenty largest U.S. cities have stabilized in July, according to Case-Shiller survey.
In Paris, banking stocks, on the front line since the beginning of the sovereign debt crisis, have literally flown the hope of a breakthrough in the situation in Greece.
Societe Generale, had a spectacular end of the session, jumping nearly 17%. For its part, BNP Paribas was awarded 14.15% and Credit Agricole was up 13.10%.
Oil opened up in New York
The euro was weakening on Tuesday to below $ 1.35. In session, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.
As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil evolved soaring Tuesday at the opening in New York, driven by renewed optimism for the determination of the Europeans to resolve the debt crisis in the eurozone. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 82.64 dollars, up by $ 2.40 at the close on Monday night.
After the 2010 reform, pensions should not be a real issue this year in the budget of the social security system. In fact, the main novelty of this result to come Woerth reform: the legal age will increase to 60 years and 8 months for those born in 1952. The other change was as expected since it corresponds to Nicolas Sarkozy's commitment to increase the "small pensions" by 25% during his five-year term: this will be done on April 1, with a final increase of 4.7 % of the minimum pension for single people.
But Thursday, François Fillon has caused confusion. Referring to the economic convergence between France and Germany, he said that things were moving in the field of corporate tax.He added: "It will take time to go to a joint work towards a common retirement age, to a gradual convergence of economic and social organization of our two countries." But the retirement age with full pension, except for long careers, will be increased to 67 years across the Rhine by 2029.
"Target needed '
Trial balloon of "Fillon-the-discipline"? Clumsiness (this passage was the only improvised his speech)? Applies to defuse his entourage: "Convergence is a general purpose necessary to maintain the competitiveness of France. The recent pension reform is an element of social convergence, and the government does not intend to go beyond in the coming months, "says an adviser.And up, tongue-in-cheek, that the barrier of 67 years had not been mentioned, and that convergence might as well be on "our" 62 years …
In fact, it would be difficult for the Prime Minister to explain that further reform is needed, a year after he hammered the previous balance the books. But in the midst of primary socialist and the day of the budget of the social security, his statement could hardly go unnoticed. For François Hollande, Fillon "revealed the program of Nicolas Sarkozy" in 2012. Segolene Royal accused her of "not being honest", the systems are so different that any comparison between the 67-year German and French 62 years is risky.Exact to the point that Valerie Pécresse also used the argument to play the controversy, noting that the retirement age without financial penalty for people without all their quarters of contribution, would be increased from 2023 in France … in 67 years.
These subtleties have also pushed Martine Aubry to say that the Prime Minister does "not know the subject" and "has a problem with the actual figures." What afoul of Xavier Bertrand: "She would have done better to remain silent. If there is one subject on which the PS has done nothing, other reports and reports of decisions, it's pensions, "responded the Minister of Labour.
Player Figaro BFM
The Paris Bourse pauses on Thursday, after a session that saw the CAC 40 jumped more than 3.5% beyond 3000 points. The benchmark index of the Paris Stock Exchange began the day on a stable note, down from 0.08% to 3070.58 points. On other European exchanges, the movement is the same. London lost 0.08% while Frankfurt climbed 0.08%. As in Asia this morning, traders expect the set of indicators of days before taking a position. Unlike previous days, the agenda will be very busy in the U.S. and Europe.
In the euro area, the eyes will be on the ECB. Earlier this afternoon, President Jean-Claude Trichet, will make an announcement on rates. Unsurprisingly, they should remain at current levels, at 1.5%. But markets are waiting above him to book his views on the problems of sovereign debt.For now, it's time for calm on that front. Yesterday, the German Constitutional Court was reassurance by confirming plans to aid in the euro area. In France, the deputies approved the second bailout of Greece arrested on July 21. They are the first to start this procedure. The Italian Senate last night gave a green light to the first austerity plan of over 52 billion euros from the Berlusconi government, while Spain adopted its fiscal rule of thumb, as desired by Paris and Berlin.
The U.S. employment under the microscope
United States, several indicators of the health of the economy will fall during the session. Among them, the trade balance, weekly jobless claims and oil stocks.The consumer credit will be available after market in Europe.
Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.
In France, growth in employment has slowed
In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.
The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.
On the currency side, the euro fell again to 1.4063 dollar.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.
Values to follow on Thursday
• Banking
Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States free credit report and score.
Banks react well. Among the largest increases are CAC, Societe Generale (2.01% to 19.77 euros), BNP Paribas (1.94% to 32.25 euros), Credit Agricole (0.97 to 5%, 80 euros), Axa (0.80% to 10.10 euros) and Natixis (0.55% to 2.55 euros).
• EADS (-0.85% to 21.69 euros)
The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.
Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.
• TF1 (0.87% to 10.43 euros) and EuropaCorp (stable at 3.29 euros)
The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.
• Ipsos: -1.36% to 27.13 euros
The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.
• GDF Suez: -0.22% to 20.44 euros
The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.
• Technip: 2.06% to 67.25 euros
In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).
• Sanofi: 0.54% to 50.19 euros
Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline. U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.
• France Telecom: 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros
The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million.Vivendi would see him, his taxes increased from 250 to 400 million.
Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (-0.41% to 22.85 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).
Still pending for a summit in the euro area. While Monday's major stock markets reopen on Tuesday, European capitals and investors will have their eyes on the meeting at the Elysee between French President Nicolas Sarkozy and German Chancellor Angela Merkel. After a week very rough on the markets, particularly in France, this meeting is an opportunity for two leaders to show their unity.
Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "
The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.
Pooling of liabilities
Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source payday loan online.
The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.
Most stubborn
The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.
A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.
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"SPECIAL – Depression, fear of debt
